Companies / ENR

ENCOUNTER RESOURCES LIMITED

ASX:ENRMaterials
560.2M shares on issueASX (delayed) · snapshot 11 Sept 2026580.4M fully diluted+3.6% if every option and right converts$0.27price · delayed$151.3Mmarket 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 24% in 24 months; runway 4–8 quarters; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway4.5 quarters of funding
Share-count growth (24m)24.0%
Raise cadence (24m)2 cash raises
Options & rights overhang3.6% of shares
In-the-money supply0.7% of shares
Pending proposed issuesnone

ENCOUNTER RESOURCES LIMITED's ordinary share count grew 24.0% between August 2024 and August 2026, to 560M shares. The company raised capital twice in the past 24 months for total disclosed proceeds of A$40.6M, most recently a A$25.0M placement in October 2025. Options and rights on issue could convert into 20M new shares, equal to 3.6% of the current share count, of which 1% are in the money at the current share price; the nearest expiry falls in November 2026. At the June 2026 quarter the company reported A$22.8M in available cash, about 4.5 quarters of funding at its recent spending rate. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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3.6%
Options & rights overhang
0.7%
In-the-money supply
1
Raises · last 12 months
4.5 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 560.2M per ASX (delayed) (snapshot 11 Sept 2026).
450M500M550MDec 24Oct 25Sept 26Cash raise · 27 Oct 2025560.2M

Cash runway

4.5 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Aug 2027 at the reported spend rate.
$22.8M 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: $26.9M cash at quarter end (item 4.6), 5.3 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 20263G · unquotedENR : ORDINARY FULLY PAID560.1MAppendix 3G
28 Aug 20262A · quoted issueENR : ORDINARY FULLY PAID560.2MAppendix 2A
21 Aug 20262A · quoted issueENR : ORDINARY FULLY PAID560.1MAppendix 2A
5 Aug 20263G · unquotedENR : ORDINARY FULLY PAID560.0MAppendix 3G
13 July 20262A · quoted issueENR : ORDINARY FULLY PAID560.0MAppendix 2A
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36 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

2 cash raises in the last 24 months · 1 in the last 12 months

every 11 monthsaverage gap between raises
10.5 monthssince the most recent
26 Nov 2024 – 27 Oct 2025first to most recent in this window
$25.0M
Placement
27 Oct 2025 COMPLETE
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6 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.

4.1M of option supply could convert within 12 months — 0.7% of shares on issue
4.1M 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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19 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 89% of the 15% placement capacity left — about 11% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

3.6%
Options & rights overhang · of current shares
0.7%
In-the-money supply · at current price
20.1M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered18.3M · 3.3% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered1.8M · 0.3% 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: 18.3M priced (of which 4.1M in the money), 1.8M 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
10.1M20.1M$0.27 now0.25× today ($0.07) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.14) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.20) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.27) — 4.1M of the priced supply in the money, 0.7% of shares on issue1.25× today ($0.34) — 5.2M of the priced supply in the money, 0.9% of shares on issue1.5× today ($0.41) — 6.8M of the priced supply in the money, 1.2% of shares on issue2× today ($0.54) — 10.4M of the priced supply in the money, 1.9% of shares on issue3× today ($0.81) — 18.3M of the priced supply in the money, 3.3% of shares on issue5× today ($1.35) — 18.3M of the priced supply in the money, 3.3% of shares on issue10× today ($2.70) — 18.3M of the priced supply in the money, 3.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.27 today, 4.1M securities are in the money (0.7% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 5.2M (0.9% 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.
  • 1.8M (8.9% 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
ENRACOptionsPrice-triggered$0.2730 Nov 20264.0MFiling
ENRADOptionsPrice-triggered$0.2815 Jan 2027250kFiling
ENRAEOptionsPrice-triggered$0.2128 Feb 2027150kFiling
ENRAFOptionsPrice-triggered$0.3720 June 2027200kFiling
ENRAHOptionsPrice-triggered$0.6824 July 2027400kFiling
ENRAWOptionsPrice-triggered$0.691 Aug 2027400kFiling
ENRAXOptionsPrice-triggered$0.5623 Nov 2027660kFiling
ENRAZOptionsPrice-triggered$0.4017 Dec 20271.0MFiling
ENRAYOptionsPrice-triggered$0.3525 Feb 2028150kFiling
ENRAAAOptionsPrice-triggered$0.6510 Sept 2028100kFiling
ENRAABOptionsPrice-triggered$0.5928 Nov 2028363kFiling
ENRAACOptionsPrice-triggered$0.5211 Dec 20283.1MFiling
ENRAIOptionsPrice-triggered$0.3431 Mar 2029500kFiling
ENRAJOptionsPrice-triggered$0.6127 Nov 20295.7MFiling
ENRAAOptionsPrice-triggered$0.619 Dec 2029325kFiling
ENRALOptionsPrice-triggered$0.499 Mar 2030300kFiling
ENRABOptionsPrice-triggered$0.3831 Mar 2030200kFiling
ENRAKOptionsPrice-triggered$0.474 May 2030200kFiling
ENRAGOptionsPrice-triggered$0.344 Aug 2030350kFiling
ENRAADPerformance rightsCondition-triggered——1.8MFiling 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.

1 class ceased in the last 12 months and is not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • ENRAOPrice-triggered400k securities → 01 June 2026 Appendix 2A
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20 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
10 Dec 2025Philip CrutchfieldOther1.1M325k——3Y notice
28 Nov 2025Jon HronskyOther—119k——3Y notice
28 Nov 2025Peter BewickOther2.6M119k——3Y notice
28 Nov 2025Philip CrutchfieldOther—119k——3Y notice
28 Nov 2025William RobinsonOther—1.3M——3Y notice
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14 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

1 Sept 2026$PDrilling Commenced at Jessica Copper Project
30 Aug 2026$PBoard and Management Changes
28 Aug 2026Application for quotation of securities - ENR
28 Aug 2026Exercise of Performance Rights
28 Aug 2026Notification regarding unquoted securities - ENR
28 Aug 2026Issue of Employee Options
28 Aug 20262026 Annual General Meeting - Key Dates
24 Aug 2026$PFurther High-Grade Niobium at Emily and Green
21 Aug 2026Application for quotation of securities - ENR
21 Aug 2026Exercise of Performance Rights
19 Aug 2026$PStrategic Review of Copper Assets
5 Aug 2026Notification regarding unquoted securities - ENR
5 Aug 2026Issue of Employee Options
3 Aug 2026Investor Presentation - Diggers and Dealers Mining Forum
2 Aug 2026$PHigh-Grade Niobium Mineralisation Expanded at Emily
28 July 2026$PQuarterly Activities Report and Appendix 5B
26 July 2026$PRC Drilling Defines Copper-Gold Target at Elsa
13 July 2026Application for quotation of securities - ENR
13 July 2026Exercise of Performance Rights
29 June 2026Application for quotation of securities - ENR

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