Companies / T92

TERRA CRITICAL MINERALS LIMITED

ASX:T92Energy
148.4M shares on issueASX (delayed) · snapshot 11 Sept 2026291.0M fully diluted+96.2% if every option and right converts$0.049price · delayed$7.3Mmarket cap · indicative

Today’s holders own 51.0% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 92% in 24 months; 8 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.3 quarters of funding
Share-count growth (24m)91.7%
Raise cadence (24m)8 cash raises
Options & rights overhang96.2% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

TERRA CRITICAL MINERALS LIMITED's ordinary share count grew 91.7% between September 2024 and March 2026, reaching 148M shares. In the past 24 months, the company undertook eight capital raises totalling A$3.1M, with the latest being a compliance offer related to options in February 2026. Options and rights on issue could convert into 143M new shares, representing 96.2% of the current share count, none of which are currently in the money, with the nearest expiry in November 2026. As of June 2026, the company held A$85K in cash, sufficient for approximately 0.3 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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96.2%
Options & rights overhang
0.0%
In-the-money supply
3
Raises · last 12 months
0.3 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 148.4M per ASX (delayed) (snapshot 11 Sept 2026).
75M100M125M150MDec 24Oct 25Sept 26Cash raise · 18 Feb 2026Cash raise · 17 Feb 2026Cash raise · 28 Nov 2025Cash raise · 11 July 2025Cash raise · 27 June 2025Cash raise · 13 Mar 2025Cash raise · 11 Dec 2024148.4M

Cash runway

0.3 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about July 2026 — that date has passed, and no later report is on record.
$81k 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: $337k cash at quarter end (item 4.6), 1.0 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 Mar 20262A · quoted issueT92 : ORDINARY FULLY PAID148.4MAppendix 2A
11 Mar 20262A · quoted issueORDINARY FULLY PAID148.4MAppendix 2A
22 Jan 20262A · quoted issueT92 : ORDINARY FULLY PAID148.4MAppendix 2A
30 Dec 20252A · quoted issueORDINARY FULLY PAID147.1MAppendix 2A
24 Dec 20252A · quoted issueT92 : ORDINARY FULLY PAID147.1MAppendix 2A
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34 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 2.4 monthsaverage gap between raises
6.8 monthssince the most recent
17 Sept 2024 – 18 Feb 2026first to most recent in this window
—
Compliance Offer (Options)
18 Feb 2026 ACTIVE
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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.

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3 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 81% of the 15% placement capacity left — about 19% 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

96.2%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
142.7M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered139.7M · 94.1% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 58.6M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered3.0M · 2.0% 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: 81.0M priced, 61.6M 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
71.3M142.7M$0.049 now0.25× today ($0.012) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.025) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.037) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.049) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.061) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.074) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.098) — 65.6M of the priced supply in the money, 44.2% of shares on issue3× today ($0.147) — 65.6M of the priced supply in the money, 44.2% of shares on issue5× today ($0.245) — 81.0M of the priced supply in the money, 54.6% of shares on issue10× today ($0.490) — 81.0M of the priced supply in the money, 54.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.049 today, 0 securities are in the money (0.0% of shares on issue). At double today’s price it is 65.6M (44.2% 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.
  • 61.6M (43.2% 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
T92AEOptionsPrice-triggered$0.151 Nov 202615.4MFiling
T92AFOptionsPrice-triggered$0.09031 Dec 202665.6MFiling
T92OAOptionsPrice-triggered—29 Dec 203058.6MFiling
T92AGPerformance rightsCondition-triggered——3.0MFiling 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.

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4 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 Aug 2026Niv DaganBuy on-market1———3Y notice
26 Feb 2026Niv DaganBuy on-market18k———3Y notice
19 Feb 2026Niv DaganBuy on-market370k——$31k3Y notice
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25 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

20 Aug 2026$PFull land access received for Glen Eden Tungsten Project
19 Aug 2026Change of Director's Interest Notice
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
8 July 2026Release of Shares from Escrow
17 June 2026$PHigh Grade Tin and Indium Confirmed at Tamworth Project
17 June 2026Change in substantial holding
29 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
27 Apr 2026Initial Director's Interest Notice
27 Apr 2026Final Director's Interest Notice
22 Apr 2026Release of Shares from Voluntary Escrow
21 Apr 2026Terra Appoints Experienced Director Michael Walshe
29 Mar 2026Corporate Presentation
22 Mar 2026$PT92 Expands NSW Footprint & Mineralisation up to 5.21% Tin
20 Mar 2026Top 20 Holders - to be quoted T92OB Options
20 Mar 2026Range Report - to be quoted T92OB Options
20 Mar 2026Application for quotation of securities - T92
16 Mar 2026Half Yearly Report and Accounts
12 Mar 2026T92OA Top 20 Holders
11 Mar 2026Application for quotation of securities - T92
9 Mar 2026Results of Options Compliance Offer

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