Companies / TAT

TARTANA MINERALS LIMITED

ASX:TATMaterials
434.6M shares on issueASX (delayed) · snapshot 11 Sept 2026440.4M fully diluted+1.3% if every option and right converts$0.017price · delayed$7.4Mmarket cap · indicative

Today’s holders own 98.7% of what they think they own, once every option and right converts.

High
Dilution risk

Runway under 2 quarters; share count grew 138% in 24 months; 6 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.0 quarters of funding
Share-count growth (24m)138.0%
Raise cadence (24m)6 cash raises
Options & rights overhang1.3% of shares
In-the-money supplyno data — no exercise price on record
Pending proposed issuesopen proposed issue (Appendix 3B)

TARTANA MINERALS LIMITED's ordinary share count grew 138.0% between May 2024 and September 2026, to 435M shares. In the past 24 months, the company raised capital six times for a total of A$10.7M, with the most recent being a A$2.3M placement in July 2026. Options and rights on issue could convert into 6M new shares, representing 1.3% of the current share count, and none are in the money; an expiry date for these securities has not been filed. At the June 2026 quarter, the company reported negative cash of A$35K, providing 0.0 quarters of funding cover. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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1.3%
Options & rights overhang
—
In-the-money supply · no stated strikes
4
Raises · last 12 months
0.0 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 434.6M per ASX (delayed) (snapshot 11 Sept 2026).
200M300M400MDec 24Oct 25Sept 26Cash raise · 17 July 2026Cash raise · 10 Feb 2026Cash raise · 5 Feb 2026Cash raise · 24 Nov 2025Cash raise · 26 Dec 2024Cash raise · 9 Dec 2024434.6M

Cash runway

0.0 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
$-71k 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: $261k cash at quarter end (item 4.6), 0.1 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
1 Sept 20262A · quoted issueTAT : ORDINARY FULLY PAID434.6MAppendix 2A
11 Aug 20262A · quoted issueTAT : ORDINARY FULLY PAID434.6MAppendix 2A
21 July 20263H · cancellationTAT : ORDINARY FULLY PAID391.1MAppendix 3H
28 May 20262A · quoted issueTAT : ORDINARY FULLY PAID391.1MAppendix 2A
28 May 20263G · unquotedTAT : ORDINARY FULLY PAID354.5MAppendix 3G
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40 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

6 cash raises in the last 24 months · 4 in the last 12 months

every 3.8 monthsaverage gap between raises
1.9 monthssince the most recent
9 Dec 2024 – 17 July 2026first to most recent in this window
$2.3M
Placement
17 July 2026 ACTIVE
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9 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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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 99% of the 15% placement capacity left — about 1% 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. One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. 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

1.3%
Options & rights overhang · of current shares
—
In-the-money supply · no stated strikes
5.8M
Potential new shares
—
Nearest expiry
What this supply is, and what converts it
  • Condition-triggered5.8M · 1.3% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
  • Converts on terms3k · 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, 5.8M 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 5.8M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

CodeSecurityTypeExercise priceExpiryOn issueSource
TATABNotesConverts on terms——3kFiling
TATACPerformance rightsCondition-triggered——5.8MFiling 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.

3 classes ceased in the last 12 months and are 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.
  • TATADPrice-triggered129.8M securities → 01 Sept 2026 Appendix 2A
  • TATARConverts on terms90 securities → 021 Dec 2025 Appendix 2A
  • TATAACondition-triggered5.5M securities → 03 Nov 2025 Appendix 2A
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2 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 July 2026Mathew HancockOther377k—1.0M—3Y notice
14 July 2026Michael ThirnbeckOther6.3M—1.0M—3Y notice
14 July 2026Stephen BartropOther10.0M———3Y notice
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28 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 2026$PCommencement of operational review as exploration advances
1 Sept 2026Options T20 and Distribution Schedule
1 Sept 2026Application for quotation of securities - TAT
28 Aug 2026Proposed issue of securities - TAT
28 Aug 2026Options Cleansing Prospectus
21 Aug 2026Final Directors Interest Notices
17 Aug 2026Results of Meeting and Board Leadership Confirmation
14 Aug 2026Resignation of Director
13 Aug 2026Notice of Initial Substantial Holder
11 Aug 2026Cleansing statement
11 Aug 2026Application for quotation of securities - TAT
11 Aug 2026Xingye acquires 9.99% stake in $2.3m placement
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
21 July 2026Notification of cessation of securities - TAT
21 July 2026Lapse of Options and Director Interest Notices
16 July 2026$P$5.18 million strategic investment from Xingye at 5.3 cents
16 July 2026Proposed issue of securities - TAT
10 July 2026$PUnsolicited indicative strategic investment proposal
10 July 2026$PPause in Trading
10 July 2026Notice of Extraordinary General Meeting andSample Proxy Form

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