Companies / TCG

TURACO GOLD LIMITED

ASX:TCGMaterials
1.08B shares on issueASX (delayed) · snapshot 11 Sept 20261.11B fully diluted+2.5% if every option and right converts$0.89price · delayed$961.6Mmarket cap · indicative

Today’s holders own 97.6% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 44% in 24 months; runway 4–8 quarters; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway4.9 quarters of funding
Share-count growth (24m)43.9%
Raise cadence (24m)2 cash raises
Options & rights overhang2.5% of shares
In-the-money supply0.3% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

TURACO GOLD LIMITED's ordinary share count grew 43.9% between August 2024 and August 2026, to 1.08B shares. The company raised capital twice in the past 24 months, for total disclosed proceeds of A$123.4M, most recently a A$63.7M Security Purchase Plan in June 2025. Options and rights on issue could convert into 27M new shares, equal to 2.5% of the current share count, with the nearest expiry in December 2026; none are currently in the money. At the June 2026 quarter the company reported A$43.8M in available cash, covering approximately 4.9 quarters of recent spending. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in May 2027.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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2.5%
Options & rights overhang
0.3%
In-the-money supply · most strikes not on record
0
Raises · last 12 months
4.9 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 1.08B per ASX (delayed) (snapshot 11 Sept 2026).
0.9B1.0B1.1BDec 24Oct 25Sept 26Cash raise · 25 June 2025Cash raise · 18 June 20251.08B

Cash runway

4.9 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Sept 2027 at the reported spend rate.
$43.7M 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: $51.0M cash at quarter end (item 4.6), 5.8 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
30 Aug 20262A · quoted issueTCG : ORDINARY FULLY PAID1.08BAppendix 2A
24 Aug 20262A · quoted issueTCG : ORDINARY FULLY PAID1.08BAppendix 2A
5 Aug 20263G · unquotedORDINARY FULLY PAID1.08BAppendix 3G
4 Aug 20262A · quoted issueTCG : ORDINARY FULLY PAID1.08BAppendix 2A
3 Aug 20263H · cancellationTCG : ORDINARY FULLY PAID1.08BAppendix 3H
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45 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

2 cash raises in the last 24 months · 0 in the last 12 months

every 0.2 monthsaverage gap between raises
14.6 monthssince the most recent
18 June 2025 – 25 June 2025first to most recent in this window
$63.7M
Security Purchase Plan
25 June 2025 ACTIVE
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5 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.

3.0M of option supply could convert within 12 months — 0.3% of shares on issue
3.0M in the money, expiring in the window
1 proposed issue (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
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.

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). 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

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

2.5%
Options & rights overhang · of current shares
0.3%
In-the-money supply · most strikes not on record
26.7M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered3.0M · 0.3% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered23.7M · 2.2% 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: 3.0M priced (of which 3.0M in the money), 23.7M 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
13.4M26.7M$0.89 now0.25× today ($0.22) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.45) — 3.0M of the priced supply in the money, 0.3% of shares on issue0.75× today ($0.67) — 3.0M of the priced supply in the money, 0.3% of shares on issue1× today ($0.89) — 3.0M of the priced supply in the money, 0.3% of shares on issue1.25× today ($1.11) — 3.0M of the priced supply in the money, 0.3% of shares on issue1.5× today ($1.33) — 3.0M of the priced supply in the money, 0.3% of shares on issue2× today ($1.78) — 3.0M of the priced supply in the money, 0.3% of shares on issue3× today ($2.67) — 3.0M of the priced supply in the money, 0.3% of shares on issue5× today ($4.45) — 3.0M of the priced supply in the money, 0.3% of shares on issue10× today ($8.90) — 3.0M of the priced supply in the money, 0.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.89 today, 3.0M securities are in the money (0.3% of shares on issue) — a floor, because an exercise price is on record for only 11.2% of this supply. 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.
  • 23.7M (88.8% 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
TCGAAOptionsPrice-triggered$0.2331 Dec 20263.0MFiling
TCGACPerformance rightsCondition-triggered——23.7MFiling 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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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
3 July 2026John FitzgeraldOther incentive3.0M—4.0M$3k3Y notice
3 July 2026Justin TremainOther incentive15.0M—20.0M$15k3Y notice
3 July 2026Justin TremainOther incentive15.0M—20.0M$15k3Y notice
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10 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

11 Sept 2026Half Year Accounts
30 Aug 2026s708A Notice - Issue of Shares
30 Aug 2026Application for quotation of securities - TCG
24 Aug 2026s708A Notice - Issue of Shares
24 Aug 2026Application for quotation of securities - TCG
17 Aug 2026Change of Company Address
10 Aug 2026s708A Notice - Issue of Shares
9 Aug 2026$PHigh-Grade Adiopan Results Support Material Resource Growth
5 Aug 2026Notification regarding unquoted securities - TCG
4 Aug 2026Application for quotation of securities - TCG
3 Aug 2026Proposed issue of securities - TCG
3 Aug 2026Notification of cessation of securities - TCG
3 Aug 2026Initial Director's Interest Notice x 2
3 Aug 2026Final Director's Interest Notice
30 July 2026Non-Executive Director Appointments
29 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
22 July 2026$PWoulo Woulo Drilling Provides 250m Vertical Extension
20 July 2026$PProject Development Director Appointment
15 July 2026Application for quotation of securities - TCG
15 July 2026s708A Notice - Issue of Shares

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