Companies / NWM

NORWEST MINERALS LIMITED

ASX:NWMMaterials
1.35B shares on issueASX (delayed) · snapshot 11 Sept 20261.99B fully diluted+46.8% if every option and right converts$0.009price · delayed$12.2Mmarket cap · indicative

Today’s holders own 68.1% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 179% in 24 months; 4 cash raises in 24 months; options/rights overhang 47% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway5.4 quarters of funding
Share-count growth (24m)178.7%
Raise cadence (24m)4 cash raises
Options & rights overhang46.8% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

NORWEST MINERALS LIMITED's ordinary share count grew 178.7% between July 2024 and August 2026, reaching 1.35B shares. In the past 24 months, the company completed four capital raises totalling A$12.6M, with the most recent being an A$1.9M entitlement offer in July 2026. Options outstanding represent a potential 633M new shares, or 46.8% of the current share count, with the nearest expiry in September 2027. As of June 2026, the company held A$2.0M in cash, representing approximately 5.4 quarters of its operating expenses. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 4 Sept 2026
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46.8%
Options & rights overhang
—
In-the-money supply · most strikes not on record
1
Raises · last 12 months
5.4 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 1.35B per ASX (delayed) (snapshot 11 Sept 2026).
0.50B0.75B1.00B1.25BDec 24Oct 25Sept 26Cash raise · 10 July 2026Cash raise · 6 Aug 2025Cash raise · 30 Apr 2025Cash raise · 27 Apr 20251.35B

Cash runway

5.4 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Oct 2027 at the reported spend rate.
$2.0M 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: $394k cash at quarter end (item 4.6), 1.1 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
11 Aug 20262A · quoted issueNWM : ORDINARY FULLY PAID1.35BAppendix 2A
5 Aug 20262A · quoted issueNWM : ORDINARY FULLY PAID1.19BAppendix 2A
20 Jan 20262A · quoted issueNWM : ORDINARY FULLY PAID1.08BAppendix 2A
26 Nov 20253H · cancellationNWM : ORDINARY FULLY PAID1.03BAppendix 3H
6 Aug 20252A · quoted issueNWM : ORDINARY FULLY PAID968.4MAppendix 2A
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19 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

4 cash raises in the last 24 months · 1 in the last 12 months

every 4.8 monthsaverage gap between raises
2.1 monthssince the most recent
27 Apr 2025 – 10 July 2026first to most recent in this window
$1.9M
Entitlement Offer
10 July 2026 COMPLETE
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5 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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5 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

46.8%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
633.3M
Potential new shares
Sept 2027
Nearest expiry
What a price move would switch on
316.6M633.3M$0.009 now0.25× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.011) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.013) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.018) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.027) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.045) — 40.0M of the priced supply in the money, 3.0% of shares on issue10× today ($0.090) — 132.4M of the priced supply in the money, 9.8% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 20.9% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.009 today. No more priced supply until 5× today’s price, which takes it to 40.0M (3.0% 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.
  • 500.9M (79.1% 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
NWMAQOptionsPrice-triggered$0.07020 Sept 202773.5MFiling
NWMAOOptionsPrice-triggered$0.07027 Mar 202813.9MFiling
NWMOBOptionsPrice-triggered—26 May 2028500.9MFiling
NWMAPOptionsPrice-triggered$0.0704 Aug 20285.0MFiling
NWMASOptionsPrice-triggered$0.0305 Aug 203040.0MFiling

“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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5 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
6 Aug 2026C H LoongOther entitlement/SPP8.6M———3Y notice
6 Aug 2026C SchausOther entitlement/SPP1.7M———3Y notice
6 Aug 2026K H LeongOther entitlement/SPP81.1M———3Y notice
6 Aug 2026Oliver CartonOther entitlement/SPP223k———3Y notice
6 Aug 2026Sia Hok KiangOther entitlement/SPP10.7M———3Y notice
6 Aug 2026Yew Fei CheeOther entitlement/SPP185.0M———3Y notice
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17 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

23 Aug 2026Bulgera Gold Project Scoping Study update
12 Aug 2026Change in substantial holding
12 Aug 2026Change in substantial holding
12 Aug 2026Change of Director's Interest Notice x 6
11 Aug 2026Application for quotation of securities - NWM
5 Aug 2026Application for quotation of securities - NWM
5 Aug 2026$PResults of Entitlement Offer
22 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
21 July 2026Confirmation of dispatch
9 July 2026Cleansing notice
9 July 2026Proposed issue of securities - NWM
9 July 2026Cleansing notice
9 July 2026$POffer Letter
9 July 2026$PNorwest to conduct Entitlement Offer
30 June 2026$PBulgera Heap Leach Gold Project update
25 May 2026Bulgera Heap Leach testwork update
8 May 2026Revised: High Gold Recoveries Support Advancement of Bulgera
7 May 2026$PHigh Gold Recoveries Support Advancement of Bulgera
24 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
25 Mar 2026$PBulgera Gold Project resource update

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