Companies / ORN

ORION MINERALS LTD

ASX:ORNMaterials
8.95B shares on issueASX (delayed) · snapshot 28 Oct 20269.70B fully diluted+8.3% if every option and right converts$0.024price · delayed$206.0MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 92.3% of what they think they own, once every option and right converts.

High
Dilution risk

Runway under 2 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 runway1.9 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 overhang8.3% of shares
In-the-money supply3.6% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

ORION MINERALS LTD's latest share count stands at 8.95B as of June 2026. The filed Appendix 2A series does not extend to that date, so a share-count change over an earlier period is not calculated. In the past 24 months, the company raised capital three times for total proceeds of A$25.4M, most recently a A$15.4M placement in May 2026. Options and rights on issue could convert into 742M new shares, representing 8.3% of current shares, with 4% in the money at the current share price; the nearest expiry is January 2028. The company has under 2 quarters of funding at the recent spend rate. One proposed securities issue (Appendix 3B) is pending with an expected issue date of November 2026.

AI-generated summary of this page's cited filings · updated 28 Oct 2026
Quick answers · 4

Is ORN raising capital?

Orion Minerals has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $15.4M on 22 May 2026.

How much placement capacity does ORN have left?

About 11% of the 15% placement capacity left, about 89% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.

How much cash does ORN have?

In its quarterly cash report for the quarter ended 30 June 2026, Orion Minerals reported $14.4M of cash and estimated 3.7 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do ORN's options expire?

Unexercised options and rights equal 8.3% of Orion Minerals's shares on issue; the nearest expiry is Jan 2028.

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8.3%
Options & rights overhang
3.6%
In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply
1
Raises · last 12 months
1.9 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 8.95B per ASX (delayed) (snapshot 28 Oct 2026).
7B8B9BDec 24Nov 25Oct 26Cash raise · 22 May 2026Cash raise · 1 Oct 2025Cash raise · 8 July 20258.95B

Cash runway

1.9 qtrs OURS
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Apr 2027 at the reported spend rate.
$8.5M cash after burn.
FILED 3.7 qtrs · $14.4M cash · quarter ended 30 June 2026
OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.$14.4M cash at 30 Jun 2026 − $5.9M spent ($4.5M a quarter × 120 days) = $8.5M left → 1.9 qtrsFILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.
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11 cash reports on record — Cash runway history
Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 June 2026.
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Issuance timeline

Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
19 Oct 20263G · unquotedORN : ORDINARY FULLY PAID8.95BAppendix 3G
10 July 20263H · cancellationORN : ORDINARY FULLY PAID8.95BAppendix 3H
4 June 20263G · unquotedORN : ORDINARY FULLY PAID8.95BAppendix 3G
4 June 20263G · unquotedORN : ORDINARY FULLY PAID8.95BAppendix 3G
4 June 20263G · unquotedORN : ORDINARY FULLY PAID8.95BAppendix 3G
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54 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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Securities on issue over time

Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.

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Securities on issue, by class
How the share count and each option and rights class moved, month by month, with every number in a table.
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Capital raises

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

every 5.2 monthsaverage gap between raises
5.2 monthssince the most recent
8 July 2025 – 22 May 2026first to most recent in this window
$15.4M
Placement
22 May 2026 COMPLETE
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9 issues (incl. 4 exercises or conversions) 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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25 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 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.

About 11% of the 15% placement capacity left — about 89% used by Appendix 3B filings in the last 12 months, after the issues holders ratified (estimate, as at 2026-10-28). Holders passed a ratification we could not match to exactly one filing, or whose number of shares the result does not state, and shares issued with holder approval are not added to the base, so the true headroom may 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

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
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1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

8.3%
Options & rights overhang · of current shares
3.6%
In-the-money supply · at current price
742.0M
Potential new shares
Jan 2028
Nearest expiry
What a price move would switch on
371.0M742.0M$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) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.024) — 326.7M of the priced supply in the money, 3.6% of shares on issue1.25× today ($0.029) — 351.7M of the priced supply in the money, 3.9% of shares on issue1.5× today ($0.035) — 742.0M of the priced supply in the money, 8.3% of shares on issue2× today ($0.047) — 742.0M of the priced supply in the money, 8.3% of shares on issue3× today ($0.071) — 742.0M of the priced supply in the money, 8.3% of shares on issue5× today ($0.117) — 742.0M of the priced supply in the money, 8.3% of shares on issue10× today ($0.235) — 742.0M of the priced supply in the money, 8.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.024 today, 326.7M securities are in the money (3.6% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 351.7M (3.9% 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
—OptionsPrice-triggered$0.0181 Sept 20316.0MFiling
—OptionsPrice-triggered$0.0201 Sept 20316.0MFiling
—OptionsPrice-triggered$0.0221 Sept 20316.0MFiling

“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. For what expires soon across other listed companies, see the options expiry calendar.

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24 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

27 Oct 2026Proposed issue of securities - ORN
27 Oct 2026Consolidation/Split - ORN
27 Oct 2026$PNotice of Annual General Meeting/Proxy Form
21 Oct 2026Chief Financial Officer Transition
19 Oct 2026Notification regarding unquoted securities - ORN
19 Oct 2026$POrion Secures US$40M Glencore Funding for Prieska
9 Oct 2026Tembo Makes Way for New Major Shareholders
9 Oct 2026Becoming a substantial holder
7 Oct 2026Date of AGM and Closing Date for Director Nominations
1 Oct 2026Ceasing to be a substantial holder
1 Oct 2026Change in substantial holding
17 Sept 2026Appendix 4G and Corporate Governance Statement
17 Sept 2026Annual Report to shareholders
17 Sept 2026BHP Xplor & 121 Mining Investment Showcase Presentation
2 Sept 2026Investor Presentation
26 Aug 2026Change in substantial holding
31 July 2026$PQuarterly Cashflow Report
31 July 2026$PQuarterly Activities Report
31 July 2026$PGlencore Prepayment Financing Agreement Progressing
30 July 2026Results of Meeting

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.