METAL POWDER WORKS LIMITED
ASX:MPWCapital GoodsToday’s holders own 69.2% of what they think they own, once every option and right converts.
Share count grew 170% in 24 months; runway 2–4 quarters; 4 cash raises in 24 months; since relisting as MPW; prior history under KTG not included
METAL POWDER WORKS LIMITED's ordinary share count grew 169.8% between February 2025 and August 2026, its latest share-count filing, to 150M shares. The company raised capital four times in the 24-month window for total disclosed proceeds of A$25.0M, most recently a A$15.0M placement in September 2025. Options and rights on issue could convert into 67M new shares, equal to 44.5% of the current share count, of which 6% are in the money at the current share price; the nearest expiry falls in February 2028. The company has 2 to 4 quarters of funding at the recent spend rate.
Quick answers · 4
When did MPW last raise capital?
The last capital raise in Metal Powder Works's filings is Placement of $15.0M announced 8 Sept 2025, one of 2 cash raises in 24 months.
How much placement capacity does MPW have left?
About 99% of the 15% placement capacity left, about 1% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does MPW have?
In its quarterly cash report for the quarter ended 30 June 2026, Metal Powder Works reported $10.5M of cash and estimated 3.9 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do MPW's options expire?
Unexercised options and rights equal 44.5% of Metal Powder Works's shares on issue; the nearest expiry is Feb 2028.
Shares on issue — last 2 years
Cash runway
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)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 17 Sept 2026 | 3G · unquoted | ORDINARY FULLY PAID | 121.4M | Appendix 3G |
| 11 Aug 2026 | 2A · quoted issue | MPW : ORDINARY FULLY PAID | 121.4M | Appendix 2A |
| 29 May 2026 | 2A · quoted issue | MPW : ORDINARY FULLY PAID | 121.3M | Appendix 2A |
| 1 May 2026 | 2A · quoted issue | MPW : ORDINARY FULLY PAID | 121.2M | Appendix 2A |
| 14 Apr 2026 | 2A · quoted issue | MPW : ORDINARY FULLY PAID | 121.2M | Appendix 2A |
Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (121.4M) need not equal the current count above (150.1M).
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.
Capital raises
2 cash raises in the last 24 months · 0 in the last 12 months · counted since relisting as MPW (24 Feb 2025); prior history under KTG is not included
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.
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.
Pending proposed issues
Options & convertible securities
- Price-triggered10.4M · 7.0% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 577k of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered56.3M · 37.5% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 9.8M priced (of which 9.8M in the money), 41k at a stated nil price, 56.9M 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.
At $1.55 today, 9.8M securities are in the money (6.5% of shares on issue) — a floor, because an exercise price is on record for only 14.7% 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.
- 41k (0.1% 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.
- 56.9M (85.2% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| MPWAL | Options | Price-triggered, no exercise price stated | — | 27 Feb 2028 | 577k | Filing |
| MPWAI | Options | Price-triggered | $0.13 | 27 Feb 2028 | 5.6M | Filing |
| MPWAK | Options | Price-triggered | $0.26 | 27 Feb 2028 | 4.2M | Filing |
| MPWAO | Options | Price-triggered | Nil | 30 Sept 2030 | 41k | Filing |
| MPWAE | Performance rights | Condition-triggered | — | — | 6.3M | Filing |
| MPWAM | Performance rights | Condition-triggered | — | — | 23.7M | Filing |
| MPWAN | Performance rights | Condition-triggered | — | — | 26.3M | 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. For what expires soon across other listed companies, see the options expiry calendar.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 29 June 2026 | John Barnes | Sell off-market | 376k | — | — | $658k | 3Y notice |
| 29 Dec 2025 | Bruno Campisi | Other incentive | 125k | — | 600k | — | 3Y notice |
| 29 Dec 2025 | Darryl Abotomey | Other incentive | 125k | — | 600k | — | 3Y notice |
| 29 Dec 2025 | Jim McDowell | Other incentive | 125k | — | 600k | — | 3Y notice |
| 29 Dec 2025 | John Barnes | Other incentive | 750k | — | 3.8M | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.