EMINENCE MINERALS LIMITED
ASX:EMAMaterialsToday’s holders own 82.3% of what they think they own, once every option and right converts.
Runway under 2 quarters; options/rights overhang 21% of shares; 1 cash raise in 24 months; since relisting as EMA; prior history under EQN not included
EMINENCE MINERALS LIMITED, renamed from EQN in December 2025 and trading as EMA only since then, had 192M ordinary shares as of its sole share-count filing in June 2026. Data for periods before the rename is not included in these figures. In the past 24 months, the company completed one capital raise, a A$2.5M placement in June 2026. Options and rights that could convert into 41M new shares represent a 21.4% overhang on current shares, none in the money, with nearest expiry in July 2028. The company has under 2 quarters of funding at the recent spend rate as of its June 2026 quarter. One proposed securities issue is pending, with an expected date in November 2026.
Quick answers · 4
Why was EMA in a trading halt?
Eminence Minerals requested a trading halt on 15 Oct 2026, giving the reason "Pending release of an announcement in relation to an acquisition". Trading was expected to resume 19 Oct 2026.
Is EMA raising capital?
Eminence Minerals has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $2.5M on 11 June 2026.
How much cash does EMA have?
In its quarterly cash report for the quarter ended 30 June 2026, Eminence Minerals reported $1.3M of cash and estimated 3.3 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do EMA's options expire?
Unexercised options and rights equal 21.4% of Eminence Minerals's shares on issue; the nearest expiry is July 2028.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 4 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)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 18 June 2026 | 2A · quoted issue | EMA : ORDINARY FULLY PAID | 191.9M | Appendix 2A |
| 24 Feb 2026 | 3G · unquoted | EMA : ORDINARY FULLY PAID | 155.6M | Appendix 3G |
| 16 Dec 2025 | 3H · cancellation | EMA : ORDINARY FULLY PAID | 155.6M | Appendix 3H |
| 16 Dec 2025 | 3H · cancellation | EMA : ORDINARY FULLY PAID | 155.6M | Appendix 3H |
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.
Capital raises
1 cash raise in the last 24 months · 1 in the last 12 months · counted since relisting as EMA (1 Dec 2025); prior history under EQN is not included
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.
- October 2026 · Mapping and sampling commencement (to start)
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.
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.
Pending proposed issues
Options & convertible securities
- Price-triggered38.5M · 20.0% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 21.8M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered2.7M · 1.4% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 16.7M priced, 24.5M 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.
An exercise price is on record for only 40.5% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.046 today. No more priced supply until 10× today’s price, which takes it to 16.7M (8.7% 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.
- 24.5M (59.5% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| EMAO | Options | Price-triggered, no exercise price stated | — | 11 July 2028 | 21.8M | Filing |
| EMAAD | Options | Price-triggered | $0.25 | 14 Dec 2028 | 5.7M | Filing |
| EMAAF | Options | Price-triggered | $0.25 | 21 May 2029 | 2.3M | Filing |
| EMAAC | Performance rights | Condition-triggered | — | — | 2.7M | Filing |
| EMAAB | Options | Price-triggered | $0.30 | — | 8.7M | Filing |
“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.
- EMAAGPrice-triggered500k securities → 016 Dec 2025 Appendix 2A
- EMAAHPrice-triggered500k securities → 016 Dec 2025 Appendix 2A
Director dealings
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.