Companies / KM1

KALI METALS LIMITED

ASX:KM1Materials
199.5M shares on issueASX (delayed) · snapshot 11 Sept 2026223.9M fully diluted+12.3% if every option and right converts$0.095price · delayed$18.9Mmarket cap · indicative

Today’s holders own 89.1% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Runway 2–4 quarters; share count grew 38% in 24 months; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway3.4 quarters of funding
Share-count growth (24m)37.9%
Raise cadence (24m)2 cash raises
Options & rights overhang12.3% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

KALI METALS LIMITED's ordinary share count grew 159.6% between July 2024 and June 2026, to 199M shares. In the past 24 months, the company completed two capital raises totalling A$8.2M, with the most recent being a A$7.0M placement in February 2026. There is potential for 24M new shares from options, representing 12.3% of the current share count; these options have a nearest expiry in December 2027, and none are currently in the money. As of the June 2026 quarter, the company reported A$5.5M in available cash, covering approximately 3.4 quarters of its recent expenditure. No proposed issues are currently pending.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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12.3%
Options & rights overhang
—
In-the-money supply · most strikes not on record
1
Raises · last 12 months
3.4 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 199.5M per ASX (delayed) (snapshot 11 Sept 2026).
150M175M200MDec 24Oct 25Sept 26Cash raise · 4 Feb 2026Cash raise · 18 Aug 2025199.5M

Cash runway

3.4 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Apr 2027 at the reported spend rate.
$5.5M 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: $6.8M cash at quarter end (item 4.6), 4.0 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
30 June 20263H · cancellationKM1 : ORDINARY FULLY PAID199.5MAppendix 3H
5 June 20262A · quoted issueKM1 : ORDINARY FULLY PAID199.5MAppendix 2A
4 June 20262A · quoted issueKM1 : ORDINARY FULLY PAID194.3MAppendix 2A
7 Apr 20262A · quoted issueKM1 : ORDINARY FULLY PAID194.3MAppendix 2A
7 Apr 20263G · unquotedKM1 : ORDINARY FULLY PAID193.8MAppendix 3G
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26 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 5.6 monthsaverage gap between raises
7.2 monthssince the most recent
18 Aug 2025 – 4 Feb 2026first to most recent in this window
$7.0M
Placement
4 Feb 2026
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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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3 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.

Under 1% of the 15% placement capacity left — about 99% 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. 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

12.3%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
24.5M
Potential new shares
Dec 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered9.8M · 4.9% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered14.7M · 7.4% 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: 9.8M priced, 14.7M 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
12.2M24.5M$0.095 now0.25× today ($0.024) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.048) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.071) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.095) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.119) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.143) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.190) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.285) — 7.4M of the priced supply in the money, 3.7% of shares on issue5× today ($0.475) — 9.8M of the priced supply in the money, 4.9% of shares on issue10× today ($0.950) — 9.8M of the priced supply in the money, 4.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 39.8% 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 $0.095 today. No more priced supply until 3× today’s price, which takes it to 7.4M (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.
  • 14.7M (60.2% 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
KM1AFOptionsPrice-triggered$0.244 Dec 20272.4MFiling
KM1AGOptionsPrice-triggered$0.324 Dec 20272.4MFiling
KM1AIOptionsPrice-triggered$0.271 Feb 20285.0MFiling
KM1AEPerformance rightsCondition-triggered——14.7MFiling

“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.

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.
  • KM1ACPrice-triggered4.0M securities → 09 Jan 2026 Appendix 2A
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4 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
30 June 2026Luke ReinehrSell incentive2.1M1.5M2.4M—3Y notice
30 June 2026Paul AdamsSell incentive934k1.3M881k—3Y notice
30 June 2026Simon CoyleOther incentive400k1.0M2.3M—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

9 Sept 2026Corporate Governance Statement and Appendix 4G
9 Sept 2026Annual Report 30 June 2026
8 Sept 2026$PHigh-Grade Gold in Phase 2 Drilling at Marble Bar Discovery
2 Aug 2026$PHigh-Grade Tin and Tungsten Mineralisation at Mt Cudgewa
26 July 2026$PQuarterly Activities / Appendix 5B Cash Flow Report
20 July 2026$PNew High-Grade Gold Prospects Identified at Marble Bar
2 July 2026Change of Director's Interest Notice - S Coyle
2 July 2026Change of Director's Interest Notice - P Adams
2 July 2026Change of Director's Interest Notice - L Reinehr
2 July 2026Final Director's Interest Notice - G Sloan
30 June 2026Notification of cessation of securities - KM1
30 June 2026Non-Executive Director Resignation
24 June 2026$PPhase II Drilling Confirms Down Dip Extensions at Marble Bar
5 June 2026Application for quotation of securities - KM1
4 June 2026Application for quotation of securities - KM1
5 May 2026Investor Presentation - RIU Sydney Resources Round-Up
20 Apr 2026$PQuarterly Activities / Appendix 5B Cash Flow Report
15 Apr 2026$PPhase II Drilling Commences at Marble Bar
7 Apr 2026Change of Director's Interest Notice - G Sloan
7 Apr 2026Change of Director's Interest Notice - L Reinehr

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