Companies / KZR

KALAMAZOO RESOURCES LIMITED

ASX:KZRMaterials
379.8M shares on issueASX (delayed) · snapshot 11 Sept 2026432.4M fully diluted+13.9% if every option and right converts$0.15price · delayed$58.9Mmarket cap · indicative

Today’s holders own 87.8% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 108% in 24 months; 6 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.7 quarters of funding
Share-count growth (24m)108.3%
Raise cadence (24m)6 cash raises
Options & rights overhang13.9% of shares
In-the-money supply6.3% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

KALAMAZOO RESOURCES LIMITED's ordinary share count increased by 108.3% between August 2024 and July 2026, reaching 380M shares. Over the past 24 months, the company undertook six capital raises totaling A$23.2M, with the latest being a A$8.0M placement in July 2026. Options and rights on issue represent a potential 53M new shares, or 13.9% of the current share count, with 6% in the money and the nearest expiry in May 2027. As of June 2026, the company held A$4.5M in cash, sufficient for approximately 0.7 quarters of operations. One proposed securities issue is pending, with an expected date in October 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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13.9%
Options & rights overhang
6.3%
In-the-money supply
2
Raises · last 12 months
0.7 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 379.8M per ASX (delayed) (snapshot 11 Sept 2026).
200M250M300M350MDec 24Oct 25Sept 26Cash raise · 20 July 2026Cash raise · 23 Dec 2025Cash raise · 24 July 2025Cash raise · 28 Apr 2025Cash raise · 7 Mar 2025Cash raise · 7 Feb 2025379.8M

Cash runway

0.7 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Aug 2026 — that date has passed, and no later report is on record.
$4.4M 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: $2.1M cash at quarter end (item 4.6), 0.3 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
23 July 20262A · quoted issueKZR : ORDINARY FULLY PAID379.8MAppendix 2A
2 June 20263G · unquotedKZR : ORDINARY FULLY PAID314.1MAppendix 3G
18 Mar 20263G · unquotedKZR : ORDINARY FULLY PAID314.1MAppendix 3G
18 Mar 20263G · unquotedKZR : ORDINARY FULLY PAID314.1MAppendix 3G
27 Feb 20263H · cancellationKZR : ORDINARY FULLY PAID314.1MAppendix 3H
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39 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

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

every 3.5 monthsaverage gap between raises
1.8 monthssince the most recent
7 Feb 2025 – 20 July 2026first to most recent in this window
$8.0M
Placement
20 July 2026 ACTIVE
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9 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.

5.0M of option supply could convert within 12 months — 1.3% of shares on issue
5.0M in the money, expiring in the window
1 proposed issue (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
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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8 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 — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see.
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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.
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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

13.9%
Options & rights overhang · of current shares
6.3%
In-the-money supply · at current price
52.7M
Potential new shares
May 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered41.7M · 11.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered11.0M · 2.9% 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: 41.7M priced (of which 23.9M in the money), 11.0M 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
26.3M52.7M$0.15 now0.25× today ($0.04) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.08) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.12) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.15) — 23.9M of the priced supply in the money, 6.3% of shares on issue1.25× today ($0.19) — 23.9M of the priced supply in the money, 6.3% of shares on issue1.5× today ($0.23) — 27.7M of the priced supply in the money, 7.3% of shares on issue2× today ($0.31) — 41.7M of the priced supply in the money, 11.0% of shares on issue3× today ($0.46) — 41.7M of the priced supply in the money, 11.0% of shares on issue5× today ($0.78) — 41.7M of the priced supply in the money, 11.0% of shares on issue10× today ($1.55) — 41.7M of the priced supply in the money, 11.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.15 today, 23.9M securities are in the money (6.3% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 27.7M (7.3% 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.
  • 11.0M (20.9% 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
KZRAPOptionsPrice-triggered$0.126 May 20275.0MFiling
KZRAOOptionsPrice-triggered$0.1330 Nov 20278.0MFiling
KZRAUOptionsPrice-triggered$0.2618 Mar 202810.0MFiling
KZRAQOptionsPrice-triggered$0.144 Aug 202811.0MFiling
KZRAROptionsPrice-triggered$0.212 Oct 20283.8MFiling
KZRATOptionsPrice-triggered$0.254 Dec 20281.0MFiling
KZRAVOptionsPrice-triggered$0.282 June 20293.0MFiling
KZRASPerformance rightsCondition-triggered——11.0MFiling 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.
  • KZRAJCondition-triggered1.9M securities → 025 Nov 2025 Appendix 2A
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8 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
2 Apr 2026Benjamin AckermanBuy on-market370k——$50k3Y notice
18 Mar 2026Benjamin AckermanOther incentive—600k2.4M—3Y notice
6 Feb 2026Angus John Lawrence MiddletonBuy entitlement/SPP124k——$42k3Y notice
6 Feb 2026Benjamin AckermanBuy entitlement/SPP124k——$21k3Y notice
6 Feb 2026Luke Lincoln ReinehrBuy entitlement/SPP124k——$21k3Y notice
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27 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

11 Sept 2026Appendix 4G
11 Sept 2026Corporate Governance Statement
11 Sept 2026Annual Report to Shareholders
30 Aug 2026$P20m @19g/t Au and 43m @3.8g/t Au-Exceptional High-Grade Gold
17 Aug 2026Letter to Shareholders
17 Aug 2026Notice of General Meeting/Proxy Form
16 Aug 2026Kalamazoo Appoints Teresa Pacey as Chief Financial Officer
3 Aug 2026Release of Shares from Voluntary Escrow
2 Aug 2026$PExceptional High-Grade Gold Results at Mt Olympus
31 July 2026$PQuarterly Activities Report
31 July 2026$PQuarterly Cashflow Report
29 July 2026Becoming a substantial holder
28 July 2026Change in substantial holding
24 July 2026Update - Proposed issue of securities - KZR
23 July 2026Cleansing Notice
23 July 2026Application for quotation of securities - KZR
19 July 2026Proposed issue of securities - KZR
19 July 2026Proposed issue of securities - KZR
19 July 2026Proposed issue of securities - KZR
19 July 2026$POversubscribed $8M Placement to Accelerate Ashburton Growth

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