DESERT METALS LIMITED
ASX:DM1MaterialsToday’s holders own 60.8% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 152% in 24 months; 3 cash raises in 24 months
DESERT METALS LIMITED's ordinary share count grew 152.0% between January 2024 and June 2026, its latest share-count filing, to 669M shares. The company completed 3 capital raises in that period for total disclosed proceeds of A$4.8M, most recently a A$325K Non-Renounceable Entitlement Offer in April 2026. Options and rights on issue could convert into 432M new shares, equal to a 64.6% overhang relative to current shares; none are in-the-money, and the nearest expiry is November 2026. Regarding funding: at the reported spend rate the reported cash would since have been used up, and no later cash report is on record, so no funding-runway figure applies. No proposed securities issues are currently pending.
Quick answers · 5
Why was DM1 in a trading halt?
Desert Metals requested a trading halt on 26 Oct 2026, giving the reason "Pending release of an announcement regarding an exploration asset disposal". Trading was expected to resume 28 Oct 2026.
When did DM1 last raise capital?
The last capital raise in Desert Metals's filings is Non-Renounceable Entitlement Offer of $325k announced 7 Apr 2026, one of 3 cash raises in 24 months.
How much cash does DM1 have?
In its quarterly cash report for the quarter ended 30 June 2026, Desert Metals reported $398k of cash and estimated 0.8 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do DM1's options expire?
Unexercised options and rights equal 64.6% of Desert Metals's shares on issue; the nearest expiry is Nov 2026.
How much has DM1's share count grown?
Desert Metals has 668.9M shares on issue as at 28 Oct 2026, up 152.0% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
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 |
|---|---|---|---|---|
| 11 June 2026 | 3H · cancellation | DM1 : ORDINARY FULLY PAID | 668.9M | Appendix 3H |
| 9 June 2026 | 2A · quoted issue | DM1 : ORDINARY FULLY PAID | 668.9M | Appendix 2A |
| 13 May 2026 | 2A · quoted issue | DM1 : ORDINARY FULLY PAID | 650.8M | Appendix 2A |
| 6 May 2026 | 2A · quoted issue | DM1 : ORDINARY FULLY PAID | 650.8M | Appendix 2A |
| 9 Mar 2026 | 3H · cancellation | DM1 : ORDINARY FULLY PAID | 650.8M | Appendix 3H |
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.
Capital raises
3 cash raises in the last 24 months · 2 in the last 12 months
Results due
What the company's own reports say is coming, and when. A month is one the report names; “by end of year” is a deadline such as “Q4”. See every explorer on the results calendar.
- by end 2026 · soil sampling program (planned)
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.
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.
Pending proposed issues
Options & convertible securities
- Price-triggered414.6M · 62.0% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 325.4M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered17.4M · 2.6% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 89.3M priced, 342.7M 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.
An exercise price is on record for only 20.7% 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, 0 is in the money at $0.009 today. No more priced supply until 1.5× today’s price, which takes it to 45.0M (6.7% 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.
- 342.7M (79.3% 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.
- 1.3M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| DM1AM | Options | Price-triggered | $0.15 | 16 Nov 2026 | 1.3M | Filing |
| DM1AO | Options | Price-triggered | $0.060 | 31 Dec 2026 | 7.5M | Filing |
| DM1AP | Options | Price-triggered | $0.063 | 22 Jan 2027 | 5.0M | Filing |
| DM1AS | Options | Price-triggered | $0.013 | 30 June 2027 | 45.0M | Filing |
| DM1O | Options | Price-triggered, no exercise price stated | — | 31 Dec 2027 | 325.4M | Filing |
| DM1AR | Options | Price-triggered | $0.035 | 16 Apr 2028 | 30.5M | Filing |
| DM1AQ | Performance rights | Condition-triggered | — | — | 17.4M | 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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 10 June 2026 | Fatou Gueye | Sell incentive | — | — | 1.0M | — | 3Y notice |
| 10 June 2026 | Patrick Flint | Sell incentive | — | — | 1.5M | — | 3Y notice |
| 10 June 2026 | Stephen Ross | Sell incentive | — | — | 1.5M | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.