MT MALCOLM MINES NL
ASX:M2MMaterialsToday’s holders own 77.8% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 270% in 24 months; 4 cash raises in 24 months
MT MALCOLM MINES NL's ordinary share count grew 269.6% between July 2024 and October 2026 to 793M shares. The company raised capital four times in the 24-month window, totalling A$6.1M, most recently a shares-in-lieu-of-fees issue in September 2026 raising A$182K. Options and rights on issue could convert into 227M new shares, representing a 28.6% overhang of current shares; none of those options are in the money. The nearest expiry is November 2028. The company has under 2 quarters of funding at the recent spend rate as of its June 2026 quarter. One proposed securities issue is pending with an expected date in February 2027.
Quick answers · 5
Is M2M raising capital?
Mt Malcolm Mines has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is shares in lieu of fees of $182k on 4 Sept 2026.
How much placement capacity does M2M have left?
About 58% of the 15% placement capacity left, about 42% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does M2M have?
In its quarterly cash report for the quarter ended 30 June 2026, Mt Malcolm Mines reported $1.4M of cash and estimated 3.6 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do M2M's options expire?
Unexercised options and rights equal 28.6% of Mt Malcolm Mines's shares on issue; the nearest expiry is Nov 2028.
How much has M2M's share count grown?
Mt Malcolm Mines has 793.5M shares on issue as at 28 Oct 2026, up 269.6% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 14 Oct 2026 | 2A · quoted issue | M2M : ORDINARY FULLY PAID | 793.5M | Appendix 2A |
| 23 Sept 2026 | 3G · unquoted | M2M : ORDINARY FULLY PAID | 774.6M | Appendix 3G |
| 23 Sept 2026 | 2A · quoted issue | M2M : ORDINARY FULLY PAID | 792.8M | Appendix 2A |
| 19 June 2026 | 2A · quoted issue | M2M : ORDINARY FULLY PAID | 774.6M | Appendix 2A |
| 12 June 2026 | 2A · quoted issue | M2M : ORDINARY FULLY PAID | 664.7M | Appendix 2A |
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
4 cash raises in the last 24 months · 2 in the last 12 months
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.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
An exercise price is on record for only 2.6% 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 $0.005 today. No more priced supply until 10× today’s price, which takes it to 3.0M (0.4% 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.
- 220.7M (97.4% 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.
- 3.0M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| M2MOA | Options | Price-triggered, no exercise price stated | — | 25 Nov 2028 | 220.7M | Filing |
| M2MAO | Options | Price-triggered | $0.040 | 8 Oct 2029 | 3.0M | Filing |
| M2MAP | Options | Price-triggered | $0.080 | 8 Oct 2030 | 3.0M | Filing |
“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. For what expires soon across other listed companies, see the options expiry calendar.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 29 June 2026 | David Evans | Other on-market | 28.4M | — | — | — | 3Y notice |
| 12 June 2026 | Daniel Tuffin | Buy entitlement/SPP | 429k | — | — | — | 3Y notice |
| 12 June 2026 | Gary Powell | Buy entitlement/SPP | 1.1M | 413k | — | — | 3Y notice |
| 12 June 2026 | Robert Downey | Buy entitlement/SPP | 2.3M | 1.5M | — | — | 3Y notice |
| 12 June 2026 | Trevor Dixon | Buy entitlement/SPP | 45.9M | 330k | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.