Companies / RWD

REWARD MINERALS LTD

ASX:RWDMaterials
280.8M shares on issueASX (delayed) · snapshot 11 Sept 2026300.0M fully diluted+6.8% if every option and right converts$0.030price · delayed$8.4Mmarket cap · indicative

Today’s holders own 93.6% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Runway under 2 quarters; share count grew 10% in 24 months; 1 cash raise in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.7 quarters of funding
Share-count growth (24m)10.0%
Raise cadence (24m)1 cash raise
Options & rights overhang6.8% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

REWARD MINERALS LTD's ordinary share count increased 10.0% between November 2024 and July 2026, reaching 281M shares. The company undertook one capital raise in the past 24 months, a A$600K placement in December 2024. Options and rights on issue represent a potential 19M new shares, or 6.8% of the current count; none are currently in the money, and the nearest expiry date is November 2026. As of June 2026, the company held A$170K in cash, representing approximately 0.7 quarters of its operating expenses. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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6.8%
Options & rights overhang
0.0%
In-the-money supply
0
Raises · last 12 months
0.7 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 280.8M per ASX (delayed) (snapshot 11 Sept 2026).
260M270M280MDec 24Oct 25Sept 26Cash raise · 19 Dec 2024280.8M

Cash runway

0.7 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Aug 2026 — that date has passed, and no later report is on record.
$167k 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: $376k cash at quarter end (item 4.6), 1.5 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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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
8 July 20262A · quoted issueRWD: Ordinary Fully Paid280.8MAppendix 2A
1 July 20262A · quoted issueRWD : ORDINARY FULLY PAID280.8MAppendix 2A
6 May 20262A · quoted issueRWD : ORDINARY FULLY PAID274.8MAppendix 2A
20 Apr 20262A · quoted issueRWD : ORDINARY FULLY PAID274.7MAppendix 2A
7 Apr 20262A · quoted issueRWD : ORDINARY FULLY PAID274.5MAppendix 2A
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17 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

$600k
Placement
19 Dec 2024
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7 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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1 dated event 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.

About 79% of the 15% placement capacity left — about 21% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.
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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

6.8%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
19.2M
Potential new shares
Nov 2026
Nearest expiry
What a price move would switch on
9.6M19.2M$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) — 19.2M of the priced supply in the money, 6.8% of shares on issue10× today ($0.300) — 19.2M of the priced supply in the money, 6.8% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.030 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 5× today’s price, which takes it to 19.2M (6.8% 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
RWDADOptionsPrice-triggered$0.125 Nov 202619.2MFiling

“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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1 option line 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
13 July 2026Michael RuaneOther on-market183k——$5k3Y notice
6 July 2026Michael RuaneOther on-market24——$7213Y notice
1 July 2026Michael RuaneOther incentive110.4M5.0M3.0M—3Y notice
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31 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

11 Sept 2026Half Yearly Report and Accounts
27 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
20 July 2026$PExploration Update Newfoundland
16 July 2026Change of Director's Interest Notice
8 July 2026Appendix 2A Correction
7 July 2026Change of Director's Interest Notice
1 July 2026Change of Director's Interest Notice
1 July 2026Notice given under Section 708A(5) of the Corporations Act
1 July 2026Application for quotation of securities - RWD
30 June 2026Change of Director's Interest Notice
30 June 2026Proposed issue of securities - RWD
22 June 2026Change of Director's Interest Notice
10 June 2026$PNewfoundland Exploration Update
4 June 2026Change of Director's Interest Notice
29 May 2026Results of Meeting
29 May 2026Chair's Address to Shareholders
21 May 2026Change of Director's Interest Notice
14 May 2026Change of Director's Interest Notice
7 May 2026$PExploration Update Newfoundland
6 May 2026Cleansing Notice

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