Companies / MI6

MINERALS 260 LIMITED

ASX:MI6Materials
2.27B shares on issueASX (delayed) · snapshot 11 Sept 20262.32B fully diluted+2.0% if every option and right converts$0.91price · delayed$2.06Bmarket cap · indicative

Today’s holders own 98.1% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Runway 2–4 quarters; 2 cash raises in 24 months; share count grew 6% in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.0 quarters of funding
Share-count growth (24m)5.6%
Raise cadence (24m)2 cash raises
Options & rights overhang2.0% of shares
In-the-money supply0.7% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

MINERALS 260 LIMITED's ordinary share count increased 9.9% between December 2025 and August 2026, to 2.27B shares. In the past 24 months, the company completed two capital raises totalling A$270.0M, with the most recent being a A$50.0M placement in February 2026. Options and rights on issue represent a potential 45M new shares, equivalent to 2.0% of the current share count, of which 1% are in-the-money at present, with the nearest expiry in November 2026. As of June 2026, the company held A$68.1M in cash, providing approximately 2.0 quarters of cover based on recent expenditure. One proposed securities issue (Appendix 3B) is pending, with an expected completion date of May 2027.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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2.0%
Options & rights overhang
0.7%
In-the-money supply · most strikes not on record
1
Raises · last 12 months
2.0 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 2.27B per ASX (delayed) (snapshot 11 Sept 2026).
0.5B1.0B1.5B2.0BDec 24Oct 25Sept 26Cash raise · 23 Feb 2026Cash raise · 10 Mar 20252.27B

Cash runway

2.0 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Dec 2026 at the reported spend rate.
$67.7M 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: $96.3M cash at quarter end (item 4.6), 3.4 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
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
15 May 20262A · quoted issueMI6 : ORDINARY FULLY PAID2.27BAppendix 2A
17 Apr 20263G · unquotedORDINARY FULLY PAID2.26BAppendix 3G
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27 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

2 cash raises in the last 24 months · 1 in the last 12 months

every 11.5 monthsaverage gap between raises
6.6 monthssince the most recent
10 Mar 2025 – 23 Feb 2026first to most recent in this window
$50.0M
Placement
23 Feb 2026 COMPLETE
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8 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.

3.5M of option supply could convert within 12 months — 0.2% of shares on issue
3.5M in the money, expiring in the window
1 proposed issue (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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12 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.

About 63% of the 15% placement capacity left — about 37% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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

1 proposed issue 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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1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

2.0%
Options & rights overhang · of current shares
0.7%
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 · 1.6% 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$0.91 now0.25× today ($0.23) — 9.1M of the priced supply in the money, 0.4% of shares on issue0.5× today ($0.45) — 12.1M of the priced supply in the money, 0.5% of shares on issue0.75× today ($0.68) — 12.1M of the priced supply in the money, 0.5% of shares on issue1× today ($0.91) — 15.6M of the priced supply in the money, 0.7% of shares on issue1.25× today ($1.13) — 15.6M of the priced supply in the money, 0.7% of shares on issue1.5× today ($1.36) — 15.6M of the priced supply in the money, 0.7% of shares on issue2× today ($1.81) — 15.6M of the priced supply in the money, 0.7% of shares on issue3× today ($2.71) — 15.6M of the priced supply in the money, 0.7% of shares on issue5× today ($4.53) — 15.6M of the priced supply in the money, 0.7% of shares on issue10× today ($9.05) — 15.6M of the priced supply in the money, 0.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.91 today, 15.6M securities are in the money (0.7% 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—3 Apr 2028750kFiling
MI6ANOptionsPrice-triggered—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.

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
10 July 2026Luke Charles McFadyenBuy on-market85k12.5M2.1M$53k3Y notice
29 June 2026Luke Charles McFadyenOther1.3M5.0M2.1M—3Y notice
4 May 2026Luke Charles McFadyenBuy on-market1.4M5.0M2.1M$60k3Y notice
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16 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

28 Aug 2026Becoming a substantial holder
28 Aug 2026Section 708A Notice - Issue of Shares
28 Aug 2026Application for quotation of securities - MI6
28 Aug 2026Proposed issue of securities - MI6
28 Aug 2026$PExpanded Mining Lease Granted and Tenement Acquisitions
19 Aug 2026$PDrilling at Bullabulling Continues to Deliver Strong Results
2 Aug 2026Next Phase of Exploration at Bullabulling Gold Project
2 Aug 2026Presentation - Diggers and Dealers Mining Forum
29 July 2026$PJune 2026 Quarterly Activities and Cashflow Report
22 July 2026Presentation - Noosa Mining Investor Conference 2026
10 July 2026Change of Director's Interest Notice - L McFadyen
7 July 2026$PPre-Feasibility Study and Mineral Resource Presentation
7 July 2026$PBullabulling PFS Confirms High-Margin, Large-Scale Gold Mine
7 July 2026$PBullabulling Resource Increases to 6.2Moz
5 July 2026$PTrading Halt
2 July 2026Notification of cessation of securities - MI6
29 June 2026Change of Director's Interest Notice - L McFadyen
29 June 2026Application for quotation of securities - MI6
24 June 2026$PBullabulling Drilling Extends Gold Mineralisation at Depth
14 June 2026$PEarly Construction & Development Commences at Bullabulling

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