MIRAMAR RESOURCES LIMITED
ASX:M2RMaterialsToday’s holders own 58.7% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 564% in 24 months; 7 cash raises in 24 months
MIRAMAR RESOURCES LIMITED's ordinary share count grew 564.5% between September 2024 and September 2026, its latest share-count filing, to 2.64B shares. The company raised capital seven times in the past 24 months for total proceeds of A$8.8M, most recently a A$1.3M placement in September 2026. Options and rights could convert into 1.85B new shares, representing a 70.3% overhang on current shares, none of which are in the money; the nearest expiry is June 2027. The company has under 2 quarters of funding at the recent spend rate. One proposed securities issue (Appendix 3B) is pending, with an expected date in November 2026.
Quick answers · 4
Is M2R raising capital?
Miramar Resources has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $1.3M on 16 Sept 2026.
How much cash does M2R have?
In its quarterly cash report for the quarter ended 30 June 2026, Miramar Resources reported $525k of cash and estimated 0.7 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do M2R's options expire?
Unexercised options and rights equal 70.3% of Miramar Resources's shares on issue; the nearest expiry is June 2027.
How much has M2R's share count grown?
Miramar Resources has 2.64B shares on issue as at 28 Oct 2026, up 564.5% 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 |
|---|---|---|---|---|
| 23 Sept 2026 | 2A · quoted issue | M2R : ORDINARY FULLY PAID | 2.64B | Appendix 2A |
| 17 Aug 2026 | 3H · cancellation | M2R : ORDINARY FULLY PAID | 2.11B | Appendix 3H |
| 13 Mar 2026 | 2A · quoted issue | M2R : ORDINARY FULLY PAID | 1.51B | Appendix 2A |
| 13 Mar 2026 | 2A · quoted issue | M2R : ORDINARY FULLY PAID | 2.11B | Appendix 2A |
| 13 Mar 2026 | 3G · unquoted | M2R : ORDINARY FULLY PAID | 1.51B | Appendix 3G |
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
6 cash raises in the last 24 months · 3 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
At $0.0025 today, 0 securities are in the money (0.0% of shares on issue). At double today’s price it is 894.0M (33.9% 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.
- 316.5M (17.1% 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.
- 6.0M 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 |
|---|---|---|---|---|---|---|
| M2RAS | Options | Price-triggered | $0.006 | 2 June 2027 | 1.0M | Filing |
| M2ROA | Options | Price-triggered, no exercise price stated | — | 25 July 2027 | 316.5M | Filing |
| M2RAP | Options | Price-triggered | $0.031 | 8 Nov 2027 | 6.0M | Filing |
| M2RAT | Options | Price-triggered | $0.004 | 13 Mar 2028 | 894.0M | Filing |
| M2RAR | Options | Price-triggered | $0.006 | 10 Apr 2030 | 636.0M | 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 |
|---|---|---|---|---|---|---|---|
| 24 Aug 2026 | Allan Kelly | Buy on-market | 15 | — | — | $38k | 3Y notice |
| 6 July 2026 | Allan Kelly | Buy on-market | 6.3M | — | — | $19k | 3Y notice |
| 2 July 2026 | Terry Gadenne | Buy on-market | 1.0M | — | — | $3k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.