Companies / ORP

ORPHEUS URANIUM LIMITED

ASX:ORPMaterials
399.3M shares on issueASX (delayed) · snapshot 11 Sept 2026440.2M fully diluted+10.2% if every option and right converts$0.13price · delayed$51.9Mmarket cap · indicative

Today’s holders own 90.7% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 68% in 24 months; 4 cash raises in 24 months; 6% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway10.2 quarters of funding
Share-count growth (24m)68.3%
Raise cadence (24m)4 cash raises
Options & rights overhang10.2% of shares
In-the-money supply6.3% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

ORPHEUS URANIUM LIMITED's ordinary share count grew 68.3% between December 2024 and August 2026, reaching 399M shares. The company raised capital four times in the past 24 months for total disclosed proceeds of A$11.5M, with the most recent being a A$4.2M placement in July 2026. Options and rights on issue represent potential for 41M new shares, or 10.2% of the current share count, of which 6% are in the money, with the nearest expiry in November 2026. As of the June 2026 quarter, the company held A$8.5M in cash, which covers approximately 10.2 quarters of operations. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in November 2026.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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10.2%
Options & rights overhang
6.3%
In-the-money supply
2
Raises · last 12 months
10.2 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 399.3M per ASX (delayed) (snapshot 11 Sept 2026).
200M300M400MDec 24Oct 25Sept 26Cash raise · 24 July 2026Cash raise · 30 Jan 2026Cash raise · 15 Apr 2025399.3M

Cash runway

10.2 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Jan 2029 at the reported spend rate.
$8.5M 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: $5.0M cash at quarter end (item 4.6), 6.5 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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10 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
3 Aug 20262A · quoted issueORP : ORDINARY FULLY PAID399.3MAppendix 2A
27 Apr 20263G · unquotedORP : ORDINARY FULLY PAID352.1MAppendix 3G
10 Feb 20262A · quoted issueORP : ORDINARY FULLY PAID352.1MAppendix 2A
9 Feb 20263G · unquotedORP : ORDINARY FULLY PAID281.7MAppendix 3G
20 Jan 20263G · unquotedORP : ORDINARY FULLY PAID281.7MAppendix 3G
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13 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 · 2 in the last 12 months

every 6.6 monthsaverage gap between raises
1.6 monthssince the most recent
27 Nov 2024 – 24 July 2026first to most recent in this window
$4.3M
Placement
24 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.

5.0M of option supply could convert within 12 months — 1.3% of shares on issue
5.0M in the money, expiring in the window
1 proposed issue (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
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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11 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. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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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

10.2%
Options & rights overhang · of current shares
6.3%
In-the-money supply · at current price
40.9M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered26.4M · 6.6% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered14.5M · 3.6% 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: 26.4M priced (of which 25.3M in the money), 14.5M 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
20.4M40.9M$0.13 now0.25× today ($0.03) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.07) — 8.5M of the priced supply in the money, 2.1% of shares on issue0.75× today ($0.10) — 20.3M of the priced supply in the money, 5.1% of shares on issue1× today ($0.13) — 25.3M of the priced supply in the money, 6.3% of shares on issue1.25× today ($0.16) — 26.3M of the priced supply in the money, 6.6% of shares on issue1.5× today ($0.20) — 26.3M of the priced supply in the money, 6.6% of shares on issue2× today ($0.26) — 26.3M of the priced supply in the money, 6.6% of shares on issue3× today ($0.39) — 26.3M of the priced supply in the money, 6.6% of shares on issue5× today ($0.65) — 26.3M of the priced supply in the money, 6.6% of shares on issue10× today ($1.30) — 26.3M of the priced supply in the money, 6.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.13 today, 25.3M securities are in the money (6.3% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 26.3M (6.6% 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.
  • 14.5M (35.5% 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.
  • 100k more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
CodeSecurityTypeExercise priceExpiryOn issueSource
ORPAPOptionsPrice-triggered$2.0030 Nov 2026100kFiling
ORPASOptionsPrice-triggered$0.108 Dec 20265.0MFiling
ORPATOptionsPrice-triggered$0.148 Dec 20261.0MFiling
ORPAVOptionsPrice-triggered$0.05524 Dec 20273.5MFiling
ORPAAOptionsPrice-triggered$0.0524 Mar 20282.5MFiling
ORPAYOptionsPrice-triggered$0.04229 Apr 20282.5MFiling
ORPAWOptionsPrice-triggered$0.06524 Dec 20282.5MFiling
ORPADOptionsPrice-triggered$0.0739 Feb 20292.5MFiling
ORPABOptionsPrice-triggered$0.09327 Apr 20294.3MFiling
ORPAXOptionsPrice-triggered$0.09224 Dec 20292.5MFiling
ORPAZPerformance rightsCondition-triggered——14.5MFiling 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.

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11 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
20 Jan 2026Clinton DubienieckiOther incentive8.0M———3Y notice
20 Jan 2026Simon MitchellOther incentive500k2.0M3.0M—3Y notice
20 Jan 2026Todd WilliamsOther incentive—1.0M2.5M—3Y notice
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5 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

31 Aug 20262026 Annual Report
31 Aug 20262026 Corporate Governance Statement & Appendix 4G
24 Aug 2026Corporate Investor Presentation
17 Aug 2026New Exploration Licences Extend Marree Project Area
13 Aug 2026Marree Project Strategic Acquisition Update
12 Aug 2026Change in Substantial Holding - Cleland Projects Pty Ltd
3 Aug 2026Notice Under Section 708A(5) of the Corporations Act
3 Aug 2026Application for quotation of securities - ORP
29 July 2026$PDrilling Commences at Orpheus' Frome Project
29 July 2026Proposed issue of securities - ORP
29 July 2026Proposed issue of securities - ORP
29 July 2026$P$4.25m Placement Funds Commencement of Drilling
26 July 2026$PTrading Halt
26 July 2026$PPause in Trading
23 July 2026$PQuarterly Activities Report - June 2026
23 July 2026$PQuarterly Cashflow Report - June 2026
22 July 2026Oobagooma Acquisition Update
17 July 2026Notice of Initial Substantial Holder - IsoEnergy Ltd
22 June 2026$PInaugural Drilling Program to Commence at Frome Project
14 June 2026Corporate Investor Presentation

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