Companies / MDX

MINDAX LIMITED

ASX:MDXMaterials
2.36B shares on issueASX (delayed) · snapshot 11 Sept 20262.48B fully diluted+5.1% if every option and right converts$0.038price · delayed$89.8Mmarket cap · indicative

Today’s holders own 95.1% of what they think they own, once every option and right converts.

High
Dilution risk

Runway 2–4 quarters; share count grew 15% in 24 months; 10 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway3.5 quarters of funding
Share-count growth (24m)15.3%
Raise cadence (24m)10 cash raises
Options & rights overhang5.1% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

MINDAX LIMITED's ordinary share count grew 15.3% between May 2024 and March 2026, reaching 2.36 billion shares. The company completed 10 capital raises in the past 24 months, totalling A$16.0M. The most recent raise was a A$4.5M convertible note issuance in August 2026. Currently, there are options and rights outstanding that could convert into 121M new shares, representing 5.1% of the current share count. The nearest expiry for these options is November 2026, and none are currently in the money. As of the June 2026 quarter, the company had A$648K in available cash, which covers approximately 3.5 quarters of operations. There are no pending proposed issues (Appendix 3B).

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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5.1%
Options & rights overhang
0.0%
In-the-money supply
5
Raises · last 12 months
3.5 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 2.36B per ASX (delayed) (snapshot 11 Sept 2026).
2.1B2.2B2.3BDec 24Oct 25Sept 26Cash raise · 31 Aug 2026Cash raise · 10 Mar 2026Cash raise · 10 Feb 2026Cash raise · 12 Dec 2025Cash raise · 27 Nov 2025Cash raise · 9 July 2025Cash raise · 8 July 2025Cash raise · 8 July 2025Cash raise · 24 Mar 2025Cash raise · 4 Mar 20252.36B

Cash runway

3.5 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Apr 2027 at the reported spend rate.
$646k 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: $83k cash at quarter end (item 4.6), 0.4 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
20 July 20263H · cancellationMDX : ORDINARY FULLY PAID2.36BAppendix 3H
11 Mar 20262A · quoted issueMDX : ORDINARY FULLY PAID2.36BAppendix 2A
11 Feb 20262A · quoted issueMDX : ORDINARY FULLY PAID2.36BAppendix 2A
3 Feb 20263G · unquotedMDX : ORDINARY FULLY PAID2.36BAppendix 3G
19 Dec 20253G · unquotedMDX : ORDINARY FULLY PAID2.36BAppendix 3G
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33 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

10 cash raises in the last 24 months · 5 in the last 12 months

every 2.2 monthsaverage gap between raises
0.4 monthssince the most recent
4 Mar 2025 – 31 Aug 2026first to most recent in this window
$4.5M
Convertible Note
31 Aug 2026 ACTIVE
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15 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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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.

About 76% of the 15% placement capacity left — about 24% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.
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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

5.1%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
121.0M
Potential new shares
Nov 2026
Nearest expiry
What a price move would switch on
60.5M121.0M$0.038 now0.25× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.019) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.028) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.038) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.048) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.057) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.076) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.114) — 121.0M of the priced supply in the money, 5.1% of shares on issue5× today ($0.190) — 121.0M of the priced supply in the money, 5.1% of shares on issue10× today ($0.380) — 121.0M of the priced supply in the money, 5.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.038 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 121.0M (5.1% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
MDXATOptionsPrice-triggered$0.08030 Nov 2026121.0MFiling

“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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1 option line 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
4 Dec 2025Benjamin ChowOther6.2M14.0M——3Y notice
4 Dec 2025Biaozhun ZhuOther—2.0M——3Y notice
4 Dec 2025Qinglong ZengOther15.0M14.0M——3Y notice
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6 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

11 Sept 2026Change in substantial holding
6 Sept 2026$PFURTHER A$3,250,000 CONVERTIBLE NOTE FUNDING SECURED
31 Aug 2026Proposed issue of securities - MDX
31 Aug 2026Convertible Note Funding Secured
25 Aug 2026Ceasing to be a substantial holder
25 Aug 2026Change in substantial holding
25 Aug 2026Initial Director's Interest Notice x 3
25 Aug 2026Final Director's Interest Notice x 3
21 Aug 2026Director Appointment/Resignation
14 Aug 2026Shareholder Correspondence
13 Aug 2026Becoming a substantial holder
13 Aug 2026Change in substantial holding
29 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
20 July 2026Notification of cessation of securities - MDX
28 Apr 2026Becoming a substantial holder
13 Apr 2026$PQuarterly Activities/ Appendix 5B Cash Flow Report
16 Mar 2026Interim Financial Report
11 Mar 2026S708A Notice
11 Mar 2026Application for quotation of securities - MDX
10 Mar 2026Proposed issue of securities - MDX

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