Companies / NMR

NATIVE MINERAL RESOURCES HOLDINGS LIMITED

ASX:NMRMaterials
1.13B shares on issueASX (delayed) · snapshot 11 Sept 20261.18B fully diluted+3.9% if every option and right converts$0.061price · delayed$69.0Mmarket cap · indicative

Today’s holders own 96.3% of what they think they own, once every option and right converts.

High
Dilution risk

Runway under 2 quarters; share count grew 239% in 24 months; 8 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway-0.8 quarters of funding
Share-count growth (24m)239.0%
Raise cadence (24m)8 cash raises
Options & rights overhang3.9% of shares
In-the-money supply1.5% of shares
Pending proposed issuesnone

NATIVE MINERAL RESOURCES HOLDINGS LIMITED's ordinary share count grew 331.4% between July 2024 and July 2026, to 1.13B shares. The company raised capital eight times in the past 24 months, for total disclosed proceeds of A$47.4M. The most recent capital raise was a A$3.5M convertible note in July 2026. Options and rights on issue could convert into 44M new shares, equal to 3.9% of the current share count, of which 2% are in the money; the nearest expiry is September 2028. As of the June 2026 quarter, the company reported A$-4.3M in available cash, representing a funding shortfall of 0.8 quarters at its recent spending rate.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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3.9%
Options & rights overhang
1.5%
In-the-money supply
3
Raises · last 12 months
-0.8 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 1.13B per ASX (delayed) (snapshot 11 Sept 2026).
0.50B0.75B1.00BDec 24Oct 25Sept 26Cash raise · 2 July 2026Cash raise · 6 May 2026Cash raise · 24 Dec 2025Cash raise · 9 July 2025Cash raise · 29 May 2025Cash raise · 28 May 2025Cash raise · 23 Apr 20251.13B

Cash runway

-0.8 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
$-4.4M 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: $168k cash at quarter end (item 4.6), 0.6 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
14 July 20262A · quoted issueNMR : ORDINARY FULLY PAID1.13BAppendix 2A
2 July 20263G · unquotedNMR : ORDINARY FULLY PAID1.10BAppendix 3G
6 May 20263G · unquotedNMR : ORDINARY FULLY PAID1.10BAppendix 3G
8 Mar 20262A · quoted issueNMR : ORDINARY FULLY PAID1.10BAppendix 2A
11 Feb 20262A · quoted issueNMR : ORDINARY FULLY PAID1.10BAppendix 2A
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36 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

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

every 2.8 monthsaverage gap between raises
2.4 monthssince the most recent
8 Nov 2024 – 2 July 2026first to most recent in this window
$3.5M
Convertible Note
2 July 2026 ACTIVE
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12 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.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see.
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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

3.9%
Options & rights overhang · of current shares
1.5%
In-the-money supply · at current price
43.7M
Potential new shares
Sept 2028
Nearest expiry
What this supply is, and what converts it
  • Price-triggered24.4M · 2.2% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered19.3M · 1.7% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
  • Converts on terms3 · 0.0% of shares
    Convertibles with no exercise price — they convert on their own terms, so they are shares in all but name.

Exercise price on record: 24.4M priced (of which 17.3M in the money), 19.3M 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
21.9M43.7M$0.061 now0.25× today ($0.015) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.030) — 7.3M of the priced supply in the money, 0.6% of shares on issue0.75× today ($0.046) — 7.3M of the priced supply in the money, 0.6% of shares on issue1× today ($0.061) — 17.3M of the priced supply in the money, 1.5% of shares on issue1.25× today ($0.076) — 17.3M of the priced supply in the money, 1.5% of shares on issue1.5× today ($0.091) — 17.3M of the priced supply in the money, 1.5% of shares on issue2× today ($0.122) — 24.4M of the priced supply in the money, 2.2% of shares on issue3× today ($0.183) — 24.4M of the priced supply in the money, 2.2% of shares on issue5× today ($0.305) — 24.4M of the priced supply in the money, 2.2% of shares on issue10× today ($0.610) — 24.4M of the priced supply in the money, 2.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.061 today, 17.3M securities are in the money (1.5% of shares on issue). At double today’s price it is 24.4M (2.2% 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.
  • 19.3M (44.1% 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
NMRATOptionsPrice-triggered$0.05020 Sept 202810.0MFiling
NMRAYOptionsPrice-triggered$0.125 Jan 20297.2MFiling
NMRAUOptionsPrice-triggered$0.02020 Sept 20297.3MFiling
NMRAXNotesConverts on terms——3Filing
NMRANRightsCondition-triggered——5.3MFiling Meeting
NMRAWPerformance rightsCondition-triggered——14.0MFiling Meeting

“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.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

2 classes ceased in the last 12 months and are not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • NMRAQPrice-triggered33.0M securities → 014 July 2026 Appendix 2A
  • NMRASPrice-triggered10.0M securities → 016 Sept 2025 Appendix 2A
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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
14 July 2026Blake CannavoSell off-market33.0M33.0M14.0M—3Y notice
12 Feb 2026Blake CannavoOther14.0M———3Y notice
6 Feb 2026Blake CannavoOther43.0M50.0M14.0M—3Y notice
6 Feb 2026Philip GardnerOther19.0M10.0M4.1M—3Y notice
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21 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 2026$PNMR delivers another strong gold smelt at Blackjack
9 Sept 2026$PResponse to ASX Price Query
6 Sept 2026$PNorth Pit drilling returns 19m at 3.09g/t gold at Blackjack
3 Sept 2026$PNMR executes Joint Venture agreement with Citigold
1 Sept 2026$PNMR achieves record 1,080.5oz August gold outturn
25 Aug 2026$PNMR delivers 870.8oz official gold outturn in August
19 Aug 2026$PNMR pours 649oz dore in third August smelt at Blackjack
11 Aug 2026$PNMR delivers 861oz dore smelt as gold production builds
4 Aug 2026$PRecord head grade positions Blackjack for August production
30 July 2026$PAppendix 5B Cashflow Report
30 July 2026$PQuarterly Activities Report
14 July 2026Change in Director's Interest Notice - Blake Cannavo
14 July 2026Issue of Securities and Cleansing Notice
14 July 2026Application for quotation of securities - NMR
6 July 2026$PNMR Record June Production as Weekly Smelting Begins
2 July 2026Convertible Note Cleansing Statement
2 July 2026Notification regarding unquoted securities - NMR
2 July 2026$PNMR enters into $3,500,000 convertible note raising
1 July 2026NMR submits Far Fanning PRCP - Updated
30 June 2026$PNMR submits Far Fanning PRCP

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