Companies / MRQ

MRG METALS LIMITED

ASX:MRQMaterials
2.99B shares on issueASX (delayed) · as of 28 July 2026$0.004price · delayed$11.9Mmarket cap · indicative
D
Dilution grade

Runway 2–4 quarters; options/rights overhang 53% of shares; 2 cash raises in 24 months

Cash runway2.3 quarters of funding
Share-count growth (24m)10.1%
Raise cadence (24m)2 cash raises
Options & rights overhang52.7% of shares
In-the-money supply16.8% of shares
Pending proposed issuesnone

MRG METALS LIMITED's ordinary share count increased 10.1% between July 2024 and March 2026, to 2.99B shares. The company completed two capital raises in that period for total proceeds of A$1.5M, most recently raising A$730K in December 2025. Options and rights on issue could convert into 1.57B new shares, equal to 52.7% of the current share count, of which 17% are in the money at the current share price; the nearest expiry is August 2027. At the March 2026 quarter the company reported A$480K in available cash, equivalent to about 2.3 quarters of funding at its recent spending rate. No proposed securities issues (Appendix 3B) are pending.

AI-generated summary of this page's cited filings · updated 28 July 2026
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52.7%
Max option dilution
16.8%
ITM option dilution
1
Raises · last 12 months
2.3 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 2.99B per ASX (delayed) (28 July 2026).
2.78B2.86B2.93BDec 24Sept 25July 26Cash raise · 18 Dec 2025Cash raise · 17 July 2025

Cash runway

2.3 qtrs
Two to four quarters of funding at the recent spend rate.
$480k available cash at quarter ended 31 Mar 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds.
Paid plan
Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 31 Mar 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityTotal on issue afterSource
24 Mar 20262A · quoted issueMRQ : ORDINARY FULLY PAID2.99BAppendix 2A
18 Jan 20262A · quoted issueMRQ : ORDINARY FULLY PAID2.96BAppendix 2A
12 Jan 20262A · quoted issueMRQ : ORDINARY FULLY PAID2.87BAppendix 2A
12 Jan 20262A · quoted issueMRQ : ORDINARY FULLY PAID2.88BAppendix 2A
23 Dec 20252A · quoted issueMRQ : ORDINARY FULLY PAID2.87BAppendix 2A
Paid plan
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

$730k
Capital raise
18 Dec 2025
Paid plan
Full raise history
Issue price, discount, brokers, purpose and tranche detail for every raise on record.
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Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

52.7%
Total overhang · of current shares
16.8%
In the money · at current price
1.57B
Potential new shares
Aug 2027
Nearest expiry
Paid plan
Per-line options & expiry cliffs
Each option line — code, strike, expiry, quantity and ITM value — plus the expiry-cliff chart.
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Director dealings

DateDirectorTypeSharesOptionsValueSource
27 Mar 2026CHRISTOPHER JORDAN GREGORYBuy6.0M6.0M—3Y notice
25 Mar 2026ANDREW VAN DER ZWANBuy10.0M10.0M—3Y notice
25 Mar 2026SHANE GORDON TURNERBuy2.0M2.0M—3Y notice
Paid plan
Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

Free account
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

12 July 2026Adriano REE - Step Out Grid Auger Drilling from Target Area2
7 July 2026Adriano REE - Exploration Pit Grade & Mineralogy Study
1 July 2026$PGaries REE Project - Significant Gallium Identified
30 June 2026$PFotinho REE - Additional Alluvial Targets from Assay Results
23 June 2026Director Site Visit to Mozambique and South Africa Projects
11 June 2026$PGaries REE Mining Right Conversion Application Lodged
10 June 2026$PFotinho Rare Earth Project First Assay Results
9 June 2026Technical Review Supports Exploration at Garies REE Project
1 June 2026Clarification to Recent Announcements on Garies REE Project
31 May 2026Fotinho REE Auger Drilling Program Completed
21 May 2026Clarification of Information for Recent HMS Announcements
12 May 2026$PAdriano Mineralogy Confirms High Monazite Rutile & Zircon
5 May 2026$PJV Partner Funds Drilling at Marao HMS Project
30 Apr 2026$PJV Partner Funds Drilling at Corridor North HMS Project
30 Apr 2026$PMarch 2026 Quarterly Activities and Cashflow Report
23 Apr 2026$PMRG HMS - Environment & Social Impact Assessment Lodged
16 Apr 2026Commencement of Exploration at Olinga Uranium & Rare Earth
9 Apr 2026$PMore High-Grade Heavy Minerals Alluvial Assays at Adriano
1 Apr 2026$PSimple Processing Pathway at High-Grade Garies Project
26 Mar 2026Change of Director's Interest Notice

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 July 2026.