Companies / CPN

CASPIN RESOURCES LIMITED

ASX:CPNMaterials
297.2M shares on issueASX (delayed) · snapshot 11 Sept 2026340.7M fully diluted+14.6% if every option and right converts$0.14price · delayed$40.1Mmarket cap · indicative

Today’s holders own 87.2% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 152% in 24 months; runway 2–4 quarters; 5 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.9 quarters of funding
Share-count growth (24m)152.3%
Raise cadence (24m)5 cash raises
Options & rights overhang14.6% of shares
In-the-money supply8.4% of shares
Pending proposed issuesnone

CASPIN RESOURCES LIMITED's ordinary share count grew 152.3% between September 2024 and August 2026, reaching 297M shares. In the past 24 months, the company completed five capital raises totalling A$14.7M, with the most recent being a A$6.0M placement in March 2026. Options on issue could convert to 43M new shares, representing 14.6% of the current share count, with 8% of these in the money and the nearest expiry in December 2026. As of the June 2026 quarter, CASPIN RESOURCES LIMITED reported A$5.5M in cash reserves, sufficient for approximately 2.9 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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14.6%
Options & rights overhang
8.4%
In-the-money supply
2
Raises · last 12 months
2.9 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 297.2M per ASX (delayed) (snapshot 11 Sept 2026).
150M200M250M300MDec 24Oct 25Sept 26Cash raise · 10 Mar 2026Cash raise · 24 Sept 2025Cash raise · 30 Apr 2025Cash raise · 3 Dec 2024297.2M

Cash runway

2.9 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Mar 2027 at the reported spend rate.
$5.5M cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $7.1M cash at quarter end (item 4.6), 3.7 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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11 quarters on record — Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
26 Aug 20262A · quoted issueCPN : ORDINARY FULLY PAID297.2MAppendix 2A
23 July 20263H · cancellationCPN : ORDINARY FULLY PAID294.8MAppendix 3H
8 June 20263G · unquotedCPN : ORDINARY FULLY PAID294.8MAppendix 3G
18 Mar 20262A · quoted issueCPN : ORDINARY FULLY PAID294.6MAppendix 2A
18 Mar 20262A · quoted issueCPN : ORDINARY FULLY PAID250.4MAppendix 2A
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27 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
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Capital raises

5 cash raises in the last 24 months · 2 in the last 12 months

every 4.4 monthsaverage gap between raises
6.1 monthssince the most recent
20 Sept 2024 – 10 Mar 2026first to most recent in this window
$6.0M
Placement
10 Mar 2026 COMPLETE
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7 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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Forward supply

Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.

23.8M of option supply could convert within 12 months — 8.0% of shares on issue
23.8M in the money, expiring in the window
Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.
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8 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
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Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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Placement capacity — LR 7.1 / 7.1A
The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.
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Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

14.6%
Options & rights overhang · of current shares
8.4%
In-the-money supply · at current price
43.5M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered36.0M · 12.1% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered7.4M · 2.5% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 36.0M priced (of which 24.8M in the money), 7.4M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

What a price move would switch on
21.7M43.5M$0.14 now0.25× today ($0.03) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.07) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.10) — 19.8M of the priced supply in the money, 6.7% of shares on issue1× today ($0.14) — 24.8M of the priced supply in the money, 8.4% of shares on issue1.25× today ($0.17) — 29.4M of the priced supply in the money, 9.9% of shares on issue1.5× today ($0.20) — 29.4M of the priced supply in the money, 9.9% of shares on issue2× today ($0.27) — 31.7M of the priced supply in the money, 10.7% of shares on issue3× today ($0.41) — 33.9M of the priced supply in the money, 11.4% of shares on issue5× today ($0.68) — 36.0M of the priced supply in the money, 12.1% of shares on issue10× today ($1.35) — 36.0M of the priced supply in the money, 12.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.14 today, 24.8M securities are in the money (8.4% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 29.4M (9.9% of shares).

  • Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
  • 7.4M (17.1% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
CodeSecurityTypeExercise priceExpiryOn issueSource
CPNAKOptionsPrice-triggered$0.0804 Dec 20265.0MFiling
CPNALOptionsPrice-triggered$0.124 Dec 20265.0MFiling
CPNAHOptionsPrice-triggered$0.2515 Dec 20262.2MFiling
CPNAIOptionsPrice-triggered$0.3515 Dec 20262.2MFiling
CPNAJOptionsPrice-triggered$0.4515 Dec 20262.2MFiling
CPNANOptionsPrice-triggered$0.1031 Dec 202613.8MFiling
CPNAOOptionsPrice-triggered$0.151 Dec 20274.6MFiling
CPNAMOptionsPrice-triggered$0.104 Dec 20271.0MFiling
CPNAFPerformance rightsCondition-triggered——7.4MFiling Meeting

“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

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9 option lines on record — In-the-money value & price ladder
What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
8 Jan 2026Dr Jon HronskyOther incentive750k750k——3Y notice
8 Jan 2026Greg MilesOther incentive4.8M3.5M3.8M—3Y notice
1 Dec 2025Greg MilesBuy placement667k——$50k3Y notice
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15 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

7 Sept 2026$PNew High-Grade Tin & Tungsten Prospect at the Bygoo Project
1 Sept 2026Restricted Securities to be Released from Voluntary Escrow
1 Sept 2026AGM Advance Notice
28 Aug 2026Change in substantial holding
26 Aug 2026Option Exercise and Cleansing Statement
26 Aug 2026Application for quotation of securities - CPN
25 Aug 2026Company Presentation
9 Aug 2026$PRegional Discovery Opportunities Support Kelpie Growth
5 Aug 2026Change in substantial holding
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
28 July 2026$PHigh-Grade Tin at Kelpie including 3m @ 9.32% Sn
23 July 2026Notification of cessation of securities - CPN
21 July 2026Investor Presentation - Noosa Mining Conference
13 July 2026Investor Presentation - July 2026
7 July 2026$PHigh-Grade Tin Intersection at Kelpie
6 July 2026Change in substantial holding
16 June 2026Company Presentation - Investor Webinar
15 June 2026Caspin Resources Investor Webinar
8 June 2026$PHigh-Priority Drill Target Defined At The Moss Prospect
8 June 2026Notification regarding unquoted securities - CPN

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.