Companies / SCN

SCORPION MINERALS LIMITED

ASX:SCNMaterials
542.3M shares on issueASX (delayed) · snapshot 11 Sept 2026725.6M fully diluted+33.8% if every option and right converts$0.020price · delayed$10.8Mmarket cap · indicative

Today’s holders own 74.7% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 32% in 24 months; 3 cash raises in 24 months; options/rights overhang 34% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runwaycash-generative (no net burn)
Share-count growth (24m)32.5%
Raise cadence (24m)3 cash raises
Options & rights overhang33.8% 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)

SCORPION MINERALS LIMITED's ordinary share count grew 32.5% between March 2024 and April 2026, to 542M shares. The company raised capital three times in the past 24 months, for total disclosed proceeds of A$3.5M, most recently a A$250K placement in March 2025. Options and rights on issue could convert into 183M new shares, representing 33.8% of the current share count, with the nearest expiry in October 2026. At the June 2026 quarter the company reported A$3.1M in available cash; the latest quarter reported non-negative net cash flow, so no funding-runway figure applies. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in December 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
Get told when this changes
Set up alerts
Daily email alerts cover risk-level moves, new raises, pending proposed issues and option expiries for the companies you follow.
33.8%
Options & rights overhang
—
In-the-money supply · most strikes not on record
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 542.3M per ASX (delayed) (snapshot 11 Sept 2026).
400M450M500M550MDec 24Oct 25Sept 26Cash raise · 27 Mar 2025Cash raise · 20 Feb 2025Cash raise · 13 Feb 2025542.3M

Cash runway

—
The latest quarterly report shows no net cash burn, so there is no cash-out date.
$3.1M 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: $1.7M cash at quarter end (item 4.6), 5.8 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.
Free account
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.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
12 June 20263G · unquotedSCN : ORDINARY FULLY PAID542.3MAppendix 3G
24 Apr 20263H · cancellationSCN : ORDINARY FULLY PAID542.3MAppendix 3H
22 Apr 20263H · cancellationSCN : ORDINARY FULLY PAID542.3MAppendix 3H
20 Apr 20262A · quoted issueSCN : ORDINARY FULLY PAID542.3MAppendix 2A
2 Feb 20262A · quoted issueSCN : ORDINARY FULLY PAID541.8MAppendix 2A
Free account
24 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Capital raises

3 cash raises in the last 24 months · 0 in the last 12 months

every 0.7 monthsaverage gap between raises
17.5 monthssince the most recent
13 Feb 2025 – 27 Mar 2025first to most recent in this window
$250k
Placement
27 Mar 2025
Free account
3 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

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.

3.5M of option supply could convert within 12 months — 0.6% of shares on issue
3.5M at a stated nil exercise price — nothing is paid to convert these
1 proposed issue (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
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.
Free account
16 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

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 62% of the 15% placement capacity left — about 38% 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.
Free account
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.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Pending proposed issues

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
Unlocks on a paid plan
See plans

Options & convertible securities

33.8%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
183.3M
Potential new shares
Oct 2026
Nearest expiry
What a price move would switch on
91.6M183.3M$0.020 now0.25× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.010) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.015) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.020) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.025) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.030) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.040) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.060) — 30.0M of the priced supply in the money, 5.5% of shares on issue5× today ($0.100) — 37.0M of the priced supply in the money, 6.8% of shares on issue10× today ($0.200) — 68.0M of the priced supply in the money, 12.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 40.5% 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 $0.020 today. No more priced supply until 3× today’s price, which takes it to 30.0M (5.5% 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.
  • 15.3M (8.3% of the supply above) states a nil exercise price — nothing is paid to convert it, so no share price switches it on or off. It is the flat band, and it is not part of the in-the-money figure.
  • 100.0M (54.6% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
SCNANOptionsPrice-triggered$0.1212 Oct 20261.0MFiling
SCNATOptionsPrice-triggeredNil1 Dec 20263.5MFiling
SCNAWOptionsPrice-triggered$0.121 Dec 20267.0MFiling
—OptionsPrice-triggered$0.05012 Dec 202610.0MFiling
SCNAJOptionsPrice-triggered$0.1222 Dec 20268.0MFiling
—OptionsPrice-triggered$0.05012 June 202710.0MFiling
SCNAOOptionsPrice-triggered$0.1212 Oct 20271.0MFiling
SCNAUOptionsPrice-triggeredNil1 Dec 20276.3MFiling
SCNAZOptionsPrice-triggered$0.0751 Dec 20277.0MFiling
SCNAXOptionsPrice-triggered$0.121 Dec 20277.0MFiling
—OptionsPrice-triggered$0.05012 June 202810.0MFiling
SCNAACOptionsPrice-triggeredNil1 Dec 20282.8MFiling
SCNAAAOptionsPrice-triggered$0.101 Dec 20283.5MFiling
SCNAADOptionsPrice-triggeredNil1 Dec 20292.8MFiling
SCNAABOptionsPrice-triggered$0.121 Dec 20293.5MFiling
SCNAAOptionsPrice-triggered——100.0MFiling

“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.

Free account
16 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.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
20 Aug 2026Mr Peter KollerBuy on-market220k——$5k3Y notice
14 Aug 2026Mr Michael KitneySell off-market2.0M——$40k3Y notice
16 June 2026Mr Michael KitneyBuy on-market100k——$3k3Y notice
Free account
31 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
Free account: 2 full company unlocks every month, no card.
Create free accountSee plans

Ownership

Free account
Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
Free account: 2 full company unlocks every month, no card.
Create free account

Latest announcements

21 Aug 2026Change of Director's Interest Notice - PK
17 Aug 2026Change of Director's Interest Notice - MK
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
19 June 2026Change of Director's Interest Notice - PK
19 June 2026Change of Director's Interest Notice - MK
12 June 2026Notification regarding unquoted securities - SCN
9 June 2026Change of Director's Interest Notice - PK
8 June 2026Scorpion Receives $2M Right to Mine Option Fee
4 June 2026Vesting of Options
28 May 2026Presentation - Murchison Gold Strategy
22 May 2026Change of Director's Interest Notice - PK
22 May 2026Change of Director's Interest Notice - MK
18 May 2026Proposed issue of securities - SCN
17 May 2026$P$2 Million Funding Secured for Old Prospect Development
5 May 2026$PNew Gold Exploration Target at Old Prospect
30 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
28 Apr 2026EIS Application Granted - Regional Magnetic Survey
24 Apr 2026Notification of cessation of securities - SCN
22 Apr 2026Notification of cessation of securities - SCN
20 Apr 2026Cleansing Notice

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