Companies / FAL

FALCON METALS LTD

ASX:FALMaterials
264.0M shares on issueASX (delayed) · snapshot 28 Oct 2026279.7M fully diluted+6.0% if every option and right converts$0.43price · delayed$113.5MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 94.4% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 49% in 24 months; runway 4–8 quarters; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway6.9 quarters of funding
Share-count growth (24m)48.8%
Raise cadence (24m)2 cash raises
Options & rights overhang6.0% of shares
In-the-money supply4.3% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

FALCON METALS LTD's ordinary share count increased 48.8% between July 2025 and September 2026, its latest share-count filing, to 264M shares. The company raised capital twice in the 24-month window for total proceeds of A$50.0M, most recently a A$30.0M placement in August 2026. Options and rights on issue could convert into 16M new shares, equal to 6.0% of the current share count, of which 4% are in the money at the current share price; the nearest expiry is June 2027. The company has more than 4 quarters of funding at the recent spend rate. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in November 2026.

AI-generated summary of this page's cited filings · updated 26 Oct 2026
Quick answers · 5

Is FAL raising capital?

Falcon Metals has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $30.0M on 28 Aug 2026.

How much placement capacity does FAL have left?

About 11% of the 15% placement capacity left, about 89% used in 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 FAL have?

In its quarterly cash report for the quarter ended 30 Sept 2026, Falcon Metals reported $38.1M of cash and estimated 7.7 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do FAL's options expire?

Unexercised options and rights equal 6% of Falcon Metals's shares on issue; the nearest expiry is June 2027.

How much has FAL's share count grown?

Falcon Metals has 264.0M shares on issue as at 28 Oct 2026, up 48.8% over 24 months according to its Appendix 2A filings.

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6.0%
Options & rights overhang
4.3%
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
1
Raises · last 12 months
6.9 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 264.0M per ASX (delayed) (snapshot 28 Oct 2026).
175M200M225M250MDec 24Nov 25Oct 26Cash raise · 28 Aug 2026Cash raise · 15 Aug 2025264.0M

Cash runway

6.9 qtrs OURS
More than four quarters of funding at the recent spend rate.
Funds operations to about July 2028 at the reported spend rate.
$36.4M cash after burn.
FILED 7.7 qtrs · $38.1M cash · quarter ended 30 Sept 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.$38.1M cash at 30 Sep 2026 − $1.7M spent ($5.3M a quarter × 28 days) = $36.4M left → 6.9 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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12 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 Sept 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
25 Sept 20262A · quoted issueFAL : ORDINARY FULLY PAID264.0MAppendix 2A
4 Sept 20262A · quoted issueFAL : ORDINARY FULLY PAID263.8MAppendix 2A
6 Aug 20262A · quoted issueFAL : ORDINARY FULLY PAID213.8MAppendix 2A
2 July 20263G · unquotedFAL : ORDINARY FULLY PAID213.7MAppendix 3G
23 Feb 20262A · quoted issueFAL : ORDINARY FULLY PAID213.7MAppendix 2A
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21 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 · 1 in the last 12 months

every 12.4 monthsaverage gap between raises
2 monthssince the most recent
15 Aug 2025 – 28 Aug 2026first to most recent in this window
$30.0M
Placement
At 60.0c, 11.8% below the last close
28 Aug 2026 COMPLETE
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8 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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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.

3.6M of option supply could convert within 12 months — 1.4% of shares on issue
3.6M in the money, expiring in the window
1 proposed issue (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
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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16 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.

