Companies / CUL

CULLEN RESOURCES LIMITED

ASX:CULMaterials
693.4M shares on issueASX (delayed) · snapshot 11 Sept 2026711.4M fully diluted+2.6% if every option and right converts$0.006price · delayed$4.2Mmarket cap · indicative

Today’s holders own 97.5% of what they think they own, once every option and right converts.

Low
Dilution risk

Runway under 2 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.3 quarters of funding
Share-count growth (24m)0.0%no issuance filings since 2024
Raise cadence (24m)0 cash raises
Options & rights overhang2.6% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

CULLEN RESOURCES LIMITED has 693M ordinary shares on issue as of August 2024. The company has not lodged any new share-issuance filings since January 2024 and has not raised capital in the past 24 months. As of the June 2026 quarter, the company reported A$96K in available cash, representing approximately 0.3 quarters of funding at its recent spending rate. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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2.6%
Options & rights overhang
0.0%
In-the-money supply
0
Raises · last 12 months
0.3 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 693.4M per ASX (delayed) (snapshot 11 Sept 2026).
690.0M692.5M695.0M697.5MDec 24Oct 25Sept 26693.4M

Cash runway

0.3 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about July 2026 — that date has passed, and no later report is on record.
$92k 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: $293k cash at quarter end (item 4.6), 0.8 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 1 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
22 Aug 20242A · quoted issueCUL : ORDINARY FULLY PAID693.4MAppendix 2A
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1 filing 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

No equity raises in the last 24 months.
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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.

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1 dated event 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 Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
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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

2.6%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
18.0M
Potential new shares
Nov 2026
Nearest expiry
What a price move would switch on
9.0M18.0M$0.006 now0.25× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.003) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.012) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.018) — 18.0M of the priced supply in the money, 2.6% of shares on issue5× today ($0.030) — 18.0M of the priced supply in the money, 2.6% of shares on issue10× today ($0.060) — 18.0M of the priced supply in the money, 2.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.006 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 3× today’s price, which takes it to 18.0M (2.6% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
CULAEOptionsPrice-triggered$0.01430 Nov 202618.0MFiling

“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.

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1 option line 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

No director dealing notices (Appendix 3Y) on record.
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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

24 Aug 2026Mt Eureka Joint Venture - Progress Report
28 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
5 July 2026Northern Finland Joint Venture - Progress Report
29 June 2026Northern Finland Joint Venture - Updated Progress Report
24 June 2026$PNorthern Finland Joint Venture - Progress Report
9 June 2026$PExploration Update - Yardilla
14 May 2026Sale of tenements to Alicanto Minerals Limited
27 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
30 Mar 2026Northern Finland Joint Venture - Progress Report
24 Mar 2026Exploration Update - Northern Finland Joint Venture
17 Mar 2026$PExploration Update - RC Drilling, Wongan Hills
16 Mar 2026Heritage Survey completed at Yardilla Gold Project
12 Mar 2026Half Yearly Report and Accounts
29 Jan 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
10 Dec 2025$PNorthern Finland Joint Venture - Progress Report
9 Dec 2025Mt Eureka Joint Venture - Progress Report
27 Nov 2025Results of Meeting
26 Nov 2025AGM Presentation
24 Nov 2025Killaloe Joint Venture - Progress Report
28 Oct 2025$PQuarterly Activities/Appendix 5B Cash Flow Report

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