Companies / ORN

ORION MINERALS LTD

ASX:ORNMaterials
8.95B shares on issueASX (delayed) · snapshot 11 Sept 20269.68B fully diluted+8.1% if every option and right converts$0.024price · delayed$214.9Mmarket cap · indicative

Today’s holders own 92.5% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Runway 2–4 quarters; share count grew 31% in 24 months; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.4 quarters of funding
Share-count growth (24m)30.6%measured to the latest Appendix 2A, not to the share count above
Raise cadence (24m)3 cash raises
Options & rights overhang8.1% of shares
In-the-money supply3.4% of shares
Pending proposed issuesnone

ORION MINERALS LTD had 8.95B shares outstanding as of June 2026. The company undertook three capital raises in the past 24 months, totalling A$29.0M, with the most recent being a A$15.4M placement in May 2026. Currently, there are options and rights on issue that could convert into 724M new shares, representing 8.1% of the current share count, with 3% of these in the money and the nearest expiry in January 2028. As of the June 2026 quarter, the company reported A$10.8M in cash reserves, sufficient for approximately 2.4 quarters of operations. No proposed securities issues are pending. The share count history from the company's ASX Appendix 2A filings does not extend to cover the entire 24-month window, so a percentage change figure for that period is not stated.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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8.1%
Options & rights overhang
3.4%
In-the-money supply
2
Raises · last 12 months
2.4 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 8.95B per ASX (delayed) (snapshot 11 Sept 2026).
7B8B9BDec 24Oct 25Sept 26Cash raise · 18 May 2026Cash raise · 29 Sept 2025Cash raise · 3 July 20258.95B

Cash runway

2.4 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Jan 2027 at the reported spend rate.
$10.7M 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: $14.4M cash at quarter end (item 4.6), 3.7 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
9 July 20263H · cancellationORN : ORDINARY FULLY PAID8.95BAppendix 3H
3 June 20263G · unquotedORN : ORDINARY FULLY PAID8.95BAppendix 3G
3 June 20263G · unquotedORN : ORDINARY FULLY PAID8.95BAppendix 3G
3 June 20263G · unquotedORN : ORDINARY FULLY PAID8.95BAppendix 3G
3 June 20263G · unquotedORN : ORDINARY FULLY PAID8.95BAppendix 3G
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53 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 · 2 in the last 12 months

every 5.2 monthsaverage gap between raises
3.8 monthssince the most recent
3 July 2025 – 18 May 2026first to most recent in this window
$15.4M
Placement
18 May 2026 COMPLETE
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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.

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21 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

8.1%
Options & rights overhang · of current shares
3.4%
In-the-money supply · at current price
724.0M
Potential new shares
Jan 2028
Nearest expiry
What a price move would switch on
362.0M724.0M$0.024 now0.25× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.012) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.018) — 98.0M of the priced supply in the money, 1.1% of shares on issue1× today ($0.024) — 308.7M of the priced supply in the money, 3.4% of shares on issue1.25× today ($0.030) — 333.7M of the priced supply in the money, 3.7% of shares on issue1.5× today ($0.036) — 724.0M of the priced supply in the money, 8.1% of shares on issue2× today ($0.048) — 724.0M of the priced supply in the money, 8.1% of shares on issue3× today ($0.072) — 724.0M of the priced supply in the money, 8.1% of shares on issue5× today ($0.120) — 724.0M of the priced supply in the money, 8.1% of shares on issue10× today ($0.240) — 724.0M of the priced supply in the money, 8.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.024 today, 308.7M securities are in the money (3.4% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 333.7M (3.7% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
ORNAXOptionsPrice-triggered$0.02331 Jan 202819.0MFiling
ORNAYOptionsPrice-triggered$0.02731 Jan 202825.0MFiling
ORNAZOptionsPrice-triggered$0.03231 Jan 202828.0MFiling
ORNAPOptionsPrice-triggered$0.02229 May 202913.6MFiling
ORNAOOptionsPrice-triggered$0.03129 May 2029121.2MFiling
ORNADOptionsPrice-triggered$0.01831 May 202931.0MFiling
ORNAEOptionsPrice-triggered$0.02031 May 202913.8MFiling
ORNAFOptionsPrice-triggered$0.02231 May 202913.0MFiling
ORNAAEOptionsPrice-triggered$0.0221 June 20293.7MFiling
ORNAADOptionsPrice-triggered$0.0311 June 202930.9MFiling
ORNAROptionsPrice-triggered$0.0224 June 202923.6MFiling
ORNAQOptionsPrice-triggered$0.0314 June 2029210.2MFiling
ORNAAAOptionsPrice-triggered$0.0181 Sept 20292.0MFiling
ORNAABOptionsPrice-triggered$0.0201 Sept 20292.0MFiling
ORNAACOptionsPrice-triggered$0.0221 Sept 20292.0MFiling
ORNAGOptionsPrice-triggered$0.01831 Mar 203020.0MFiling
ORNAHOptionsPrice-triggered$0.02031 Mar 203020.0MFiling
ORNAKOptionsPrice-triggered$0.02231 Mar 203020.0MFiling
ORNALOptionsPrice-triggered$0.0181 Sept 203045.0MFiling
ORNAMOptionsPrice-triggered$0.0201 Sept 203040.0MFiling
ORNANOptionsPrice-triggered$0.0221 Sept 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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21 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
23 Dec 2025Denis WaddellOther66.7M——$1.0M3Y notice
1 Sept 2025Anthony LennoxOther1.1M60.0M——3Y notice
1 Sept 2025Denis WaddellOther46.2M21.0M——3Y notice
1 Sept 2025Godfrey GomweOther2.7M———3Y notice
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7 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

2 Sept 2026Investor Presentation
25 Aug 2026Change in substantial holding
31 July 2026$PQuarterly Cashflow Report
31 July 2026$PQuarterly Activities Report
31 July 2026$PGlencore Prepayment Financing Agreement Progressing
30 July 2026Results of Meeting
9 July 2026Notification of cessation of securities - ORN
30 June 2026Notice of General Meeting/Proxy Form
28 June 2026$PNew Intercept Confirms High-Grade Copper Continuity at Okiep
5 June 2026Change in substantial holding
3 June 2026Cleansing Statement
3 June 2026Notification regarding unquoted securities - ORN
3 June 2026Notification regarding unquoted securities - ORN
3 June 2026Notification regarding unquoted securities - ORN
3 June 2026Notification regarding unquoted securities - ORN
2 June 2026Application for quotation of securities - ORN
2 June 2026Application for quotation of securities - ORN
2 June 2026Application for quotation of securities - ORN
1 June 2026Change in substantial holding - Tembo
31 May 2026Cleansing Statement

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