Companies / DUN

DUNDAS MINERALS LIMITED

ASX:DUNMaterials
235.0M shares on issueASX (delayed) · snapshot 11 Sept 2026320.5M fully diluted+36.4% if every option and right converts$0.046price · delayed$10.8Mmarket cap · indicative

Today’s holders own 73.3% of what they think they own, once every option and right converts.

Very high
Dilution risk

Share count grew 122% in 24 months; runway 2–4 quarters; options/rights overhang 36% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway3.4 quarters of funding
Share-count growth (24m)122.2%
Raise cadence (24m)2 cash raises
Options & rights overhang36.4% of shares
In-the-money supply14.9% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

DUNDAS MINERALS LIMITED's ordinary share count grew 122.2% between August 2024 and May 2026, reaching 235M shares. In the past 24 months, the company completed two capital raises totalling A$3.6M, with the most recent being a A$2.5M placement in February 2026. Options and rights on issue represent a potential 86M new shares, or 36.4% of the current share count, with 15% in the money at the current share price and the nearest expiry in November 2026. As of June 2026, the company held A$1.5M in available cash, sufficient for approximately 3.4 quarters at its recent expenditure rate. A proposed securities issue is pending, with an expected date in November 2026.

AI-generated summary of this page's cited filings · updated 4 Sept 2026
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36.4%
Options & rights overhang
14.9%
In-the-money supply
2
Raises · last 12 months
3.4 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 235.0M per ASX (delayed) (snapshot 11 Sept 2026).
100M150M200MDec 24Oct 25Sept 26Cash raise · 9 Feb 2026Cash raise · 6 Oct 2025235.0M

Cash runway

3.4 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Apr 2027 at the reported spend rate.
$1.5M 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: $1.9M cash at quarter end (item 4.6), 4.2 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
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
17 Apr 20262A · quoted issueDUN : ORDINARY FULLY PAID231.4MAppendix 2A
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20 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

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

every 4.1 monthsaverage gap between raises
7.1 monthssince the most recent
6 Oct 2025 – 9 Feb 2026first to most recent in this window
$2.5M
Placement
9 Feb 2026
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6 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.

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15 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.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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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

36.4%
Options & rights overhang · of current shares
14.9%
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$0.046 now0.25× today ($0.011) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.023) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.035) — 15.0M of the priced supply in the money, 6.4% of shares on issue1× today ($0.046) — 35.0M of the priced supply in the money, 14.9% of shares on issue1.25× today ($0.057) — 37.0M of the priced supply in the money, 15.7% of shares on issue1.5× today ($0.069) — 51.0M of the priced supply in the money, 21.7% of shares on issue2× today ($0.092) — 63.5M of the priced supply in the money, 27.0% of shares on issue3× today ($0.138) — 78.5M of the priced supply in the money, 33.4% of shares on issue5× today ($0.230) — 83.5M of the priced supply in the money, 35.5% of shares on issue10× today ($0.460) — 85.5M of the priced supply in the money, 36.4% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.046 today, 35.0M securities are in the money (14.9% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 37.0M (15.7% 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.
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.

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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

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
2 Sept 2026$PDundas Consolidates and extends Kalgoorlie Gold Projects
1 Sept 2026$PDrilling commences across 3 gold Kalgoorlie Projects
1 Sept 2026$PBloodwood Gold Project Granted
29 July 2026$PQuarterly Activities and Cashflow Report - June 2026
20 July 2026$PNative Title Cleared for drilling at Capricorn
13 July 2026Change of Director's Interest Notice
3 July 2026Notification of cessation of securities - DUN
2 July 2026Notification of cessation of securities - DUN
23 June 2026$PRockland Assay Results
11 June 2026Becoming a substantial holder
27 May 2026Change of Director's Interest Notice
22 May 2026Change of Director's Interest Notice
18 May 2026Change of Director's Interest Notice
11 May 2026$PDundas Extends Gold Mineralisation at Rockland
7 May 2026Notification regarding unquoted securities - DUN

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