Companies / ERE

EUROPEAN RESOURCES LIMITED

ASX:EREMaterials
699.9M shares on issueASX (delayed) · snapshot 11 Sept 2026988.6M fully diluted+41.3% if every option and right converts$0.018price · delayed$12.6Mmarket cap · indicative

Today’s holders own 70.8% of what they think they own, once every option and right converts.

Moderate
Dilution riskprovisional — limited history

Runway under 2 quarters; 4 cash raises in 24 months; options/rights overhang 41% of shares; since relisting as ERE; prior history under PRS not included

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.6 quarters of funding
Share-count growth (24m)0.7%since relisting as ERE; prior history under PRS not included
Raise cadence (24m)4 cash raisessince relisting as ERE; prior history under PRS not included
Options & rights overhang41.3% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

EUROPEAN RESOURCES LIMITED, trading as ERE, is noting that the following figures cover only the period since December 2025, following its rename from PRS. The company's ordinary share count grew 0.7% between May 2026 and August 2026, to 700M shares. It raised capital four times with disclosed, confirmed proceeds totaling A$8.1M in the past 24 months, the most recent being a A$2.6M Renounceable Rights Issue in April 2026. Options and rights on issue could convert into 289M new shares, representing 41.3% of the current share count, with no options currently in the money; the nearest expiry is January 2027. As of the June 2026 quarter, the company held A$1.2M in available cash, covering approximately 1.7 quarters of operations.

AI-generated summary of this page's cited filings · updated 3 Sept 2026
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41.3%
Options & rights overhang
—
In-the-money supply · most strikes not on record
3
Raises · last 12 months
1.6 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Shown since relisting as ERE (22 Dec 2025); prior history under PRS is not included. Latest count 699.9M per ASX (delayed) (snapshot 11 Sept 2026).
550M600M650M700MDec 25Apr 26Sept 26Cash raise · 13 Apr 2026Cash raise · 9 Apr 2026Cash raise · 17 Mar 2026699.9M

Cash runway

1.6 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Nov 2026 at the reported spend rate.
$1.2M 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: $1.8M cash at quarter end (item 4.6), 2.5 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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3 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 2 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
9 Aug 20262A · quoted issueERE : ORDINARY FULLY PAID699.9MAppendix 2A
12 May 20262A · quoted issueERE : ORDINARY FULLY PAID694.9MAppendix 2A
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2 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

4 cash raises in the last 24 months · 3 in the last 12 months · counted since relisting as ERE (22 Dec 2025); prior history under PRS is not included

every 2.5 monthsaverage gap between raises
5 monthssince the most recent
1 Sept 2025 – 13 Apr 2026first to most recent in this window
$2.6M
Renounceable Rights Issue
13 Apr 2026 COMPLETE
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5 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.

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3 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.

No estimate — no share count old enough to measure 15% of.
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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

41.3%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
288.7M
Potential new shares
Jan 2027
Nearest expiry
What a price move would switch on
144.4M288.7M$0.018 now0.25× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.013) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.018) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.022) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.027) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.036) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.054) — 25.0M of the priced supply in the money, 3.6% of shares on issue5× today ($0.090) — 33.0M of the priced supply in the money, 4.7% of shares on issue10× today ($0.180) — 33.0M of the priced supply in the money, 4.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 11.4% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.018 today. No more priced supply until 3× today’s price, which takes it to 25.0M (3.6% 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.
  • 255.7M (88.6% 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
EREAHOptionsPrice-triggered$0.08031 Jan 20278.0MFiling
EREOOptionsPrice-triggered—1 Oct 2028255.7MFiling
EREAJOptionsPrice-triggered$0.04018 Dec 202825.0MFiling

“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.

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3 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
15 May 2026Jason BecktonBuy on-market1.0M——$13k3Y notice
13 May 2026Jason BecktonBuy entitlement/SPP599k599k—$9k3Y notice
13 May 2026John LevingsBuy entitlement/SPP1.6M1.6M—$24k3Y notice
13 May 2026Peter NightingaleBuy entitlement/SPP7.1M7.1M—$107k3Y notice
13 May 2026Stephen GemellBuy entitlement/SPP667k667k—$10k3Y notice
13 May 2026Thomas MannBuy entitlement/SPP3.6M3.6M—$53k3Y notice
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6 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

10 Sept 2026Half Year Accounts
3 Sept 2026Retirement of a Director
18 Aug 2026$PANSTO Test Work Raises Korsnas Magnet REE Extraction to 92%
10 Aug 2026Cleansing Notice
9 Aug 2026Application for quotation of securities - ERE
7 Aug 2026Proposed issue of securities - ERE
21 July 2026$PSoil Geochemistry Detects Standout REE Zone and New Anomaly
17 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
10 July 2026Update to ANSTO Initial Testing announcement
7 July 2026$PANSTO Initial Testing Extracts 83% Magnet Rare Earths
30 June 2026Director Appointment/Resignation
25 June 2026Presentation to Investors
18 June 2026Investor Webinar
15 June 2026$PSignificant Increase in Korsnas Exploration Target
31 May 2026$PPassive Seismic Survey Detects New Anomalies
27 May 2026Results of Annual General Meeting
27 May 2026Presentation to Annual General Meeting
17 May 2026Change of Director's Interest Notice
12 May 2026Change of Director's Interest Notices
12 May 2026Application for quotation of securities - ERE

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