Companies / MI6

MINERALS 260 LIMITED

ASX:MI6Materials
2.48B shares on issueASX (delayed) · snapshot 28 Oct 20262.52B fully diluted+1.8% if every option and right converts$0.81price · delayed$1.91BMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 98.2% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 15% in 24 months; 3 cash raises in 24 months; proposed issue pending

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway12+ quarters of funding
Share-count growth (24m)15.1%
Raise cadence (24m)3 cash raises
Options & rights overhang1.8% of shares
In-the-money supply0.6% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

MINERALS 260 LIMITED's ordinary share count grew 15.1% between December 2025 and October 2026, its latest share-count filing, to 2.48B shares. The company raised capital three times in the past 24 months for total disclosed proceeds of A$522.0M, most recently a A$252.0M placement in September 2026. Options and rights on issue could convert into 45M new shares, equal to 1.8% of the current share count, of which 1% are in the money; the nearest expiry falls in November 2026. The company has more than 4 quarters of funding at the recent spend rate. Two proposed securities issues (Appendix 3B) are pending, with the earliest expected in October 2026.

AI-generated summary of this page's cited filings · updated 27 Oct 2026
Quick answers · 4

Is MI6 raising capital?

Minerals 260 has 2 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $252.0M on 16 Sept 2026.

How much cash does MI6 have?

In its quarterly cash report for the quarter ended 30 Sept 2026, Minerals 260 reported $467.8M of cash and estimated 124.1 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do MI6's options expire?

Unexercised options and rights equal 1.8% of Minerals 260's shares on issue; the nearest expiry is Nov 2026.

How much has MI6's share count grown?

Minerals 260 has 2.48B shares on issue as at 28 Oct 2026, up 15.1% over 24 months according to its Appendix 2A filings.

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1.8%
Options & rights overhang
0.6%
In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply · most strikes not on record
2
Raises · last 12 months
12+ 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 2.48B per ASX (delayed) (snapshot 28 Oct 2026).
0.5B1.0B1.5B2.0B2.5BDec 24Nov 25Oct 26Cash raise · 16 Sept 2026Cash raise · 23 Feb 2026Cash raise · 3 Apr 20252.48B

Cash runway

12+ qtrs OURS
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.
$462.7M cash after burn.
FILED 124.1 qtrs · $467.8M cash · quarter ended 30 Sept 2026
OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.FILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.
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12 cash reports on record — Cash runway history
Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 Sept 2026.
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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)

DateFormSecurityOn issue, per this filingSource
23 Oct 20262A · quoted issueMI6 : ORDINARY FULLY PAID2.48BAppendix 2A
23 Sept 20262A · quoted issueMI6 : ORDINARY FULLY PAID2.48BAppendix 2A
28 Aug 20262A · quoted issueMI6 : ORDINARY FULLY PAID2.27BAppendix 2A
2 July 20263H · cancellationMI6 : ORDINARY FULLY PAID2.27BAppendix 3H
29 June 20262A · quoted issueMI6 : ORDINARY FULLY PAID2.27BAppendix 2A
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29 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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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.

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Securities on issue, by class
How the share count and each option and rights class moved, month by month, with every number in a table.
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Capital raises

3 cash raises in the last 24 months · 2 in the last 12 months

every 8.7 monthsaverage gap between raises
1.4 monthssince the most recent
3 Apr 2025 – 16 Sept 2026first to most recent in this window
$252.0M
Placement
At 88.0c, at the last close
16 Sept 2026 ACTIVE
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10 issues (incl. 3 exercises or conversions) 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.

