PHOSCO LTD

ASX:PHOMaterials

540.8M shares on issueASX (delayed) · snapshot 11 Sept 2026722.1M fully diluted+33.5% if every option and right converts$0.15price · delayed$81.1Mmarket cap · indicative

Today’s holders own 74.9% of what they think they own, once every option and right converts.

High

Dilution risk

Share count grew 93% in 24 months; 3 cash raises in 24 months; options/rights overhang 34% of shares

Absolute levels — not a ranking against other companies.

Cash runway14.2 quarters of funding

Share-count growth (24m)93.1%measured to the latest Appendix 2A, not to the share count above

Raise cadence (24m)3 cash raises

Options & rights overhang33.5% of shares

In-the-money supply31.1% of shares

Pending proposed issuesnone

PHOSCO LTD's ordinary share count stood at 541M as of June 2026. The company completed three capital raises in the past 24 months, totalling A$15.0M, with the most recent being a A$5.0M placement in February 2026. Options and rights on issue represent a potential 181M new shares, accounting for 33.5% of the current share count, with 31% in the money; the nearest expiry date for these is May 2027. As of the June 2026 quarter, the company reported A$5.5M in available cash, providing cover for approximately 14.2 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026

Get told when this changes

Set up alerts

Daily email alerts cover risk-level moves, new raises, pending proposed issues and option expiries for the companies you follow.

33.5%

Options & rights overhang

31.1%

In-the-money supply

Raises · last 12 months

14.2 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 540.8M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

14.2 qtrs

More than four quarters of funding at the recent spend rate.

More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.

$5.5M 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: $5.9M cash at quarter end (item 4.6), 4.6 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.

Free account

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.

Free account: 2 full company unlocks every month, no card.

Create free account See plans

Issuance timeline

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

Date	Form	Security	On issue, per this filing	Source
1 July 2026	2A · quoted issue	PHO : ORDINARY FULLY PAID	538.8M	Appendix 2A
1 July 2026	2A · quoted issue	PHO : ORDINARY FULLY PAID	537.8M	Appendix 2A
10 June 2026	2A · quoted issue	PHO : ORDINARY FULLY PAID	535.8M	Appendix 2A
20 May 2026	2A · quoted issue	PHO : ORDINARY FULLY PAID	533.7M	Appendix 2A
11 May 2026	2A · quoted issue	PHO : ORDINARY FULLY PAID	530.7M	Appendix 2A

Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (538.8M) need not equal the current count above (540.8M).

Free account

35 filings on record — Full issuance history

Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).

Free account: 2 full company unlocks every month, no card.

Create free account See plans

Capital raises

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

every 5.7 monthsaverage gap between raises

6.9 monthssince the most recent

6 Mar 2025 – 13 Feb 2026first to most recent in this window

$5.0M

Placement

13 Feb 2026 COMPLETE

Free account

7 raises on record — Full raise history

Issue price, shares issued, brokers and stated purpose for every raise on record.

Free account: 2 full company unlocks every month, no card.

Create free account See plans

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.

18.3M of option supply could convert within 12 months — 3.4% of shares on issue

18.3M in the money, expiring in the window

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.

Free account

3 dated events on record — Forward supply calendar

Option expiries and proposed issues on one forward timeline, with the securities each could add.

Free account: 2 full company unlocks every month, no card.

Create free account See plans

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.

Free account

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.

Free account: 2 full company unlocks every month, no card.

Create free account See plans

Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

33.5%

Options & rights overhang · of current shares

31.1%

In-the-money supply · at current price

181.3M

Potential new shares

May 2027

Nearest expiry

What this supply is, and what converts it

Price-triggered178.3M · 33.0% of shares
Options and warrants — they convert when the share price clears their exercise price.
Condition-triggered3.0M · 0.6% 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: 178.3M priced (of which 168.3M in the money), 3.0M 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

At $0.15 today, 168.3M securities are in the money (31.1% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 178.3M (33.0% 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.
3.0M (1.7% 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.

Code	Security	Type	Exercise price	Expiry	On issue	Source
PHOAK	Options	Price-triggered	$0.050	7 May 2027	18.3M	Filing
PHOAA	Options	Price-triggered	$0.050	31 Jan 2028	150.0M	Filing
PHOAL	Options	Price-triggered	$0.18	1 Mar 2028	10.0M	Filing
PHOAC	Performance rights	Condition-triggered	—	—	3.0M	Filing 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.

Free account

4 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.

Free account: 2 full company unlocks every month, no card.

Create free account See plans

Director dealings

Date	Director	Type	Shares	Options	Other	Value	Source
2 July 2026	Mehdi Ben Abdallah	Other incentive	5.0M	—	3.0M	—	3Y notice
2 Dec 2025	Robin Anthony Widdup	Other	1.5M	6.6M	—	—	3Y notice
2 Dec 2025	Tarecq Elias Aldaoud	Other incentive	3.3M	—	5.0M	—	3Y notice