Companies / DUN

DUNDAS MINERALS LIMITED

ASX:DUNMaterials
293.8M shares on issueASX (delayed) · snapshot 28 Oct 2026379.3M fully diluted+29.1% if every option and right converts$0.048price · delayed$14.7MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 77.5% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 174% in 24 months; 3 cash raises in 24 months; options/rights overhang 29% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway10.0 quarters of funding
Share-count growth (24m)174.0%
Raise cadence (24m)3 cash raises
Options & rights overhang29.1% of shares
In-the-money supply11.9% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

DUNDAS MINERALS LIMITED’s ordinary share count rose 174.0% between October 2024 and October 2026, its latest share-count filing, to 294M shares. The company raised capital three times in the past 24 months for total disclosed proceeds of A$6.5M, most recently a A$2.9M placement in October 2026. Options and rights on issue could convert into 86M new shares, representing a 29.1% overhang on the current share count, of which 12% are in the money; the nearest expiry falls in November 2026. The company holds more than 4 quarters of funding at the recent spend rate. Two proposed securities issues (Appendix 3B) are pending, with the nearest expected in October 2026.

AI-generated summary of this page's cited filings · updated 28 Oct 2026
Quick answers · 6

Why was DUN in a trading halt?

Dundas Minerals requested a trading halt on 12 Oct 2026, giving the reason "Pending announcement regarding a capital raising". Trading was expected to resume 14 Oct 2026.

Is DUN raising capital?

Dundas Minerals has 2 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $2.9M on 14 Oct 2026.

How much placement capacity does DUN have left?

About 54% of the 15% placement capacity left, about 46% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.

How much cash does DUN have?

In its quarterly cash report for the quarter ended 30 Sept 2026, Dundas Minerals reported $1.1M of cash and estimated 1.8 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do DUN's options expire?

Unexercised options and rights equal 29.1% of Dundas Minerals's shares on issue; the nearest expiry is Nov 2026.

How much has DUN's share count grown?

Dundas Minerals has 293.8M shares on issue as at 28 Oct 2026, up 174.0% over 24 months according to its Appendix 2A filings.

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29.1%
Options & rights overhang
11.9%
In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply
2
Raises · last 12 months
10.0 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 293.8M per ASX (delayed) (snapshot 28 Oct 2026).
100M200M300MDec 24Nov 25Oct 26Cash raise · 14 Oct 2026Cash raise · 12 Feb 2026Cash raise · 8 Oct 2025293.8M

Cash runway

10.0 qtrs OURS
More than four quarters of funding at the recent spend rate.
Funds operations to about Apr 2029 at the reported spend rate.
$6.2M cash after burn.
FILED 1.8 qtrs · $1.1M cash · quarter ended 30 Sept 2026
OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.FILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.
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12 cash reports on record — Cash runway history
Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 Sept 2026.
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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)

DateFormSecurityOn issue, per this filingSource
23 Oct 20262A · quoted issueDUN : ORDINARY FULLY PAID293.8MAppendix 2A
3 July 20263H · cancellationDUN : ORDINARY FULLY PAID235.0MAppendix 3H
2 July 20263H · cancellationDUN : ORDINARY FULLY PAID235.0MAppendix 3H
7 May 20262A · quoted issueDUN : ORDINARY FULLY PAID235.0MAppendix 2A
7 May 20263G · unquotedDUN : ORDINARY FULLY PAID231.4MAppendix 3G
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21 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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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.

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Securities on issue, by class
How the share count and each option and rights class moved, month by month, with every number in a table.
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Capital raises

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

every 6.1 monthsaverage gap between raises
0.5 monthssince the most recent
8 Oct 2025 – 14 Oct 2026first to most recent in this window
$2.9M
Placement
At 4.5c, 11.8% below the last close
14 Oct 2026 ACTIVE
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8 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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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 · assay results expected (results due)
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1 event on record — The company's own words
The sentence each date comes from, the report it was in, and a link to it.
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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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16 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 / 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.

