MACRO METALS LIMITED
ASX:M4MMaterialsToday’s holders own 86.0% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 26% in 24 months; 2 cash raises in 24 months
MACRO METALS LIMITED ordinary shares increased by 26.3% between September 2024 and February 2026, reaching 4.58 billion shares. In the past 24 months, the company raised capital twice, totalling A$4.7M, with the latest being a A$1.7M placement in July 2025. There are options on issue that could convert into 744M new shares, representing 16.3% of the current share count, with 8% in the money; the nearest expiry is December 2026. As of June 2026, MACRO METALS LIMITED reported negative A$211K in cash, with a funding cover of -0.2 quarters. No proposed securities issues are currently pending.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 19 May 2026 | 3G · unquoted | M4M : ORDINARY FULLY PAID | 4.58B | Appendix 3G |
| 16 Feb 2026 | 3H · cancellation | M4M : ORDINARY FULLY PAID | 4.58B | Appendix 3H |
| 15 Feb 2026 | 2A · quoted issue | M4M : ORDINARY FULLY PAID | 4.58B | Appendix 2A |
| 18 Dec 2025 | 2A · quoted issue | M4M : ORDINARY FULLY PAID | 4.36B | Appendix 2A |
| 18 Dec 2025 | 3G · unquoted | M4M : ORDINARY FULLY PAID | 4.32B | Appendix 3G |
Capital raises
2 cash raises in the last 24 months · 0 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 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered504.0M · 11.0% of sharesOptions and warrants — they convert when the share price clears their exercise price.
- Condition-triggered240.0M · 5.2% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 504.0M priced (of which 345.0M in the money), 240.0M 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.
At $0.007 today, 345.0M securities are in the money (7.5% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 355.0M (7.8% 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.
- 240.0M (32.3% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| M4MAO | Options | Price-triggered | $0.050 | 2 Dec 2026 | 50.0M | Filing |
| M4MAE | Options | Price-triggered | $0.040 | 6 Aug 2027 | 37.0M | Filing |
| M4MAD | Options | Price-triggered | $0.004 | 5 Mar 2029 | 345.0M | Filing |
| M4MAF | Options | Price-triggered | $0.015 | 13 Apr 2029 | 12.0M | Filing |
| — | Options | Price-triggered | $0.010 | 19 May 2029 | 10.0M | Filing |
| M4MAG | Options | Price-triggered | $0.013 | 13 Oct 2029 | 10.0M | Filing |
| M4MAN | Options | Price-triggered | $0.040 | 2 Nov 2029 | 10.0M | Filing |
| M4MAH | Options | Price-triggered | $0.025 | 13 Oct 2030 | 10.0M | Filing |
| M4MAJ | Options | Price-triggered | $0.037 | 13 Oct 2030 | 10.0M | Filing |
| M4MAK | Options | Price-triggered | $0.050 | 13 Oct 2030 | 10.0M | Filing |
| M4MAP | Performance rights | Condition-triggered | — | — | 240.0M | Filing 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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 18 Dec 2025 | Nathan Ross Douglas | Other incentive | 6.3M | 12.0M | — | $70k | 3Y notice |
| 18 Dec 2025 | Robert Andrew Jewson | Other | 7.7M | — | — | $70k | 3Y notice |
| 18 Dec 2025 | Simon Rushton | Other | 175.0M | — | 240.0M | $1.9M | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.