MINERALS EXPLORATION LIMITED
ASX:MEXMaterialsToday’s holders own 92.4% of what they think they own, once every option and right converts.
Runway under 2 quarters; options/rights overhang 8% of shares; since relisting as MEX; prior history under UVA not included
Low because 4 of its 6 signals are quiet.
MINERALS EXPLORATION LIMITED's ordinary share count stood at 192M as of December 2025, its first filing under the MEX code (renamed from UVA in December 2025). No Appendix 2A share-issuance filings have been lodged since January 2024. The company has raised no capital through placements, rights issues or share purchase plans in the past 24 months. Options and rights on issue could convert into 16M new shares, representing an 8.2% overhang, none of which are in the money; the nearest expiry falls in May 2027. The company reports under 2 quarters of funding at the recent spend rate. No proposed securities issues are currently outstanding.
Quick answers · 2
How much cash does MEX have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Minerals Exploration reported $2.0M of cash and estimated 1.9 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do MEX's options expire?
Unexercised options and rights equal 8.2% of Minerals Exploration's shares on issue; the nearest expiry is May 2027.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 1 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 |
|---|---|---|---|---|
| 22 Dec 2025 | 2A · quoted issue | MEX : ORDINARY FULLY PAID | 192.0M | 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
Results due
What the company's own reports say is coming, and when. A month is one the report names; “by end of year” is a deadline such as “Q4”. See every explorer on the results calendar.
- by end 2026 · Continuation of mineralized trend drilling (to start)
- by end 2026 · High-grade target drilling (to start)
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-triggered11.0M · 5.7% of sharesOptions and warrants — they convert when the share price clears their exercise price.
- Condition-triggered4.7M · 2.4% 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: 11.0M priced, 4.7M 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 $0.048 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 5× today’s price, which takes it to 2.0M (1.0% 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.
- 4.7M (29.9% 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 |
|---|---|---|---|---|---|---|
| MEXAD | Options | Price-triggered | $0.30 | 27 May 2027 | 1.0M | Filing |
| MEXAE | Options | Price-triggered | $0.30 | 27 May 2027 | 6.0M | Filing |
| MEXAH | Performance rights | Condition-triggered | — | 28 June 2027 | 2.5M | Filing |
| MEXAI | Performance rights | Condition-triggered | — | 11 Dec 2028 | 1.3M | Filing |
| MEXAJ | Options | Price-triggered | $0.20 | 26 Feb 2029 | 2.0M | Filing |
| MEXAK | Options | Price-triggered | $0.30 | 26 Feb 2029 | 2.0M | Filing |
| MEXAF | Performance rights | Condition-triggered | — | — | 950k | Filing |
“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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 19 Dec 2025 | Alexander Passmore | Other incentive | 500k | — | 750k | — | 3Y notice |
| 19 Dec 2025 | Brett Mitchell | Other incentive | 1.8M | 1.5M | 2.1M | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.