Companies / ICL

ICENI GOLD LIMITED

ASX:ICLMaterials
440.7M shares on issueASX (delayed) · snapshot 11 Sept 2026549.5M fully diluted+24.7% if every option and right converts$0.026price · delayed$11.5Mmarket cap · indicative

Today’s holders own 80.2% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 62% in 24 months; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway-0.1 quarters of funding
Share-count growth (24m)61.6%
Raise cadence (24m)3 cash raises
Options & rights overhang24.7% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

ICENI GOLD LIMITED's ordinary share count grew 61.6% between May 2024 and September 2026, to 441M shares. The company raised capital three times in the past 24 months for a total disclosed A$5.0M, most recently a A$700K placement in July 2026. Options and rights on issue could convert into 109M new shares, representing 24.7% of the current share count, with the nearest expiry in November 2026. At the June 2026 quarter, the company reported A$-145K in available cash, covering approximately -0.1 quarters of its recent spending rate. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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24.7%
Options & rights overhang
0.0%
In-the-money supply
2
Raises · last 12 months
-0.1 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 440.7M per ASX (delayed) (snapshot 11 Sept 2026).
300M350M400M450MDec 24Oct 25Sept 26Cash raise · 30 July 2026Cash raise · 26 Mar 2026Cash raise · 5 June 2025440.7M

Cash runway

-0.1 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
$-161k 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: $283k cash at quarter end (item 4.6), 0.2 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
3 Sept 20262A · quoted issueICL : ORDINARY FULLY PAID440.7MAppendix 2A
12 Aug 20262A · quoted issueICL : ORDINARY FULLY PAID435.9MAppendix 2A
12 Aug 20263G · unquotedICL : ORDINARY FULLY PAID403.7MAppendix 3G
17 July 20262A · quoted issueICL : ORDINARY FULLY PAID397.0MAppendix 2A
17 July 20262A · quoted issueICL : ORDINARY FULLY PAID402.2MAppendix 2A
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28 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

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

every 6.9 monthsaverage gap between raises
1.4 monthssince the most recent
5 June 2025 – 30 July 2026first to most recent in this window
$700k
Placement
30 July 2026 ACTIVE
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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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10 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 52% of the 15% placement capacity left — about 48% 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. One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. 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

24.7%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
108.8M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered105.8M · 24.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered3.0M · 0.7% 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: 105.8M priced, 3.0M 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
54.4M108.8M$0.026 now0.25× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.013) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.019) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.026) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.033) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.039) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.052) — 53.0M of the priced supply in the money, 12.0% of shares on issue3× today ($0.078) — 54.0M of the priced supply in the money, 12.3% of shares on issue5× today ($0.130) — 88.0M of the priced supply in the money, 20.0% of shares on issue10× today ($0.260) — 105.8M of the priced supply in the money, 24.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.026 today, 0 securities are in the money (0.0% of shares on issue). At double today’s price it is 53.0M (12.0% 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.
  • 3.0M (2.8% 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
ICLAPOptionsPrice-triggered$0.1029 Nov 20266.5MFiling
ICLAROptionsPrice-triggered$0.2031 Dec 202613.8MFiling
ICLASOptionsPrice-triggered$0.1218 June 202721.7MFiling
ICLAKOptionsPrice-triggered$0.05022 Apr 2028500kFiling
ICLALOptionsPrice-triggered$0.07522 Apr 20281.0MFiling
ICLAMOptionsPrice-triggered$0.1022 Apr 20282.0MFiling
ICLANOptionsPrice-triggered$0.2022 Apr 20284.0MFiling
ICLAUOptionsPrice-triggered$0.05017 July 202836.4MFiling
ICLAVOptionsPrice-triggered$0.04012 Aug 202816.1MFiling
ICLATOptionsPrice-triggered$0.1011 Nov 20283.8MFiling
ICLAOPerformance rightsCondition-triggered——3.0MFiling 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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11 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
22 July 2026Brian RodanBuy on-market641k——$16k3Y notice
17 July 2026Brian RodanOther3.0M1.7M—$100k3Y notice
17 July 2026James PearseOther167k83k—$5k3Y notice
17 July 2026Keith MurrayOther167k83k—$5k3Y notice
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19 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

3 Sept 2026Notice Under Section 708A
3 Sept 2026Application for quotation of securities - ICL
31 Aug 2026$PBroad Zone of Gold Mineralisation Intersected at Goose Well
26 Aug 2026Commencement of Gold Fields Everleigh Farm In
12 Aug 2026Notification regarding unquoted securities - ICL
12 Aug 2026Notice Under Section 708A
12 Aug 2026Application for quotation of securities - ICL
3 Aug 2026Proposed issue of securities - ICL
3 Aug 2026$P$700k Raised to Support Exploration Programs
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
30 July 2026$PTrading Halt
24 July 2026Change of Director's Interest Notice - BR
20 July 2026Change of Directors' Interest Notice - BR, JP, KM, WJ
17 July 2026Notice Under Section 708A
17 July 2026Notification regarding unquoted securities - ICL
17 July 2026Application for quotation of securities - ICL
17 July 2026Application for quotation of securities - ICL
15 July 2026Termination of Laverton Tenement Acquisition
13 July 2026$PGander Fault Confirmed at Goose Well
9 July 2026$PGold Footprint Grows at Guyer West

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