Companies / PGY

PILOT ENERGY LIMITED

ASX:PGYEnergySuspended from quotation
125.1M shares on issueASX (delayed) · snapshot 11 Sept 2026238.9M fully diluted+91.0% if every option and right converts$0.054price · delayed—market cap · indicative

Today’s holders own 52.4% of what they think they own, once every option and right converts.

Not rated
Dilution risk

Not rated — the company is suspended from quotation

This company is suspended from ASX quotation. Scoring is paused until it resumes trading. Not rated means no assessment — not low risk.

MinimalVery high
Not placed on this scale.
Cash runway-1.7 quarters of funding
Share-count growth (24m)810.8%measured to the latest Appendix 2A, not to the share count above
Raise cadence (24m)6 cash raises
Options & rights overhang91.0% of shares
In-the-money supply32.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

PILOT ENERGY LIMITED reported a share consolidation effective February 2026, approximately 1-for-25. Following this adjustment, the company's latest ordinary share count was 125M as of March 2026. PILOT ENERGY LIMITED raised capital six times in the past 24 months, totalling A$16.5M, with the most recent being a A$3.4M placement in January 2026. Currently, there is potential for 114M new shares from options and rights, representing 91.0% of the current share count. Of these, 32% are in the money, and the nearest expiry date is November 2026. As of March 2026, the company reported negative cash of A$-3.0M, indicating a funding runway of -1.6 quarters. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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91.0%
Options & rights overhang
32.0%
In-the-money supply
1
Raises · last 12 months
-1.7 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. Adjusted for the 1-for-25 consolidation (24 Feb 2026). Latest count 125.1M per ASX (delayed) (snapshot 11 Sept 2026).
75M100M125MDec 24Oct 25Aug 261-for-25 consolidationCash raise · 22 Jan 2026Cash raise · 12 May 2025Cash raise · 9 May 2025Cash raise · 22 Jan 2025Cash raise · 18 Dec 2024125.1M

Cash runway

-1.7 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
$-3.0M cash after burn from the quarter ended 31 Mar 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $74k cash at quarter end (item 4.6), 53.4 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 31 Mar 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
26 May 20263G · unquotedPGY : ORDINARY FULLY PAID125.1MAppendix 3G
30 Apr 20263H · cancellationPGY : ORDINARY FULLY PAID125.1MAppendix 3H
24 Mar 20263G · unquotedPGY : ORDINARY FULLY PAID125.1MAppendix 3G
11 Mar 20263G · unquotedPGY : ORDINARY FULLY PAID125.1MAppendix 3G
3 Mar 20263G · unquotedPGY : ORDINARY FULLY PAID86.8MAppendix 3G
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41 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

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

every 3.1 monthsaverage gap between raises
7.7 monthssince the most recent
13 Oct 2024 – 22 Jan 2026first to most recent in this window
$3.4M
Placement
22 Jan 2026
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8 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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7 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 — a share consolidation inside the last 12 months puts the filings and the share count in different units.
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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

91.0%
Options & rights overhang · of current shares
32.0%
In-the-money supply · at current price
113.8M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered113.8M · 91.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 25.5M of it states no exercise price — that much cannot be called in or out of the money.
  • Converts on terms39 · 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: 88.3M priced (of which 40.0M in the money), 25.5M 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
56.9M113.8M$0.054 now0.25× today ($0.013) — 40.0M of the priced supply in the money, 32.0% of shares on issue0.5× today ($0.027) — 40.0M of the priced supply in the money, 32.0% of shares on issue0.75× today ($0.041) — 40.0M of the priced supply in the money, 32.0% of shares on issue1× today ($0.054) — 40.0M of the priced supply in the money, 32.0% of shares on issue1.25× today ($0.068) — 40.0M of the priced supply in the money, 32.0% of shares on issue1.5× today ($0.081) — 40.0M of the priced supply in the money, 32.0% of shares on issue2× today ($0.108) — 87.2M of the priced supply in the money, 69.7% of shares on issue3× today ($0.162) — 87.2M of the priced supply in the money, 69.7% of shares on issue5× today ($0.270) — 87.2M of the priced supply in the money, 69.7% of shares on issue10× today ($0.540) — 87.2M of the priced supply in the money, 69.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.054 today, 40.0M securities are in the money (32.0% of shares on issue). At double today’s price it is 87.2M (69.7% 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.
  • 25.5M (22.4% 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.
  • 1.1M 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
PGYASOptionsPrice-triggered$1.251 Nov 2026240kFiling
PGYOAOptionsPrice-triggered—31 Dec 202625.5MFiling
PGYATOptionsPrice-triggered$1.017 Feb 2027800kFiling
PGYAJOptionsPrice-triggered$0.09026 Feb 202739.8MFiling
PGYALOptionsPrice-triggered$0.6323 Mar 202895kFiling
PGYAUOptionsPrice-triggered$0.09010 Mar 20297.4MFiling
—OptionsPrice-triggered$0.00525 Feb 203040.0MFiling
PGYAINotesConverts on terms——39Filing

“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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8 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
3 Mar 2026Alexander SundichOther placement13.9M13.9M——3Y notice
3 Mar 2026Bradley LingoOther placement1.4M1.4M——3Y notice
3 Mar 2026Bradley LingoOther placement13.9M13.9M——3Y notice
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15 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 2026Invitation to Submit Expressions of Interest
18 Aug 2026Resignation of Company Secretary
11 Aug 2026Extension of Convening Period for Creditors' Second Meeting
4 Aug 2026Deferral of Financial Reporting Obligations
14 July 2026$PSuspension from Quotation
14 July 2026$PAppointment of Voluntary Administrators
25 June 2026$PCorporate Update
26 May 2026Update - Notification regarding unquoted securities - PGY
18 May 2026Proposed issue of securities - PGY
18 May 2026$1.1m Convertible Note Facility
30 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
30 Apr 2026Notification of cessation of securities - PGY
29 Apr 2026Dongara Data Centre commences operation
15 Apr 2026Corporate Update
8 Apr 2026$PContinuation of Suspension
1 Apr 2026$PSuspension from Quotation
30 Mar 2026$PTrading Halt
30 Mar 2026$PPause in Trading
30 Mar 2026Amendment to Previous ASX Appendices
24 Mar 2026Notification regarding unquoted securities - PGY

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