CUFE LTD

ASX:CUFMaterials

2.08B shares on issueAppendix 2A · as of 27 Oct 20262.41B fully diluted+16.2% if every option and right converts$0.054price · delayed$114.3MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 86.1% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Share count grew 56% in 24 months; 2 cash raises in 24 months; options/rights overhang 16% of shares

Absolute levels — not a ranking against other companies.

Cash runway12+ quarters of funding

Share-count growth (24m)55.5%

Raise cadence (24m)2 cash raises

Options & rights overhang16.2% of shares

In-the-money supply8.6% of shares

Pending proposed issuesopen proposed issue (Appendix 3B)

CUFE LTD's ordinary share count grew 55.5% between July 2024 and October 2026, its latest share-count filing, to 2.08B shares. The company raised capital twice in the past 24 months for total disclosed proceeds of A$20.8M, most recently a A$15.4M placement in May 2026. Options and rights on issue could convert into 336M new shares, equal to 16.2% of current shares, of which 9% are in the money; the nearest expiry is November 2026. The company has more than 4 quarters of funding at the recent spend rate. Two proposed securities issues (Appendix 3B) are pending, with a proposed issue date in November 2026.

AI-generated summary of this page's cited filings · updated 28 Oct 2026

Quick answers · 5

Is CUF raising capital?

Cufe has 2 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $15.4M on 19 May 2026.

How much placement capacity does CUF have left?

About 47% of the 15% placement capacity left, about 53% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.

How much cash does CUF have?

In its quarterly cash report for the quarter ended 30 June 2026, Cufe reported $19.0M of cash and estimated 15.0 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do CUF's options expire?

Unexercised options and rights equal 16.2% of Cufe's shares on issue; the nearest expiry is Nov 2026.

How much has CUF's share count grown?

Cufe has 2.08B shares on issue as at 27 Oct 2026, up 55.5% over 24 months according to its Appendix 2A filings.

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16.2%

Options & rights overhang

8.6%

In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply

Raises · last 12 months

12+ qtrs

Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 2.08B per Appendix 2A (filed 27 Oct 2026).

Cash runway

12+ qtrs OURS

More than four quarters of funding at the recent spend rate.

More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.

$17.3M cash after burn.

FILED 15.0 qtrs · $19.0M cash · quarter ended 30 June 2026

OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.$19.0M cash at 30 Jun 2026 − $1.7M spent ($1.3M a quarter × 120 days) = $17.3M left → 12+ qtrsFILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.

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11 cash reports on record — Cash runway history

Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 June 2026.

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Issuance timeline

Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)

Date	Form	Security	On issue, per this filing	Source
27 Oct 2026	2A · quoted issue	CUF : ORDINARY FULLY PAID	2.08B	Appendix 2A
23 Oct 2026	2A · quoted issue	CUF : ORDINARY FULLY PAID	2.08B	Appendix 2A
23 July 2026	2A · quoted issue	CUF : ORDINARY FULLY PAID	2.07B	Appendix 2A
8 July 2026	2A · quoted issue	CUF : ORDINARY FULLY PAID	2.07B	Appendix 2A
29 June 2026	2A · quoted issue	CUF : ORDINARY FULLY PAID	2.07B	Appendix 2A

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37 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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Securities on issue over time

Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.

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Securities on issue, by class

How the share count and each option and rights class moved, month by month, with every number in a table.

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Capital raises

2 cash raises in the last 24 months · 1 in the last 12 months

every 7.1 monthsaverage gap between raises

5.3 monthssince the most recent

15 Oct 2025 – 19 May 2026first to most recent in this window

$15.4M

Placement

At 5.0c, 2% below the last close

19 May 2026 COMPLETE

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7 issues (incl. 3 exercises or conversions) 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.

20.0M of option supply could convert within 12 months — 1.0% of shares on issue

20.0M in the money, expiring in the window

2 proposed issues (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.

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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6 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 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.

About 47% of the 15% placement capacity left — about 53% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-10-28). Holders passed a ratification we could not match to exactly one filing, or whose number of shares the result does not state, and shares issued with holder approval are not added to the base, so the true headroom may be higher.

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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

2 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.

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2 pending issues on record — Pending issue detail

Size, price, fees, broker and placement-capacity usage for each pending issue.

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Options & convertible securities

16.2%

Options & rights overhang · of current shares

8.6%

In-the-money supply · at current price

335.8M

Potential new shares

Nov 2026

Nearest expiry

What this supply is, and what converts it

Price-triggered320.8M · 15.4% of shares
Options and warrants — they convert when the share price clears their exercise price.
At least 131.9M of it states no exercise price — that much cannot be called in or out of the money.
Condition-triggered15.0M · 0.7% 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: 188.8M priced (of which 178.8M in the money), 146.9M 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

At $0.054 today, 178.8M securities are in the money (8.6% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 188.8M (9.1% 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.
146.9M (43.8% 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.

Code	Security	Type	Exercise price	Expiry	On issue	Source
CUFAB	Options	Price-triggered	$0.009	27 Nov 2026	20.0M	Filing
CUFO	Options	Price-triggered, no exercise price stated	—	13 June 2027	131.9M	Filing
CUFAK	Options	Price-triggered	$0.057	26 Nov 2027	10.0M	Filing
CUFAI	Options	Price-triggered	$0.050	30 Nov 2027	158.8M	Filing
CUFAJ	Performance rights	Condition-triggered	—	—	15.0M	Filing 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. For what expires soon across other listed companies, see the options expiry calendar.

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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5 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

Date	Director	Type	Shares	Options	Other	Value	Source
22 Oct 2026	DAVID PALMER	Buy incentive	5.0M	10.0M	5.0M	—	3Y notice
7 July 2026	SCOTT MEACOCK	Buy incentive	5.0M	—	5.0M	—	3Y notice
29 June 2026	ANTONY WILLIAM PAUL SAGE	Buy incentive	12.4M	2.0M	10.0M	—	3Y notice