Companies / CY5

CYGNUS METALS LIMITED

ASX:CY5Materials
1.25B shares on issueASX (delayed) · snapshot 11 Sept 20261.32B fully diluted+5.8% if every option and right converts$0.19price · delayed$237.0Mmarket cap · indicative

Today’s holders own 94.5% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 228% in 24 months; runway 2–4 quarters; 4 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway3.1 quarters of funding
Share-count growth (24m)228.5%
Raise cadence (24m)4 cash raises
Options & rights overhang5.8% of shares
In-the-money supply0.6% of shares
Pending proposed issuesnone

CYGNUS METALS LIMITED's ordinary share count grew 228.5% between September 2024 and September 2026, to 1.25B shares. The company raised capital four times in the past 24 months for total disclosed proceeds of A$54.4M, most recently a A$25.0M placement in March 2026. Options and rights on issue could convert into 72M new shares, equal to 5.8% of the current share count, of which 1% are in the money at the current share price; the nearest expiry falls in September 2026. At the June 2026 quarter the company reported A$20.3M in available cash, about 3.1 quarters of funding at its recent spending rate. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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5.8%
Options & rights overhang
0.6%
In-the-money supply · most strikes not on record
1
Raises · last 12 months
3.1 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 1.25B per ASX (delayed) (snapshot 11 Sept 2026).
0.50B0.75B1.00B1.25BDec 24Oct 25Sept 26Cash raise · 10 Mar 2026Cash raise · 28 Aug 2025Cash raise · 17 June 20251.25B

Cash runway

3.1 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Mar 2027 at the reported spend rate.
$20.2M 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: $25.5M cash at quarter end (item 4.6), 4.0 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
8 Sept 20262A · quoted issueCY5 : ORDINARY FULLY PAID1.25BAppendix 2A
2 Sept 20262A · quoted issueCY5 : ORDINARY FULLY PAID1.24BAppendix 2A
20 July 20262A · quoted issueCY5 : ORDINARY FULLY PAID1.23BAppendix 2A
14 July 20262A · quoted issueCY5 : ORDINARY FULLY PAID1.23BAppendix 2A
15 June 20262A · quoted issueCY5 : ORDINARY FULLY PAID1.22BAppendix 2A
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45 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

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

every 5.6 monthsaverage gap between raises
6.1 monthssince the most recent
14 Oct 2024 – 10 Mar 2026first to most recent in this window
$25.0M
Placement
10 Mar 2026 COMPLETE
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10 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.

22k of option supply could convert within 12 months — 0.0% of shares on issue
22k 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.

About 69% of the 15% placement capacity left — about 31% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. Holder-approved issues and any later ratification are not deducted, so the true headroom can 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

5.8%
Options & rights overhang · of current shares
0.6%
In-the-money supply · most strikes not on record
72.3M
Potential new shares
Sept 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered10.9M · 0.9% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered61.4M · 4.9% 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: 10.9M priced (of which 7.9M in the money), 61.4M 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
36.1M72.3M$0.19 now0.25× today ($0.05) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.10) — 6.7M of the priced supply in the money, 0.5% of shares on issue0.75× today ($0.14) — 7.9M of the priced supply in the money, 0.6% of shares on issue1× today ($0.19) — 7.9M of the priced supply in the money, 0.6% of shares on issue1.25× today ($0.24) — 9.7M of the priced supply in the money, 0.8% of shares on issue1.5× today ($0.29) — 9.7M of the priced supply in the money, 0.8% of shares on issue2× today ($0.38) — 10.9M of the priced supply in the money, 0.9% of shares on issue3× today ($0.57) — 10.9M of the priced supply in the money, 0.9% of shares on issue5× today ($0.95) — 10.9M of the priced supply in the money, 0.9% of shares on issue10× today ($1.90) — 10.9M of the priced supply in the money, 0.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.19 today, 7.9M securities are in the money (0.6% of shares on issue) — a floor, because an exercise price is on record for only 15.0% of this supply. No more priced supply until 1.25× today’s price, which takes it to 9.7M (0.8% 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.
  • 61.4M (85.0% 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
CY5ASOptionsPrice-triggered$0.05726 Sept 202622kFiling
CY5AUOptionsPrice-triggered$0.3212 May 20271.0MFiling
CY5AVOptionsPrice-triggered$0.3013 June 2027110kFiling
CY5AWOptionsPrice-triggered$0.2219 Aug 20271.8MFiling
CY5AXOptionsPrice-triggered$0.1112 May 20281.2MFiling
CY5AYOptionsPrice-triggered$0.05519 Apr 20296.5MFiling
CY5AKRightsCondition-triggered—31 July 20292.9MFiling Meeting
CY5AZOptionsPrice-triggered$0.05716 Sept 2029137kFiling
CY5AJPerformance rightsCondition-triggered——58.6MFiling 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 Sept 2026Ernest MastOther incentive5.0M—4.0M—3Y notice
8 Sept 2026Raymond ShorrocksOther incentive2.0M—2.0M—3Y notice
2 Sept 2026Brent OmlandOther incentive2.0M———3Y notice
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26 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

11 Sept 2026Becoming a substantial holder
8 Sept 2026Cleansing Notice
8 Sept 2026Change of Director's Interest Notice x 2
8 Sept 2026Application for quotation of securities - CY5
6 Sept 2026Scheme Update - CAML Shareholder Resolution Passed
3 Sept 2026Ceasing to be a substantial holder
2 Sept 2026Cleansing Notice
2 Sept 2026Change of Director's Interest Notice
2 Sept 2026Application for quotation of securities - CY5
1 Sept 2026Conditional Approval of TSX Listing for CAML
1 Sept 2026Scheme Update - Independent Expert Confirmation
1 Sept 2026Half Yearly Report and Accounts
31 Aug 2026Becoming a substantial holder
27 Aug 2026$PExploration Update
26 Aug 2026CAML H1 Filings
20 Aug 2026Despatch of Scheme Booklet
14 Aug 2026Management's Discussion and Analysis Q2 2026
14 Aug 2026Unaudited Consolidated Interim Financial Report Q2 2026
13 Aug 2026$PScheme Booklet Registered
13 Aug 2026$PResults of First Court Hearing

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