Companies / TAR

TARUGA MINERALS LIMITED

ASX:TARMaterials
950.2M shares on issueASX (delayed) · snapshot 11 Sept 20261.20B fully diluted+25.9% if every option and right converts$0.024price · delayed$22.8Mmarket cap · indicative

Today’s holders own 79.4% of what they think they own, once every option and right converts.

High
Dilution risk

Runway 2–4 quarters; share count grew 33% in 24 months; options/rights overhang 26% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.3 quarters of funding
Share-count growth (24m)33.1%
Raise cadence (24m)1 cash raise
Options & rights overhang25.9% of shares
In-the-money supply13.8% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

TARUGA MINERALS LIMITED's ordinary share count grew 33.1% between May 2025 and September 2026, to 950M shares. In the past 24 months, the company completed one capital raise, a A$1.5M placement in December 2025. Options and rights on issue could convert into 246M new shares, representing 25.9% of the current share count. Of these, 14% are in-the-money, with the nearest expiry in November 2027. As of June 2026, the company held A$1.4M in cash, which at its recent spending rate, would cover approximately 2.3 quarters. Two proposed securities issues are pending, with the nearest proposed date in December 2026.

AI-generated summary of this page's cited filings · updated 8 Sept 2026
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25.9%
Options & rights overhang
13.8%
In-the-money supply
1
Raises · last 12 months
2.3 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 950.2M per ASX (delayed) (snapshot 11 Sept 2026).
700M800M900MDec 24Oct 25Sept 26Cash raise · 10 Dec 2025950.2M

Cash runway

2.3 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Jan 2027 at the reported spend rate.
$1.4M 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: $1.8M cash at quarter end (item 4.6), 3.3 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.
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10 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
3 Sept 20262A · quoted issueTAR : ORDINARY FULLY PAID950.2MAppendix 2A
21 Aug 20262A · quoted issueTAR : ORDINARY FULLY PAID949.5MAppendix 2A
20 July 20262A · quoted issueTAR : ORDINARY FULLY PAID946.1MAppendix 2A
20 July 20262A · quoted issueTAR : ORDINARY FULLY PAID930.4MAppendix 2A
22 June 20262A · quoted issueTAR : ORDINARY FULLY PAID928.6MAppendix 2A
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25 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

$1.5M
Placement
10 Dec 2025 COMPLETE
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7 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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5 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 67% of the 15% placement capacity left — about 33% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. 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

2 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
2 pending issues on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

25.9%
Options & rights overhang · of current shares
13.8%
In-the-money supply · at current price
246.5M
Potential new shares
Nov 2027
Nearest expiry
What a price move would switch on
123.2M246.5M$0.024 now0.25× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.012) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.018) — 131.5M of the priced supply in the money, 13.8% of shares on issue1× today ($0.024) — 131.5M of the priced supply in the money, 13.8% of shares on issue1.25× today ($0.030) — 246.5M of the priced supply in the money, 25.9% of shares on issue1.5× today ($0.036) — 246.5M of the priced supply in the money, 25.9% of shares on issue2× today ($0.048) — 246.5M of the priced supply in the money, 25.9% of shares on issue3× today ($0.072) — 246.5M of the priced supply in the money, 25.9% of shares on issue5× today ($0.120) — 246.5M of the priced supply in the money, 25.9% of shares on issue10× today ($0.240) — 246.5M of the priced supply in the money, 25.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.024 today, 131.5M securities are in the money (13.8% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 246.5M (25.9% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
TARAXOptionsPrice-triggered$0.01522 Nov 2027131.5MFiling
TARAAAOptionsPrice-triggered$0.0254 Mar 202910.0MFiling
TARAZOptionsPrice-triggered$0.0254 Mar 2031105.0MFiling

“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.

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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
4 Aug 2026Eric de MoriBuy on-market2.6M——$54k3Y notice
22 June 2026Eric de MoriOther19.0M——$286k3Y notice
22 June 2026Paul CroninOther11.3M——$170k3Y notice
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6 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

3 Sept 2026Cleansing Notice
3 Sept 2026Application for quotation of securities - TAR
1 Sept 2026$PTaruga Extends High-Grade Gold-Silver Mineralisation Weioko
21 Aug 2026Cleansing Notice
21 Aug 2026Application for quotation of securities - TAR
9 Aug 2026Change of Director's Interest Notice
3 Aug 2026$PTestwork Confirms Free Gold & Excellent Recovery at Weioko
27 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
20 July 2026Cleansing Notice
20 July 2026Application for quotation of securities - TAR
20 July 2026Application for quotation of securities - TAR
19 July 2026$PDrilling Contractor Secured Weioko Diamond Drill Program
5 July 2026$PAssays Validate High-Grade Gold-Copper Trend Gwamogwamo
1 July 2026$PGold Assays Confirm Epithermal System Across Northern Weioko
28 June 2026$PField Exploration Programs Advance Agadul Priority Targets
22 June 2026Becoming a substantial holder - Cronin
22 June 2026Change in substantial holding - de Mori
22 June 2026Change of Director's Interest Notice x2
22 June 2026Cleansing Notice
22 June 2026Application for quotation of securities - TAR

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