THOR ENERGY PLC
ASX:THRMaterialsToday’s holders own 81.3% of what they think they own, once every option and right converts.
Share count grew 209% in 24 months; runway 4–8 quarters; options/rights overhang 23% of shares
THOR ENERGY PLC's latest share-count filing shows 1.03B shares as of August 2025; however, the growth over the share-count window is not stated because the series of Appendix 2A filings ends earlier than that date. The company has undertaken no capital raises in the past 24 months. Options and rights on issue could convert into 237M new shares, equal to 23.0% of the current share count, none of which are in the money at the current share price; the nearest expiry falls in February 2027. The company has more than 4 quarters of funding at the recent spend rate. No proposed securities issues are currently pending.
Quick answers · 3
How much placement capacity does THR have left?
None of the 15% placement capacity counted as used in the last 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does THR have?
In its quarterly cash report for the quarter ended 30 June 2026, Thor Energy reported $2.8M of cash and estimated 5.6 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do THR's options expire?
Unexercised options and rights equal 23% of Thor Energy's shares on issue; the nearest expiry is Feb 2027.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 8 Sept 2026 | 3H · cancellation | THR : CHESS DEPOSITARY INTERESTS | 670.1M | Appendix 3H |
| 9 Dec 2025 | 3G · unquoted | CHESS DEPOSITARY INTERESTS | 702.2M | Appendix 3G |
| 24 Nov 2025 | 3H · cancellation | THR : CHESS DEPOSITARY INTERESTS 1:1 | 709.3M | Appendix 3H |
| 15 Aug 2025 | 3G · unquoted | THR : CHESS DEPOSITARY INTERESTS 1:1 | 733.0M | Appendix 3G |
| 1 Aug 2025 | 2A · quoted issue | THR : CHESS DEPOSITARY INTERESTS 1:1 | 720.8M | Appendix 2A |
Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (670.1M) need not equal the current count above (1.03B).
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
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.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered156.6M · 15.2% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 3.1M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered80.0M · 7.8% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 153.5M priced, 83.1M 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.
At $0.009 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 3× today’s price, which takes it to 70.0M (6.8% 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.
- 83.1M (35.1% 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.
- 18.5M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| THRAC | Options | Price-triggered | $0.030 | 5 Feb 2027 | 15.0M | Filing |
| THRAZ | Options | Price-triggered | $0.026 | 27 June 2027 | 70.0M | Filing |
| THRAG | Options | Price-triggered | $0.030 | 27 June 2027 | 10.0M | Filing |
| THRAD | Options | Price-triggered | $0.050 | 5 Feb 2028 | 15.0M | Filing |
| THRAF | Options | Price-triggered | $0.030 | 27 June 2028 | 10.0M | Filing |
| THRAY | Options | Price-triggered | $0.30 | 3 Nov 2028 | 18.5M | Filing |
| THRAE | Options | Price-triggered | $0.070 | 5 Feb 2029 | 15.0M | Filing |
| THRAK | Options | Price-triggered, no exercise price stated | — | — | 3.1M | Filing |
| THRAB | Performance shares | Condition-triggered | — | — | 80.0M | Filing 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. For what expires soon across other listed companies, see the options expiry calendar.
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.
- THRAACondition-triggered1.0M securities → 08 Sept 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 7 Sept 2026 | Alastair Clayton | Sell incentive | — | 3.8M | 24.5M | — | 3Y notice |
| 8 Dec 2025 | Andrew Hume | Other incentive | 30.0M | 45.0M | — | — | 3Y notice |
| 8 Dec 2025 | Lincoln Moore | Other incentive | 15.0M | — | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.