Companies / SMI

SANTANA MINERALS LIMITED

ASX:SMIMaterials
985.8M shares on issueASX (delayed) · snapshot 11 Sept 2026992.2M fully diluted+0.7% if every option and right converts$0.56price · delayed$547.1Mmarket cap · indicative

Today’s holders own 99.3% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 57% in 24 months; 2 cash raises in 24 months; 0% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway11.9 quarters of funding
Share-count growth (24m)57.1%adjusted for a share split inside the window
Raise cadence (24m)2 cash raises
Options & rights overhang0.7% of shares
In-the-money supply0.5% of shares
Pending proposed issuesnone

SANTANA MINERALS LIMITED's ordinary share count grew 57.1% between September 2024 and April 2026, reaching 986M shares. The company raised capital twice in the past 24 months, for a total disclosed A$197.1M, with the most recent raise being a A$134.1M Placement and Share Purchase Plan in February 2026. Options and rights on issue could convert into 6M new shares, which represents 0.7% of the current share count, with the nearest expiry in October 2026. As of the June 2026 quarter, SANTANA MINERALS LIMITED reported A$176.4M in available cash, sufficient for 11.9 quarters of operations. No proposed securities issues are currently pending.

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.
0.7%
Options & rights overhang
0.5%
In-the-money supply
1
Raises · last 12 months
11.9 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 985.8M per ASX (delayed) (snapshot 11 Sept 2026).
0.7B0.8B0.9B1.0BDec 24Oct 25Sept 26Cash raise · 13 Feb 2026Cash raise · 6 Aug 2025985.8M

Cash runway

11.9 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about June 2029 at the reported spend rate.
$176.2M 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: $188.3M cash at quarter end (item 4.6), 16.4 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
8 Apr 20262A · quoted issueSMI : ORDINARY FULLY PAID985.8MAppendix 2A
20 Mar 20262A · quoted issueSMI : ORDINARY FULLY PAID966.8MAppendix 2A
24 Feb 20262A · quoted issueSMI : ORDINARY FULLY PAID962.3MAppendix 2A
14 Jan 20262A · quoted issueSMI : ORDINARY FULLY PAID836.8MAppendix 2A
18 Dec 20252A · quoted issueSMI : ORDINARY FULLY PAID835.6MAppendix 2A
Free account
50 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

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

every 6.3 monthsaverage gap between raises
6.9 monthssince the most recent
6 Aug 2025 – 13 Feb 2026first to most recent in this window
$134.1M
Placement and Share Purchase Plan
13 Feb 2026
Free account
2 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.

4.9M of option supply could convert within 12 months — 0.5% of shares on issue
4.9M 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.
Free account
2 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.

No estimate — the only Appendix 3B in the window claiming the 15% capacity states more than the whole allowance, so it cannot be counted.
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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

0.7%
Options & rights overhang · of current shares
0.5%
In-the-money supply · at current price
6.5M
Potential new shares
Oct 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered4.9M · 0.5% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered1.6M · 0.2% 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: 4.9M priced (of which 4.9M in the money), 1.6M 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
3.2M6.5M$0.56 now0.25× today ($0.14) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.28) — 4.5M of the priced supply in the money, 0.5% of shares on issue0.75× today ($0.42) — 4.9M of the priced supply in the money, 0.5% of shares on issue1× today ($0.56) — 4.9M of the priced supply in the money, 0.5% of shares on issue1.25× today ($0.69) — 4.9M of the priced supply in the money, 0.5% of shares on issue1.5× today ($0.83) — 4.9M of the priced supply in the money, 0.5% of shares on issue2× today ($1.11) — 4.9M of the priced supply in the money, 0.5% of shares on issue3× today ($1.67) — 4.9M of the priced supply in the money, 0.5% of shares on issue5× today ($2.78) — 4.9M of the priced supply in the money, 0.5% of shares on issue10× today ($5.55) — 4.9M of the priced supply in the money, 0.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.56 today, 4.9M securities are in the money (0.5% 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.
  • 1.6M (24.1% 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
SMIAFOptionsPrice-triggered$0.2223 Oct 20264.5MFiling
SMIASOptionsPrice-triggered$0.3111 Dec 2026409kFiling
SMIATPerformance rightsCondition-triggered——1.6MFiling Meeting

“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.

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

Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
8 July 2026Peter CookBuy on-market1.6M4.5M135k$709k3Y notice
7 July 2026Damian SpringBuy on-market18k———3Y notice
7 July 2026Samuel SmithBuy on-market22k———3Y notice
Free account
26 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

8 Sept 2026Presentation - Resources Rising Stars
2 Sept 2026$PInfill drilling continues to upgrade RAS high-grade core
2 Sept 2026$PInfill drilling continues to upgrade RAS high-grade core
24 Aug 2026AusIMM Conference Presentation - Rotorua NZ
24 Aug 2026Expert Panel Requests Brief Delay Prior to Decision-Making
4 Aug 2026Diggers and Dealers Investor Presentation
28 July 2026$PQuarterly Activities and Cashflow Reports
27 July 2026Bendigo-Ophir Gold Project - Fast Track Application Update
26 July 2026$PBonanza Gold Hits from RAS Stage 1 Area
20 July 2026Retirement of Non-Executive Director
9 July 2026Change of Director's Interest Notice - Cook
8 July 2026Change of Director's Interest Notice - Spring
8 July 2026Change of Director's Interest Notice - Smith
7 July 2026$PHigh-grade gold drill results support early-stage mine plan
2 July 2026BOGP - FTA Application to resume processing
25 June 2026BOGP - Fast-track Approvals Update
1 June 2026BOGP - Fast-track Approvals Update
10 May 2026Update on Freehold Land Consent Approval
6 May 2026$PConsent Granted for Bendigo Gold Project Land Purchase
27 Apr 2026$PQuarterly Activities and Cashflow Reports

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