MEDALLION METALS LIMITED.

ASX:MM8Materials

928.3M shares on issueASX (delayed) · snapshot 11 Sept 2026960.5M fully diluted+3.5% if every option and right converts$0.56price · delayed$515.2Mmarket cap · indicative

Today’s holders own 96.6% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Share count grew 150% in 24 months; 5 cash raises in 24 months; 1% of shares in the money

Absolute levels — not a ranking against other companies.

Cash runway12.8 quarters of funding

Share-count growth (24m)150.2%

Raise cadence (24m)5 cash raises

Options & rights overhang3.5% of shares

In-the-money supply1.0% of shares

Pending proposed issuesnone

MEDALLION METALS LIMITED. ordinary shares grew 150.2% between August 2024 and August 2026, to 928M shares. The company raised capital five times in the past 24 months for total disclosed proceeds of A$214.0M, most recently a A$60.0M placement in August 2026. Options on issue could convert into 32M new shares, equal to 3.5% of the current share count, of which 1% are in the money at the current share price; the nearest expiry falls in September 2027. At the June 2026 quarter, the company reported A$107.2M in available cash, sufficient for approximately 12.8 quarters of funding at its recent spending rate. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026

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3.5%

Options & rights overhang

1.0%

In-the-money supply

Raises · last 12 months

12.8 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 928.3M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

12.8 qtrs

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.

$107.1M 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: $54.0M cash at quarter end (item 4.6), 6.4 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)

Date	Form	Security	On issue, per this filing	Source
26 Aug 2026	2A · quoted issue	MM8 : ORDINARY FULLY PAID	928.3M	Appendix 2A
5 Aug 2026	2A · quoted issue	MM8 : ORDINARY FULLY PAID	803.3M	Appendix 2A
15 July 2026	3H · cancellation	MM8 : ORDINARY FULLY PAID	797.1M	Appendix 3H
15 July 2026	2A · quoted issue	MM8 : ORDINARY FULLY PAID	799.8M	Appendix 2A
26 June 2026	3G · unquoted	MM8 : ORDINARY FULLY PAID	797.1M	Appendix 3G

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41 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

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

every 4.6 monthsaverage gap between raises

0.8 monthssince the most recent

30 Jan 2025 – 18 Aug 2026first to most recent in this window

$60.0M

Placement

18 Aug 2026 COMPLETE

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10 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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7 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.

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 that we cannot see.

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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

3.5%

Options & rights overhang · of current shares

1.0%

In-the-money supply · at current price

32.2M

Potential new shares

Sept 2027

Nearest expiry

What a price move would switch on

At $0.56 today, 9.5M securities are in the money (1.0% of shares on issue). 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.
22.7M (70.5% of the supply above) states a nil exercise price — nothing is paid to convert it, so no share price switches it on or off. It is the flat band, and it is not part of the in-the-money figure.

Code	Security	Type	Exercise price	Expiry	On issue	Source
MM8AO	Options	Price-triggered	$0.075	30 Sept 2027	4.0M	Filing
MM8AL	Options	Price-triggered	Nil	26 Nov 2027	846k	Filing
MM8AK	Options	Price-triggered	Nil	26 Nov 2027	2.6M	Filing
MM8AP	Options	Price-triggered	$0.15	7 Feb 2028	5.5M	Filing
MM8AQ	Options	Price-triggered	Nil	30 Apr 2028	4.0M	Filing
MM8AR	Options	Price-triggered	Nil	16 July 2028	6.3M	Filing
MM8AS	Options	Price-triggered	Nil	26 June 2029	8.9M	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.

1 class ceased in the last 12 months and is not counted above

The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.

MM8AEPrice-triggered83k securities → 027 May 2026 Appendix 2A

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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

Date	Director	Type	Shares	Options	Other	Value	Source
25 Mar 2026	David Kelly	Other	300k	300k	—	—	3Y notice
23 Jan 2026	David Kelly	Buy entitlement/SPP	24k	—	—	$8k	3Y notice
23 Jan 2026	John Fitzgerald	Buy entitlement/SPP	24k	—	—	$8k	3Y notice
23 Jan 2026	Paul Bennett	Buy entitlement/SPP	24k	—	—	$8k	3Y notice