Companies / ECT

ENVIRONMENTAL CLEAN TECHNOLOGIES LIMITED.

ASX:ECTCommercial & Professional Services
448.5M shares on issueASX (delayed) · snapshot 11 Sept 2026589.3M fully diluted+31.4% if every option and right converts$0.13price · delayed$56.1Mmarket cap · indicative

Today’s holders own 76.1% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 112% in 24 months; 7 cash raises in 24 months; options/rights overhang 31% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway14.7 quarters of funding
Share-count growth (24m)112.1%measured to the latest Appendix 2A, not to the share count above
Raise cadence (24m)7 cash raises
Options & rights overhang31.4% of shares
In-the-money supply9.8% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

ENVIRONMENTAL CLEAN TECHNOLOGIES LIMITED. has a stated ordinary share count of 449M as of August 2026, which is adjusted for a 1-for-15 share consolidation that occurred in August 2025. Growth in the share count over the past 24 months is not stated. The company conducted seven capital raises in the past 24 months, totalling A$17.4M, with the most recent being a A$12.0M placement in August 2026. Options and rights on issue could convert into 141M new shares, representing 31.4% of the current share count, with 10% of these being in the money; the nearest expiry date is November 2026. As of June 2026, the company held A$13.0M in cash, enough to cover approximately 14.7 quarters of operations. There are four pending proposed issues (Appendix 3B), with the nearest proposed date being October 2026.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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31.4%
Options & rights overhang
9.8%
In-the-money supply · most strikes not on record
2
Raises · last 12 months
14.7 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. Adjusted for the 1-for-15 consolidation (19 Aug 2025). Latest count 448.5M per ASX (delayed) (snapshot 11 Sept 2026).
200M300M400MDec 24Oct 25Sept 261-for-15 consolidationCash raise · 4 Aug 2026Cash raise · 25 Sept 2025Cash raise · 30 June 2025Cash raise · 23 May 2025Cash raise · 23 Apr 2025Cash raise · 13 Feb 2025Cash raise · 6 Dec 2024448.5M

Cash runway

14.7 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$13.0M 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: $1.7M cash at quarter end (item 4.6), 1.9 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
28 Aug 20263H · cancellationECT : ORDINARY FULLY PAID448.5MAppendix 3H
18 Aug 20262A · quoted issueECT : ORDINARY FULLY PAID447.5MAppendix 2A
18 Aug 20262A · quoted issueECT : ORDINARY FULLY PAID359.8MAppendix 2A
22 July 20263G · unquotedORDINARY FULLY PAID416.1MAppendix 3G
22 July 20263H · cancellationECT : ORDINARY FULLY PAID358.8MAppendix 3H
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33 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

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

every 3.3 monthsaverage gap between raises
1.3 monthssince the most recent
6 Dec 2024 – 4 Aug 2026first to most recent in this window
$12.0M
Placement
4 Aug 2026 ACTIVE
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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.

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11 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 52% of the 15% placement capacity left — about 48% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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. 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

4 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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4 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

31.4%
Options & rights overhang · of current shares
9.8%
In-the-money supply · most strikes not on record
140.8M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered52.1M · 11.6% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered88.7M · 19.8% 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: 52.1M priced (of which 43.9M in the money), 88.7M 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.

What a price move would switch on
70.4M140.8M$0.13 now0.25× today ($0.03) — 5.0M of the priced supply in the money, 1.1% of shares on issue0.5× today ($0.06) — 6.0M of the priced supply in the money, 1.3% of shares on issue0.75× today ($0.09) — 8.9M of the priced supply in the money, 2.0% of shares on issue1× today ($0.13) — 43.9M of the priced supply in the money, 9.8% of shares on issue1.25× today ($0.16) — 43.9M of the priced supply in the money, 9.8% of shares on issue1.5× today ($0.19) — 43.9M of the priced supply in the money, 9.8% of shares on issue2× today ($0.25) — 43.9M of the priced supply in the money, 9.8% of shares on issue3× today ($0.38) — 43.9M of the priced supply in the money, 9.8% of shares on issue5× today ($0.63) — 52.1M of the priced supply in the money, 11.6% of shares on issue10× today ($1.25) — 52.1M of the priced supply in the money, 11.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.13 today, 43.9M securities are in the money (9.8% of shares on issue) — a floor, because an exercise price is on record for only 37.0% of this supply. No more priced supply until 5× today’s price, which takes it to 52.1M (11.6% 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.
  • 88.7M (63.0% 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
ECTAEOptionsPrice-triggered$0.4527 Nov 20265.3MFiling
ECTAHOptionsPrice-triggered$0.4519 Dec 20261.5MFiling
ECTAFOptionsPrice-triggered$0.4527 Nov 20271.3MFiling
ECTAGOptionsPrice-triggered$0.07518 Dec 20272.9MFiling
ECTAKOptionsPrice-triggered$0.03023 May 20285.0MFiling
ECTALOptionsPrice-triggered$0.0609 Sept 20281.0MFiling
ECTANOptionsPrice-triggered$0.1223 Dec 202835.0MFiling
ECTAMPerformance rightsCondition-triggered——88.7MFiling 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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8 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
22 July 2026Faldi IsmailSell—1.3M7.5M—3Y notice
9 Apr 2026Faldi IsmailBuy on-market—1.3M7.5M$58k3Y notice
23 Dec 2025Faldi IsmailOther incentive11.6M1.3M7.5M—3Y notice
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9 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

9 Sept 2026ECT Commences Trading on OTC Markets
31 Aug 2026Appendix 4G and Corporate Governance Statement
31 Aug 2026$PAppendix 4E and Annual Report to shareholders
28 Aug 2026Notification of cessation of securities - ECT
21 Aug 2026Change in substantial holding
19 Aug 2026Becoming a substantial holder
18 Aug 2026Cleansing Prospectus
18 Aug 2026$PECT Secures MAX Phase Feedstock, Begins MXene Scale-Up
18 Aug 2026Yallourn Property Update
18 Aug 2026Completion of Tranche 1 Placement
18 Aug 2026Application for quotation of securities - ECT
18 Aug 2026Application for quotation of securities - ECT
4 Aug 2026Investor Presentation - ECT to Acquire FJH Tech for MXenes
3 Aug 2026$PReinstatement to Quotation
3 Aug 2026Proposed issue of securities - ECT
3 Aug 2026Proposed issue of securities - ECT
3 Aug 2026Proposed issue of securities - ECT
3 Aug 2026Proposed issue of securities - ECT
3 Aug 2026$PECT Signs Metallium Deal to Fast-Track MXenes Production
3 Aug 2026$PECT Acquires Exclusive FJH Technology to Produce MXenes

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