Companies / FAL

FALCON METALS LTD

ASX:FALMaterials
263.8M shares on issueASX (delayed) · snapshot 11 Sept 2026279.8M fully diluted+6.1% if every option and right converts$0.54price · delayed$142.4Mmarket cap · indicative

Today’s holders own 94.3% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 49% in 24 months; 2 cash raises in 24 months; options/rights overhang 6% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway10.8 quarters of funding
Share-count growth (24m)48.7%
Raise cadence (24m)2 cash raises
Options & rights overhang6.1% of shares
In-the-money supply4.4% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

FALCON METALS LTD's ordinary share count increased by 48.7% from July 2025 to September 2026, reaching 264M shares. The company undertook two capital raises in the past 24 months, totalling A$50.0M, with the most recent being a A$30.0M placement in August 2026. Options on issue could convert into 16M shares, representing 6.1% of the current share count, with 4% of these currently in the money and the nearest expiry in September 2026. As of June 2026, the company had A$42.3M in cash, sufficient for approximately 10.8 quarters. A single proposed securities issue is pending, with an expected date in November 2026.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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6.1%
Options & rights overhang
4.4%
In-the-money supply
1
Raises · last 12 months
10.8 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 263.8M per ASX (delayed) (snapshot 11 Sept 2026).
175M200M225M250MDec 24Oct 25Sept 26Cash raise · 25 Aug 2026Cash raise · 12 Aug 2025263.8M

Cash runway

10.8 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Feb 2029 at the reported spend rate.
$42.2M 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: $15.4M cash at quarter end (item 4.6), 4.0 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
3 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
27 Jan 20263G · unquotedFAL : ORDINARY FULLY PAID212.6MAppendix 3G
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20 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

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

every 12.4 monthsaverage gap between raises
0.6 monthssince the most recent
12 Aug 2025 – 25 Aug 2026first to most recent in this window
$30.0M
Placement
25 Aug 2026 COMPLETE
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6 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.

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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17 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 11% of the 15% placement capacity left — about 89% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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

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

6.1%
Options & rights overhang · of current shares
4.4%
In-the-money supply · at current price
16.0M
Potential new shares
Sept 2026
Nearest expiry
What a price move would switch on
8.0M16.0M$0.54 now0.25× today ($0.14) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.27) — 6.4M of the priced supply in the money, 2.4% of shares on issue0.75× today ($0.41) — 11.7M of the priced supply in the money, 4.4% of shares on issue1× today ($0.54) — 11.7M of the priced supply in the money, 4.4% of shares on issue1.25× today ($0.68) — 15.0M of the priced supply in the money, 5.7% of shares on issue1.5× today ($0.81) — 15.0M of the priced supply in the money, 5.7% of shares on issue2× today ($1.08) — 15.2M of the priced supply in the money, 5.8% of shares on issue3× today ($1.62) — 16.0M of the priced supply in the money, 6.1% of shares on issue5× today ($2.70) — 16.0M of the priced supply in the money, 6.1% of shares on issue10× today ($5.40) — 16.0M of the priced supply in the money, 6.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.54 today, 11.7M securities are in the money (4.4% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 15.0M (5.7% 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
FALAKOptionsPrice-triggered$0.2430 Sept 2026250kFiling
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 202880kFiling
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.

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16 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
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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16 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

9 Sept 2026Ceasing to be a substantial holder from MQG
8 Sept 2026Change in substantial holding - T Goyder
3 Sept 2026Cleansing Notice
3 Sept 2026Application for quotation of securities - FAL
27 Aug 2026Investor Presentation
27 Aug 2026Proposed issue of securities - FAL
27 Aug 2026$P$30 Million Placement Positions Falcon to Expand Drilling
25 Aug 2026$PTrading Halt
6 Aug 2026Application for quotation of securities - FAL
3 Aug 2026Investor Presentation - Diggers and Dealers Mining Forum
2 Aug 2026$PHigh-Grade Gold Continues at Blue Moon
26 July 2026$PGreen Light for Drilling at Errabiddy Gold Project
20 July 2026$PBlue Moon Strike Extended with Fifth Gold Zone Emerging
13 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
2 July 2026Notification regarding unquoted securities - FAL
2 July 2026Proposed issue of securities - FAL
18 May 2026Investor Presentation - Melbourne Mining Club Cutting Edge
18 May 2026$PGold Intersected at Blue Moon Over 600m of Strike Length
4 May 2026Third Diamond Drill Rig Commences at Blue Moon
23 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report

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