Companies / SKM

SKYLARK MINERALS LIMITED

ASX:SKMMaterials
130.8M shares on issueASX (delayed) · snapshot 11 Sept 2026156.3M fully diluted+19.5% if every option and right converts$0.27price · delayed$35.3Mmarket cap · indicative

Today’s holders own 83.7% of what they think they own, once every option and right converts.

High
Dilution riskprovisional — limited history

Runway under 2 quarters; share count grew 85% in 24 months; options/rights overhang 20% of shares; since relisting as SKM; prior history under IBG not included

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.1 quarters of funding
Share-count growth (24m)85.2%since relisting as SKM; prior history under IBG not included
Raise cadence (24m)1 cash raisesince relisting as SKM; prior history under IBG not included
Options & rights overhang19.5% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

SKYLARK MINERALS LIMITED, which began trading as SKM in January 2025 after a rename from IBG, had its ordinary share count increase by 85.2% between November 2025 and May 2026, reaching 131M shares. In this period, the company completed one capital raise, a A$10.0M placement in November 2025. Options and rights on issue could convert into 26M new shares, representing 19.5% of the current share count, with the nearest expiry in December 2026. At the June 2026 quarter, the company reported A$2.8M in available cash, providing an estimated 1.1 quarters of operational funding. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in November 2026.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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19.5%
Options & rights overhang
0.0%
In-the-money supply
1
Raises · last 12 months
1.1 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. Shown since relisting as SKM (6 Jan 2025); prior history under IBG is not included. Latest count 130.8M per ASX (delayed) (snapshot 11 Sept 2026).
75M100M125MJuly 25Feb 26Sept 26Cash raise · 19 Nov 2025130.8M

Cash runway

1.1 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Sept 2026 — that date has passed, and no later report is on record.
$2.8M 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: $4.9M cash at quarter end (item 4.6), 1.9 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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7 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
6 July 20263H · cancellationSKM : ORDINARY FULLY PAID130.8MAppendix 3H
20 May 20262A · quoted issueSKM : ORDINARY FULLY PAID130.8MAppendix 2A
19 Mar 20262A · quoted issueSKM : ORDINARY FULLY PAID127.3MAppendix 2A
19 Mar 20262A · quoted issueSKM : ORDINARY FULLY PAID129.6MAppendix 2A
9 Jan 20262A · quoted issueSKM, Fully paid ordinary shares126.2MAppendix 2A
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7 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 · 1 in the last 12 months · counted since relisting as SKM (6 Jan 2025); prior history under IBG is not included

$10.0M
Placement
19 Nov 2025 COMPLETE
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2 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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4 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.

Under 1% of the 15% placement capacity left — about 99% 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

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

19.5%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
25.5M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered22.1M · 16.9% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered3.4M · 2.6% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 22.1M priced, 3.4M 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
12.8M25.5M$0.27 now0.25× today ($0.07) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.14) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.20) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.27) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.34) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.41) — 21.7M of the priced supply in the money, 16.6% of shares on issue2× today ($0.54) — 21.7M of the priced supply in the money, 16.6% of shares on issue3× today ($0.81) — 21.7M of the priced supply in the money, 16.6% of shares on issue5× today ($1.35) — 22.1M of the priced supply in the money, 16.9% of shares on issue10× today ($2.70) — 22.1M of the priced supply in the money, 16.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.27 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 21.7M (16.6% 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.
  • 3.4M (13.3% 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
SKMADOptionsPrice-triggered$1.2514 Dec 2026400kFiling
SKMAVPerformance rightsCondition-triggered—3 Jan 20283.4MFiling Meeting
SKMATOptionsPrice-triggered$0.403 Jan 202821.7MFiling

“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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3 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
14 July 2026Nikolai ZelenskiBuy on-market1.1M900k1.8M$307k3Y notice
3 July 2026Danny SegmanSell10.4M125k175k—3Y notice
3 July 2026Fred HessSell535k178k175k—3Y notice
3 July 2026Paul CahillSell425k178k175k—3Y notice
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34 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

1 Sept 2026$PMBasso Mineralised Strike Extent Approaches 2km
28 Aug 2026Proposed issue of securities - SKM
28 Aug 2026Update on Executive Director Remuneration
28 July 2026$PQuarterly Activities Report
28 July 2026$PQuarterly Cashflow Report
19 July 2026Change of Director's Interest Notice - N Zelenski
9 July 2026Change of Director's Interest Notice - N Zelenski
6 July 2026Change of Director's Interest Notices - Expiry of Options
6 July 2026Notification of cessation of securities - SKM
5 July 2026Change of Director's Interest Notice - N Zelenski
30 June 2026Change of Director's Interest Notice - N Zelenski
26 June 2026Change of Director's Interest Notice - D Segman
21 June 2026$PPhase One Drilling and Metallurgical Testwork Complete
1 June 2026Notice of Upcoming Expiry of Unlisted Options
20 May 2026Notice under Section 708A
20 May 2026Application for quotation of securities - SKM
17 May 2026Skylark Exercises Option to Acquire Vavoua Project
14 May 2026Change of Director's Interest Notice - N Zelenski
10 May 2026Change of Director's Interest Notice - D Segman
5 May 2026Change of Director's Interest Notice - D Segman

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