About 11% of the 15% placement capacity left — about 89% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-10-28). Holders passed a ratification we could not match to exactly one filing, or whose number of shares the result does not state, and shares issued with holder approval are not added to the base, so the true headroom may 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

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
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1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

6.0%
Options & rights overhang · of current shares
4.3%
In-the-money supply · at current price
15.7M
Potential new shares
June 2027
Nearest expiry
What a price move would switch on
7.9M15.7M$0.43 now0.25× today ($0.11) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.21) — 5.9M of the priced supply in the money, 2.2% of shares on issue0.75× today ($0.32) — 6.2M of the priced supply in the money, 2.3% of shares on issue1× today ($0.43) — 11.4M of the priced supply in the money, 4.3% of shares on issue1.25× today ($0.54) — 11.4M of the priced supply in the money, 4.3% of shares on issue1.5× today ($0.65) — 11.4M of the priced supply in the money, 4.3% of shares on issue2× today ($0.86) — 14.7M of the priced supply in the money, 5.6% of shares on issue3× today ($1.29) — 15.7M of the priced supply in the money, 6.0% of shares on issue5× today ($2.15) — 15.7M of the priced supply in the money, 6.0% of shares on issue10× today ($4.30) — 15.7M of the priced supply in the money, 6.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.43 today, 11.4M securities are in the money (4.3% of shares on issue). At double today’s price it is 14.7M (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.
CodeSecurityTypeExercise priceExpiryOn issueSource
FALAJOptionsPrice-triggered$0.3530 June 20271.4MFiling
FALAOOptionsPrice-triggered$0.3830 June 20271.9MFiling
FALALOptionsPrice-triggered$0.2430 Sept 2027250kFiling
FALAQOptionsPrice-triggered$0.2031 Jan 202840kFiling
FALASOptionsPrice-triggered$0.2030 June 20282.8MFiling
FALAPOptionsPrice-triggered$0.3830 June 20281.9MFiling
FALAVOptionsPrice-triggered$0.6531 July 2028500kFiling
FALAUOptionsPrice-triggered$0.2031 Aug 2028200kFiling
FALAWOptionsPrice-triggered$0.9331 Oct 2028100kFiling
FALAROptionsPrice-triggered$0.2031 Jan 202980kFiling
FALAYOptionsPrice-triggered$1.0931 Jan 2029400kFiling
FALATOptionsPrice-triggered$0.2030 June 20292.8MFiling
FALAXOptionsPrice-triggered$0.9331 Oct 2029100kFiling
FALAZOptionsPrice-triggered$1.0931 Jan 2030400kFiling
FALAAOptionsPrice-triggered$0.6630 June 20302.8MFiling

“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.

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15 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
24 Sept 2026Katina Maria Ethel LawSell incentive143k250k—$26k3Y notice
23 Feb 2026Alexander Carl DorschSell incentive219k——$64k3Y notice
23 Feb 2026Mark Anthony BennettSell incentive300k——$89k3Y notice
23 Feb 2026Timothy Shaun MarkwellSell incentive344k——$101k3Y notice
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17 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

26 Oct 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
23 Oct 2026Notice of Annual General Meeting/Proxy Form
23 Oct 2026Letter to Shareholders - Notice of Meeting
22 Oct 2026Regional Exploration Update for Pyramid Hill Gold Project
19 Oct 2026$PFirst Hole at Errabiddy Hits 12m @ 2.8g/t Gold from Surface
1 Oct 2026Date of AGM and Closing Date for Director Nominations
29 Sept 2026Appendix 4G
29 Sept 2026Corporate Governance Statement
29 Sept 2026Annual Report to shareholders
25 Sept 2026Change of Director's Interest Notice
25 Sept 2026Application for quotation of securities - FAL
23 Sept 2026Investor Presentation - Precious Metals Summit
15 Sept 2026$PMaiden Drilling Underway at Errabiddy Gold Project
14 Sept 2026$PHigh-Grade Gold Confirmed Over 750m at Lotus Zone
9 Sept 2026Ceasing to be a substantial holder from MQG
8 Sept 2026Change in substantial holding - T Goyder
4 Sept 2026Cleansing Notice
4 Sept 2026Application for quotation of securities - FAL
28 Aug 2026Investor Presentation
28 Aug 2026Proposed issue of securities - FAL

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