Companies / SHN

SUNSHINE METALS LIMITED

ASX:SHNMaterials
3.60B shares on issueASX (delayed) · snapshot 11 Sept 20263.86B fully diluted+7.3% if every option and right converts$0.042price · delayed$151.1Mmarket cap · indicative

Today’s holders own 93.2% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 127% in 24 months; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.3 quarters of funding
Share-count growth (24m)126.6%
Raise cadence (24m)3 cash raises
Options & rights overhang7.3% of shares
In-the-money supply7.3% of shares
Pending proposed issuesnone

SUNSHINE METALS LIMITED's ordinary share count grew 126.6% between May 2024 and August 2026, reaching 3.60B shares. In the past 24 months, the company raised capital three times for total disclosed proceeds of A$34.7M, with the latest being a A$26.7M Placement and Share Purchase Plan in April 2026. Options and rights on issue could convert into 263M new shares, representing 7.3% of the current share count, of which 7% are in the money; the nearest expiry is November 2026. As of the June 2026 quarter, the company reported A$12.6M in available cash, providing cover for approximately 1.3 quarters at its recent spending rate. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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7.3%
Options & rights overhang
7.3%
In-the-money supply
1
Raises · last 12 months
1.3 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 3.60B per ASX (delayed) (snapshot 11 Sept 2026).
1.5B2.0B2.5B3.0B3.5BDec 24Oct 25Sept 26Cash raise · 27 Apr 2026Cash raise · 27 Aug 2025Cash raise · 24 Mar 20253.60B

Cash runway

1.3 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Oct 2026 at the reported spend rate.
$12.5M 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: $20.6M cash at quarter end (item 4.6), 11.0 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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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
20 Aug 20262A · quoted issueSHN : ORDINARY FULLY PAID3.60BAppendix 2A
30 July 20262A · quoted issueSHN : ORDINARY FULLY PAID3.60BAppendix 2A
25 June 20262A · quoted issueSHN : ORDINARY FULLY PAID3.60BAppendix 2A
25 June 20263G · unquotedSHN : ORDINARY FULLY PAID3.52BAppendix 3G
9 June 20262A · quoted issueSHN : ORDINARY FULLY PAID3.52BAppendix 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

3 cash raises in the last 24 months · 1 in the last 12 months

every 6.6 monthsaverage gap between raises
4.5 monthssince the most recent
24 Mar 2025 – 27 Apr 2026first to most recent in this window
$26.7M
Placement and Share Purchase Plan
27 Apr 2026 COMPLETE
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12 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.

151.3M of option supply could convert within 12 months — 4.2% of shares on issue
151.3M 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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8 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.

About 2% of the 15% placement capacity left — about 98% 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

7.3%
Options & rights overhang · of current shares
7.3%
In-the-money supply · at current price
263.0M
Potential new shares
Nov 2026
Nearest expiry
What a price move would switch on
131.5M263.0M$0.042 now0.25× today ($0.011) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.021) — 171.3M of the priced supply in the money, 4.8% of shares on issue0.75× today ($0.032) — 228.0M of the priced supply in the money, 6.3% of shares on issue1× today ($0.042) — 263.0M of the priced supply in the money, 7.3% of shares on issue1.25× today ($0.053) — 263.0M of the priced supply in the money, 7.3% of shares on issue1.5× today ($0.063) — 263.0M of the priced supply in the money, 7.3% of shares on issue2× today ($0.084) — 263.0M of the priced supply in the money, 7.3% of shares on issue3× today ($0.126) — 263.0M of the priced supply in the money, 7.3% of shares on issue5× today ($0.210) — 263.0M of the priced supply in the money, 7.3% of shares on issue10× today ($0.420) — 263.0M of the priced supply in the money, 7.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.042 today, 263.0M securities are in the money (7.3% of shares on issue). No price up to ten times today’s switches on any more priced supply.

  • 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
SHNAIOptionsPrice-triggered$0.02127 Nov 202615.0MFiling
SHNAKOptionsPrice-triggered$0.01521 May 202794.6MFiling
SHNAGOptionsPrice-triggered$0.02230 June 202721.7MFiling
SHNAHOptionsPrice-triggered$0.0227 July 202720.0MFiling
SHNAJOptionsPrice-triggered$0.0174 Dec 20279.5MFiling
SHNAMOptionsPrice-triggered$0.01813 June 202832.2MFiling
SHNAOOptionsPrice-triggered$0.0184 Nov 202835.0MFiling
SHNAPOptionsPrice-triggered$0.04126 June 202935.0MFiling

“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.

2 classes ceased in the last 12 months and are not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • SHNALPrice-triggered10.0M securities → 022 Oct 2025 Appendix 2A
  • SHNANPrice-triggered15.0M securities → 022 Oct 2025 Appendix 2A
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8 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
26 June 2026Fred WhiteBuy placement3.7M9.5M—$100k3Y notice
28 May 2026Alec Christopher PismirisBuy entitlement/SPP741k——$30k3Y notice
28 May 2026Fred WhiteBuy entitlement/SPP1.1M——$30k3Y notice
28 May 2026Joanne BergaminBuy entitlement/SPP1.1M——$30k3Y notice
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9 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

7 Sept 2026$PRefurbishment on Track - Mt Moss
20 Aug 2026Cleansing Notice
20 Aug 2026Application for quotation of securities - SHN
2 Aug 2026$PRC Drilling Commenced at Sybil Epithermal Gold Project
30 July 2026Cleansing Notice
30 July 2026Application for quotation of securities - SHN
29 July 2026$PAppendix 5B Cash Flow Report
29 July 2026$PQuarterly Activities Report
22 July 2026Noosa Mining Investor Presentation
20 July 2026$PMagnetics Survey Defines High-Grade Gold Targets, Sybil
14 July 2026$PSignificant Upgrade to Liontown Resource
1 July 2026$PMt Moss Acquisition Completed & Production Pathway Advanced
26 June 2026Becoming a substantial holder
25 June 2026Notification regarding unquoted securities - SHN
25 June 2026Change of Director's Interest Notice
25 June 2026Cleansing Notice
25 June 2026Application for quotation of securities - SHN
22 June 2026Results of Meeting
15 June 2026$PSunshine commences Airborne Magnetics Survey at Sybil
9 June 2026Cleansing Notice

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