TERRAIN MINERALS LIMITED
ASX:TMXMaterialsToday’s holders own 74.6% of what they think they own, once every option and right converts.
Share count grew 119% in 24 months; runway 2–4 quarters; 10 cash raises in 24 months
Between September 2024 and September 2026, its latest share-count filing, TERRAIN MINERALS LIMITED's ordinary shares grew 118.9% to 3.94B. In the past 24 months, the company completed 10 capital raises totalling A$12.1M, the most recent being a Placement and Non-Renounceable Rights Issue in September 2026 raising A$2.5M. Options and rights on issue could convert into 1.34B new shares, a 34.1% overhang, with none in the money and the nearest expiry in December 2026. The company has 2 to 4 quarters of funding at the recent spend rate. Four proposed securities issues (Appendix 3B) are pending, the earliest expected in October 2026.
Quick answers · 5
Is TMX raising capital?
Terrain Minerals has 4 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement and Non-Renounceable Rights Issue of $2.5M on 9 Sept 2026.
How much placement capacity does TMX have left?
About 27% of the 15% placement capacity left, about 73% used in 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 TMX have?
In its quarterly cash report for the quarter ended 30 June 2026, Terrain Minerals reported $1.4M of cash and estimated 1.3 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do TMX's options expire?
Unexercised options and rights equal 34.1% of Terrain Minerals's shares on issue; the nearest expiry is Dec 2026.
How much has TMX's share count grown?
Terrain Minerals has 3.94B shares on issue as at 28 Oct 2026, up 118.9% over 24 months according to its Appendix 2A filings.
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 |
|---|---|---|---|---|
| 17 Sept 2026 | 2A · quoted issue | TMX : ORDINARY FULLY PAID | 3.94B | Appendix 2A |
| 17 Sept 2026 | 3G · unquoted | TMX : ORDINARY FULLY PAID | 3.71B | Appendix 3G |
| 11 May 2026 | 2A · quoted issue | TMX : ORDINARY FULLY PAID | 3.34B | Appendix 2A |
| 11 May 2026 | 2A · quoted issue | TMX : ORDINARY FULLY PAID | 3.71B | Appendix 2A |
| 3 Feb 2026 | 2A · quoted issue | TMX : ORDINARY FULLY PAID | 3.33B | Appendix 2A |
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
10 cash raises in the last 24 months · 4 in the last 12 months
Retail offer
An offer existing holders can take part in — the one structural advantage retail has in a raise. Dated recently and not yet recorded as complete.
Closing dates are not in the filings this site holds. Check the company's own announcement below before acting on this.
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
At $0.0025 today, 0 securities are in the money (0.0% of shares on issue). At double today’s price it is 20.0M (0.5% 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.
- 400.0M (29.8% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| TMXAI | Options | Price-triggered | $0.015 | 7 Dec 2026 | 6.0M | Filing |
| TMXAAC | Options | Price-triggered | $0.005 | 17 June 2027 | 678.3M | Filing |
| TMXAJ | Options | Price-triggered | $0.011 | 24 Feb 2028 | 4.0M | Filing |
| TMXAAA | Options | Price-triggered | $0.0056 | 30 Nov 2028 | 20.0M | Filing |
| TMXAAE | Options | Price-triggered, no exercise price stated | — | 23 Oct 2029 | 400.0M | Filing |
| TMXAC | Options | Price-triggered | $0.0042 | 28 Nov 2029 | 20.0M | Filing |
| TMXAAD | Options | Price-triggered | $0.007 | 31 Mar 2030 | 214.0M | Filing |
“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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 10 July 2026 | MR JUSTIN VIRGIN | Buy on-market | 5.0M | — | — | $15k | 3Y notice |
| 3 Feb 2026 | MR JUSTIN VIRGIN | Buy placement | 111.3M | — | — | $10.0M | 3Y notice |
| 25 Nov 2025 | MR JASON STANLEY MACDONALD | Sell | 8.2M | 1.0M | — | — | 3Y notice |
| 25 Nov 2025 | MR JOHANNES LIN | Sell | 62.1M | 4.0M | — | — | 3Y notice |
| 25 Nov 2025 | MR JUSTIN VIRGIN | Sell | 124.5M | 8.0M | 160.0M | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.