Companies / MML

MCLAREN MINERALS LIMITED

ASX:MMLMaterials
505.5M shares on issueASX (delayed) · snapshot 11 Sept 2026903.5M fully diluted+78.7% if every option and right converts$0.013price · delayed$6.6Mmarket cap · indicative

Today’s holders own 55.9% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 386% in 24 months; 4 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.4 quarters of funding
Share-count growth (24m)385.7%
Raise cadence (24m)4 cash raises
Options & rights overhang78.7% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

MCLAREN MINERALS LIMITED's ordinary share count grew 385.7% between December 2024 and July 2026, reaching 505M shares. In the past 24 months, the company raised capital four times, for a total disclosed A$8.0M, with the most recent being a A$1.6M Security Purchase Plan (SPP) with Top-up Placement in April 2026. Options and rights on issue could convert into 398M new shares, representing 78.7% of the current share count, with the nearest expiry in March 2027. At the June 2026 quarter, the company reported A$1.7M in available cash, sufficient for approximately 1.4 quarters at its recent spending rate. There are no pending proposed issues.

AI-generated summary of this page's cited filings · updated 7 Sept 2026
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78.7%
Options & rights overhang
—
In-the-money supply · most strikes not on record
2
Raises · last 12 months
1.4 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 505.5M per ASX (delayed) (snapshot 11 Sept 2026).
100M200M300M400M500MDec 24Oct 25Sept 26Cash raise · 16 Apr 2026Cash raise · 7 Nov 2025Cash raise · 9 June 2025Cash raise · 10 Jan 2025505.5M

Cash runway

1.4 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Oct 2026 at the reported spend rate.
$1.6M 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: $2.6M cash at quarter end (item 4.6), 2.2 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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7 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
16 July 20262A · quoted issueMML : ORDINARY FULLY PAID505.5MAppendix 2A
15 July 20262A · quoted issueMML : ORDINARY FULLY PAID505.5MAppendix 2A
21 May 20262A · quoted issueMML : ORDINARY FULLY PAID505.5MAppendix 2A
15 May 20262A · quoted issueMML : ORDINARY FULLY PAID446.6MAppendix 2A
15 May 20262A · quoted issueMML : ORDINARY FULLY PAID411.7MAppendix 2A
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28 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

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

every 5 monthsaverage gap between raises
4.9 monthssince the most recent
10 Jan 2025 – 16 Apr 2026first to most recent in this window
$1.6M
Security Purchase Plan (SPP) with Top-up Placement
16 Apr 2026 COMPLETE
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7 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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3 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 99% of the 15% placement capacity left — about 1% 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

78.7%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
398.0M
Potential new shares
Mar 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered374.0M · 74.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 268.3M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered24.0M · 4.7% 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: 105.7M priced, 292.3M 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
199.0M398.0M$0.013 now0.25× today ($0.003) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.010) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.013) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.016) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.019) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.026) — 98.7M of the priced supply in the money, 19.5% of shares on issue3× today ($0.039) — 98.7M of the priced supply in the money, 19.5% of shares on issue5× today ($0.065) — 105.7M of the priced supply in the money, 20.9% of shares on issue10× today ($0.130) — 105.7M of the priced supply in the money, 20.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 26.6% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.013 today. At double today’s price it is 98.7M (19.5% 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.
  • 292.3M (73.4% 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
MMLAROptionsPrice-triggered$0.02210 Mar 202798.7MFiling
MMLOOptionsPrice-triggered—5 Feb 2028268.3MFiling
MMLAAOptionsPrice-triggered$0.06012 Dec 20297.0MFiling
MMLAFPerformance rightsCondition-triggered——24.0MFiling

“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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4 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
15 July 2026SIMON FINNISOther entitlement/SPP13.2M7.3M13.5M—3Y notice
15 May 2026SIMON FINNISBuy entitlement/SPP1.9M—13.5M$30k3Y notice
10 Dec 2025MICHAEL ARNETTOther entitlement/SPP2.2M3.3M——3Y notice
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7 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 2026Investor Presentation
31 Aug 2026$POutstanding Assay Results 5.44% HM Average from Surface
20 Aug 2026$PMcLaren Delivers Outstanding Results
4 Aug 2026Investor Briefing Webinar
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
29 July 2026$PDrilling Confirms Broad Consistent Mineralisation at McLaren
16 July 2026Application for quotation of securities - MML
16 July 2026Change of Director's Interest Notice - Finnis
15 July 2026Application for quotation of securities - MML
13 July 2026Prospectus
13 July 2026$PCompletion of 2026 Drilling at McLaren
10 July 2026Results of Meeting
28 June 2026Addendum to Notice of Meeting
25 June 2026Postponement of General Meeting
18 June 2026$PBonanza Grades of up to 34.6% HM at McLaren Project
8 June 2026$PEastern Shoreline Target Drilling to Commence at McLaren
3 June 2026$PStrong Resource Upgrade Drilling Results at McLaren Project
26 May 2026Notice of General Meeting/Proxy Form
21 May 2026Cleansing Notice
21 May 2026Application for quotation of securities - MML

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