Companies / TGM

THETA GOLD MINES LIMITED

ASX:TGMMaterials
1.34B shares on issueASX (delayed) · snapshot 11 Sept 20261.60B fully diluted+19.6% if every option and right converts$0.20price · delayed$260.7Mmarket cap · indicative

Today’s holders own 83.6% of what they think they own, once every option and right converts.

Very high
Dilution risk

Share count grew 88% in 24 months; runway 2–4 quarters; 5 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.9 quarters of funding
Share-count growth (24m)87.9%
Raise cadence (24m)5 cash raises
Options & rights overhang19.6% of shares
In-the-money supply10.4% of shares
Pending proposed issuesnone

THETA GOLD MINES LIMITED's ordinary share count grew 87.9% between January 2024 and August 2026, reaching 1.34B shares. The company raised capital five times in the past 24 months for total disclosed proceeds of A$84.5M, with the most recent being a A$27.0M placement in June 2026. Options and rights on issue could convert into 262M new shares, representing 19.6% of the current share count, with 10% in the money; the nearest expiry is September 2026. As of the June 2026 quarter, the company reported A$36.2M in available cash, sufficient for approximately 2.9 quarters of operations. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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19.6%
Options & rights overhang
10.4%
In-the-money supply
3
Raises · last 12 months
2.9 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 1.34B per ASX (delayed) (snapshot 11 Sept 2026).
0.9B1.0B1.1B1.2B1.3BDec 24Oct 25Sept 26Cash raise · 24 June 2026Cash raise · 7 Oct 2025Cash raise · 15 Sept 2025Cash raise · 30 June 20251.34B

Cash runway

2.9 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Mar 2027 at the reported spend rate.
$36.0M 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: $19.4M cash at quarter end (item 4.6), 7.8 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
10 Aug 20262A · quoted issueTGM : ORDINARY FULLY PAID1.34BAppendix 2A
3 July 20262A · quoted issueTGM : ORDINARY FULLY PAID1.28BAppendix 2A
3 July 20262A · quoted issueTGM : ORDINARY FULLY PAID1.18BAppendix 2A
19 Feb 20263G · unquotedTGM : ORDINARY FULLY PAID1.16BAppendix 3G
13 Feb 20262A · quoted issueTGM : ORDINARY FULLY PAID1.16BAppendix 2A
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49 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

5 cash raises in the last 24 months · 3 in the last 12 months

every 4.9 monthsaverage gap between raises
2.6 monthssince the most recent
31 Oct 2024 – 24 June 2026first to most recent in this window
$27.0M
Placement
24 June 2026 COMPLETE
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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.

47.2M of option supply could convert within 12 months — 3.5% of shares on issue
47.2M in the money, expiring in the window
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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17 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 47% of the 15% placement capacity left — about 53% 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

19.6%
Options & rights overhang · of current shares
10.4%
In-the-money supply · at current price
261.9M
Potential new shares
Sept 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered229.0M · 17.1% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 47.9M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered32.9M · 2.5% 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: 181.1M priced (of which 139.4M in the money), 80.8M 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
130.9M261.9M$0.20 now0.25× today ($0.05) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.10) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.15) — 54.8M of the priced supply in the money, 4.1% of shares on issue1× today ($0.20) — 139.4M of the priced supply in the money, 10.4% of shares on issue1.25× today ($0.24) — 149.4M of the priced supply in the money, 11.2% of shares on issue1.5× today ($0.29) — 161.1M of the priced supply in the money, 12.0% of shares on issue2× today ($0.39) — 181.1M of the priced supply in the money, 13.5% of shares on issue3× today ($0.58) — 181.1M of the priced supply in the money, 13.5% of shares on issue5× today ($0.98) — 181.1M of the priced supply in the money, 13.5% of shares on issue10× today ($1.95) — 181.1M of the priced supply in the money, 13.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.20 today, 139.4M securities are in the money (10.4% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 149.4M (11.2% 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.
  • 80.8M (30.9% 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
TGMAAZOptionsPrice-triggered$0.1317 Sept 202634.6MFiling
TGMABBOptionsPrice-triggered$0.1331 Oct 202612.6MFiling
TGMABDOptionsPrice-triggered$0.2025 May 202710.0MFiling
TGMABEOptionsPrice-triggered$0.2525 May 202710.0MFiling
TGMABFOptionsPrice-triggered$0.3025 May 202710.0MFiling
TGMOOptionsPrice-triggered—1 June 202724.2MFiling
TGMABCOptionsPrice-triggered—3 July 202723.7MFiling
TGMABOptionsPrice-triggered$0.323 Aug 202710.0MFiling
TGMAAROptionsPrice-triggered$0.1230 Sept 20274.5MFiling
TGMAASOptionsPrice-triggered$0.1730 Sept 2027900kFiling
TGMAAGOptionsPrice-triggered$0.1730 Sept 20272.6MFiling
TGMAAHOptionsPrice-triggered$0.2530 Sept 2027300kFiling
TGMAHOptionsPrice-triggered$0.1510 Oct 202748.4MFiling
TGMADOptionsPrice-triggered$0.1230 Sept 20283.0MFiling
TGMAEOptionsPrice-triggered$0.1530 Sept 202829.1MFiling
TGMAFOptionsPrice-triggered$0.1730 Sept 20293.5MFiling
TGMAGOptionsPrice-triggered$0.2530 Sept 20291.4MFiling
TGMAPPerformance rightsCondition-triggered——32.9MFiling 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.

1 class ceased in the last 12 months and is 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.
  • TGMABAPrice-triggered11.2M securities → 03 July 2026 Appendix 2A
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18 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
11 Feb 2026Guyang (Brett) TangOther32.9M5.0M2.3M$1.5M3Y notice
9 Dec 2025Bill Richie YangOther incentive—8.6M6.8M—3Y notice
9 Dec 2025Byron Karl Lester DumpletonOther incentive—3.3M3.7M—3Y notice
9 Dec 2025Charles William (Bill) GuyOther incentive—7.6M6.8M—3Y notice
9 Dec 2025Guyang (Brett) TangOther incentive—5.8M2.0M—3Y notice
9 Dec 2025Hansjoerg PlaggemarsOther incentive—5.8M2.0M—3Y notice
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14 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

9 Sept 2026$PTGM Completes First Bond Drawdown of A$51.2 Million
9 Sept 2026$PTrading Halt
9 Sept 2026$PPause in Trading
10 Aug 2026Cleansing Notice
10 Aug 2026Application for quotation of securities - TGM
7 Aug 2026Proposed issue of securities - TGM
7 Aug 2026$PConversion of Unsecured Loan to Equity
31 July 2026Notice of initial substantial holder
30 July 2026$PQuarterly Activities & Cashflow Report - 30 June 2026
10 July 2026Initial Director's Interest Notice - Ching (Sharon) Iu
10 July 2026TGM Announces Board Appointment
3 July 2026Cleansing Notice
3 July 2026Application for quotation of securities - TGM
3 July 2026Application for quotation of securities - TGM
3 July 2026Completion of combined Equity Raise & Options Exercise
1 July 2026Change of Registered and Principal Offices
28 June 2026$PInvestor Presentation - Pathway to Production
28 June 2026Proposed issue of securities - TGM
28 June 2026$PUS$18.6M combined Equity Raise and Options Exercise
24 June 2026$PTGME Gold Project - Major Construction Milestones Achieved

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