Companies / EM3

EMC GOLD CORPORATION

ASX:EM3Materials
408.3M shares on issueASX (delayed) · snapshot 11 Sept 2026488.0M fully diluted+19.5% if every option and right converts$0.14price · delayed$55.1Mmarket cap · indicative

Today’s holders own 83.7% of what they think they own, once every option and right converts.

Low
Dilution riskprovisional — limited history

Options/rights overhang 20% of shares; 13% of shares in the money; since relisting as EM3; prior history under BDG not included

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway11.7 quarters of funding
Share-count growth (24m)1.9%since relisting as EM3; prior history under BDG not included
Raise cadence (24m)0 cash raisessince relisting as EM3; prior history under BDG not included
Options & rights overhang19.5% of shares
In-the-money supply13.3% of shares
Pending proposed issuesnone

EMC GOLD CORPORATION's ordinary share count grew 1.9% from December 2025 to June 2026, to 408M shares. The company has not raised capital in the past 24 months and has no pending proposed securities issues. Options on issue could convert into 80M new shares, representing 19.5% of the current share count, with 13% in the money; the nearest expiry is June 2027. As of the June 2026 quarter, EMC GOLD CORPORATION held A$4.1M in available cash, covering 11.7 quarters of its recent expenditure. Information disclosed covers only the period since December 2025, following a rename from BDG.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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19.5%
Options & rights overhang
13.3%
In-the-money supply
0
Raises · last 12 months
11.7 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. Shown since relisting as EM3 (8 Dec 2025); prior history under BDG is not included. Latest count 408.3M per ASX (delayed) (snapshot 11 Sept 2026).
400.0M402.5M405.0M407.5MDec 25Apr 26Sept 26408.3M

Cash runway

11.7 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about May 2029 at the reported spend rate.
$4.1M 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: $4.4M cash at quarter end (item 4.6), 12.6 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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3 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
26 June 20262A · quoted issueEM3 : CHESS DEPOSITARY INTERESTS 1:1408.3MAppendix 2A
28 May 20262A · quoted issueEM3 : CHESS DEPOSITARY INTERESTS 1:1407.3MAppendix 2A
17 Apr 20262A · quoted issueEM3 : CHESS DEPOSITARY INTERESTS 1:1406.8MAppendix 2A
5 Mar 20262A · quoted issueEM3 : CHESS DEPOSITARY INTERESTS 1:1406.1MAppendix 2A
13 Feb 20262A · quoted issueEM3 : CHESS DEPOSITARY INTERESTS 1:1404.6MAppendix 2A
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10 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

No equity raises on record since relisting as EM3 (8 Dec 2025); prior history under BDG is not included.
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1 raise 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.

34.4M of option supply could convert within 12 months — 8.4% of shares on issue
34.4M in the money, expiring in the window
Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.
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2 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.

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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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

19.5%
Options & rights overhang · of current shares
13.3%
In-the-money supply · at current price
79.6M
Potential new shares
June 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered61.1M · 15.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 6.7M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered18.5M · 4.5% 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: 54.4M priced (of which 54.4M in the money), 25.2M 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
39.8M79.6M$0.14 now0.25× today ($0.03) — 34.4M of the priced supply in the money, 8.4% of shares on issue0.5× today ($0.07) — 34.4M of the priced supply in the money, 8.4% of shares on issue0.75× today ($0.10) — 54.4M of the priced supply in the money, 13.3% of shares on issue1× today ($0.14) — 54.4M of the priced supply in the money, 13.3% of shares on issue1.25× today ($0.17) — 54.4M of the priced supply in the money, 13.3% of shares on issue1.5× today ($0.20) — 54.4M of the priced supply in the money, 13.3% of shares on issue2× today ($0.27) — 54.4M of the priced supply in the money, 13.3% of shares on issue3× today ($0.41) — 54.4M of the priced supply in the money, 13.3% of shares on issue5× today ($0.68) — 54.4M of the priced supply in the money, 13.3% of shares on issue10× today ($1.35) — 54.4M of the priced supply in the money, 13.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.14 today, 54.4M securities are in the money (13.3% of shares on issue). No price up to ten times today’s switches on any more priced supply.

  • 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.
  • 25.2M (31.7% 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
EM3AGOptionsPrice-triggered$0.03014 June 202734.4MFiling
EM3AAOptionsPrice-triggered$0.0708 Jan 202820.0MFiling
EM3ABOptionsPrice-triggered——6.7MFiling
EM3ACPerformance rightsCondition-triggered——18.5MFiling

“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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4 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
3 June 2026Paul CroninOther on-market462k—3.0M—3Y notice
1 June 2026Paul CroninOther on-market389k—3.0M—3Y notice
28 Jan 2026Alberto LavandeiraOther off-market3.0M———3Y notice
28 Jan 2026Dominic RobertsOther off-market——5.0M—3Y notice
28 Jan 2026Gabriel ChiappiniOther off-market3.0M6.8M——3Y notice
28 Jan 2026Paul CroninOther off-market——3.0M—3Y notice
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6 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 2026Half Year Financial Report
29 July 2026$PQuarterly Activities Report & Cashflow
8 July 2026Initial Director's Interest Notice
2 July 2026$PEMC Gold appoints Spain-based CEO
26 June 2026Cleansing Notice
26 June 2026Application for quotation of securities - EM3
4 June 2026Change of Director's Interest Notice - Paul Cronin
3 June 2026Change of Director's Interest Notice - Paul Cronin
28 May 2026Cleansing Notice
28 May 2026Application for quotation of securities - EM3
29 Apr 2026$PQuarterly Activities Report & Cashflow
17 Apr 2026Cleansing Notice
17 Apr 2026Application for quotation of securities - EM3
31 Mar 2026$PSalave Gold Project Court Ruling
31 Mar 2026Appendix 4G
31 Mar 2026Corporate Governance Statement
30 Mar 2026Annual Report to shareholders
5 Mar 2026Application for quotation of securities - EM3
5 Mar 2026Cleansing Notice
13 Feb 2026Application for quotation of securities - EM3

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