Companies / MEX

MINERALS EXPLORATION LIMITED

ASX:MEXMaterials
192.0M shares on issueASX (delayed) · snapshot 11 Sept 2026207.7M fully diluted+8.2% if every option and right converts$0.055price · delayed$10.6Mmarket cap · indicative

Today’s holders own 92.4% of what they think they own, once every option and right converts.

Low
Dilution riskprovisional — limited history

Runway 2–4 quarters; options/rights overhang 8% of shares; since relisting as MEX; prior history under UVA not included

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.2 quarters of funding
Share-count growth (24m)0.0%no issuance filings since 2024; since relisting as MEX; prior history under UVA not included
Raise cadence (24m)0 cash raisessince relisting as MEX; prior history under UVA not included
Options & rights overhang8.2% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

MINERALS EXPLORATION LIMITED trades as MEX since December 2025, having previously been known as UVA. Its ordinary share count stood at 192M as of December 2025, and no new share-issuance filings have been lodged since January 2024. The company has not raised capital in the past 24 months. Options and rights on issue could convert into 16M new shares, equal to 8.2% of the current share count, with the nearest expiry in May 2027; none are currently in the money. As of the June 2026 quarter, the company reported A$2.1M in available cash, providing approximately 2.2 quarters of funding at its recent spending rate. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 7 Sept 2026
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8.2%
Options & rights overhang
0.0%
In-the-money supply
0
Raises · last 12 months
2.2 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. Shown since relisting as MEX (1 Dec 2025); prior history under UVA is not included. Latest count 192.0M per ASX (delayed) (snapshot 11 Sept 2026).
190M191M192MDec 25Apr 26Sept 26192.0M

Cash runway

2.2 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Jan 2027 at the reported spend rate.
$2.1M 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: $2.9M cash at quarter end (item 4.6), 3.0 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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3 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 1 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
22 Dec 20252A · quoted issueMEX : ORDINARY FULLY PAID192.0MAppendix 2A
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1 filing 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 on record since relisting as MEX (1 Dec 2025); prior history under UVA is not included.
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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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6 dated events 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.

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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

8.2%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
15.7M
Potential new shares
May 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered11.0M · 5.7% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered4.7M · 2.4% 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: 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.

What a price move would switch on
7.8M15.7M$0.055 now0.25× today ($0.014) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.028) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.041) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.055) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.069) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.083) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.110) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.165) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.275) — 2.0M of the priced supply in the money, 1.0% of shares on issue10× today ($0.550) — 11.0M of the priced supply in the money, 5.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.055 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
MEXADOptionsPrice-triggered$0.3027 May 20271.0MFiling
MEXAEOptionsPrice-triggered$0.3027 May 20276.0MFiling
MEXAHPerformance rightsCondition-triggered—28 June 20272.5MFiling
MEXAIPerformance rightsCondition-triggered—11 Dec 20281.3MFiling
MEXAJOptionsPrice-triggered$0.2026 Feb 20292.0MFiling
MEXAKOptionsPrice-triggered$0.3026 Feb 20292.0MFiling
MEXAFPerformance rightsCondition-triggered——950kFiling

“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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7 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

DateDirectorTypeSharesOptionsOtherValueSource
19 Dec 2025Alexander PassmoreOther incentive500k—750k—3Y notice
19 Dec 2025Brett MitchellOther incentive1.8M1.5M2.1M—3Y notice
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2 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

9 Sept 2026Investor Presentation - Resources Rising Stars
7 Sept 2026Appointment of Non-Executive Director & Appendix 3X
9 Aug 2026$PGlenorchy rock chip assays deliver high-grade results
26 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
19 July 2026$PSovereign Historic Gold Zones Reveal Key Drill Targets
3 July 2026Release of Securities from Voluntary Escrow
30 June 2026Director Retirement and Final Directors Interest Notice
22 June 2026$PWaitekauri - First Phase Drilling and High Grade Rock Chips
29 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
12 Mar 2026Half Year Report and Accounts
2 Mar 2026Appointment of Non-Executive Director
23 Feb 2026$PHigh Grade Rock Chips at Invincible Gold Project
11 Feb 2026$PFirst Scotia Drilling Defines Large Gold System
28 Jan 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
23 Dec 2025Cleansing Notice
22 Dec 2025Change of Directors Interest Notice x2
22 Dec 2025Application for quotation of securities - MEX
2 Dec 2025Investor Presentation - December 2025

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