EMU NL
ASX:EMUMaterialsToday’s holders own 67.0% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 177% in 24 months; 6 cash raises in 24 months
EMU NL's ordinary share count grew 176.8% between October 2024 and July 2026, its latest share-count filing, to 405M shares. The company raised capital six times in the past 24 months for total disclosed proceeds of A$9.1M, most recently a Non-Renounceable Rights Issue in March 2026 raising A$3.0M. Options and rights on issue could convert into 199M new shares, equal to 49.2% of the current share count, none currently in the money; the nearest expiry falls in October 2026. The company has under 2 quarters of funding at the recent spend rate.
Quick answers · 5
When did EMU last raise capital?
The last capital raise in Emu's filings is Non-Renounceable Rights Issue of $3.0M announced 25 Mar 2026, one of 6 cash raises in 24 months.
How much placement capacity does EMU have left?
About 14% of the 15% placement capacity left, about 86% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does EMU have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Emu reported $1.8M of cash and estimated 1.3 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do EMU's options expire?
Unexercised options and rights equal 49.2% of Emu's shares on issue; the nearest expiry is Oct 2026.
How much has EMU's share count grown?
Emu has 405.5M shares on issue as at 28 Oct 2026, up 176.8% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 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 |
|---|---|---|---|---|
| 2 July 2026 | 2A · quoted issue | EMU : ORDINARY FULLY PAID | 405.5M | Appendix 2A |
| 2 July 2026 | 3G · unquoted | ORDINARY FULLY PAID | 399.4M | Appendix 3G |
| 3 June 2026 | 2A · quoted issue | EMU : ORDINARY FULLY PAID | 399.4M | Appendix 2A |
| 3 June 2026 | 3G · unquoted | ORDINARY FULLY PAID | 387.7M | Appendix 3G |
| 13 May 2026 | 2A · quoted issue | EMU : ORDINARY FULLY PAID | 387.7M | Appendix 2A |
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
6 cash raises in the last 24 months · 3 in the last 12 months
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 · assay results from 26YVRD012 (results due)
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
At $0.012 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 3× today’s price, which takes it to 119.3M (29.4% 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.
- 10.6M (5.3% 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 |
|---|---|---|---|---|---|---|
| EMUAD | Options | Price-triggered | $0.10 | 31 Oct 2026 | 33.5M | Filing |
| EMUAF | Options | Price-triggered | $0.030 | 31 Jan 2027 | 119.3M | Filing |
| EMUAY | Options | Price-triggered | $0.050 | 28 Sept 2030 | 35.9M | Filing |
| EMUAL | Options | Price-triggered, no exercise price stated | — | — | 10.6M | 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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 22 Apr 2026 | Doug Jon Grewar | Other entitlement/SPP | 381k | 381k | — | $10k | 3Y notice |
| 22 Apr 2026 | John Hugh Anderson | Other entitlement/SPP | 800k | 800k | — | $20k | 3Y notice |
| 29 Sept 2025 | Adrian Christopher Griffin | Other entitlement/SPP | 27k | 27k | — | $451 | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.