Companies / KAO

KAOKO METALS LIMITED

ASX:KAOMaterials
60.6M shares on issueASX (delayed) · snapshot 11 Sept 202672.2M fully diluted+19.1% if every option and right converts$2.65price · delayed$160.6Mmarket cap · indicative

Today’s holders own 84.0% of what they think they own, once every option and right converts.

Not rated
Dilution riskprovisional — limited history

Not rated — listed too recently to rate

Listed too recently — there is not enough filing history to score yet. Not rated means no assessment — not low risk.

MinimalVery high
Not placed on this scale.
Cash runway30.1 quarters of funding
Share-count growth (24m)no data — listed too recently to rate
Raise cadence (24m)1 cash raiseexcludes announced events with no matching share-issuance (Appendix 2A) filing
Options & rights overhang19.1% of shares
In-the-money supply2.5% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

KAOKO METALS LIMITED listed in May 2026 and its disclosure history is short. The company has not lodged any share-issuance filings on record in the window. KAOKO METALS LIMITED raised capital once in the past 24 months, with a A$20.0M placement in September 2026. Options and rights on issue could convert into 12M new shares, representing 19.1% of the current share count, of which 2% are in the money; the nearest expiry date is May 2029. As of the June 2026 quarter, the company had A$24.6M in available cash, which could cover approximately 30.1 quarters of its expenses. One proposed securities issue is pending, with an expected issue date in September 2026.

AI-generated summary of this page's cited filings · updated 8 Sept 2026
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19.1%
Options & rights overhang
2.5%
In-the-money supply · most strikes not on record
1
Raises · last 12 months
30.1 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 60.6M per ASX (delayed) (snapshot 11 Sept 2026).
60.25M60.50M60.75M61.00MMay 26July 26Sept 26Cash raise · 3 Sept 202660.6M

Cash runway

30.1 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$24.6M 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: $5.2M cash at quarter end (item 4.6), 6.7 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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1 quarter 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 1 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
23 July 20263G · unquotedKAO : ORDINARY FULLY PAID35.8MAppendix 3G

Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (35.8M) need not equal the current count above (60.6M).

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1 filing 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

1 cash raise in the last 24 months · 1 in the last 12 months

$20.0M
Placement
3 Sept 2026 ACTIVE
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2 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.

No estimate — this company listed less than 12 months ago, so its 15% capacity is measured from its listing date rather than from a year back. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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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.
Paid plan
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

19.1%
Options & rights overhang · of current shares
2.5%
In-the-money supply · most strikes not on record
11.6M
Potential new shares
May 2029
Nearest expiry
What this supply is, and what converts it
  • Price-triggered6.0M · 9.9% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 4.5M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered5.5M · 9.2% 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: 1.5M priced (of which 1.5M in the money), 10.1M 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
5.8M11.6M$2.65 now0.25× today ($0.66) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($1.32) — 1.5M of the priced supply in the money, 2.5% of shares on issue0.75× today ($1.99) — 1.5M of the priced supply in the money, 2.5% of shares on issue1× today ($2.65) — 1.5M of the priced supply in the money, 2.5% of shares on issue1.25× today ($3.31) — 1.5M of the priced supply in the money, 2.5% of shares on issue1.5× today ($3.97) — 1.5M of the priced supply in the money, 2.5% of shares on issue2× today ($5.30) — 1.5M of the priced supply in the money, 2.5% of shares on issue3× today ($7.95) — 1.5M of the priced supply in the money, 2.5% of shares on issue5× today ($13.25) — 1.5M of the priced supply in the money, 2.5% of shares on issue10× today ($26.50) — 1.5M of the priced supply in the money, 2.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $2.65 today, 1.5M securities are in the money (2.5% of shares on issue) — a floor, because an exercise price is on record for only 13.0% of this supply. 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.
  • 10.1M (87.0% 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
KAOADOptionsPrice-triggered—1 May 20294.5MFiling
—OptionsPrice-triggered$0.7523 July 2029750kFiling
—OptionsPrice-triggered$1.0023 July 2029750kFiling
KAOAFPerformance rightsCondition-triggered——2.3MFiling
KAOAEPerformance rightsCondition-triggered——3.2MFiling

“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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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
22 May 2026Gerard O'DonovanBuy on-market68k——$33k3Y notice
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1 notice 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

6 Sept 2026Proposed issue of securities - KAO
6 Sept 2026$P$20m Institutional-led Placement to Accelerate Drilling
4 Sept 2026ADU Conference & Investor Presentation
3 Sept 2026$PTrading Halt
1 Sept 2026$PVisual Copper Mineralisation Intersected in First Holes
5 Aug 2026$PDrilling activities commence at Chalkos
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
23 July 2026Notification regarding unquoted securities - KAO
22 July 2026Maiden Drilling Contract Awarded
15 July 2026$PHigh Grade Copper & Tungsten confirmed at Karibib
1 July 2026$PNew Copper Discoveries boost Chalkos Project
17 June 2026Chalkos drilling program fast-tracked following site visit
29 May 2026Results of Meeting and Appointment of Auditor
24 May 2026Appendix 3Y - O'Donovan - Share Purchase
19 May 2026Kaoko Investor & Shareholder Webinar Presentation
18 May 2026Kaoko Maiden Fieldwork begins at high grade projects
13 May 2026Investor & Shareholder Webinar Notification
10 May 2026Becoming a substantial holder - O'Donovan
8 May 2026Initial Director's Interest Notice x 3
7 May 2026Kaoko Metals Investor Presentation

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