Companies / SRL

SUNRISE ENERGY METALS LIMITED

ASX:SRLMaterials
169.5M shares on issueASX (delayed) · snapshot 11 Sept 2026181.2M fully diluted+6.9% if every option and right converts$21.97price · delayed$3.72Bmarket cap · indicative

Today’s holders own 93.5% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 54% in 24 months; 8 cash raises in 24 months; options/rights overhang 7% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway24.0 quarters of funding
Share-count growth (24m)53.7%
Raise cadence (24m)8 cash raises
Options & rights overhang6.9% of shares
In-the-money supply4.0% of shares
Pending proposed issuesnone

SUNRISE ENERGY METALS LIMITED's ordinary share count grew 53.7% between June 2025 and September 2026, to 169M shares. The company raised capital eight times in the past 24 months for total disclosed proceeds of A$128.5M, with the most recent being a A$32.5M placement in December 2025. Options and rights on issue could convert into 12M new shares, equal to 6.9% of the current share count, of which 4% are in the money; the nearest expiry date is May 2027. As of the June 2026 quarter, the company reported A$111.7M in available cash, which covers approximately 24.0 quarters of funding at its recent spending rate. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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6.9%
Options & rights overhang
4.0%
In-the-money supply
3
Raises · last 12 months
24.0 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 169.5M per ASX (delayed) (snapshot 11 Sept 2026).
100M125M150M175MDec 24Oct 25Sept 26Cash raise · 16 Dec 2025Cash raise · 3 Dec 2025Cash raise · 12 Nov 2025Cash raise · 30 June 2025Cash raise · 23 June 2025Cash raise · 9 June 2025Cash raise · 21 Apr 2025Cash raise · 15 Apr 2025169.5M

Cash runway

24.0 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$111.6M 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: $115.4M cash at quarter end (item 4.6). 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
1 Sept 20262A · quoted issueSRL : ORDINARY FULLY PAID169.5MAppendix 2A
24 Aug 20262A · quoted issueSRL : ORDINARY FULLY PAID169.5MAppendix 2A
14 Aug 20262A · quoted issueSRL : ORDINARY FULLY PAID169.5MAppendix 2A
10 Aug 20263G · unquotedORDINARY FULLY PAID169.4MAppendix 3G
4 Aug 20262A · quoted issueSRL : ORDINARY FULLY PAID169.4MAppendix 2A
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85 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

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

every 1.1 monthsaverage gap between raises
8.9 monthssince the most recent
15 Apr 2025 – 16 Dec 2025first to most recent in this window
$32.5M
Placement
16 Dec 2025 COMPLETE
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13 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.

996k of option supply could convert within 12 months — 0.6% of shares on issue
996k 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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2 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.

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

6.9%
Options & rights overhang · of current shares
4.0%
In-the-money supply · at current price
11.8M
Potential new shares
May 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered6.8M · 4.0% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered5.0M · 3.0% 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: 6.8M priced (of which 6.8M in the money), 5.0M 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
5.9M11.8M$21.97 now0.25× today ($5.49) — 6.8M of the priced supply in the money, 4.0% of shares on issue0.5× today ($10.98) — 6.8M of the priced supply in the money, 4.0% of shares on issue0.75× today ($16.48) — 6.8M of the priced supply in the money, 4.0% of shares on issue1× today ($21.97) — 6.8M of the priced supply in the money, 4.0% of shares on issue1.25× today ($27.46) — 6.8M of the priced supply in the money, 4.0% of shares on issue1.5× today ($32.95) — 6.8M of the priced supply in the money, 4.0% of shares on issue2× today ($43.94) — 6.8M of the priced supply in the money, 4.0% of shares on issue3× today ($65.91) — 6.8M of the priced supply in the money, 4.0% of shares on issue5× today ($109.85) — 6.8M of the priced supply in the money, 4.0% of shares on issue10× today ($219.70) — 6.8M of the priced supply in the money, 4.0% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $21.97 today, 6.8M securities are in the money (4.0% 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.
  • 5.0M (42.6% 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
SRLAJOptionsPrice-triggered$0.4031 May 2027996kFiling
SRLABOptionsPrice-triggered$4.2511 Nov 20275.8MFiling
SRLAAPerformance rightsCondition-triggered——5.0MFiling 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.

1 class ceased in the last 12 months and is 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.
  • SRLACPrice-triggered5.0M securities → 04 Aug 2026 Appendix 2A
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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
12 Aug 2026Sam RiggallSell on-market———$3.3M3Y notice
12 Aug 2026Sam RiggallSell on-market———$4.5M3Y notice
31 July 2026Robert Martin FriedlandBuy3.0M———3Y notice
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23 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

8 Sept 2026Investor Presentation
7 Sept 20262026 Corporate Governance Statement
7 Sept 2026Appendix 4G
7 Sept 20262026 Annual Report
1 Sept 2026Application for quotation of securities - SRL
24 Aug 2026Application for quotation of securities - SRL
19 Aug 2026Change of Director's Interest Notice - Correction
19 Aug 2026Change of Director's Interest Notice
16 Aug 2026Sunrise strengthens management team
14 Aug 2026Application for quotation of securities - SRL
10 Aug 2026Notification regarding unquoted securities - SRL
9 Aug 2026$PU.S. Office of Strategic Capital US$400m Conditional Loan
6 Aug 2026Change in substantial holding
4 Aug 2026Change of Director's Interest Notice
4 Aug 2026Application for quotation of securities - SRL
4 Aug 2026Section 708A Cleansing Notice
27 July 2026Application for quotation of securities - SRL
27 July 2026Section 708A Cleansing Notice
27 July 2026Application for quotation of securities - SRL
23 July 2026$PSunrise Accelerates Expansion Study

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