Companies / ENR

ENCOUNTER RESOURCES LIMITED

ASX:ENRMaterials
560.6M shares on issueASX (delayed) · snapshot 28 Oct 2026585.8M fully diluted+4.5% if every option and right converts$0.25price · delayed$120.5MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 95.7% 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 runway4.0 quarters of funding
Share-count growth (24m)24.1%
Raise cadence (24m)2 cash raises
Options & rights overhang4.5% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

ENCOUNTER RESOURCES LIMITED's ordinary share count rose 24.1% between August 2024 and October 2026, its latest share-count filing, to 561M shares. The company completed two capital raises in the 24-month window, total disclosed proceeds A$40.6M, the most recent being a A$25.0M placement in October 2025. Options and rights on issue could convert into 25M new shares, representing 4.5% of the current share count; none are in the money, and the nearest expiry is November 2026. The company has more than 4 quarters of funding at the recent spend rate. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 21 Oct 2026
Quick answers · 5

When did ENR last raise capital?

The last capital raise in Encounter Resources's filings is Placement of $25.0M announced 30 Oct 2025, one of 2 cash raises in 24 months.

How much placement capacity does ENR have left?

None of the 15% placement capacity counted as used in the last 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 ENR have?

In its quarterly cash report for the quarter ended 30 June 2026, Encounter Resources reported $26.9M of cash and estimated 5.3 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do ENR's options expire?

Unexercised options and rights equal 4.5% of Encounter Resources's shares on issue; the nearest expiry is Nov 2026.

How much has ENR's share count grown?

Encounter Resources has 560.6M shares on issue as at 28 Oct 2026, up 24.1% over 24 months according to its Appendix 2A filings.

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4.5%
Options & rights overhang
0.0%
In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply
0
Raises · last 12 months
4.0 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 560.6M per ASX (delayed) (snapshot 28 Oct 2026).
450M500M550MDec 24Nov 25Oct 26Cash raise · 30 Oct 2025560.6M

Cash runway

4.0 qtrs OURS
More than four quarters of funding at the recent spend rate.
Funds operations to about Oct 2027 at the reported spend rate.
$20.2M cash after burn.
FILED 5.3 qtrs · $26.9M cash · quarter ended 30 June 2026
OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.$26.9M cash at 30 Jun 2026 − $6.7M spent ($5.1M a quarter × 120 days) = $20.2M left → 4.0 qtrsFILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.
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11 cash reports on record — Cash runway history
Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 June 2026.
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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)

DateFormSecurityOn issue, per this filingSource
21 Oct 20262A · quoted issueENR : ORDINARY FULLY PAID560.6MAppendix 2A
18 Sept 20262A · quoted issueENR : ORDINARY FULLY PAID560.5MAppendix 2A
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
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38 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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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.

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Securities on issue, by class
How the share count and each option and rights class moved, month by month, with every number in a table.
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Capital raises

2 cash raises in the last 24 months · 0 in the last 12 months

every 11 monthsaverage gap between raises
11.9 monthssince the most recent
29 Nov 2024 – 30 Oct 2025first to most recent in this window
$25.0M
Placement
At 45.0c, 6.2% below the last close
30 Oct 2025 COMPLETE
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6 issues (incl. 4 exercises or conversions) on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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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 · Passive seismic survey (to start)
  • by end 2026 · Assay results flow (results due)
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2 events on record — The company's own words
The sentence each date comes from, the report it was in, and a link to it.
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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.

150k of option supply could convert within 12 months — 0.0% of shares on issue
150k 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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20 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 / 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.

All of the 15% placement capacity available — Appendix 3B filings in the last 12 months used it, and holders have since ratified those issues, which restores the room (estimate, as at 2026-10-28). 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

4.5%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
25.2M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered23.7M · 4.2% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered1.4M · 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: 23.7M priced (of which 150k in the money), 1.4M 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
12.6M25.2M$0.25 now0.25× today ($0.06) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.13) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.19) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.25) — 150k of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.31) — 4.4M of the priced supply in the money, 0.8% of shares on issue1.5× today ($0.38) — 11.0M of the priced supply in the money, 2.0% of shares on issue2× today ($0.50) — 12.7M of the priced supply in the money, 2.3% of shares on issue3× today ($0.75) — 23.7M of the priced supply in the money, 4.2% of shares on issue5× today ($1.25) — 23.7M of the priced supply in the money, 4.2% of shares on issue10× today ($2.50) — 23.7M of the priced supply in the money, 4.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.25 today, 150k securities are in the money (0.0% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 4.4M (0.8% 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.
  • 1.4M (5.7% 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
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
ENRAMOptionsPrice-triggered$0.3625 Aug 20305.4MFiling
ENRAADPerformance rightsCondition-triggered——1.4MFiling 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. For what expires soon across other listed companies, see the options expiry calendar.

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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21 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

28 Oct 2026$PGreen Delivers More High-Grade Niobium, and Gold Shows Up
27 Oct 2026Corporate Governance Statement and Appendix 4G
27 Oct 20262026 Annual Report
27 Oct 2026Annual General Meeting - Notice and Proxy Form
21 Oct 2026Application for quotation of securities - ENR
21 Oct 2026Exercise of Performance Rights
21 Oct 2026$PContinuous High-Grade Niobium Zone at Joyce
15 Oct 2026$PExceptional High-Grade Copper Intersected at Tyrell
29 Sept 2026Large Copper Oxide Blankets Outlined at Parbo
25 Sept 2026Annual Financial Statements
18 Sept 2026Application for quotation of securities - ENR
18 Sept 2026Exercise of Performance Rights
17 Sept 2026$PExceptional Niobium Intersection at Aileron
14 Sept 2026$PHigh-Grade Niobium Zone Emerging at Joyce
2 Sept 2026$PDrilling Commenced at Jessica Copper Project
31 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

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.