Companies / PVT

PIVOTAL METALS LIMITED

ASX:PVTMaterials
1.32B shares on issueASX (delayed) · snapshot 11 Sept 20261.42B fully diluted+8.4% if every option and right converts$0.020price · delayed$26.3Mmarket cap · indicative

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

High
Dilution risk

Share count grew 87% in 24 months; runway 2–4 quarters; 1 cash raise in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.5 quarters of funding
Share-count growth (24m)86.8%
Raise cadence (24m)1 cash raise
Options & rights overhang8.4% of shares
In-the-money supply0.9% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

PIVOTAL METALS LIMITED's ordinary share count was 1.32B as of August 2026, having grown 86.8% since January 2024. The company undertook one capital raise in the past 24 months, a A$5.4M placement in October 2025. Options and rights on issue could convert into 110M new shares, representing 8.4% of the current share count, with 1% in the money and an expiry in December 2026. As of June 2026, the company reported A$2.6M in cash, sufficient to cover approximately 2.5 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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8.4%
Options & rights overhang
0.9%
In-the-money supply
1
Raises · last 12 months
2.5 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 1.32B per ASX (delayed) (snapshot 11 Sept 2026).
0.9B1.0B1.1B1.2B1.3BDec 24Oct 25Sept 26Cash raise · 21 Oct 20251.32B

Cash runway

2.5 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Feb 2027 at the reported spend rate.
$2.6M 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: $3.5M cash at quarter end (item 4.6), 3.4 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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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.
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Issuance timeline

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

DateFormSecurityOn issue, per this filingSource
20 Aug 20262A · quoted issuePVT : ORDINARY FULLY PAID1.32BAppendix 2A
19 July 20263H · cancellationPVT : ORDINARY FULLY PAID1.31BAppendix 3H
11 June 20262A · quoted issuePVT : ORDINARY FULLY PAID1.31BAppendix 2A
6 May 20263H · cancellationPVT : ORDINARY FULLY PAID1.31BAppendix 3H
7 Jan 20263G · unquotedPVT : ORDINARY FULLY PAID1.31BAppendix 3G
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28 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

1 cash raise in the last 24 months · 1 in the last 12 months

$5.4M
Placement
21 Oct 2025 COMPLETE
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4 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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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.
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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

8.4%
Options & rights overhang · of current shares
0.9%
In-the-money supply · at current price
109.9M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered98.5M · 7.5% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered11.4M · 0.9% 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: 98.5M priced (of which 12.0M in the money), 11.4M 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
54.9M109.9M$0.020 now0.25× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.010) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.015) — 12.0M of the priced supply in the money, 0.9% of shares on issue1× today ($0.020) — 12.0M of the priced supply in the money, 0.9% of shares on issue1.25× today ($0.025) — 18.0M of the priced supply in the money, 1.4% of shares on issue1.5× today ($0.030) — 77.5M of the priced supply in the money, 5.9% of shares on issue2× today ($0.040) — 81.5M of the priced supply in the money, 6.2% of shares on issue3× today ($0.060) — 98.5M of the priced supply in the money, 7.5% of shares on issue5× today ($0.100) — 98.5M of the priced supply in the money, 7.5% of shares on issue10× today ($0.200) — 98.5M of the priced supply in the money, 7.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.020 today, 12.0M securities are in the money (0.9% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 18.0M (1.4% 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.
  • 11.4M (10.4% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
PVTAROptionsPrice-triggered$0.0435 Dec 20263.0MFiling
PVTABOptionsPrice-triggered$0.04023 July 20276.0MFiling
PVTAXOptionsPrice-triggered$0.0112 Dec 202712.0MFiling
PVTASOptionsPrice-triggered$0.0305 Dec 20274.0MFiling
PVTATOptionsPrice-triggered$0.0435 Dec 20274.0MFiling
PVTAUOptionsPrice-triggered$0.0555 Dec 20274.0MFiling
PVTAWOptionsPrice-triggered$0.02322 Nov 20286.0MFiling
PVTAVOptionsPrice-triggered$0.02522 Nov 20287.5MFiling
PVTACOptionsPrice-triggered$0.02522 Dec 202840.0MFiling
PVTADOptionsPrice-triggered$0.0257 Jan 202912.0MFiling
PVTAAPerformance rightsCondition-triggered——11.4MFiling 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
4 Aug 2026Ivan FairhallBuy on-market1.0M——$14k3Y notice
19 July 2026Ivan FairhallSell incentive——954k—3Y notice
7 July 2026Ivan FairhallBuy on-market1.2M—1.8M$16k3Y notice
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17 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 2026$PHigher Copper Recoveries For Horden Lake
31 Aug 2026Proposed issue of securities - PVT
20 Aug 2026Application for quotation of securities - PVT
20 Aug 2026s708A Notice
20 Aug 2026Proposed issue of securities - PVT
19 Aug 2026$PBambino Deal Expands High-Grade Cu-Ni-PGM at Belleterre
9 Aug 2026Change of Director's Interest Notice
29 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
19 July 2026Change of Director's Interest Notice
19 July 2026Notification of cessation of securities - PVT
7 July 2026Change of Director's Interest Notice
7 July 2026Webinar - Updated Horden Lake MRE & Outlook
7 July 2026Updated Horden Lake MRE & Outlook
6 July 2026Investor Presentation - July 2026
6 July 2026$PMajor Copper Resource Growth at Horden Lake
1 July 2026$PDrill Program Expanded at Belleterre
11 June 2026s708A Notice
11 June 2026Application for quotation of securities - PVT
9 June 2026$PHigh grade Cu, Ni and PGM Intersected in Alotta Drilling
13 May 2026$PExploration of New Cu-Ni Targets Commences at LaForce

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