Companies / ION

IONDRIVE LIMITED

ASX:IONMaterials
1.30B shares on issueASX (delayed) · snapshot 11 Sept 20261.43B fully diluted+10.0% if every option and right converts$0.14price · delayed$181.5Mmarket cap · indicative

Today’s holders own 90.9% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 83% in 24 months; runway 2–4 quarters; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.3 quarters of funding
Share-count growth (24m)83.0%
Raise cadence (24m)2 cash raises
Options & rights overhang10.0% of shares
In-the-money supply8.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

IONDRIVE LIMITED's ordinary share count increased by 83.0% between July 2024 and August 2026, reaching 1.30B shares. In the past 24 months, the company conducted two capital raises totalling A$10.1M, with the latest being a A$4.0M placement in November 2025. There are options on issue that could convert into 130M shares, representing 10.0% of the current share count. Of these options, 8% are in the money, and the nearest expiry date is February 2027. As of June 2026, IONDRIVE LIMITED held A$5.2M in cash, which provides approximately 2.3 quarters of operational cover. There are no proposed securities issues currently pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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10.0%
Options & rights overhang
8.0%
In-the-money supply
1
Raises · last 12 months
2.3 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 1.30B per ASX (delayed) (snapshot 11 Sept 2026).
0.75B1.00B1.25BDec 24Oct 25Sept 26Cash raise · 20 Nov 2025Cash raise · 2 Dec 20241.30B

Cash runway

2.3 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Jan 2027 at the reported spend rate.
$5.1M 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: $7.0M cash at quarter end (item 4.6), 5.0 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
5 Aug 20263G · unquotedION : ORDINARY FULLY PAID1.30BAppendix 3G
5 Aug 20262A · quoted issueION : ORDINARY FULLY PAID1.30BAppendix 2A
30 July 20263H · cancellationION : ORDINARY FULLY PAID1.30BAppendix 3H
5 July 20263H · cancellationION : ORDINARY FULLY PAID1.30BAppendix 3H
19 Apr 20263H · cancellationION : ORDINARY FULLY PAID1.30BAppendix 3H
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38 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 11.6 monthsaverage gap between raises
9.7 monthssince the most recent
2 Dec 2024 – 20 Nov 2025first to most recent in this window
$4.0M
Placement
20 Nov 2025 COMPLETE
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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.

10.0M of option supply could convert within 12 months — 0.8% of shares on issue
10.0M in the money, expiring in the window
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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9 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 57% of the 15% placement capacity left — about 43% 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

10.0%
Options & rights overhang · of current shares
8.0%
In-the-money supply · at current price
129.5M
Potential new shares
Feb 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered103.4M · 8.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 250k of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered26.1M · 2.0% 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: 103.1M priced (of which 103.1M in the money), 26.4M 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
64.8M129.5M$0.14 now0.25× today ($0.04) — 51.1M of the priced supply in the money, 3.9% of shares on issue0.5× today ($0.07) — 103.1M of the priced supply in the money, 8.0% of shares on issue0.75× today ($0.11) — 103.1M of the priced supply in the money, 8.0% of shares on issue1× today ($0.14) — 103.1M of the priced supply in the money, 8.0% of shares on issue1.25× today ($0.18) — 103.1M of the priced supply in the money, 8.0% of shares on issue1.5× today ($0.21) — 103.1M of the priced supply in the money, 8.0% of shares on issue2× today ($0.28) — 103.1M of the priced supply in the money, 8.0% of shares on issue3× today ($0.42) — 103.1M of the priced supply in the money, 8.0% of shares on issue5× today ($0.70) — 103.1M of the priced supply in the money, 8.0% of shares on issue10× today ($1.40) — 103.1M of the priced supply in the money, 8.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.14 today, 103.1M securities are in the money (8.0% of shares on issue). No price up to ten times today’s switches on any more priced supply.

  • 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.
  • 26.4M (20.4% 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
IONABOptionsPrice-triggered$0.04227 Feb 202710.0MFiling
IONAAGOptionsPrice-triggered$0.0259 Nov 20273.0MFiling
IONACOptionsPrice-triggered$0.05627 Feb 202810.0MFiling
IONAAHOptionsPrice-triggered$0.0253 Mar 20285.0MFiling
IONAADOptionsPrice-triggered$0.0253 Dec 202813.5MFiling
IONAAEOptionsPrice-triggered$0.0259 Dec 20289.0MFiling
IONAABOptionsPrice-triggered$0.0126 Aug 202920.6MFiling
IONADOptionsPrice-triggered$0.06719 Jan 20306.0MFiling
IONAEOptionsPrice-triggered$0.0676 Feb 203026.0MFiling
IONAGOptionsPrice-triggered——250kFiling
IONAACPerformance sharesCondition-triggered——6.1MFiling Meeting
IONAAIPerformance rightsCondition-triggered——20.0MFiling 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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12 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
6 Feb 2026Adam SlaterOther568k6.0M—$25k3Y notice
6 Feb 2026Andrew SissianOther227k6.0M—$10k3Y notice
6 Feb 2026David Michael McNeillyOther568k8.0M—$25k3Y notice
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10 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

7 Sept 2026Investor Webinar
6 Sept 2026Corporate Presentation
6 Sept 2026$PUpdated Evaluation Returns US$243m Post-Tax NPV
30 Aug 2026Full Year Statutory Accounts
30 Aug 2026$PAppendix 4E
6 Aug 2026Change in substantial holding
5 Aug 2026Application for quotation of securities - ION
5 Aug 2026Notification regarding unquoted securities - ION
3 Aug 2026Proposed issue of securities - ION
2 Aug 2026$PIondrive Commissions Five-Tonne Production Campaign
30 July 2026Notification of cessation of securities - ION
30 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
21 July 2026Proposed issue of securities - ION
21 July 2026Corporate Presentation
19 July 2026$PFormer BHP Head of Innovation, Dr Caffery, Appointed CEO
5 July 2026Notification of cessation of securities - ION
2 July 2026Investor Presentation
2 July 2026Investor Webinar Invitation
28 June 2026$POklahoma Supports Iondrives U.S. Rare Earth Initiative
14 June 2026$P93.5% Dysprosium Recovery from Commercial US E-waste

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