Companies / TMX

TERRAIN MINERALS LIMITED

ASX:TMXMaterials
3.71B shares on issueASX (delayed) · snapshot 11 Sept 20264.65B fully diluted+25.4% if every option and right converts$0.004price · delayed$13.0Mmarket cap · indicative

Today’s holders own 79.8% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 110% in 24 months; runway 2–4 quarters; 14 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.5 quarters of funding
Share-count growth (24m)110.1%
Raise cadence (24m)14 cash raises
Options & rights overhang25.4% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

TERRAIN MINERALS LIMITED's ordinary share count grew 110.1% between July 2024 and May 2026, reaching 3.71B shares. In the past 24 months, the company raised capital 14 times, for a total of A$16.5M, with the most recent event being a Placement and Rights Issue in September 2026 raising A$2.5M. Options and rights on issue could convert into 942M new shares, representing 25.4% of the current share count, with no options currently in the money; the nearest expiry date is December 2026. As of the June 2026 quarter, the company held A$3.0M in cash, covering approximately 2.6 quarters of operations. Two proposed securities issues (Appendix 3B) are pending, with the nearest proposed date in September 2026.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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25.4%
Options & rights overhang
0.0%
In-the-money supply
7
Raises · last 12 months
2.5 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 3.71B per ASX (delayed) (snapshot 11 Sept 2026).
2.0B2.5B3.0B3.5BDec 24Oct 25Sept 26Cash raise · 4 Sept 2026Cash raise · 29 Apr 2026Cash raise · 28 Apr 2026Cash raise · 5 Dec 2025Cash raise · 4 Dec 2025Cash raise · 30 Oct 2025Cash raise · 27 Oct 2025Cash raise · 12 May 2025Cash raise · 9 May 2025Cash raise · 24 Apr 2025Cash raise · 17 Apr 2025Cash raise · 29 Jan 2025Cash raise · 17 Jan 20253.71B

Cash runway

2.5 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Feb 2027 at the reported spend rate.
$3.0M 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: $1.4M cash at quarter end (item 4.6), 1.3 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
11 May 20262A · quoted issueTMX : ORDINARY FULLY PAID3.34BAppendix 2A
11 May 20262A · quoted issueTMX : ORDINARY FULLY PAID3.71BAppendix 2A
3 Feb 20262A · quoted issueTMX : ORDINARY FULLY PAID3.33BAppendix 2A
3 Feb 20262A · quoted issueTMX : ORDINARY FULLY PAID3.23BAppendix 2A
15 Dec 20252A · quoted issueTMX : ORDINARY FULLY PAID3.22BAppendix 2A
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32 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

14 cash raises in the last 24 months · 7 in the last 12 months

every 1.8 monthsaverage gap between raises
0.3 monthssince the most recent
24 Sept 2024 – 4 Sept 2026first to most recent in this window
$2.5M
Placement and Rights Issue
4 Sept 2026 ACTIVE
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15 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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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.

Rights issue
dated 4 Sept 2026 · 8 days ago
Placement and Rights Issue

Closing dates are not in the filings this site holds. Check the company's own announcement below before acting on this.

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Offer terms
The offer price, and how it compares with the last traded price.
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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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8 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.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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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

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

25.4%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
942.3M
Potential new shares
Dec 2026
Nearest expiry
What a price move would switch on
471.1M942.3M$0.0035 now0.25× today ($0.0009) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.0018) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.0026) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.0035) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.0044) — 20.0M of the priced supply in the money, 0.5% of shares on issue1.5× today ($0.0053) — 698.3M of the priced supply in the money, 18.8% of shares on issue2× today ($0.0070) — 718.3M of the priced supply in the money, 19.4% of shares on issue3× today ($0.0105) — 932.3M of the priced supply in the money, 25.1% of shares on issue5× today ($0.0175) — 942.3M of the priced supply in the money, 25.4% of shares on issue10× today ($0.0350) — 942.3M of the priced supply in the money, 25.4% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.0035 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
TMXAIOptionsPrice-triggered$0.0157 Dec 20266.0MFiling
TMXAACOptionsPrice-triggered$0.00517 June 2027678.3MFiling
TMXAJOptionsPrice-triggered$0.01124 Feb 20284.0MFiling
TMXAAAOptionsPrice-triggered$0.00630 Nov 202820.0MFiling
TMXACOptionsPrice-triggered$0.00428 Nov 202920.0MFiling
TMXAADOptionsPrice-triggered$0.00731 Mar 2030214.0MFiling

“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.

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6 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
10 July 2026MR JUSTIN VIRGINBuy on-market5.0M——$15k3Y notice
3 Feb 2026MR JUSTIN VIRGINBuy placement111.3M——$10.0M3Y notice
25 Nov 2025MR JASON STANLEY MACDONALDSell8.2M1.0M——3Y notice
25 Nov 2025MR JOHANNES LINSell62.1M4.0M——3Y notice
25 Nov 2025MR JUSTIN VIRGINSell124.5M8.0M160.0M—3Y notice
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15 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

8 Sept 2026Proposed issue of securities - TMX
8 Sept 2026Proposed issue of securities - TMX
8 Sept 2026$PGandel Metals Anchors Placement & Rights Issue @ 33% Premium
6 Sept 2026$PTrading Halt
1 Sept 2026$PLarin's Lane 80% plus REE Recovery & Gallium/Scandium Upside
31 Aug 2026$PUltrafine Fraction Soil Sampling at Carlindie - East Pilbara
23 Aug 2026Investor Presentation - RIU Resources Investor Roadshow
20 Aug 2026$P7 New Priority IP Gold Drill Targets Defined at Smokebush
2 Aug 2026$PInvestor Presentation Diggers & Dealers Kalgoorlie
26 July 2026$PLightning Maiden 54koz Gold MRE Sets Growth Platform
21 July 2026$PQuarterly Activities and Cashflow Report
12 July 2026Appendix 3Y - Justin Virgin
30 June 2026$PExtensive Rare Earth System Emerging at Lort River
10 June 2026Investor Presentation - June 2026 Update
8 June 2026$PDrilling Confirms Open Gold-Silver System at Wildflower
3 June 2026$PCoherent Multi-Element Gold-Pathfinder Anomaly at Carlindie
25 May 2026$PIP Survey Expanded to Test Paradise City, Hurley & T17
20 May 2026$PLightning Gold MRE Activities Advancing to July 26 Target
18 May 2026Metallurgical Test Work Commences at Lightning Gold Project
12 May 2026$PNew IP Program Targets Repetition of the Lightning Discovery

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