Companies / TRE

TOUBANI RESOURCES LIMITED

ASX:TREMaterials
1.07B shares on issueASX (delayed) · snapshot 11 Sept 20261.21B fully diluted+12.3% if every option and right converts$0.33price · delayed$349.0Mmarket cap · indicative

Today’s holders own 89.0% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 409% in 24 months; runway 2–4 quarters; 4 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.0 quarters of funding
Share-count growth (24m)408.8%
Raise cadence (24m)4 cash raises
Options & rights overhang12.3% of shares
In-the-money supply0.1% of shares
Pending proposed issuesnone

TOUBANI RESOURCES LIMITED's ordinary share count grew 408.8% between August 2024 and August 2026, to 1.07 billion shares. The company raised capital four times in the past 24 months for total disclosed proceeds of A$247.6M, most recently an A$70.2M accelerated non-renounceable entitlement offer in July 2026. Options on issue could convert into 133M new shares, representing 12.3% of the current share count, none of which are currently in the money; the nearest expiry falls in December 2026. At the June 2026 quarter the company reported A$102.9M in available cash, covering 2.0 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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12.3%
Options & rights overhang
0.1%
In-the-money supply
2
Raises · last 12 months
2.0 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 1.07B per ASX (delayed) (snapshot 11 Sept 2026).
0.25B0.50B0.75B1.00BDec 24Oct 25Sept 26Cash raise · 10 July 2026Cash raise · 7 Oct 2025Cash raise · 1 Aug 2025Cash raise · 24 Apr 20251.07B

Cash runway

2.0 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Dec 2026 at the reported spend rate.
$102.3M 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: $73.5M cash at quarter end (item 4.6), 9.3 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
9 Sept 20263H · cancellationTRE : ORDINARY FULLY PAID1.07BAppendix 3H
14 Aug 20262A · quoted issueTRE : ORDINARY FULLY PAID1.07BAppendix 2A
9 Aug 20262A · quoted issueTRE : ORDINARY FULLY PAID1.07BAppendix 2A
21 July 20263G · unquotedTRE : ORDINARY FULLY PAID1.01BAppendix 3G
20 July 20262A · quoted issueTRE : ORDINARY FULLY PAID937.1MAppendix 2A
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54 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

4 cash raises in the last 24 months · 2 in the last 12 months

every 4.8 monthsaverage gap between raises
2.1 monthssince the most recent
24 Apr 2025 – 10 July 2026first to most recent in this window
$70.2M
Accelerated non-renounceable entitlement offer
10 July 2026 COMPLETE
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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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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.

1.3M of option supply could convert within 12 months — 0.1% of shares on issue
1.3M 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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11 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

12.3%
Options & rights overhang · of current shares
0.1%
In-the-money supply · at current price
132.6M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered97.2M · 9.1% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered35.4M · 3.3% 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: 97.2M priced (of which 1.5M in the money), 35.4M 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
66.3M132.6M$0.33 now0.25× today ($0.08) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.16) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.24) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.33) — 1.5M of the priced supply in the money, 0.1% of shares on issue1.25× today ($0.41) — 59.6M of the priced supply in the money, 5.5% of shares on issue1.5× today ($0.49) — 59.7M of the priced supply in the money, 5.6% of shares on issue2× today ($0.65) — 97.2M of the priced supply in the money, 9.1% of shares on issue3× today ($0.98) — 97.2M of the priced supply in the money, 9.1% of shares on issue5× today ($1.63) — 97.2M of the priced supply in the money, 9.1% of shares on issue10× today ($3.25) — 97.2M of the priced supply in the money, 9.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.33 today, 1.5M securities are in the money (0.1% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 59.6M (5.5% 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.
  • 35.4M (26.7% 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
TREAKOptionsPrice-triggered$0.4214 Dec 2026167kFiling
TREALOptionsPrice-triggered$0.304 May 2027232kFiling
TREAUOptionsPrice-triggered$0.2517 June 2027600kFiling
TREAWOptionsPrice-triggered$0.2512 Aug 2027500kFiling
TREAXOptionsPrice-triggered$0.2520 Sept 2027150kFiling
TREAYOptionsPrice-triggered$0.4030 Sept 2027600kFiling
TREAZOptionsPrice-triggered$0.337 May 202815.1MFiling
TREAAAOptionsPrice-triggered$0.331 Aug 202829.8MFiling
TREAAOptionsPrice-triggered$0.5019 Dec 20281.0MFiling
TREAEOptionsPrice-triggered$0.6021 July 202936.4MFiling
TREAABOptionsPrice-triggered$0.336 Aug 203012.5MFiling
TREATPerformance rightsCondition-triggered——35.4MFiling 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.

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12 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
6 Sept 2026Scott PerrySell6.2M400k——3Y notice
11 Aug 2026Scott PerryBuy on-market179k——$50k3Y notice
10 Aug 2026Phil RussoBuy entitlement/SPP67k———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 2026Notification of cessation of securities - TRE
9 Sept 2026Change of Director's Interest Notice
9 Sept 2026Half Year Accounts
1 Sept 2026Presentation - Executing Our Strategy to Deliver First Gold
23 Aug 2026$PFirst Drawdown Proceeds Received under Gold Stream
14 Aug 2026Adjustment to Option Exercise Price
14 Aug 2026Application for quotation of securities - TRE
12 Aug 2026Change in substantial holding
11 Aug 2026Change of Director's Interest Notice
11 Aug 2026Appointment of Key Management Personnel
10 Aug 2026Change in substantial holding
9 Aug 2026Change of Director's Interest Notice
9 Aug 2026Application for quotation of securities - TRE
9 Aug 2026$PFurther High-Grade Results from Pre-Production Drilling
4 Aug 2026$PCompletion of Retail Entitlement Offer
2 Aug 2026$PKobada Development Advances as Plant Construction Begins
28 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
24 July 2026Change in substantial holding
23 July 2026Change in substantial holding
21 July 2026Notification regarding unquoted securities - TRE

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