RAGNAR METALS LIMITED
ASX:RAGMaterialsToday’s holders own 78.4% of what they think they own, once every option and right converts.
Runway under 2 quarters; options/rights overhang 28% of shares
RAGNAR METALS LIMITED's ordinary share count grew 3.1% between December 2024 and March 2026, its latest share-count filing, to 488M shares. The company has not conducted any capital raisings in the 24-month window. Options and rights on issue could convert into 134M new shares, equal to 27.5% of the current share count, none of which are in the money; the nearest expiry is December 2026. At the reported spend rate the reported cash would since have been used up, and no later cash report is on record, so no funding-runway figure applies. No proposed securities issues are pending.
Quick answers · 4
How much placement capacity does RAG have left?
About 93% of the 15% placement capacity left, about 7% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does RAG have?
In its quarterly cash report for the quarter ended 30 June 2026, Ragnar Metals reported $233k of cash and estimated 0.4 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do RAG's options expire?
Unexercised options and rights equal 27.5% of Ragnar Metals's shares on issue; the nearest expiry is Dec 2026.
How much has RAG's share count grown?
Ragnar Metals has 488.5M shares on issue as at 28 Oct 2026, up 3.1% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 9 Mar 2026 | 2A · quoted issue | RAG : ORDINARY FULLY PAID | 488.5M | Appendix 2A |
| 13 Feb 2026 | 2A · quoted issue | RAG : ORDINARY FULLY PAID | 485.1M | Appendix 2A |
| 29 Jan 2026 | 2A · quoted issue | RAG : ORDINARY FULLY PAID | 479.1M | Appendix 2A |
| 29 Jan 2026 | 3G · unquoted | RAG : ORDINARY FULLY PAID | 474.0M | Appendix 3G |
| 24 Nov 2025 | 3H · cancellation | RAG : ORDINARY FULLY PAID | 474.0M | Appendix 3H |
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
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.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered114.4M · 23.4% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 91.4M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered20.0M · 4.1% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 23.0M priced, 111.4M 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.
An exercise price is on record for only 17.1% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.015 today. No more priced supply until 3× today’s price, which takes it to 18.0M (3.7% 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.
- 111.4M (82.9% 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 |
|---|---|---|---|---|---|---|
| RAGOD | Options | Price-triggered, no exercise price stated | — | 2 Dec 2026 | 91.4M | Filing |
| RAGAT | Options | Price-triggered | $0.030 | 29 Nov 2027 | 13.0M | Filing |
| RAGAY | Options | Price-triggered | $0.040 | 27 Jan 2028 | 5.0M | Filing |
| RAGAZ | Options | Price-triggered | $0.060 | 27 Jan 2028 | 5.0M | Filing |
| RAGAU | Performance rights | Condition-triggered | — | — | 1.0M | Filing Meeting |
| RAGAW | Performance rights | Condition-triggered | — | — | 6.0M | Filing Meeting |
| RAGAX | Performance rights | Condition-triggered | — | — | 6.0M | Filing Meeting |
| RAGAV | Performance rights | Condition-triggered | — | — | 7.0M | 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. For what expires soon across other listed companies, see the options expiry calendar.
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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 26 Aug 2026 | Ariel (Eddie) King | Buy | 2.3M | — | — | $49k | 3Y notice |
| 20 May 2026 | Steve Formica | Buy on-market | 1.1M | 5.0M | 8.0M | $29k | 3Y notice |
| 6 Mar 2026 | Steve Formica | Other | 3.4M | — | — | $65k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.