Companies / M2M

MT MALCOLM MINES NL

ASX:M2MMaterials
774.6M shares on issueASX (delayed) · snapshot 11 Sept 2026995.4M fully diluted+28.5% if every option and right converts$0.008price · delayed$6.2Mmarket cap · indicative

Today’s holders own 77.8% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 261% in 24 months; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.5 quarters of funding
Share-count growth (24m)260.8%
Raise cadence (24m)3 cash raises
Options & rights overhang28.5% of shares
In-the-money supplyno data — no exercise price on record
Pending proposed issuesopen proposed issue (Appendix 3B)

MT MALCOLM MINES NL's ordinary share count grew 260.8% between July 2024 and June 2026, to 775M shares. In the past 24 months, the company raised capital three times for a total of A$5.9M, with the most recent being a Non-Renounceable Rights Issue in April 2026 that raised A$2.1M. Options on issue could convert into 221M new shares, representing 28.5% of the current share count, with no options currently in the money; the nearest expiry date is November 2028. As of the June 2026 quarter, the company reported A$874K in available cash, providing approximately 1.5 quarters of operating cover. Two proposed securities issues (Appendix 3B) are pending, with an expected issue date in September 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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28.5%
Options & rights overhang
—
In-the-money supply · no stated strikes
2
Raises · last 12 months
1.5 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 774.6M per ASX (delayed) (snapshot 11 Sept 2026).
250M500M750MDec 24Oct 25Sept 26Cash raise · 28 Apr 2026Cash raise · 26 Oct 2025Cash raise · 30 June 2025774.6M

Cash runway

1.5 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Oct 2026 at the reported spend rate.
$868k 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: $1.4M cash at quarter end (item 4.6), 3.6 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
18 June 20262A · quoted issueM2M : ORDINARY FULLY PAID774.6MAppendix 2A
12 June 20262A · quoted issueM2M : ORDINARY FULLY PAID664.7MAppendix 2A
6 Jan 20263H · cancellationM2M: Ordinary Fully Paid Shares516.4MAppendix 3H
28 Nov 20252A · quoted issueM2M : ORDINARY FULLY PAID516.4MAppendix 2A
28 Nov 20253H · cancellationM2M : ORDINARY FULLY PAID516.0MAppendix 3H
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27 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

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

every 5 monthsaverage gap between raises
4.5 monthssince the most recent
30 June 2025 – 28 Apr 2026first to most recent in this window
$2.1M
Non-Renounceable Rights Issue
28 Apr 2026 LOCKED
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8 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.

About 58% of the 15% placement capacity left — about 42% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. 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

2 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
2 pending issues on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

28.5%
Options & rights overhang · of current shares
—
In-the-money supply · no stated strikes
220.7M
Potential new shares
Nov 2028
Nearest expiry
What a price move would switch on

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 220.7M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

CodeSecurityTypeExercise priceExpiryOn issueSource
M2MOAOptionsPrice-triggered—25 Nov 2028220.7MFiling

“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.

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1 option line 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
29 June 2026David EvansOther on-market28.4M———3Y notice
12 June 2026Daniel TuffinBuy entitlement/SPP429k———3Y notice
12 June 2026Gary PowellBuy entitlement/SPP1.1M413k——3Y notice
12 June 2026Robert DowneyBuy entitlement/SPP2.3M1.5M——3Y notice
12 June 2026Trevor DixonBuy entitlement/SPP45.9M330k——3Y notice
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17 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

4 Sept 2026Proposed issue of securities - M2M
4 Sept 2026Drilling to Commence at Calypso
29 July 2026$PQuarterly Activities and Cashflow Report
15 July 2026$PNew Golden Crown Drilling Targets Resource Growth
30 June 2026Change of Director's Interest Notice - DE
29 June 2026Change in substantial holding - TD
26 June 2026Becoming a substantial holder
25 June 2026Initial Director's Interest Notice - PC & DE
25 June 2026Final Director's Interest Notice - DT
24 June 2026Board Changes and Completion of Capital Raising
18 June 2026Application for quotation of securities - M2M
18 June 2026$PPlacement of Entitlement Offer Shortfall
15 June 2026Change of Director's Interest Notice - RD, TD, DT & GP
12 June 2026Application for quotation of securities - M2M
12 June 2026$PCompletion of Rights Issue
9 June 2026Update - Proposed issue of securities - M2M
25 May 2026$PExploration Drilling Planned at Calypso
13 May 2026Dispatch of Non-Renounceable Rights Issue Documents
5 May 2026Proposed issue of securities - M2M
5 May 2026Proposed issue of securities - M2M

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