ECLIPSE METALS LIMITED.
ASX:EPMEnergyToday’s holders own 92.6% of what they think they own, once every option and right converts.
Share count grew 46% in 24 months; runway 2–4 quarters; 4 cash raises in 24 months
ECLIPSE METALS LIMITED.'s ordinary share count grew 46.2% between May 2024 and December 2025, its latest share-count filing, to 3.29B shares. The company raised capital four times in the past 24 months for total disclosed proceeds of A$7.1M, most recently a A$4.0M placement in October 2025. Options and rights on issue could convert into 264M new shares, equal to 8.0% of the current share count, with none in the money; the nearest expiry falls in June 2027. The company reports 2 to 4 quarters of funding at the recent spend rate. No proposed securities issues are pending.
Quick answers · 4
When did EPM last raise capital?
The last capital raise in Eclipse Metals's filings is Placement of $4.0M announced 13 Oct 2025, one of 4 cash raises in 24 months.
How much placement capacity does EPM 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.
When do EPM's options expire?
Unexercised options and rights equal 8% of Eclipse Metals's shares on issue; the nearest expiry is June 2027.
How much has EPM's share count grown?
Eclipse Metals has 3.29B shares on issue as at 28 Oct 2026, up 46.2% 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 |
|---|---|---|---|---|
| 28 May 2026 | 3H · cancellation | EPM : ORDINARY FULLY PAID | 3.29B | Appendix 3H |
| 11 Dec 2025 | 2A · quoted issue | EPM : ORDINARY FULLY PAID | 3.29B | Appendix 2A |
| 8 Dec 2025 | 2A · quoted issue | EPM : ORDINARY FULLY PAID | 3.28B | Appendix 2A |
| 8 Dec 2025 | 2A · quoted issue | EPM : ORDINARY FULLY PAID | 3.29B | Appendix 2A |
| 28 Nov 2025 | 2A · quoted issue | EPM : ORDINARY FULLY PAID | 3.28B | 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
4 cash raises in the last 24 months · 0 in the last 12 months
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 $0.011 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 33.0M (1.0% 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.
- 71.1M (26.9% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| EPMAC | Options | Price-triggered | $0.030 | 17 June 2027 | 33.0M | Filing |
| EPMO | Options | Price-triggered, no exercise price stated | — | 22 Oct 2027 | 71.1M | Filing |
| EPMAW | Options | Price-triggered | $0.050 | 18 Nov 2027 | 160.0M | 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 |
|---|---|---|---|---|---|---|---|
| 8 Dec 2025 | Alfred John Gillman | Other | 8.0M | — | — | — | 3Y notice |
| 24 Jan 2025 | Carl Popal | Other entitlement/SPP | 12.9M | — | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.