Companies / RLF

RLF AGTECH LTD

ASX:RLFMaterials
665.9M shares on issueASX (delayed) · snapshot 11 Sept 2026850.1M fully diluted+27.7% if every option and right converts$0.030price · delayed$20.0Mmarket cap · indicative

Today’s holders own 78.3% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 185% in 24 months; 6 cash raises in 24 months; options/rights overhang 28% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway58.1 quarters of funding
Share-count growth (24m)185.1%
Raise cadence (24m)6 cash raises
Options & rights overhang27.7% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesopen proposed issue (Appendix 3B)

RLF AGTECH LTD's ordinary share count grew 185.1% between August 2024 and September 2026, reaching 666M shares. The company raised capital six times in the past 24 months for total disclosed proceeds of A$19.5M, with the most recent being a A$3.9M placement in August 2026. Options and rights on issue could convert into 184M new shares, representing 27.7% of the current share count, with the nearest expiry in February 2027. As of the June 2026 quarter, the company reported A$10.0M in available cash, sufficient for 58.2 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 4 Sept 2026
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27.7%
Options & rights overhang
In-the-money supply · most strikes not on record
2
Raises · last 12 months
58.1 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 665.9M per ASX (delayed) (snapshot 11 Sept 2026).
200M400M600MDec 24Oct 25Sept 26Cash raise · 7 Aug 2026Cash raise · 24 Mar 2026Cash raise · 19 Aug 2025Cash raise · 22 Apr 2025Cash raise · 7 Feb 2025Cash raise · 12 Dec 2024665.9M

Cash runway

58.1 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$10.0M 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: $6.6M cash at quarter end (item 4.6), 41.0 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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12 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
3 Sept 20263G · unquotedRLF : ORDINARY FULLY PAID537.7MAppendix 3G
3 Sept 20263G · unquotedRLF : ORDINARY FULLY PAID537.7MAppendix 3G
2 Sept 20262A · quoted issueRLF : ORDINARY FULLY PAID665.9MAppendix 2A
30 Aug 20263H · cancellationRLF : ORDINARY FULLY PAID537.7MAppendix 3H
17 June 20263G · unquotedORDINARY FULLY PAID537.7MAppendix 3G

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 (537.7M) need not equal the current count above (665.9M).

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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

6 cash raises in the last 24 months · 2 in the last 12 months

every 4 monthsaverage gap between raises
1.2 monthssince the most recent
12 Dec 20247 Aug 2026first to most recent in this window
$3.9M
Placement
7 Aug 2026 ACTIVE
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14 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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7 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 estimatethe 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

27.7%
Options & rights overhang · of current shares
In-the-money supply · most strikes not on record
184.3M
Potential new shares
Feb 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered167.1M · 25.1% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 124.0M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered17.2M · 2.6% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
  • Converts on terms10k · 0.0% of shares
    Convertibles with no exercise price — they convert on their own terms, so they are shares in all but name.

Exercise price on record: 43.1M priced, 141.1M 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
92.1M184.3M$0.030 now0.25× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.015) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.022) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.030) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.037) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.045) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.060) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.090) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.150) — 24.4M of the priced supply in the money, 3.7% of shares on issue10× today ($0.300) — 24.4M of the priced supply in the money, 3.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×10×

An exercise price is on record for only 23.4% 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 $0.030 today. No more priced supply until today’s price, which takes it to 24.4M (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.
  • 141.1M (76.6% 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.
  • 18.7M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
CodeSecurityTypeExercise priceExpiryOn issueSource
RLFOOptionsPrice-triggered8 Feb 2027124.0MFiling
RLFAIOptionsPrice-triggered$0.5420 Apr 20271.0MFiling
RLFAGOptionsPrice-triggered$0.5421 Apr 202717.7MFiling
RLFAKOptionsPrice-triggered$0.127 Aug 202722.0MFiling
RLFALOptionsPrice-triggered$0.1215 Aug 2027667kFiling
RLFAMOptionsPrice-triggered$0.1221 Aug 20271.1MFiling
RLFAOOptionsPrice-triggered$0.1224 Jan 2028667kFiling
NotesConverts on terms10kFiling
RLFAJPerformance rightsCondition-triggered1.2MFiling Meeting
RLFAHPerformance rightsCondition-triggered16.0MFiling 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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10 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
2 Dec 2025Benedict BarlowBuy3.0M3Y notice
9 May 2025Benedict BarlowBuy1.0M3Y notice
9 May 2025Benedict BarlowBuy1.0M3Y notice
9 May 2025Lu ShenOther4.2M3Y notice
9 May 2025Paul McKenzieOther2.2M1.0M3Y notice
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18 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

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