Companies / MTH

MITHRIL SILVER AND GOLD LIMITED

ASX:MTHMaterials
187.5M shares on issueASX (delayed) · snapshot 11 Sept 2026241.2M fully diluted+28.6% if every option and right converts$0.23price · delayed$44.1Mmarket cap · indicative

Today’s holders own 77.7% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 82% in 24 months; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.1 quarters of funding
Share-count growth (24m)81.9%
Raise cadence (24m)2 cash raises
Options & rights overhang28.6% of shares
In-the-money supply3.3% of shares
Pending proposed issuesnone

MITHRIL SILVER AND GOLD LIMITED's ordinary share count grew 81.9% between September 2024 and June 2026, reaching 187M shares. In the past 24 months, the company completed two capital raises totalling A$24.0M, with the most recent being an A$11.5M brokered private placement in July 2025. There are 54M options on issue, representing 28.6% of current shares, with 3% in the money and the nearest expiry in December 2026. As of June 2026, the company held A$4.1M in cash, covering approximately 1.1 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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28.6%
Options & rights overhang
3.3%
In-the-money supply
0
Raises · last 12 months
1.1 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 187.5M per ASX (delayed) (snapshot 11 Sept 2026).
150M160M170M180M190MDec 24Oct 25Sept 26Cash raise · 8 July 2025187.5M

Cash runway

1.1 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Sept 2026 — that date has passed, and no later report is on record.
$4.1M 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: $7.3M cash at quarter end (item 4.6), 1.9 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)

DateFormSecurityOn issue, per this filingSource
7 Sept 20263H · cancellationMTH : ORDINARY FULLY PAID187.5MAppendix 3H
1 July 20263G · unquotedMTH : ORDINARY FULLY PAID187.5MAppendix 3G
17 June 20262A · quoted issueMTH : ORDINARY FULLY PAID187.5MAppendix 2A
1 May 20262A · quoted issueMTH : ORDINARY FULLY PAID187.4MAppendix 2A
31 Mar 20262A · quoted issueMTH : ORDINARY FULLY PAID184.8MAppendix 2A
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50 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 · 0 in the last 12 months

every 8.5 monthsaverage gap between raises
14.2 monthssince the most recent
23 Oct 2024 – 8 July 2025first to most recent in this window
$11.5M
Brokered Private Placement
8 July 2025
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4 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.

6.1M of option supply could convert within 12 months — 3.3% of shares on issue
6.1M 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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6 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). 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

28.6%
Options & rights overhang · of current shares
3.3%
In-the-money supply · at current price
53.7M
Potential new shares
Dec 2026
Nearest expiry
What a price move would switch on
26.8M53.7M$0.23 now0.25× today ($0.06) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.12) — 3.0M of the priced supply in the money, 1.6% of shares on issue0.75× today ($0.18) — 3.0M of the priced supply in the money, 1.6% of shares on issue1× today ($0.23) — 6.1M of the priced supply in the money, 3.3% of shares on issue1.25× today ($0.29) — 6.1M of the priced supply in the money, 3.3% of shares on issue1.5× today ($0.35) — 6.1M of the priced supply in the money, 3.3% of shares on issue2× today ($0.47) — 7.9M of the priced supply in the money, 4.2% of shares on issue3× today ($0.70) — 7.9M of the priced supply in the money, 4.2% of shares on issue5× today ($1.17) — 32.1M of the priced supply in the money, 17.1% of shares on issue10× today ($2.35) — 32.1M of the priced supply in the money, 17.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.23 today, 6.1M securities are in the money (3.3% of shares on issue). At double today’s price it is 7.9M (4.2% 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.
  • 21.6M (40.2% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
MTHAAKOptionsPrice-triggered$0.7519 Dec 202614.0MFiling
MTHOOptionsPrice-triggered—14 May 202721.6MFiling
MTHAAHOptionsPrice-triggered$0.1014 May 20273.0MFiling
MTHAAIOptionsPrice-triggered$0.2014 May 20273.1MFiling
MTHAALOptionsPrice-triggered$0.3624 July 20271.8MFiling
MTHAAMOptionsPrice-triggered$1.071 Sept 202810.2MFiling

“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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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
3 Sept 2026John SkeetBuy on-market300k———3Y notice
30 Dec 2025Craig SharpeOther1.1M800k——3Y notice
30 Dec 2025John SkeetOther3.2M1.0M——3Y notice
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10 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

7 Sept 2026Change of Director's Interest Notice - JS
7 Sept 2026Notification of cessation of securities - MTH
26 Aug 2026$PWIDE, HIGH-GRADE HITS CONFIRM 550M STRIKE AT TARGET 4
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
2 July 2026Amended Announcement Copalquin Project Target 1 Deposit MRE
1 July 2026Notification regarding unquoted securities - MTH
30 June 2026Investor Presentation
30 June 2026$PMITHRIL DERISKS TARGET 1 WITH 75% INDICATED RESOURCE
29 June 2026$PPause in Trading
17 June 2026Section 708A Notice
17 June 2026Application for quotation of securities - MTH
9 June 2026$PMITHRIL DRILLS 7.25 M @ 4.01 G/T AU, 225 G/T AG AT T1
11 May 2026$PMTH Drills 7.00 G/T Gold, 370 G/T Silver Over 9.65 M at T1
8 May 2026Unaudited 31 March 2026 Financial Statements
1 May 2026Application for quotation of securities - MTH
29 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
14 Apr 2026Investor Presentation
9 Apr 2026$PHIGH-GRADE AND WIDESPREAD SILVER AND GOLD AT TARGET 3
7 Apr 2026Market Update
31 Mar 2026Becoming a substantial holder

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