TOLU MINERALS LIMITED.
ASX:TOKMaterialsToday’s holders own 96.1% of what they think they own, once every option and right converts.
Share count grew 110% in 24 months; runway 2–4 quarters; 3 cash raises in 24 months
TOLU MINERALS LIMITED.'s ordinary share count grew 110.4% between June 2024 and June 2026, its latest share-count filing, to 281M shares. The company raised capital three times in the past 24 months for total disclosed proceeds of A$111.5M, most recently A$23.8M via convertible notes in April 2026. Options and rights on issue could convert into 11M new shares, equal to 4.1% of the current share count, none of which are in the money; no filing on record states an expiry date for these securities. The company has 2 to 4 quarters of funding at the recent spend rate. No proposed securities issues are pending.
Quick answers · 5
When did TOK last raise capital?
The last capital raise in Tolu Minerals's filings is Convertible Notes of $23.8M announced 23 Apr 2026, one of 3 cash raises in 24 months.
How much placement capacity does TOK 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 TOK have?
In its quarterly cash report for the quarter ended 30 June 2026, Tolu Minerals reported $50.0M of cash and estimated 4.2 quarters of funding available at its current rate of spending. That is the company's own estimate.
How many options and rights does TOK have outstanding?
Unexercised options and rights equal 4.1% of Tolu Minerals's shares on issue.
How much has TOK's share count grown?
Tolu Minerals has 281.0M shares on issue as at 28 Oct 2026, up 110.4% 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 |
|---|---|---|---|---|
| 23 June 2026 | 2A · quoted issue | TOK : ORDINARY FULLY PAID | 280.0M | Appendix 2A |
| 17 June 2026 | 2A · quoted issue | TOK : ORDINARY FULLY PAID | 277.0M | Appendix 2A |
| 15 June 2026 | 2A · quoted issue | TOK : ORDINARY FULLY PAID | 276.9M | Appendix 2A |
| 3 June 2026 | 2A · quoted issue | TOK : ORDINARY FULLY PAID | 275.9M | Appendix 2A |
| 2 June 2026 | 2A · quoted issue | TOK : ORDINARY FULLY PAID | 261.1M | 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 (280.0M) need not equal the current count above (281.0M).
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
3 cash raises in the last 24 months · 1 in the last 12 months
Results due
What the company's own reports say is coming, and when. A month is one the report names; “by end of year” is a deadline such as “Q4”. See every explorer on the results calendar.
- October 2026 · detailed drilling update (to complete)
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
No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 11.5M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| TOKAC | Performance rights | Condition-triggered | — | — | 2.8M | Filing |
| TOKAE | Performance rights | Condition-triggered | — | — | 8.7M | 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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 4 May 2026 | Howard Lole | Sell on-market | 15.8M | — | — | $1.5M | 3Y notice |
| 1 Apr 2026 | Larry Andagali | Sell on-market | — | — | — | $1.5M | 3Y notice |
| 23 Oct 2025 | Howard Lole | Sell on-market | 1.6M | — | — | $109k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.