SYRAH RESOURCES LIMITED

ASX:SYRMaterials

2.32B shares on issueASX (delayed) · snapshot 11 Sept 20262.36B fully diluted+1.8% if every option and right converts$0.11price · delayed$255.4Mmarket cap · indicative

Today’s holders own 98.3% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Share count grew 124% in 24 months; runway 4–8 quarters; 2 cash raises in 24 months

Absolute levels — not a ranking against other companies.

Cash runway4.3 quarters of funding

Share-count growth (24m)124.4%

Raise cadence (24m)2 cash raises

Options & rights overhang1.8% of shares

In-the-money supplyno data — no exercise price on record

Pending proposed issuesnone

SYRAH RESOURCES LIMITED's ordinary share count grew 124.4% between May 2024 and May 2026, reaching 2.32B shares. In the past 24 months, the company undertook two capital raises totaling A$174.3M, with the latest being an A$104.3M Accelerated Non-Renounceable Entitlement Offer in March 2026. Options and rights on issue could convert into 41M new shares, representing 1.8% of the current share count. No filing on record states an expiry date for these securities, and 0% are currently in the money. As of the June 2026 quarter, SYRAH RESOURCES LIMITED reported A$130.0M in available cash, providing an estimated 4.3 quarters of operational funding. 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.

1.8%

Options & rights overhang

—

In-the-money supply · no stated strikes

Raises · last 12 months

4.3 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 2.32B per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

4.3 qtrs

More than four quarters of funding at the recent spend rate.

Funds operations to about July 2027 at the reported spend rate.

$129.6M 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: $143.0M cash at quarter end (item 4.6), 9.3 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 account See plans

Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

Date	Form	Security	On issue, per this filing	Source
8 July 2026	3H · cancellation	SYR : ORDINARY FULLY PAID	2.32B	Appendix 3H
20 May 2026	2A · quoted issue	SYR : ORDINARY FULLY PAID	2.32B	Appendix 2A
20 May 2026	2A · quoted issue	SYR : ORDINARY FULLY PAID	2.31B	Appendix 2A
20 May 2026	3G · unquoted	ORDINARY FULLY PAID	2.31B	Appendix 3G
23 Apr 2026	2A · quoted issue	SYR : ORDINARY FULLY PAID	2.31B	Appendix 2A

Free account

41 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 account See plans

Capital raises

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

every 7.8 monthsaverage gap between raises

5.7 monthssince the most recent

29 July 2025 – 24 Mar 2026first to most recent in this window

$104.3M

Accelerated Non-Renounceable Entitlement Offer (ANREO)

24 Mar 2026

Free account

6 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 account See 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.

Free account

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 account See 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.

About 92% of the 15% placement capacity left — about 8% 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.

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 account See plans

Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

1.8%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

40.7M

Potential new shares

—

Nearest expiry

What this supply is, and what converts it

Condition-triggered40.7M · 1.8% of shares
Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Converts on terms3 · 0.0% of shares
Convertibles with no exercise price — they convert on their own terms, so they are shares in all but name.

Exercise price on record: 0 priced, 40.7M 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

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 40.7M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

Code	Security	Type	Exercise price	Expiry	On issue	Source
SYRAF	Notes	Converts on terms	—	—	3	Filing
SYRAG	Rights	Condition-triggered	—	—	4.2M	Filing Meeting
SYRAC	Performance rights	Condition-triggered	—	—	36.5M	Filing 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 account See plans

Director dealings

Date	Director	Type	Shares	Options	Other	Value	Source
24 Apr 2026	Robert Edel	Buy entitlement/SPP	49k	—	—	$5k	3Y notice
24 Apr 2026	Sara Watts	Buy entitlement/SPP	157k	—	—	$17k	3Y notice
28 Jan 2026	Shaun Verner	Sell incentive	—	290k	—	—	3Y notice