Companies / RDM

RED METAL LIMITED

ASX:RDMMaterials
387.9M shares on issueASX (delayed) · snapshot 28 Oct 2026425.6M fully diluted+9.7% if every option and right converts$0.14price · delayed$54.3MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 91.2% of what they think they own, once every option and right converts.

Low
Dilution risk

Share count grew 30% in 24 months; 10% of shares in the money; options/rights overhang 10% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runwaycash-generative (no net burn)
Share-count growth (24m)29.5%
Raise cadence (24m)0 cash raises
Options & rights overhang9.7% of shares
In-the-money supply9.7% of shares
Pending proposed issuesnone

Between July 2024 and August 2026, RED METAL LIMITED's latest share-count filing, ordinary shares grew 29.5% to 388M. The company has not raised capital in the 24-month window. Options and rights could convert into 38M new shares, representing 9.7% of the current share count, of which 10% are in the money; the nearest expiry is November 2026. The latest cash report shows non-negative net cash flow, so no funding-runway figure applies. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 27 Oct 2026
Quick answers · 3

How much placement capacity does RDM have left?

None of the 15% placement capacity counted as used in the last 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.

When do RDM's options expire?

Unexercised options and rights equal 9.7% of Red Metal's shares on issue; the nearest expiry is Nov 2026.

How much has RDM's share count grown?

Red Metal has 387.9M shares on issue as at 28 Oct 2026, up 29.5% over 24 months according to its Appendix 2A filings.

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9.7%
Options & rights overhang
9.7%
In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply
0
Raises · last 12 months
No net burn
Cash cover · cash-generative

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 387.9M per ASX (delayed) (snapshot 28 Oct 2026).
360M370M380M390MDec 24Nov 25Oct 26387.9M

Cash runway

—
The latest quarterly cash report shows no net cash burn, so there is no cash-out date.
$4.5M cash after burn.
FILED $4.5M cash · quarter ended 30 June 2026
OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.$4.5M cash at 30 Jun 2026 = $4.5M left (no net burn, so nothing is deducted)FILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.
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11 cash reports on record — Cash runway history
Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 June 2026.
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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)

DateFormSecurityOn issue, per this filingSource
17 Aug 20262A · quoted issueRDM : ORDINARY FULLY PAID387.9MAppendix 2A
7 Aug 20262A · quoted issueRDM : ORDINARY FULLY PAID387.4MAppendix 2A
6 July 20262A · quoted issueRDM : ORDINARY FULLY PAID386.9MAppendix 2A
29 June 20262A · quoted issueRDM : ORDINARY FULLY PAID385.9MAppendix 2A
23 June 20262A · quoted issueRDM : ORDINARY FULLY PAID384.9MAppendix 2A
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35 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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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.

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Securities on issue, by class
How the share count and each option and rights class moved, month by month, with every number in a table.
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Capital raises

No equity raises in the last 24 months.
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6 issues (incl. 5 exercises or conversions) 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.

9.3M of option supply could convert within 12 months — 2.4% of shares on issue
9.3M 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.
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4 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 / 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.

No Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-10-28).
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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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

9.7%
Options & rights overhang · of current shares
9.7%
In-the-money supply · at current price
37.6M
Potential new shares
Nov 2026
Nearest expiry
What a price move would switch on
18.8M37.6M$0.14 now0.25× today ($0.03) — 9.3M of the priced supply in the money, 2.4% of shares on issue0.5× today ($0.07) — 9.3M of the priced supply in the money, 2.4% of shares on issue0.75× today ($0.10) — 27.6M of the priced supply in the money, 7.1% of shares on issue1× today ($0.14) — 37.6M of the priced supply in the money, 9.7% of shares on issue1.25× today ($0.17) — 37.6M of the priced supply in the money, 9.7% of shares on issue1.5× today ($0.20) — 37.6M of the priced supply in the money, 9.7% of shares on issue2× today ($0.27) — 37.6M of the priced supply in the money, 9.7% of shares on issue3× today ($0.41) — 37.6M of the priced supply in the money, 9.7% of shares on issue5× today ($0.68) — 37.6M of the priced supply in the money, 9.7% of shares on issue10× today ($1.35) — 37.6M of the priced supply in the money, 9.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.14 today, 37.6M securities are in the money (9.7% of shares on issue). No price up to ten times today’s switches on any more priced supply.

  • 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
RDMAAEOptionsPrice-triggered$0.03318 Nov 20269.3MFiling
RDMAAFOptionsPrice-triggered$0.07310 Nov 202713.2MFiling
RDMAIOptionsPrice-triggered$0.1316 Nov 202810.0MFiling
RDMAJOptionsPrice-triggered$0.09330 Nov 20285.2MFiling

“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. For what expires soon across other listed companies, see the options expiry calendar.

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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.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
28 Nov 2025JOSHUA PITTBuy incentive1.0M2.5M——3Y notice
28 Nov 2025ROBERT RUTHERFORDBuy incentive2.0M5.0M——3Y notice
28 Nov 2025RUSSELL BARWICKBuy incentive1.0M2.5M——3Y notice
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6 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

26 Oct 2026$PSybella REO Strong Fresh Granite Leach Results
22 Oct 2026Sybella Infill and Extension Drilling Underway
21 Oct 2026Sybella Six Metre Columns Leach Tests Underway
8 Oct 2026Notification of Date of 2026 Annual General Meeting
28 Sept 2026Expanded Big Copper Strategy
21 Sept 2026Company Presentation
16 Sept 2026Appendix 4G and Corporate Governance Statement
16 Sept 2026Annual Report 2026
17 Aug 2026Notice under Section 708A(5)(e)
17 Aug 2026Application for quotation of securities - RDM
7 Aug 2026Notice under Section 708A(5)(e)
7 Aug 2026Application for quotation of securities - RDM
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
30 July 2026Sybella Rare Earth Heap Leach Pre-Feasibility Study Underway
6 July 2026Notice under Section 708A(5)(e)
6 July 2026Application for quotation of securities - RDM
29 June 2026Notice under Section 708A(5)(e)
29 June 2026Application for quotation of securities - RDM
26 June 2026In-Specie Distribution ATO Ruling
24 June 2026Updated Sybella Rare Earths Presentation

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.