Companies / SCN

SCORPION MINERALS LIMITED

ASX:SCNMaterials
542.3M shares on issueASX (delayed) · snapshot 28 Oct 2026724.6M fully diluted+33.6% if every option and right converts$0.015price · delayed$8.1MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 74.8% 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 overhang33.6% 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, its latest share-count filing, 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 182M new shares, equal to 33.6% of the current share count, none of which are in the money at the current share price; the nearest expiry falls in December 2026. The company's latest cash report shows 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 17 Oct 2026
Quick answers · 5

Is SCN raising capital?

Scorpion Minerals has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $250k on 27 Mar 2025.

How much placement capacity does SCN have left?

About 62% of the 15% placement capacity left, about 38% used in 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.

How much cash does SCN have?

In its quarterly cash report for the quarter ended 30 June 2026, Scorpion Minerals reported $1.7M of cash and estimated 5.8 quarters of funding available at its current rate of spending. That is the company's own estimate.

When do SCN's options expire?

Unexercised options and rights equal 33.6% of Scorpion Minerals's shares on issue; the nearest expiry is Dec 2026.

How much has SCN's share count grown?

Scorpion Minerals has 542.3M shares on issue as at 28 Oct 2026, up 32.5% over 24 months according to its Appendix 2A filings.

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33.6%
Options & rights overhang
—
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 · 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 28 Oct 2026).
400M450M500M550MDec 24Nov 25Oct 26Cash raise · 27 Mar 2025Cash raise · 20 Feb 2025Cash raise · 14 Feb 2025542.3M

Cash runway

—
The latest quarterly cash report shows no net cash burn, so there is no cash-out date.
$1.7M cash after burn.
FILED 5.8 qtrs · $1.7M 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.$1.7M cash at 30 Jun 2026 = $1.7M 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
13 Oct 20263H · cancellationSCN : ORDINARY FULLY PAID542.3MAppendix 3H
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
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25 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

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

every 0.7 monthsaverage gap between raises
19.1 monthssince the most recent
14 Feb 2025 – 27 Mar 2025first to most recent in this window
$250k
Placement
27 Mar 2025
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3 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.

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.
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15 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.

About 62% of the 15% placement capacity left — about 38% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-10-28). Holders passed a ratification we could not match to exactly one filing, or whose number of shares the result does not state, and shares issued with holder approval are not added to the base, so the true headroom may 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

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.
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Options & convertible securities

33.6%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
182.3M
Potential new shares
Dec 2026
Nearest expiry
What a price move would switch on
91.1M182.3M$0.015 now0.25× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.011) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.015) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.019) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.022) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.030) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.045) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.075) — 30.0M of the priced supply in the money, 5.5% of shares on issue10× today ($0.150) — 67.0M of the priced supply in the money, 12.4% 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 40.1% 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 $0.015 today. No more priced supply until 5× 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 (8.4% 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 (54.9% 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
SCNATOptionsPrice-triggeredNil1 Dec 20263.5MFiling
SCNAWOptionsPrice-triggered$0.121 Dec 20267.0MFiling
SCNABOptionsPrice-triggered$0.05012 Dec 202610.0MFiling
SCNAJOptionsPrice-triggered$0.1222 Dec 20268.0MFiling
SCNACOptionsPrice-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
SCNADOptionsPrice-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, no exercise price stated——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. For what expires soon across other listed companies, see the options expiry calendar.

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15 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
16 Oct 2026Mr Michael KitneyBuy on-market500k——$9k3Y notice
16 Oct 2026Mr Peter KollerBuy on-market200k——$3k3Y notice
20 Aug 2026Mr Peter KollerBuy on-market220k——$5k3Y notice
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33 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

21 Oct 2026$PPit Optimisation Update Outlines Production Pathway
19 Oct 2026Access Letter - Notice of Annual General Meeting
19 Oct 2026Notice of Annual General Meeting/Proxy Form
16 Oct 2026Change of Director's Interest Notice - PK
16 Oct 2026Change of Director's Interest Notice - MK
13 Oct 2026Notification of cessation of securities - SCN
30 Sept 2026Annual Report to shareholders
18 Sept 2026AGM Date and Closing Date for Director Nominations
21 Aug 2026Change of Director's Interest Notice - PK
17 Aug 2026Change of Director's Interest Notice - MK
31 July 2026$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
9 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

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