Companies / ERL

EMPIRE RESOURCES LIMITED

ASX:ERLMaterials
2.09B shares on issueASX (delayed) · snapshot 11 Sept 20262.09B fully diluted+0.4% if every option and right converts$0.009price · delayed$18.8Mmarket cap · indicative

Today’s holders own 99.6% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 41% in 24 months; runway 4–8 quarters; 1 cash raise in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway4.4 quarters of funding
Share-count growth (24m)40.7%
Raise cadence (24m)1 cash raise
Options & rights overhang0.4% of shares
In-the-money supply0.4% of shares
Pending proposed issuesnone

EMPIRE RESOURCES LIMITED's ordinary share count grew 40.7% between May 2024 and April 2026, reaching 2.09 billion shares. In the past 24 months, the company completed one capital raise, a placement in February 2026 that raised A$4.8M. Options and rights on issue could convert into 8 million new shares, representing 0.4% of the current share count, with the nearest expiry in October 2027. As of the June 2026 quarter, EMPIRE RESOURCES LIMITED reported A$3.0M in available cash, sufficient for approximately 4.4 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 8 Sept 2026
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0.4%
Options & rights overhang
0.4%
In-the-money supply
1
Raises · last 12 months
4.4 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 2.09B per ASX (delayed) (snapshot 11 Sept 2026).
1.50B1.75B2.00BDec 24Oct 25Sept 26Cash raise · 9 Feb 20262.09B

Cash runway

4.4 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about July 2027 at the reported spend rate.
$3.0M 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: $3.6M cash at quarter end (item 4.6), 5.2 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
1 Apr 20262A · quoted issueERL : ORDINARY FULLY PAID2.09BAppendix 2A
30 Mar 20262A · quoted issueERL : ORDINARY FULLY PAID2.09BAppendix 2A
17 Feb 20262A · quoted issueERL : ORDINARY FULLY PAID1.85BAppendix 2A
3 Oct 20253G · unquotedERL : ORDINARY FULLY PAID1.48BAppendix 3G
7 May 20242A · quoted issueERL : ORDINARY FULLY PAID1.48BAppendix 2A
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5 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

1 cash raise in the last 24 months · 1 in the last 12 months

$4.8M
Placement
9 Feb 2026
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1 raise 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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1 dated event 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 15% placement capacity left — all of it 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

0.4%
Options & rights overhang · of current shares
0.4%
In-the-money supply · at current price
7.5M
Potential new shares
Oct 2027
Nearest expiry
What a price move would switch on
3.8M7.5M$0.009 now0.25× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.007) — 7.5M of the priced supply in the money, 0.4% of shares on issue1× today ($0.009) — 7.5M of the priced supply in the money, 0.4% of shares on issue1.25× today ($0.011) — 7.5M of the priced supply in the money, 0.4% of shares on issue1.5× today ($0.013) — 7.5M of the priced supply in the money, 0.4% of shares on issue2× today ($0.018) — 7.5M of the priced supply in the money, 0.4% of shares on issue3× today ($0.027) — 7.5M of the priced supply in the money, 0.4% of shares on issue5× today ($0.045) — 7.5M of the priced supply in the money, 0.4% of shares on issue10× today ($0.090) — 7.5M of the priced supply in the money, 0.4% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.009 today, 7.5M securities are in the money (0.4% of shares on issue). No price up to ten times today’s switches on any more priced supply.

  • 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
ERLACOptionsPrice-triggered$0.0053 Oct 20277.5MFiling

“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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1 option line 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
2 Sept 2026Michael RuaneBuy6.5M——$39k3Y notice
26 Aug 2026Michael RuaneBuy on-market923k——$6k3Y notice
4 Aug 2026Michael RuaneBuy on-market1.5M——$9k3Y notice
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27 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

8 Sept 2026$PResponse to ASX Price Query
3 Sept 2026Change of Director's Interest Notice
31 Aug 2026Change of Director's Interest Notice
10 Aug 2026Change of Director's Interest Notice
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
29 July 2026$PYuinmery June 2026 RC Drilling Program Preliminary Results
15 July 2026Change of Director's Interest Notice
7 July 2026Change of Director's Interest Notice
2 July 2026$PYuinmery April 2026 RC Drilling Program Preliminary Results
26 June 2026Change of Director's Interest Notice
5 June 2026Yuinmery RC Drilling Program Commencing 6 June 2026
4 June 2026Change of Director's Interest Notice
18 May 2026Amended Appendix 3Y
14 May 2026Change of Director's Interest Notice
6 May 2026$PAmended Announcement and Lifting of Trading Halt
5 May 2026$PTrading Halt
5 May 2026$PPause in Trading
4 May 2026$PRC Drilling Program Completed at Yuinmery
29 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
2 Apr 2026$PYuinmery RC Drilling Program Commencing 7 April 2026

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