Companies / EQR

EQ RESOURCES LIMITED

ASX:EQRMaterials
5.17B shares on issueASX (delayed) · snapshot 11 Sept 20265.47B fully diluted+5.8% if every option and right converts$0.40price · delayed$2.07Bmarket cap · indicative

Today’s holders own 94.5% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 131% in 24 months; 7 cash raises in 24 months; 5% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runwaycash-generative (no net burn)
Share-count growth (24m)131.0%
Raise cadence (24m)7 cash raises
Options & rights overhang5.8% of shares
In-the-money supply5.4% of shares
Pending proposed issuesnone

EQ RESOURCES LIMITED's ordinary share count grew 131.0% between August 2024 and September 2026, reaching 5.17B shares. The company completed seven capital raises in the past 24 months, totalling A$100.7M, with the most recent being a A$34.0M placement in December 2025. Options and rights on issue represent 299M potential new shares, or 5.8% of the current share count, with 5% in the money; the nearest expiry is May 2027. As of the June 2026 quarter, the company held A$41.1M in cash, and reported positive net cash flow, meaning no funding runway figure applies. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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5.8%
Options & rights overhang
5.4%
In-the-money supply
1
Raises · last 12 months
No net burn
Cash cover · cash-generative

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 5.17B per ASX (delayed) (snapshot 11 Sept 2026).
3B4B5BDec 24Oct 25Sept 26Cash raise · 2 Dec 2025Cash raise · 29 Aug 2025Cash raise · 7 July 2025Cash raise · 22 May 2025Cash raise · 21 May 2025Cash raise · 6 Dec 20245.17B

Cash runway

—
The latest quarterly report shows no net cash burn, so there is no cash-out date.
$41.3M 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: $28.2M cash at quarter end (item 4.6). 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
6 Sept 20262A · quoted issueEQR : ORDINARY FULLY PAID5.17BAppendix 2A
28 Aug 20262A · quoted issueEQR : ORDINARY FULLY PAID5.16BAppendix 2A
28 Aug 20262A · quoted issueEQR : ORDINARY FULLY PAID5.16BAppendix 2A
28 Aug 20263H · cancellationEQR : ORDINARY FULLY PAID5.16BAppendix 3H
19 Aug 20262A · quoted issueEQR : ORDINARY FULLY PAID5.16BAppendix 2A
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149 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

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

every 2 monthsaverage gap between raises
9.3 monthssince the most recent
28 Nov 2024 – 2 Dec 2025first to most recent in this window
$34.0M
Placement
2 Dec 2025 COMPLETE
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20 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.

125.5M of option supply could convert within 12 months — 2.4% of shares on issue
125.5M 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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7 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 42% of the 15% placement capacity left — about 58% 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

5.8%
Options & rights overhang · of current shares
5.4%
In-the-money supply · at current price
298.7M
Potential new shares
May 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered289.2M · 5.6% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered9.4M · 0.2% 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: 289.2M priced (of which 279.2M in the money), 9.4M 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
149.3M298.7M$0.40 now0.25× today ($0.10) — 168.3M of the priced supply in the money, 3.3% of shares on issue0.5× today ($0.20) — 271.2M of the priced supply in the money, 5.2% of shares on issue0.75× today ($0.30) — 271.2M of the priced supply in the money, 5.2% of shares on issue1× today ($0.40) — 279.2M of the priced supply in the money, 5.4% of shares on issue1.25× today ($0.50) — 289.2M of the priced supply in the money, 5.6% of shares on issue1.5× today ($0.60) — 289.2M of the priced supply in the money, 5.6% of shares on issue2× today ($0.80) — 289.2M of the priced supply in the money, 5.6% of shares on issue3× today ($1.20) — 289.2M of the priced supply in the money, 5.6% of shares on issue5× today ($2.00) — 289.2M of the priced supply in the money, 5.6% of shares on issue10× today ($4.00) — 289.2M of the priced supply in the money, 5.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.40 today, 279.2M securities are in the money (5.4% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 289.2M (5.6% 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.
  • 9.4M (3.2% 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
EQRAQOptionsPrice-triggered$0.06829 May 2027125.5MFiling
EQRASOptionsPrice-triggered$0.07029 Nov 202737.9MFiling
EQRAVOptionsPrice-triggered$0.05027 Nov 20285.0MFiling
EQRABOptionsPrice-triggered$0.159 Jan 202964.1MFiling
EQRAZOptionsPrice-triggered$0.353 Mar 20298.0MFiling
EQRAXOptionsPrice-triggered$0.1522 Mar 202938.8MFiling
EQRACOptionsPrice-triggered$0.4014 July 202910.0MFiling
EQRAYPerformance rightsCondition-triggered——9.4MFiling 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.

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.

4 classes ceased in the last 12 months and are 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.
  • EQRARPrice-triggered20.0M securities → 014 June 2026 Appendix 2A
  • EQRAWPrice-triggered5.0M securities → 023 Mar 2026 Appendix 2A
  • EQRATPrice-triggered34.2M securities → 014 Jan 2026 Appendix 2A
  • EQRAPConverts on terms3.8M securities → 019 Dec 2025 Appendix 2A
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8 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
12 Aug 2026Mr Craig Richard BradshawBuy incentive1.0M———3Y notice
23 Mar 2026Mr Craig Richard BradshawOther2.0M15.0M——3Y notice
23 Mar 2026Oliver KleinhempelOther incentive23.5M6.0M——3Y notice
23 Mar 2026Stephen Robert WeirOther2.0M6.0M——3Y notice
23 Mar 2026Zhui Pei YeoOther incentive114.8M6.0M——3Y notice
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18 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

6 Sept 2026Cleansing Notice
6 Sept 2026Application for quotation of securities - EQR
1 Sept 2026$PRecord A$55m Revenue As Production Ramp Up Continues
28 Aug 2026Notification of cessation of securities - EQR
28 Aug 2026Cleansing Notice
28 Aug 2026Application for quotation of securities - EQR
28 Aug 2026Cleansing Notice
28 Aug 2026Application for quotation of securities - EQR
27 Aug 2026Appendix 3X - Initial Director's Interest Notice - NB
27 Aug 2026Appendix 3X - Initial Director's Interest Notice - CD
24 Aug 2026Director Appointment/Resignation
19 Aug 2026Notification of cessation of securities - EQR
19 Aug 2026Cleansing Notice
19 Aug 2026Application for quotation of securities - EQR
14 Aug 2026Change of Director's Interest Notice
13 Aug 2026Notification of cessation of securities - EQR
12 Aug 2026Cleansing Notice
12 Aug 2026Application for quotation of securities - EQR
10 Aug 2026Notification of cessation of securities - EQR
9 Aug 2026Cleansing Notice

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