Companies / CUF

CUFE LTD

ASX:CUFMaterials
2.07B shares on issueASX (delayed) · snapshot 11 Sept 20262.41B fully diluted+16.4% if every option and right converts$0.056price · delayed$116.1Mmarket cap · indicative

Today’s holders own 85.9% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 55% in 24 months; 2 cash raises in 24 months; options/rights overhang 16% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway14.1 quarters of funding
Share-count growth (24m)55.1%
Raise cadence (24m)2 cash raises
Options & rights overhang16.4% of shares
In-the-money supply8.6% of shares
Pending proposed issuesnone

CUFE LTD's ordinary share count grew 55.1% between July 2024 and July 2026, to 2.07B 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 341M new shares, equal to 16.4% of the current share count, of which 9% are in the money at the current share price; the nearest expiry falls in November 2026. At the June 2026 quarter, the company reported A$18.0M in available cash, approximately 14.1 quarters of funding. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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16.4%
Options & rights overhang
8.6%
In-the-money supply
2
Raises · last 12 months
14.1 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 2.07B per ASX (delayed) (snapshot 11 Sept 2026).
1.50B1.75B2.00BDec 24Oct 25Sept 26Cash raise · 15 May 2026Cash raise · 15 Oct 20252.07B

Cash runway

14.1 qtrs
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.
$18.0M 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: $19.0M cash at quarter end (item 4.6), 15.0 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
23 July 20262A · quoted issueCUF : ORDINARY FULLY PAID2.07BAppendix 2A
7 July 20262A · quoted issueCUF : ORDINARY FULLY PAID2.07BAppendix 2A
29 June 20262A · quoted issueCUF : ORDINARY FULLY PAID2.07BAppendix 2A
15 June 20262A · quoted issueCUF : ORDINARY FULLY PAID2.06BAppendix 2A
11 June 20262A · quoted issueCUF : ORDINARY FULLY PAID2.05BAppendix 2A
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35 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

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

every 7 monthsaverage gap between raises
3.9 monthssince the most recent
15 Oct 2025 – 15 May 2026first to most recent in this window
$15.4M
Placement
15 May 2026 COMPLETE
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6 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.

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
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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4 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

16.4%
Options & rights overhang · of current shares
8.6%
In-the-money supply · at current price
340.9M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered320.9M · 15.5% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 132.0M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered20.0M · 1.0% 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), 152.0M 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
170.4M340.9M$0.056 now0.25× today ($0.014) — 20.0M of the priced supply in the money, 1.0% of shares on issue0.5× today ($0.028) — 20.0M of the priced supply in the money, 1.0% of shares on issue0.75× today ($0.042) — 20.0M of the priced supply in the money, 1.0% of shares on issue1× today ($0.056) — 178.8M of the priced supply in the money, 8.6% of shares on issue1.25× today ($0.070) — 188.8M of the priced supply in the money, 9.1% of shares on issue1.5× today ($0.084) — 188.8M of the priced supply in the money, 9.1% of shares on issue2× today ($0.112) — 188.8M of the priced supply in the money, 9.1% of shares on issue3× today ($0.168) — 188.8M of the priced supply in the money, 9.1% of shares on issue5× today ($0.280) — 188.8M of the priced supply in the money, 9.1% of shares on issue10× today ($0.560) — 188.8M of the priced supply in the money, 9.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.056 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.
  • 152.0M (44.6% 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
CUFABOptionsPrice-triggered$0.00927 Nov 202620.0MFiling
CUFOOptionsPrice-triggered—13 June 2027132.0MFiling
CUFAKOptionsPrice-triggered$0.05726 Nov 202710.0MFiling
CUFAIOptionsPrice-triggered$0.05030 Nov 2027158.8MFiling
CUFAJPerformance rightsCondition-triggered——20.0MFiling 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.

1 class ceased in the last 12 months and is not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • CUFAAPrice-triggered15.0M securities → 026 Nov 2025 Appendix 2A
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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

DateDirectorTypeSharesOptionsOtherValueSource
7 July 2026SCOTT MEACOCKBuy incentive5.0M—5.0M—3Y notice
29 June 2026ANTONY WILLIAM PAUL SAGEBuy incentive12.4M2.0M10.0M—3Y notice
11 June 2026ANTONY WILLIAM PAUL SAGEOther incentive5.0M———3Y notice
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23 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 2026Change in substantial holding
2 Sept 2026Appendix 4G
2 Sept 2026Corporate Governance Statement
2 Sept 2026Annual Report
30 July 2026$PQuarterly Activities and Cashflow Report
23 July 2026Application for quotation of securities - CUF
19 July 2026Change in substantial holding from EUR
7 July 2026Change of Director's Interest Notice (S Meacock)
7 July 2026Application for quotation of securities - CUF
7 July 2026Issue of Shares
30 June 2026West Arunta Fieldwork Successfully Completed
29 June 2026Change of Director's Interest Notice (T Sage)
29 June 2026Application for quotation of securities - CUF
29 June 2026Issue of Shares
17 June 2026$PGecko Mineral Resource Update
15 June 2026Application for quotation of securities - CUF
15 June 2026Issue of Shares
11 June 2026Change of Director's Interest Notice (T Sage)
11 June 2026Application for quotation of securities - CUF
11 June 2026Issue of Shares

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