Companies / KAU

KAISER REEF LIMITED

ASX:KAUMaterials
605.3M shares on issueASX (delayed) · snapshot 11 Sept 2026677.6M fully diluted+11.9% if every option and right converts$0.23price · delayed$142.3Mmarket cap · indicative

Today’s holders own 89.3% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 196% in 24 months; runway 2–4 quarters; 7% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway3.9 quarters of funding
Share-count growth (24m)196.1%
Raise cadence (24m)1 cash raise
Options & rights overhang11.9% of shares
In-the-money supply6.7% of shares
Pending proposed issuesnone

KAISER REEF LIMITED's ordinary share count grew 196.1% between July 2024 and March 2026, reaching 605M shares. The company raised capital once in the past 24 months, completing a A$1.4M placement in January 2025. Options and rights on issue could convert into 72M new shares, representing 11.9% of the current share count, with 7% of these in the money; the nearest expiry is December 2026. At the June 2026 quarter, the company held A$30.7M in available cash, providing approximately 3.9 quarters of funding based on recent spending rates. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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11.9%
Options & rights overhang
6.7%
In-the-money supply
0
Raises · last 12 months
3.9 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 605.3M per ASX (delayed) (snapshot 11 Sept 2026).
300M400M500M600MDec 24Oct 25Sept 26Cash raise · 24 Jan 2025605.3M

Cash runway

3.9 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about June 2027 at the reported spend rate.
$30.6M 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: $37.0M 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.
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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
16 Mar 20262A · quoted issueKAU : ORDINARY FULLY PAID605.3MAppendix 2A
24 Feb 20262A · quoted issueKAU : ORDINARY FULLY PAID599.4MAppendix 2A
12 Jan 20262A · quoted issueKAU : ORDINARY FULLY PAID596.4MAppendix 2A
8 Oct 20252A · quoted issueKAU : ORDINARY FULLY PAID593.9MAppendix 2A
7 Sept 20253H · cancellationKAU : ORDINARY FULLY PAID593.5MAppendix 3H
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20 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

1 cash raise in the last 24 months · 0 in the last 12 months

$1.4M
Placement
24 Jan 2025
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1 raise 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.

12.5M of option supply could convert within 12 months — 2.1% of shares on issue
12.5M 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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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.

No Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
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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

11.9%
Options & rights overhang · of current shares
6.7%
In-the-money supply · at current price
72.2M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered62.2M · 10.3% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered10.0M · 1.7% 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: 62.2M priced (of which 40.7M in the money), 10.0M 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
36.1M72.2M$0.23 now0.25× today ($0.06) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.12) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.18) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.23) — 40.7M of the priced supply in the money, 6.7% of shares on issue1.25× today ($0.29) — 59.2M of the priced supply in the money, 9.8% of shares on issue1.5× today ($0.35) — 62.2M of the priced supply in the money, 10.3% of shares on issue2× today ($0.47) — 62.2M of the priced supply in the money, 10.3% of shares on issue3× today ($0.70) — 62.2M of the priced supply in the money, 10.3% of shares on issue5× today ($1.17) — 62.2M of the priced supply in the money, 10.3% of shares on issue10× today ($2.35) — 62.2M of the priced supply in the money, 10.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.23 today, 40.7M securities are in the money (6.7% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 59.2M (9.8% 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.
  • 10.0M (13.8% 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
KAUAVOptionsPrice-triggered$0.2518 Dec 20262.0MFiling
KAUATOptionsPrice-triggered$0.2522 Dec 202610.0MFiling
KAUAYOptionsPrice-triggered$0.2231 Dec 202612.5MFiling
KAUAZPerformance rightsCondition-triggered—14 Feb 20275.0MFiling Meeting
KAUAUOptionsPrice-triggered$0.2530 Nov 20274.5MFiling
KAUASOptionsPrice-triggered$0.3030 Nov 20273.0MFiling
KAUAABOptionsPrice-triggered$0.1816 May 202811.5MFiling
KAUAWOptionsPrice-triggered$0.2512 July 20282.0MFiling
KAUAXOptionsPrice-triggered$0.2231 July 202816.7MFiling
KAUAAAPerformance rightsCondition-triggered—14 Feb 20295.0MFiling 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.

1 class ceased in the last 12 months and is not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • KAUAACPrice-triggered3.0M securities → 024 Feb 2026 Appendix 2A
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10 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
16 July 2026Bradley ValiukasBuy on-market2.5M2.0M625k$117k3Y notice
13 July 2026Bradley ValiukasBuy on-market1.7M200k3.1M$36k3Y notice
9 Jan 2026Bradley ValiukasBuy incentive625k2.0M——3Y notice
9 Jan 2026Steven FormicaBuy incentive625k2.0M3.1M—3Y notice
9 Jan 2026Stewart HoweBuy incentive625k3.0M——3Y notice
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14 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

6 Sept 2026Henty 2026 Resource & Reserve Update
30 Aug 2026Underground Diamond Drilling Underway at Maldon
23 Aug 2026Airborne Magnetic Survey Completed
16 Aug 2026$PA1 Stockpile Estimate Completed
9 Aug 2026$PUnderground Development Commenced at Union Hill Gold Mine
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
28 July 2026Infill Soil Survey Results Reinforce Targets - Updated
27 July 2026$PInfill Soil Survey Results Reinforce Targets
26 July 2026Company Presentation
17 July 2026Change of Director's Interest Notice
14 July 2026Change of Director's Interest Notice
12 July 2026$PProduction and Cash Balance Update
30 June 2026Appointment of Exploration Manager at Henty
23 June 2026$PSurface Drilling Campaign Commenced at Maldon
17 May 2026$PUnion Hill Decline Refurb Underway-Maldon Exploration Update
30 Apr 2026Maldon Processing Update - 2nd Shift Commenced
29 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
23 Apr 2026Appointment of Chief Financial Officer
21 Apr 2026$PMaldon Exploration Update
9 Apr 2026$PProduction and Cash Balance Update

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