Companies / MMA

MARONAN METALS LIMITED

ASX:MMAMaterials
314.3M shares on issueASX (delayed) · snapshot 11 Sept 2026341.0M fully diluted+8.5% if every option and right converts$0.49price · delayed$155.6Mmarket cap · indicative

Today’s holders own 92.2% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 56% in 24 months; 2 cash raises in 24 months; 8% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway8.4 quarters of funding
Share-count growth (24m)56.2%
Raise cadence (24m)2 cash raises
Options & rights overhang8.5% of shares
In-the-money supply7.7% of shares
Pending proposed issuesnone

MARONAN METALS LIMITED's ordinary share count grew 56.2% between June 2024 and May 2026, reaching 314M shares. Over the past 24 months, the company completed two capital raises totalling A$39.6M, with the most recent being a A$22.0M placement in May 2026. Options and rights on issue represent a potential 27M new shares, equivalent to 8.5% of the current share count, with 8% of these in the money and the nearest expiry in December 2026. As of the June 2026 quarter, MARONAN METALS LIMITED held A$30.5M in cash, which represents approximately 8.4 quarters of funding at its recent spending rate. There are no proposed securities issues pending.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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8.5%
Options & rights overhang
7.7%
In-the-money supply
2
Raises · last 12 months
8.4 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 314.3M per ASX (delayed) (snapshot 11 Sept 2026).
200M250M300MDec 24Oct 25Sept 26Cash raise · 15 May 2026Cash raise · 3 Oct 2025314.3M

Cash runway

8.4 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about July 2028 at the reported spend rate.
$30.4M 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: $33.4M cash at quarter end (item 4.6), 14.7 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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10 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
26 May 20262A · quoted issueMMA : ORDINARY FULLY PAID314.3MAppendix 2A
1 Dec 20253G · unquotedMMA : ORDINARY FULLY PAID251.4MAppendix 3G
14 Nov 20253G · unquotedMMA : ORDINARY FULLY PAID251.4MAppendix 3G
14 Nov 20253G · unquotedMMA : ORDINARY FULLY PAID251.4MAppendix 3G
3 Nov 20252A · quoted issueMMA : ORDINARY FULLY PAID251.4MAppendix 2A
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40 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 · 2 in the last 12 months

every 7.4 monthsaverage gap between raises
3.9 monthssince the most recent
3 Oct 2025 – 15 May 2026first to most recent in this window
$22.0M
Placement
15 May 2026
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2 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.

6.7M of option supply could convert within 12 months — 2.1% of shares on issue
6.7M in the money, expiring in the window
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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5 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 5% of the 15% placement capacity left — about 95% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

8.5%
Options & rights overhang · of current shares
7.7%
In-the-money supply · at current price
26.7M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered24.1M · 7.7% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered2.5M · 0.8% 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: 24.1M priced (of which 24.1M in the money), 2.5M 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
13.3M26.7M$0.49 now0.25× today ($0.12) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.25) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.37) — 22.7M of the priced supply in the money, 7.2% of shares on issue1× today ($0.49) — 24.1M of the priced supply in the money, 7.7% of shares on issue1.25× today ($0.62) — 24.1M of the priced supply in the money, 7.7% of shares on issue1.5× today ($0.74) — 24.1M of the priced supply in the money, 7.7% of shares on issue2× today ($0.99) — 24.1M of the priced supply in the money, 7.7% of shares on issue3× today ($1.48) — 24.1M of the priced supply in the money, 7.7% of shares on issue5× today ($2.48) — 24.1M of the priced supply in the money, 7.7% of shares on issue10× today ($4.95) — 24.1M of the priced supply in the money, 7.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.49 today, 24.1M securities are in the money (7.7% 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.
  • 2.5M (9.6% 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
MMAAJOptionsPrice-triggered$0.2821 Dec 2026500kFiling
MMAAKOptionsPrice-triggered$0.3012 Aug 20276.2MFiling
MMAALOptionsPrice-triggered$0.2815 Nov 202710.0MFiling
MMAAMOptionsPrice-triggered$0.3914 Nov 20281.4MFiling
MMAAOOptionsPrice-triggered$0.3528 Nov 20286.0MFiling
MMAANPerformance rightsCondition-triggered——2.5MFiling 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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6 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
21 May 2026MATTHEW HINEBuy on-market441k1.5M—$52k3Y notice
19 May 2026ROBERT RUTHERFORDOther3.2M———3Y notice
19 May 2026SIMON BIRDOther15k———3Y notice
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14 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

8 Sept 2026$PShallow Copper-Gold Intersected North of Indicated Resource
6 Sept 2026$PAppointment of Managing Director and CEO
3 Sept 2026Appendix 4G and Corporate Governance Statement
3 Sept 2026Annual Report to shareholders
21 July 2026Noosa Mining Conference Presentation 2026
19 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
14 July 2026$PDrilling Intersects High-Grade Silver-Lead Mineralisation
29 May 2026Change in substantial holding - Perth Capital
28 May 2026Ceasing to be a substantial holder
28 May 2026Becoming a substantial holder - Kinterra Group
27 May 2026Ceasing to be a substantial holder from MGX
27 May 2026Ceasing to be a substantial holder from RDM
26 May 2026Cleansing Notice
26 May 2026Application for quotation of securities - MMA
26 May 2026Completion of $22 Million Strategic Investment by Kinterra
24 May 2026Change of Director's Interest Notice - Matthew Hine
24 May 2026Change in substantial holding - Perth Capital
22 May 2026Change of Director's Interest Notice x 2
21 May 2026Completion of Red Metal Distribution In-Specie
21 May 2026Change in substantial holding from RDM

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