4.1M of option supply could convert within 12 months — 0.2% of shares on issue
4.1M in the money, expiring in the window
2 proposed issues (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.
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13 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 / 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.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year, or holders ratified an issue, in a way we cannot match.
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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

2 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
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2 pending issues on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

1.8%
Options & rights overhang · of current shares
0.6%
In-the-money supply · most strikes not on record
45.0M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered37.4M · 1.5% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 21.8M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered7.6M · 0.3% 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: 15.6M priced (of which 15.6M in the money), 29.3M 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
22.5M45.0M$0.81 now0.25× today ($0.20) — 9.1M of the priced supply in the money, 0.4% of shares on issue0.5× today ($0.40) — 10.6M of the priced supply in the money, 0.4% of shares on issue0.75× today ($0.60) — 12.1M of the priced supply in the money, 0.5% of shares on issue1× today ($0.81) — 15.6M of the priced supply in the money, 0.6% of shares on issue1.25× today ($1.01) — 15.6M of the priced supply in the money, 0.6% of shares on issue1.5× today ($1.21) — 15.6M of the priced supply in the money, 0.6% of shares on issue2× today ($1.61) — 15.6M of the priced supply in the money, 0.6% of shares on issue3× today ($2.42) — 15.6M of the priced supply in the money, 0.6% of shares on issue5× today ($4.03) — 15.6M of the priced supply in the money, 0.6% of shares on issue10× today ($8.05) — 15.6M of the priced supply in the money, 0.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.81 today, 15.6M securities are in the money (0.6% of shares on issue) — a floor, because an exercise price is on record for only 34.7% of this supply. No price up to ten times today’s switches on any more priced supply.

  • 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.
  • 29.3M (65.3% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
MI6AJOptionsPrice-triggered$0.4723 Nov 202650kFiling
MI6AIOptionsPrice-triggered$0.7023 Nov 20263.5MFiling
MI6AKOptionsPrice-triggered$0.2024 Sept 2027575kFiling
MI6ALOptionsPrice-triggered$0.2021 Nov 20273.3MFiling
MI6AMOptionsPrice-triggered$0.1931 Dec 2027250kFiling
MI6AOOptionsPrice-triggered, no exercise price stated—3 Apr 2028750kFiling
MI6ANOptionsPrice-triggered, no exercise price stated—3 Apr 202821.0MFiling
MI6AQOptionsPrice-triggered$0.182 Sept 20282.0MFiling
MI6AROptionsPrice-triggered$0.181 Nov 20283.0MFiling
MI6ATOptionsPrice-triggered$0.353 Nov 20281.5MFiling
MI6AUOptionsPrice-triggered$0.413 Nov 20281.5MFiling
MI6ASPerformance rightsCondition-triggered——7.6MFiling 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.

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12 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
23 Oct 2026Adam SmitsBuy entitlement/SPP34k3.0M—$30k3Y notice
23 Oct 2026David Ross RichardsBuy entitlement/SPP34k——$30k3Y notice
23 Oct 2026Emma Josephine ScotneyBuy entitlement/SPP34k3.0M—$30k3Y notice
23 Oct 2026Luke Charles McFadyenBuy entitlement/SPP34k——$30k3Y notice
23 Oct 2026Stacey ApostolouBuy entitlement/SPP1.0M4.3M—$30k3Y notice
23 Oct 2026Timothy R B GoyderBuy entitlement/SPP34k——$30k3Y notice
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22 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

27 Oct 2026$PSeptember 2026 Quarterly Activities and Cashflow Report
23 Oct 2026Change of Director's Interest Notice - A Smits
23 Oct 2026Change of Director's Interest Notice - D Richards
23 Oct 2026Change of Director's Interest Notice - E Scotney
23 Oct 2026Change of Director's Interest Notice - L McFadyen
23 Oct 2026Change of Director's Interest Notice - S Apostolou
23 Oct 2026Change of Director's Interest Notice - T Goyder
23 Oct 2026Application for quotation of securities - MI6
23 Oct 2026Completion of Share Purchase Plan
21 Oct 2026Notice of Annual General Meeting/Proxy Form/Access Letter
20 Oct 2026September 2026 Quarterly Webcast
13 Oct 2026$PGrade Control Drilling Strengthens Bullabulling Resource
8 Oct 2026Ceasing to be a substantial holder
7 Oct 2026Becoming a substantial holder
30 Sept 2026Appendix 4G and Corporate Governance Statement 2026
30 Sept 20262026 Annual Report to Shareholders
30 Sept 2026Notice of General Meeting and Letter to Shareholders
30 Sept 2026Ceasing to be a substantial holder
28 Sept 2026Presentation - Mining Forum Americas 2026
28 Sept 2026$PShare Purchase Plan Opens / Share Purchase Plan Booklet

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.