MANDRAKE RESOURCES LIMITED

ASX:MANMaterials

627.3M shares on issueASX (delayed) · snapshot 11 Sept 2026692.3M fully diluted+10.4% if every option and right converts$0.019price · delayed$11.9Mmarket cap · indicative

Today’s holders own 90.6% of what they think they own, once every option and right converts.

Minimal

Dilution risk

Options/rights overhang 10% of shares

Absolute levels — not a ranking against other companies.

Cash runway65.1 quarters of funding

Share-count growth (24m)1.2%measured to the latest Appendix 2A, not to the share count above

Raise cadence (24m)0 cash raises

Options & rights overhang10.4% of shares

In-the-money supplyno data — an exercise price is on record for a minority of the supply

Pending proposed issuesnone

MANDRAKE RESOURCES LIMITED has 627M shares as of December 2024. The company has not raised capital in the past 24 months, and no proposed securities issues are currently pending. Options and rights on issue could convert into 65M new shares, representing 10.4% of the current share count, with the nearest expiry in February 2027; none of these options are currently in the money. As of the June 2026 quarter, the company held A$11.5M in available cash, providing an estimated 65.1 quarters of funding at its recent spending rate. Share count movements over the 24-month window are not stated, as the company's ordinary share series filed via Appendix 2A ends prior to this period.

AI-generated summary of this page's cited filings · updated 8 Sept 2026

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10.4%

Options & rights overhang

—

In-the-money supply · most strikes not on record

Raises · last 12 months

65.1 qtrs

Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 627.3M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

65.1 qtrs

More than four quarters of funding at the recent spend rate.

More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.

$11.5M 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: $11.7M cash at quarter end (item 4.6). 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)

Date	Form	Security	On issue, per this filing	Source
9 Mar 2026	3H · cancellation	ORDINARY FULLY PAID	627.3M	Appendix 3H
15 Dec 2025	3H · cancellation	ORDINARY FULLY PAID	627.3M	Appendix 3H
15 Dec 2025	3G · unquoted	ORDINARY FULLY PAID	627.3M	Appendix 3G
20 Dec 2024	3G · unquoted	ORDINARY FULLY PAID	627.3M	Appendix 3G
30 Oct 2024	2A · quoted issue	MAN : ORDINARY FULLY PAID	619.8M	Appendix 2A

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8 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

No equity raises in the last 24 months.

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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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1 dated event 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

10.4%

Options & rights overhang · of current shares

—

In-the-money supply · most strikes not on record

65.0M

Potential new shares

Feb 2027

Nearest expiry

What this supply is, and what converts it

Price-triggered5.0M · 0.8% of shares
Options and warrants — they convert when the share price clears their exercise price.
Condition-triggered60.0M · 9.6% of shares
Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 5.0M priced, 60.0M 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.

What a price move would switch on

An exercise price is on record for only 7.7% 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 $0.019 today. No more priced supply until 10× today’s price, which takes it to 5.0M (0.8% 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.
60.0M (92.3% 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
MANAS	Options	Price-triggered	$0.10	28 Feb 2027	5.0M	Filing
MANAN	Performance rights	Condition-triggered	—	—	60.0M	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.

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2 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

Date	Director	Type	Shares	Options	Other	Value	Source
15 Dec 2025	James Allchurch	Other incentive	2	17.5M	—	—	3Y notice
15 Dec 2025	Lloyd Flint	Other incentive	—	5.0M	—	—	3Y notice
15 Dec 2025	Roger Fitzhardinge	Other incentive	7.0M	7.5M	—	—	3Y notice