Companies / RDM

RED METAL LIMITED

ASX:RDMMaterials
387.9M shares on issueASX (delayed) · snapshot 11 Sept 2026425.6M fully diluted+9.7% if every option and right converts$0.13price · delayed$50.4Mmarket cap · indicative

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; 7% of shares in the money; 1 cash raise in 24 months

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)1 cash raise
Options & rights overhang9.7% of shares
In-the-money supply7.1% of shares
Pending proposed issuesnone

RED METAL LIMITED's ordinary share count grew 29.5% between July 2024 and August 2026, to 388M shares. In the past 24 months, the company raised capital once, a Share Purchase Plan in September 2024 for A$6.0M, with total disclosed proceeds for the period of A$6.0M. Options and rights on issue could convert into 38M new shares, equal to 9.7% of the current share count, of which 7% are in the money at the current share price; the nearest expiry falls in November 2026. At the June 2026 quarter, the company reported A$4.5M in available cash, and the latest quarter reported non-negative net cash flow, so no funding-runway figure applies. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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9.7%
Options & rights overhang
7.1%
In-the-money 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 11 Sept 2026).
360M370M380M390MDec 24Oct 25Sept 26387.9M

Cash runway

—
The latest quarterly report shows no net cash burn, so there is no cash-out date.
$4.5M 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: $4.5M cash at quarter end (item 4.6). 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
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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Capital raises

1 cash raise in the last 24 months · 0 in the last 12 months

$6.0M
Share Purchase Plan
23 Sept 2024
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6 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.

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 allows 15% of ordinary securities in any 12 months, and every Appendix 3B 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 2026-09-12).
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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
7.1%
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$0.13 now0.25× today ($0.03) — 0 of the priced supply in the money, 0.0% 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 ($0.13) — 27.6M of the priced supply in the money, 7.1% of shares on issue1.25× today ($0.16) — 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 ($0.26) — 37.6M of the priced supply in the money, 9.7% of shares on issue3× today ($0.39) — 37.6M of the priced supply in the money, 9.7% of shares on issue5× today ($0.65) — 37.6M of the priced supply in the money, 9.7% of shares on issue10× today ($1.30) — 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 $0.13 today, 27.6M securities are in the money (7.1% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 37.6M (9.7% 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.
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.

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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

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
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
29 July 2026Sybella Rare Earth Heap Leach Pre-Feasibility Study Underway
6 July 2026Notice under Section 708A(5)(e)
6 July 2026Application for quotation of securities - RDM
29 June 2026Notice under Section 708A(5)(e)
29 June 2026Application for quotation of securities - RDM
26 June 2026In-Specie Distribution ATO Ruling
24 June 2026Updated Sybella Rare Earths Presentation
23 June 2026Notice under Section 708A(5)(e)
23 June 2026Application for quotation of securities - RDM
17 June 2026$PSybella Column Leach Tests Yield High REO Recoveries
25 May 2026Notice under Section 708A(5)(e)
25 May 2026Application for quotation of securities - RDM
19 May 2026Appendix 3A.5
8 May 2026Condition satisfied for in-specie distribution and App 3A.5
8 May 2026Results of Meeting

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