Companies / ELT

ELEMENTOS LIMITED

ASX:ELTMaterials
438.3M shares on issueASX (delayed) · snapshot 11 Sept 2026454.4M fully diluted+3.7% if every option and right converts$0.39price · delayed$168.7Mmarket cap · indicative

Today’s holders own 96.5% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 109% in 24 months; 5 cash raises in 24 months; proposed issue pending

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway61.4 quarters of funding
Share-count growth (24m)109.1%
Raise cadence (24m)5 cash raises
Options & rights overhang3.7% of shares
In-the-money supplyno data — no exercise price on record
Pending proposed issuesopen proposed issue (Appendix 3B)

ELEMENTOS LIMITED's ordinary share count grew 109.1% between August 2024 and July 2026, to 438M shares. The company raised capital five times in the past 24 months for total disclosed proceeds of A$44.4M, most recently a A$29.5M placement in February 2026. Options and rights on issue could convert into 16M new shares, representing 3.7% of the current share count, with none currently in the money; an expiry date for these securities is not on record. At the June 2026 quarter, the company reported A$39.8M in available cash, which covered 61.5 quarters of operating expenses. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in November 2026.

AI-generated summary of this page's cited filings · updated 3 Sept 2026
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3.7%
Options & rights overhang
—
In-the-money supply · no stated strikes
3
Raises · last 12 months
61.4 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 438.3M per ASX (delayed) (snapshot 11 Sept 2026).
250M300M350M400M450MDec 24Oct 25Sept 26Cash raise · 13 Feb 2026Cash raise · 19 Nov 2025Cash raise · 15 Oct 2025Cash raise · 17 July 2025Cash raise · 16 May 2025438.3M

Cash runway

61.4 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.
$39.8M 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: $40.3M cash at quarter end (item 4.6), 65.0 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
2 July 20263G · unquotedELT : ORDINARY FULLY PAID438.3MAppendix 3G
1 July 20262A · quoted issueELT : ORDINARY FULLY PAID438.3MAppendix 2A
1 July 20263H · cancellationELT : ORDINARY FULLY PAID437.3MAppendix 3H
11 June 20262A · quoted issueELT : ORDINARY FULLY PAID437.3MAppendix 2A
4 June 20262A · quoted issueELT : ORDINARY FULLY PAID436.6MAppendix 2A
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35 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

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

every 2.2 monthsaverage gap between raises
6.9 monthssince the most recent
16 May 2025 – 13 Feb 2026first to most recent in this window
$29.5M
Placement
13 Feb 2026 COMPLETE
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7 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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1 dated event 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 only Appendix 3B in the window claiming the 15% capacity states more than the whole allowance, so it cannot be counted. 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

3.7%
Options & rights overhang · of current shares
—
In-the-money supply · no stated strikes
16.1M
Potential new shares
—
Nearest expiry
What this supply is, and what converts it
  • Price-triggered11.4M · 2.6% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    No exercise price is on record for any of it, so none of it can be called in or out of the money.
  • Condition-triggered4.7M · 1.1% 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: 0 priced, 16.1M 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

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 16.1M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

CodeSecurityTypeExercise priceExpiryOn issueSource
ELTAAPerformance rightsCondition-triggered——4.7MFiling Meeting
ELTADOptionsPrice-triggered——11.4MFiling

“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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2 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
30 June 2026Calvin TreacyOther—1.0M——3Y notice
30 June 2026Jonathon DavidOther667k667k3.6M$200k3Y notice
11 June 2026Calvin TreacySell500k———3Y notice
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23 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 2026Tin & Tungsten Conference Presentation - Shaw and Partners
5 Aug 2026Cleveland Project Investor Presentation - TMEC Tasmania
2 Aug 2026Iberian Smelting Option Goes Unconditional
27 July 2026$PApproval for Access Road - Oropesa Tin Project
24 July 2026Noosa Mining Conference Presentation
23 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
2 July 2026Proposed issue of securities - ELT
2 July 2026Notification regarding unquoted securities - ELT
1 July 2026Change of Director's Interest Notice x 2
1 July 2026Cleansing Notice
1 July 2026Notification of cessation of securities - ELT
1 July 2026Application for quotation of securities - ELT
22 June 2026$POverriding Public Interest Granted - Oropesa Tin Project
11 June 2026Change of Director's Interest Notice
11 June 2026Cleansing Notice
11 June 2026Application for quotation of securities - ELT
4 June 2026Change of Director's Interest Notice
4 June 2026Cleansing Notice
4 June 2026Application for quotation of securities - ELT
31 May 2026Spanish General Manager Appointment

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