Companies / GUL

GULLEWA LIMITED

ASX:GULMaterials
218.1M shares on issueASX (delayed) · snapshot 11 Sept 2026253.2M fully diluted+16.1% if every option and right converts$0.078price · delayed$17.0Mmarket cap · indicative

Today’s holders own 86.2% of what they think they own, once every option and right converts.

Low
Dilution risk

Runway 4–8 quarters; options/rights overhang 16% of shares; 7% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway6.4 quarters of funding
Share-count growth (24m)3.5%
Raise cadence (24m)0 cash raises
Options & rights overhang16.1% of shares
In-the-money supply7.2% of shares
Pending proposed issuesnone

GULLEWA LIMITED's ordinary share count was 218M as of May 2026, an increase of 3.5% from October 2024. The company has not raised capital in the past 24 months, and no proposed securities issues are pending. Options and rights on issue could convert into 35M new shares, representing 16.1% of the current share count, of which 7% are in the money; the nearest expiry date is December 2026. At the June 2026 quarter end, the company reported A$6.8M in available cash, sufficient to cover 6.4 quarters of operations.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
Get told when this changes
Set up alerts
Daily email alerts cover risk-level moves, new raises, pending proposed issues and option expiries for the companies you follow.
16.1%
Options & rights overhang
7.2%
In-the-money supply
0
Raises · last 12 months
6.4 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 218.1M per ASX (delayed) (snapshot 11 Sept 2026).
210.0M212.5M215.0M217.5MDec 24Oct 25Sept 26218.1M

Cash runway

6.4 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Jan 2028 at the reported spend rate.
$6.8M 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: $7.6M 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.
Free account
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.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
18 May 20262A · quoted issueGUL : ORDINARY FULLY PAID218.1MAppendix 2A
13 May 20262A · quoted issueGUL : ORDINARY FULLY PAID218.0MAppendix 2A
13 May 20263H · cancellationGUL : ORDINARY FULLY PAID218.0MAppendix 3H
4 Feb 20253G · unquotedGUL : ORDINARY FULLY PAID218.0MAppendix 3G
20 Dec 20242A · quoted issueGUL : ORDINARY FULLY PAID218.0MAppendix 2A
Free account
10 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Capital raises

No equity raises in the last 24 months.
Free account
Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

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.

Free account
4 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

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 Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
Free account
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.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

16.1%
Options & rights overhang · of current shares
7.2%
In-the-money supply · at current price
35.0M
Potential new shares
Dec 2026
Nearest expiry
What a price move would switch on
17.5M35.0M$0.078 now0.25× today ($0.019) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.039) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.058) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.078) — 15.6M of the priced supply in the money, 7.2% of shares on issue1.25× today ($0.098) — 27.6M of the priced supply in the money, 12.7% of shares on issue1.5× today ($0.117) — 35.0M of the priced supply in the money, 16.1% of shares on issue2× today ($0.156) — 35.0M of the priced supply in the money, 16.1% of shares on issue3× today ($0.234) — 35.0M of the priced supply in the money, 16.1% of shares on issue5× today ($0.390) — 35.0M of the priced supply in the money, 16.1% of shares on issue10× today ($0.780) — 35.0M of the priced supply in the money, 16.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.078 today, 15.6M securities are in the money (7.2% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 27.6M (12.7% 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
GULAUOptionsPrice-triggered$0.1020 Dec 20267.4MFiling
GULABOptionsPrice-triggered$0.07930 Nov 202712.0MFiling
GULACOptionsPrice-triggered$0.06911 Dec 202813.5MFiling
GULAVOptionsPrice-triggered$0.07722 Nov 20292.1MFiling

“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.

Free account
4 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.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
29 June 2026David DeitzBuy on-market1.0M——$70k3Y notice
18 May 2026Kevin Howland-RoseBuy100k——$8k3Y notice
21 July 2025David DeitzOther5.1M———3Y notice
Free account
6 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Ownership

Free account
Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
Free account: 2 full company unlocks every month, no card.
Create free account

Latest announcements

27 July 2026$PQuarterly Activities Report
27 July 2026$PQuarterly Appendix 5B Cash Flow Report
29 June 2026Change of Director's Interest Notice DD
18 May 2026Change of Director's Interest Notice KHR
18 May 2026Application for quotation of securities - GUL
13 May 2026Notification of cessation of securities - GUL
13 May 2026Application for quotation of securities - GUL
4 May 2026Dividend/Distribution - GUL
4 May 2026$PDividend Details
24 Apr 2026$PQuarterly Activities Report
24 Apr 2026$PQuarterly Appendix 5B Cash Flow Report
13 Mar 2026Half Year Accounts
30 Jan 2026$PCentral Iron Ore Rights Issue
28 Jan 2026$PQuarterly Activities Report
28 Jan 2026$PAppendix 5B Cash Flow Report
16 Dec 2025$PCentral Iron Ore Rights Issue
27 Nov 2025Results of Meeting
27 Oct 2025$PCIO Mineral Resources Estimate
27 Oct 2025$PQuarterly Activities Report
27 Oct 2025$PQuarterly Appendix 5B Cash Flow Report

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