Companies / NMG

NEW MURCHISON GOLD LIMITED

ASX:NMGMaterials
10.89B shares on issueASX (delayed) · snapshot 11 Sept 202611.40B fully diluted+4.8% if every option and right converts$0.081price · delayed$881.7Mmarket cap · indicative

Today’s holders own 95.4% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 48% in 24 months; 3 cash raises in 24 months; 2% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runwaycash-generative (no net burn)
Share-count growth (24m)47.7%
Raise cadence (24m)3 cash raises
Options & rights overhang4.8% of shares
In-the-money supply1.7% of shares
Pending proposed issuesnone

NEW MURCHISON GOLD LIMITED's ordinary share count grew 47.7% between November 2024 and September 2026, to 10.89B shares. The company raised capital three times in the past 24 months for total disclosed proceeds of A$43.8M, with the latest being a A$12.3M placement in June 2025. Options and rights on issue could convert into 519M new shares, representing 4.8% of the current share count, of which 2% are in the money; the nearest expiry date is October 2026. As of the June 2026 quarter, the company reported A$239.9M in available cash, with non-negative net cash flow meaning no funding runway calculation applies. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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4.8%
Options & rights overhang
1.7%
In-the-money supply · most strikes not on record
0
Raises · last 12 months
No net burn
Cash cover · cash-generative

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 10.89B per ASX (delayed) (snapshot 11 Sept 2026).
8B9B10B11BDec 24Oct 25Sept 26Cash raise · 25 June 2025Cash raise · 19 June 2025Cash raise · 17 Mar 202510.89B

Cash runway

—
The latest quarterly report shows no net cash burn, so there is no cash-out date.
$240.4M 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: $201.7M cash at quarter end (item 4.6). 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
9 Sept 20262A · quoted issueNMG : ORDINARY FULLY PAID10.89BAppendix 2A
14 Aug 20263G · unquotedNMG : ORDINARY FULLY PAID10.86BAppendix 3G
14 Aug 20263G · unquotedNMG : ORDINARY FULLY PAID10.86BAppendix 3G
14 Aug 20263H · cancellationNMG : ORDINARY FULLY PAID10.86BAppendix 3H
14 Aug 20263G · unquotedNMG : ORDINARY FULLY PAID10.86BAppendix 3G
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85 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

3 cash raises in the last 24 months · 0 in the last 12 months

every 1.6 monthsaverage gap between raises
14.6 monthssince the most recent
17 Mar 2025 – 25 June 2025first to most recent in this window
$12.3M
Placement (with Share Purchase Plan / SPP shortfall)
25 June 2025 ACTIVE
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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.

45.0M of option supply could convert within 12 months — 0.4% of shares on issue
45.0M 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.

No Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
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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

4.8%
Options & rights overhang · of current shares
1.7%
In-the-money supply · most strikes not on record
519.5M
Potential new shares
Oct 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered189.5M · 1.7% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered330.0M · 3.0% 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: 189.5M priced (of which 189.5M in the money), 330.0M 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
259.7M519.5M$0.081 now0.25× today ($0.020) — 109.5M of the priced supply in the money, 1.0% of shares on issue0.5× today ($0.041) — 169.5M of the priced supply in the money, 1.6% of shares on issue0.75× today ($0.061) — 169.5M of the priced supply in the money, 1.6% of shares on issue1× today ($0.081) — 189.5M of the priced supply in the money, 1.7% of shares on issue1.25× today ($0.101) — 189.5M of the priced supply in the money, 1.7% of shares on issue1.5× today ($0.121) — 189.5M of the priced supply in the money, 1.7% of shares on issue2× today ($0.162) — 189.5M of the priced supply in the money, 1.7% of shares on issue3× today ($0.243) — 189.5M of the priced supply in the money, 1.7% of shares on issue5× today ($0.405) — 189.5M of the priced supply in the money, 1.7% of shares on issue10× today ($0.810) — 189.5M of the priced supply in the money, 1.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.081 today, 189.5M securities are in the money (1.7% of shares on issue) — a floor, because an exercise price is on record for only 36.5% 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.
  • 330.0M (63.5% 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
NMGAAHOptionsPrice-triggered$0.01221 Oct 202615.0MFiling
NMGAHOptionsPrice-triggered$0.00928 Feb 202730.0MFiling
NMGAAEOptionsPrice-triggered$0.00627 Mar 202864.5MFiling
NMGAAIOptionsPrice-triggered$0.0245 May 202820.0MFiling
NMGAAJOptionsPrice-triggered$0.02615 Aug 202840.0MFiling
NMGAJOptionsPrice-triggered$0.06230 Mar 202920.0MFiling
NMGAADPerformance rightsCondition-triggered——330.0MFiling

“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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7 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
4 Sept 2026MALCOLM R J RANDALLBuy on-market10.0M——$121k3Y notice
30 Jan 2026RICK W CRABBBuy on-market17.0M——$304k3Y notice
29 Jan 2026MALCOLM R J RANDALLSell on-market5.0M5.0M—$185k3Y notice
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9 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

9 Sept 2026Change of Director's Interest Notice
9 Sept 2026Cleansing Notice under section 708A
9 Sept 2026Application for quotation of securities - NMG
14 Aug 2026Cleansing Notice under section 708A
14 Aug 2026Application for quotation of securities - NMG
14 Aug 2026Application for quotation of securities - NMG
14 Aug 2026Cancel - Notification regarding unquoted securities - NMG
14 Aug 2026Cancel - Notification regarding unquoted securities - NMG
14 Aug 2026Notification of cessation of securities - NMG
14 Aug 2026Notification regarding unquoted securities - NMG
14 Aug 2026Notification regarding unquoted securities - NMG
11 Aug 2026Notification of cessation of securities - NMG
22 July 2026JMM Noosa Investor Presentation
20 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
15 July 2026(Amended) High-Grade Gold Intercepts at Cloudkicker Deposit
13 July 2026$PHigh-grade Gold Intersects at Cloudkicker Deposit
26 June 2026Notification of cessation of securities - NMG
24 June 2026$PUpdated Mineral Resource Estimate for Garden Gully
19 June 2026Change of Company Address
16 June 2026Change in substantial holding

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