Companies / PMM

PIONEER MINERALS LIMITED

ASX:PMMMaterials
74.9M shares on issueASX (delayed) · snapshot 11 Sept 2026108.3M fully diluted+44.7% if every option and right converts$0.16price · delayed$12.0Mmarket cap · indicative

Today’s holders own 69.1% of what they think they own, once every option and right converts.

Very high
Dilution riskprovisional — limited history

Runway under 2 quarters; share count grew 16% in 24 months; 3 cash raises in 24 months; since relisting as PMM; prior history under PLN not included

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.6 quarters of funding
Share-count growth (24m)16.2%since relisting as PMM; prior history under PLN not included
Raise cadence (24m)3 cash raisessince relisting as PMM; prior history under PLN not included
Options & rights overhang44.7% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

PIONEER MINERALS LIMITED's ordinary share count grew 16.2% between December 2025 and August 2026, to 75M shares. In the period since December 2025, the company raised capital three times for total disclosed proceeds of A$2.2M, most recently a A$500K placement in July 2026. Options and rights on issue could convert into 33M new shares, equal to 44.7% of the current share count, with the nearest expiry in September 2026; none are currently in the money. At the June 2026 quarter the company reported A$247K in available cash, about 0.6 quarters of funding at its recent spending rate. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in October 2026. The company has been trading as PMM only since December 2025.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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44.7%
Options & rights overhang
0.0%
In-the-money supply
3
Raises · last 12 months
0.6 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. Shown since relisting as PMM (1 Dec 2025); prior history under PLN is not included. Latest count 74.9M per ASX (delayed) (snapshot 11 Sept 2026).
65M70M75MDec 25Apr 26Sept 26Cash raise · 24 July 2026Cash raise · 9 Jan 202674.9M

Cash runway

0.6 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Aug 2026 — that date has passed, and no later report is on record.
$242k 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: $80k cash at quarter end (item 4.6), 0.2 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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3 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 issuePMM : ORDINARY FULLY PAID74.9MAppendix 2A
3 Aug 20263G · unquotedPMM : ORDINARY FULLY PAID70.4MAppendix 3G
14 May 20262A · quoted issuePMM : ORDINARY FULLY PAID70.3MAppendix 2A
14 May 20262A · quoted issuePMM : ORDINARY FULLY PAID69.8MAppendix 2A
14 May 20263G · unquotedPMM : ORDINARY FULLY PAID69.8MAppendix 3G
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12 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 · 3 in the last 12 months · counted since relisting as PMM (1 Dec 2025); prior history under PLN is not included

every 4.9 monthsaverage gap between raises
1.6 monthssince the most recent
29 Sept 2025 – 24 July 2026first to most recent in this window
$500k
Placement
24 July 2026 COMPLETE
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3 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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3 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 — no share count old enough to measure 15% of. 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.
Paid plan
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

44.7%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
33.5M
Potential new shares
Sept 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered31.3M · 41.7% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered2.2M · 2.9% 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: 31.3M priced, 2.2M 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
16.7M33.5M$0.16 now0.25× today ($0.04) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.08) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.12) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.16) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.20) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.24) — 8.5M of the priced supply in the money, 11.4% of shares on issue2× today ($0.32) — 31.3M of the priced supply in the money, 41.7% of shares on issue3× today ($0.48) — 31.3M of the priced supply in the money, 41.7% of shares on issue5× today ($0.80) — 31.3M of the priced supply in the money, 41.7% of shares on issue10× today ($1.60) — 31.3M of the priced supply in the money, 41.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.16 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 8.5M (11.4% 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.
  • 2.2M (6.6% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
PMMAEOptionsPrice-triggered$0.2528 Sept 202622.8MFiling
PMMAGOptionsPrice-triggered$0.2014 Oct 20288.5MFiling
PMMAAPerformance rightsCondition-triggered——2.2MFiling

“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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3 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
13 May 2026Agha Shahzad PervezOther556k185k——3Y notice
9 Dec 2025Agha Shahzad PervezOther placement714k238k——3Y notice
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2 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

28 Aug 2026Final Director's Interest Notice - Hughes
28 Aug 2026Initial Director's Interest Notice - Forzatti
27 Aug 2026Pioneer Strengthens Board with Project Development Expertise
10 Aug 2026$PHigh-Priority VTEM Conductor Identified at Springfield
3 Aug 2026Notice Under Section 708A(5)(e)
3 Aug 2026Notification regarding unquoted securities - PMM
3 Aug 2026Application for quotation of securities - PMM
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
28 July 2026Proposed issue of securities - PMM
28 July 2026Proposed issue of securities - PMM
28 July 2026$PSecures Firm Commitments for $500,000 Placement
26 July 2026$PTrading Halt
22 July 2026Chief Financial Officer and Company Secretary Appointment
6 July 2026$PCompletes Airborne VTEM Survey at Springfield Project
30 June 2026$PCompletes Heritage Survey and Commences Airborne VTEM Survey
21 June 2026$PSecures Permission to Drill Springfield Tungsten Project
2 June 2026$PCompletes Springfield Access Road Reopening
24 May 2026$PSpringfield Mine Access Works to Accelerate North Pine
17 May 2026$PDrilling Contractor for Maiden Drill Program at Springfield
14 May 2026Change of Director's Interest Notice - Pervez

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