CATALYST METALS LIMITED

ASX:CYLMaterials

263.7M shares on issueASX (delayed) · snapshot 11 Sept 2026275.7M fully diluted+4.6% if every option and right converts$6.62price · delayed$1.75Bmarket cap · indicative

Today’s holders own 95.6% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Share count grew 17% in 24 months; 1 cash raise in 24 months; proposed issue pending

Absolute levels — not a ranking against other companies.

Cash runwayno data — not a quarterly (4C/5B) cash filer

Share-count growth (24m)16.8%

Raise cadence (24m)1 cash raise

Options & rights overhang4.6% of shares

In-the-money supplyno data — an exercise price is on record for a minority of the supply

Pending proposed issuesopen proposed issue (Appendix 3B)

CATALYST METALS LIMITED's ordinary share count grew 16.8% between July 2024 and August 2026, reaching 264M shares. In the past 24 months, the company undertook one capital raise, a A$150.0M placement in May 2025. Options on issue could convert into 12M new shares, representing 4.6% of the current share count, with the nearest expiry in May 2027; none are currently in the money. The company has no current quarterly cash report on record, therefore no funding runway figure is available. One proposed securities issue (Appendix 3B) is pending, with an expected issue date of October 2026.

AI-generated summary of this page's cited filings · updated 29 Aug 2026

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4.6%

Options & rights overhang

—

In-the-money supply · most strikes not on record

Raises · last 12 months

—

Cash cover · not a quarterly filer

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 263.7M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

Not a quarterly cash filer. This company does not lodge Appendix 4C/5B quarterly cash reports, so cash runway does not apply.

Issuance timeline

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

Date	Form	Security	On issue, per this filing	Source
13 Aug 2026	2A · quoted issue	CYL : ORDINARY FULLY PAID	263.7M	Appendix 2A
13 Aug 2026	3H · cancellation	CYL : ORDINARY FULLY PAID	261.3M	Appendix 3H
17 July 2026	2A · quoted issue	CYL : ORDINARY FULLY PAID	261.3M	Appendix 2A
11 May 2026	3G · unquoted	ORDINARY FULLY PAID	260.9M	Appendix 3G
18 Mar 2026	2A · quoted issue	CYL : ORDINARY FULLY PAID	260.9M	Appendix 2A

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34 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

1 cash raise in the last 24 months · 0 in the last 12 months

$150.0M

Placement

20 May 2025

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11 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.

101k of option supply could convert within 12 months — 0.0% of shares on issue

101k in the money, expiring in the window

1 proposed issue (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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3 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 87% of the 15% placement capacity left — about 13% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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

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

Paid plan

1 pending issue on record — Pending issue detail

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

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Options & convertible securities

4.6%

Options & rights overhang · of current shares

—

In-the-money supply · most strikes not on record

12.0M

Potential new shares

May 2027

Nearest expiry

What this supply is, and what converts it

Price-triggered101k · 0.0% of shares
Options and warrants — they convert when the share price clears their exercise price.
Condition-triggered11.9M · 4.5% 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: 101k priced (of which 101k in the money), 11.9M 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

An exercise price is on record for only 0.8% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 101k is in the money at $6.62 today. No price up to ten times today’s switches on any more priced supply.

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.
11.9M (99.2% 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
CYLAW	Options	Price-triggered	$2.65	26 May 2027	89k	Filing
CYLAX	Options	Price-triggered	$1.79	18 Aug 2027	12k	Filing
CYLAQ	Performance rights	Condition-triggered	—	—	11.9M	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.

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.

3 classes ceased in the last 12 months and are 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.

CYLACPrice-triggered1.0M securities → 030 Sept 2025 Appendix 2A
CYLADPrice-triggered500k securities → 030 Sept 2025 Appendix 2A
CYLAEPrice-triggered500k securities → 030 Sept 2025 Appendix 2A

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3 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
12 Aug 2026	James Champion de Crespigny	Other incentive	534k	—	—	$6.4M	3Y notice
11 May 2026	James Champion de Crespigny	Other incentive	—	—	945k	—	3Y notice
10 Feb 2026	James Champion de Crespigny	Sell on-market	3.6M	—	—	$5.8M	3Y notice