About 54% of the 15% placement capacity left — about 46% used by Appendix 3B filings in the last 12 months, after the issues holders ratified (estimate, as at 2026-10-28). One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. Holders passed a ratification we could not match to exactly one filing, or whose number of shares the result does not state, and shares issued with holder approval are not added to the base, so the true headroom may 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

2 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
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2 pending issues on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

29.1%
Options & rights overhang · of current shares
11.9%
In-the-money supply · at current price
85.5M
Potential new shares
Nov 2026
Nearest expiry
What a price move would switch on
42.8M85.5M$0.048 now0.25× today ($0.012) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.024) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.036) — 15.0M of the priced supply in the money, 5.1% of shares on issue1× today ($0.048) — 35.0M of the priced supply in the money, 11.9% of shares on issue1.25× today ($0.060) — 37.0M of the priced supply in the money, 12.6% of shares on issue1.5× today ($0.072) — 51.0M of the priced supply in the money, 17.4% of shares on issue2× today ($0.096) — 63.5M of the priced supply in the money, 21.6% of shares on issue3× today ($0.144) — 78.5M of the priced supply in the money, 26.7% of shares on issue5× today ($0.240) — 83.5M of the priced supply in the money, 28.4% of shares on issue10× today ($0.480) — 85.5M of the priced supply in the money, 29.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.048 today, 35.0M securities are in the money (11.9% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 37.0M (12.6% 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
DUNAMOptionsPrice-triggered$0.2510 Nov 20261.0MFiling
DUNANOptionsPrice-triggered$0.3010 Nov 20261.0MFiling
DUNAUOptionsPrice-triggered$0.04015 Dec 20285.0MFiling
DUNAXOptionsPrice-triggered$0.08015 Dec 20282.5MFiling
DUNAYOptionsPrice-triggered$0.0505 Jan 20292.0MFiling
DUNAZOptionsPrice-triggered$0.105 Jan 20292.0MFiling
DUNAAOptionsPrice-triggered$0.0606 May 202914.0MFiling
DUNABOptionsPrice-triggered$0.106 May 20298.0MFiling
DUNASOptionsPrice-triggered$0.03316 June 202915.0MFiling
DUNATOptionsPrice-triggered$0.03716 June 202915.0MFiling
DUNAVOptionsPrice-triggered$0.08015 Dec 20295.0MFiling
DUNAAAOptionsPrice-triggered$0.08017 Apr 20305.0MFiling
DUNAABOptionsPrice-triggered$0.1217 Apr 20305.0MFiling
DUNAWOptionsPrice-triggered$0.1615 Dec 20305.0MFiling

“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. For what expires soon across other listed companies, see the options expiry calendar.

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14 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
9 July 2026Steven FormicaBuy on-market2.6M10.0M—$128k3Y notice
26 May 2026Jonathan DownesBuy on-market49——$2k3Y notice
18 May 2026Jonathan DownesBuy on-market71k——$3k3Y notice
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13 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

28 Oct 2026Becoming a substantial holder
28 Oct 2026$PQuarterly Activities and Cashflow Report - September 2026
23 Oct 2026Cleansing Notice - Section 708A Corporations Act
23 Oct 2026Application for quotation of securities - DUN
14 Oct 2026Proposed issue of securities - DUN
14 Oct 2026$PExploration Funded
12 Oct 2026$PTrading Halt
29 Sept 2026Proposed issue of securities - DUN
29 Sept 2026Letter to Shareholders - Notice of Annual General Meeting
29 Sept 2026Notice of Annual General Meeting/Proxy Form
23 Sept 2026$PRockland delivers strong gold results
7 Sept 2026Supplementary Bloodwood - Exploration Licence Granted
4 Sept 2026Appendix 4G
4 Sept 2026Corporate Governance Statement
4 Sept 2026Annual Report to shareholders
3 Sept 2026Date of AGM & Closing Date for Director Nominations
3 Sept 2026$PDundas Consolidates and extends Kalgoorlie Gold Projects
2 Sept 2026$PDrilling commences across 3 gold Kalgoorlie Projects
1 Sept 2026$PBloodwood Gold Project Granted
29 July 2026$PQuarterly Activities and Cashflow Report - June 2026

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.