Companies / I88

INFINI RESOURCES LIMITED

ASX:I88Materials
108.2M shares on issueASX (delayed) · snapshot 11 Sept 2026153.1M fully diluted+41.5% if every option and right converts$0.11price · delayed$11.9Mmarket cap · indicative

Today’s holders own 70.7% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 66% in 24 months; runway 2–4 quarters; 4 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.6 quarters of funding
Share-count growth (24m)65.9%
Raise cadence (24m)4 cash raises
Options & rights overhang41.5% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

INFINI RESOURCES LIMITED's ordinary share count increased by 157.7% between August 2024 and January 2026, reaching 108M shares. Over the past 24 months, the company undertook four capital raises totalling A$20.2M, with the most recent being a A$12.6M Placement and Non-Renounceable Entitlement Offer in October 2025. Options and rights on issue could result in 45M new shares, representing 41.5% of the current share count, with no options currently in the money; the nearest expiry date is January 2027. As of the June 2026 quarter, the company held A$4.9M in cash, which would cover approximately 2.6 quarters of its operating expenses.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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41.5%
Options & rights overhang
In-the-money supply · most strikes not on record
1
Raises · last 12 months
2.6 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 108.2M per ASX (delayed) (snapshot 11 Sept 2026).
70M80M90M100M110MDec 24Oct 25Sept 26Cash raise · 20 Oct 2025Cash raise · 31 July 2025Cash raise · 3 Feb 2025Cash raise · 24 Dec 2024108.2M

Cash runway

2.6 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Feb 2027 at the reported spend rate.
$4.8M 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: $6.4M cash at quarter end (item 4.6), 3.4 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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10 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
29 Jan 20262A · quoted issueI88 : ORDINARY FULLY PAID108.2MAppendix 2A
15 Jan 20262A · quoted issueI88 : ORDINARY FULLY PAID106.7MAppendix 2A
1 Dec 20252A · quoted issueI88 : ORDINARY FULLY PAID85.6MAppendix 2A
27 Nov 20252A · quoted issueI88 : ORDINARY FULLY PAID85.6MAppendix 2A
31 Oct 20252A · quoted issueI88 : ORDINARY FULLY PAID68.8MAppendix 2A
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23 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 · 1 in the last 12 months

every 3.3 monthsaverage gap between raises
10.7 monthssince the most recent
24 Dec 202420 Oct 2025first to most recent in this window
$12.6M
Placement and Non-Renounceable Entitlement Offer
20 Oct 2025
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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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4 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 17% of the 15% placement capacity left — about 83% 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

41.5%
Options & rights overhang · of current shares
In-the-money supply · most strikes not on record
44.9M
Potential new shares
Jan 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered42.9M · 39.6% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 32.7M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered2.1M · 1.9% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 10.2M priced, 34.7M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

What a price move would switch on
22.5M44.9M$0.11 now0.25× today ($0.03) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.06) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.08) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.11) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.14) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.17) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.22) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.33) — 4.0M of the priced supply in the money, 3.7% of shares on issue5× today ($0.55) — 4.5M of the priced supply in the money, 4.2% of shares on issue10× today ($1.10) — 10.2M of the priced supply in the money, 9.4% of shares on issue0.25×0.5×0.75×now1.25×1.5×10×

An exercise price is on record for only 22.6% 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 $0.11 today. No more priced supply until today’s price, which takes it to 4.0M (3.7% 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.
  • 34.7M (77.4% 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
I88AEOptionsPrice-triggered$0.2512 Jan 20274.0MFiling
I88AHOptionsPrice-triggered$0.3512 Jan 2027500kFiling
I88AGOptionsPrice-triggered$1.0027 Aug 20275.7MFiling
I88OAOptionsPrice-triggered30 Sept 202832.7MFiling
I88ALPerformance rightsCondition-triggered2.1MFiling Meeting

“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.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

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5 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
28 Nov 2025David PevcicBuy1.8M$36k3Y notice
28 Nov 2025Dr Andrew (Andy) WildeBuy21k$4173Y notice
28 Nov 2025Faheem AhmedBuy38k$7503Y notice
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5 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

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