MELBANA ENERGY LIMITED
ASX:MAYEnergyToday’s holders own 88.5% of what they think they own, once every option and right converts.
1 cash raise in 24 months; options/rights overhang 13% of shares
MELBANA ENERGY LIMITED's ordinary share count was 3.78B as of January 2026, unchanged from August 2025, its earliest share-count filing. In the past 24 months, the company raised capital once, a A$7.0M placement in August 2025. Options and rights on issue could convert into 492M new shares, equal to 13.0% of the current share count; none are in the money and the nearest expiry is January 2027. The company's latest cash report shows non-negative net cash flow, so no funding-runway estimate applies. No proposed securities issues are pending.
Quick answers · 5
When did MAY last raise capital?
The last capital raise in Melbana Energy's filings is Placement of $7.0M announced 21 Aug 2025, one of 1 cash raises in 24 months.
How much placement capacity does MAY have left?
None of the 15% placement capacity counted as used in the last 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does MAY have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Melbana Energy reported $14.0M of cash and estimated 11.2 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do MAY's options expire?
Unexercised options and rights equal 13% of Melbana Energy's shares on issue; the nearest expiry is Jan 2027.
How much has MAY's share count grown?
Melbana Energy has 3.78B shares on issue as at 28 Oct 2026, up 0.0% 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 |
|---|---|---|---|---|
| 30 Apr 2026 | 3H · cancellation | MAY : ORDINARY FULLY PAID | 3.78B | Appendix 3H |
| 30 Apr 2026 | 3G · unquoted | ORDINARY FULLY PAID | 3.78B | Appendix 3G |
| 12 Jan 2026 | 2A · quoted issue | MAY : ORDINARY FULLY PAID | 3.78B | Appendix 2A |
| 1 Dec 2025 | 3H · cancellation | MAY : ORDINARY FULLY PAID | 3.78B | Appendix 3H |
| 27 Aug 2025 | 2A · quoted issue | MAY : ORDINARY FULLY PAID | 3.78B | Appendix 2A |
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
1 cash raise 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 / 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
- Price-triggered436.8M · 11.5% of sharesOptions and warrants — they convert when the share price clears their exercise price.No exercise price is on record for any of it, so none of it can be called in or out of the money.
- Condition-triggered55.3M · 1.5% 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: 0 priced, 492.1M 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.
No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 492.1M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| MAYOA | Options | Price-triggered, no exercise price stated | — | 12 Jan 2027 | 436.8M | Filing |
| MAYAA | Performance rights | Condition-triggered | — | — | 55.3M | 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. For what expires soon across other listed companies, see the options expiry calendar.
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 |
|---|---|---|---|---|---|---|---|
| 30 Apr 2026 | Andrew Purcell | Other | 245.4M | — | 28.0M | — | 3Y notice |
| 2 Dec 2025 | Andrew Purcell | Buy placement | 4.3M | — | — | $73k | 3Y notice |
| 2 Dec 2025 | Michael John Sandy | Buy placement | 1.0M | — | — | $17k | 3Y notice |
| 2 Dec 2025 | Peter Stickland | Buy placement | 1.8M | — | — | $30k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.