Companies / M2R

MIRAMAR RESOURCES LIMITED

ASX:M2RMaterials
2.11B shares on issueASX (delayed) · snapshot 11 Sept 20263.96B fully diluted+87.9% if every option and right converts$0.002price · delayed$4.2Mmarket cap · indicative

Today’s holders own 53.2% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 433% in 24 months; 4 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.2 quarters of funding
Share-count growth (24m)433.4%measured to the latest Appendix 2A, not to the share count above
Raise cadence (24m)4 cash raises
Options & rights overhang87.9% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

MIRAMAR RESOURCES LIMITED's ordinary share count stood at 2.11B as of March 2026. The company has raised capital four times over the past 24 months, for total disclosed proceeds of A$6.1M, with the latest being a A$2.2M placement in December 2025. Options and rights on issue could convert into 1.85B new shares, which represents 87.9% of the current share count; none of these are currently in the money, and the nearest expiry date is June 2027. As of the June 2026 quarter, the company reported A$181K in available cash, covering approximately 0.3 quarters of its recent spending rate. No proposed securities issues are currently pending. The company’s market-reading share count shows growth over the last 24 months, but a specific percentage change is not stated as the series from ASX Appendix 2A filings ends earlier.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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87.9%
Options & rights overhang
0.0%
In-the-money supply
1
Raises · last 12 months
0.2 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 2.11B per ASX (delayed) (snapshot 11 Sept 2026).
0.5B1.0B1.5B2.0BDec 24Oct 25Sept 26Cash raise · 3 Dec 2025Cash raise · 22 July 2025Cash raise · 10 Apr 2025Cash raise · 10 Feb 20252.11B

Cash runway

0.2 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about July 2026 — that date has passed, and no later report is on record.
$173k 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: $525k cash at quarter end (item 4.6), 0.7 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
17 Aug 20263H · cancellationM2R : ORDINARY FULLY PAID2.11BAppendix 3H
13 Mar 20262A · quoted issueM2R : ORDINARY FULLY PAID1.51BAppendix 2A
13 Mar 20262A · quoted issueM2R : ORDINARY FULLY PAID2.11BAppendix 2A
13 Mar 20263G · unquotedM2R : ORDINARY FULLY PAID1.51BAppendix 3G
12 Dec 20252A · quoted issueM2R : ORDINARY FULLY PAID1.21BAppendix 2A
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25 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

4 cash raises in the last 24 months · 1 in the last 12 months

every 3.2 monthsaverage gap between raises
9.3 monthssince the most recent
10 Feb 2025 – 3 Dec 2025first to most recent in this window
$2.2M
Placement
3 Dec 2025
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5 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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5 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 Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
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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

87.9%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
1.85B
Potential new shares
June 2027
Nearest expiry
What a price move would switch on
926.8M1.85B$0.0020 now0.25× today ($0.0005) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.0010) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.0015) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.0020) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.0025) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.0030) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.0040) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.0060) — 894.0M of the priced supply in the money, 42.4% of shares on issue5× today ($0.0100) — 1.53B of the priced supply in the money, 72.6% of shares on issue10× today ($0.0200) — 1.53B of the priced supply in the money, 72.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.0020 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 3× today’s price, which takes it to 894.0M (42.4% 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.
  • 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
M2RASOptionsPrice-triggered$0.0062 June 20271.0MFiling
M2ROAOptionsPrice-triggered—25 July 2027316.5MFiling
M2RAPOptionsPrice-triggered$0.0318 Nov 20276.0MFiling
M2RATOptionsPrice-triggered$0.00413 Mar 2028894.0MFiling
M2RAROptionsPrice-triggered$0.00610 Apr 2030636.0MFiling

“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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5 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
24 Aug 2026Allan KellyBuy on-market15——$38k3Y notice
6 July 2026Allan KellyBuy on-market6.3M——$19k3Y notice
2 July 2026Terry GadenneBuy on-market1.0M——$3k3Y notice
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24 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

25 Aug 2026Change of Director's Interest Notice (AK)
20 Aug 2026Company Update Presentation
20 Aug 2026$PMaiden Gold Resources Outlined at Gidji JV
17 Aug 2026$PTrading Halt
17 Aug 2026Notification of cessation of securities - M2R
9 Aug 2026Final Director's Interest Notices (MB & TG)
9 Aug 2026Initial Director's Interest Notice (MH)
9 Aug 2026$PBoard and Management Changes
29 July 2026$PQuarterly Activities & Cashflow Report
29 July 2026$PCorrection to Gidji JV Exploration Target Total
22 July 2026$PAuger Results Upgrade Chain Pool Drill Targets
21 July 2026$PJMEI Tax Credit Allocation
13 July 2026$PR&D Tax Incentive Refund Received
13 July 2026$PHigh-Grade Cu-Pb-Ag Results from Chain Pool - Amended
12 July 2026$PHigh-Grade Copper-Lead-Silver Results from Chain Pool
7 July 2026Change of Director's Interest Notice (AK)
3 July 2026Change of Director's Interest Notice (TG)
28 June 2026$PSignificant Increase to Gidji JV Gold Exploration Target
24 June 2026$PChain Pool Gravity Survey Highlights Drill Targets
2 June 2026$PChain pool SEDEX Potential Confirmed by Auger Drilling

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