RAPTOR METALS LTD
ASX:RAPMaterialsToday’s holders own 58.4% of what they think they own, once every option and right converts.
Runway under 2 quarters; options/rights overhang 71% of shares; share count grew 6% in 24 months; since relisting as RAP; prior history under EMS not included
RAPTOR METALS LTD's ordinary share count increased 6.1% between January 2026 and May 2026, its latest share-count filing, to 641M shares. The company trades as RAP only since January 2026 after a rename from EMS; every figure here covers only the period since the rename. No capital raises were recorded in the 24-month window. Options and rights on issue could convert into 457M new shares, equal to 71.2% of the current share count; none are in the money at the current share price, and the nearest expiry is February 2027. The company has under 2 quarters of funding at the recent spend rate. No proposed securities issues are pending.
Quick answers · 2
How much cash does RAP have?
In its quarterly cash report for the quarter ended 30 June 2026, Raptor Metals reported $1.4M of cash and estimated 2.4 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do RAP's options expire?
Unexercised options and rights equal 71.2% of Raptor Metals's shares on issue; the nearest expiry is Feb 2027.
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 |
|---|---|---|---|---|
| 10 June 2026 | 3H · cancellation | RAP : ORDINARY FULLY PAID | 398.8M | Appendix 3H |
| 28 May 2026 | 2A · quoted issue | RAP : ORDINARY FULLY PAID | 398.8M | Appendix 2A |
| 26 May 2026 | 2A · quoted issue | RAP : ORDINARY FULLY PAID | 397.6M | Appendix 2A |
| 14 May 2026 | 2A · quoted issue | RAP : ORDINARY FULLY PAID | 395.1M | Appendix 2A |
| 12 May 2026 | 2A · quoted issue | RAP : ORDINARY FULLY PAID | 394.9M | 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 (398.8M) need not equal the current count above (641.5M).
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
Results due
What the company's own reports say is coming, and when. A month is one the report names; “by end of year” is a deadline such as “Q4”. See every explorer on the results calendar.
- by end 2026 · maiden drilling program commencement (to start)
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-triggered282.0M · 44.0% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 49.8M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered175.0M · 27.3% 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: 232.3M priced, 224.7M 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.
At $0.017 today, 0 securities are in the money (0.0% of shares on issue). At double today’s price it is 227.3M (35.4% 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.
- 224.7M (49.2% 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 |
|---|---|---|---|---|---|---|
| RAPAC | Options | Price-triggered, no exercise price stated | — | 26 Feb 2027 | 1.0M | Filing |
| RAPAD | Options | Price-triggered, no exercise price stated | — | 26 Feb 2027 | 5.0M | Filing |
| RAPAI | Options | Price-triggered | $0.12 | 18 July 2027 | 5.0M | Filing |
| RAPAG | Options | Price-triggered, no exercise price stated | — | 22 Dec 2028 | 2.1M | Filing |
| RAPAJ | Options | Price-triggered, no exercise price stated | — | 22 Dec 2028 | 41.7M | Filing |
| RAPAM | Options | Price-triggered | $0.030 | 22 Dec 2028 | 227.3M | Filing |
| RAPAN | Performance rights | Condition-triggered | — | — | 9.2M | Filing |
| RAPAL | Performance rights | Condition-triggered | — | — | 78.5M | Filing |
| RAPAK | Performance rights | Condition-triggered | — | — | 87.3M | Filing |
“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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 26 Aug 2026 | Brett Wallace | Buy on-market | 115k | — | — | $3k | 3Y notice |
| 18 Aug 2026 | Brett Wallace | Buy on-market | 247k | 2.0M | 2.1M | $7k | 3Y notice |
| 9 June 2026 | Ian White | Sell | 583k | 14k | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.