Companies / TSL

TITANIUM SANDS LIMITED

ASX:TSLMaterials
2.34B shares on issueASX (delayed) · snapshot 11 Sept 20263.64B fully diluted+55.4% if every option and right converts$0.007price · delayed$16.4Mmarket cap · indicative

Today’s holders own 64.4% of what they think they own, once every option and right converts.

High
Dilution risk

Runway under 2 quarters; 3 cash raises in 24 months; options/rights overhang 55% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.7 quarters of funding
Share-count growth (24m)6.0%
Raise cadence (24m)3 cash raises
Options & rights overhang55.4% of shares
In-the-money supply1.2% of shares
Pending proposed issuesnone

TITANIUM SANDS LIMITED's ordinary share count grew 6.0% between April 2024 and August 2026, to 2.34B shares. The company raised capital three times in the past 24 months for total disclosed proceeds of A$726K, with the most recent being a A$226K placement in July 2026. Options and rights on issue could convert into 1.30B new shares, representing 55.4% of the current share count, of which 1% are in the money at the current share price. The nearest expiry date for these options is February 2027. As of the June 2026 quarter, the company reported A$159K in available cash, covering approximately 0.7 quarters of its operating expenses. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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55.4%
Options & rights overhang
1.2%
In-the-money supply
2
Raises · last 12 months
0.7 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 2.34B per ASX (delayed) (snapshot 11 Sept 2026).
2.25B2.30B2.35BDec 24Oct 25Sept 26Cash raise · 10 July 2026Cash raise · 14 Apr 2026Cash raise · 7 Feb 20252.34B

Cash runway

0.7 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Aug 2026 — that date has passed, and no later report is on record.
$156k 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: $110k cash at quarter end (item 4.6), 0.5 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
20 Aug 20262A · quoted issueTSL : ORDINARY FULLY PAID2.34BAppendix 2A
18 June 20252A · quoted issueTSL : ORDINARY FULLY PAID2.34BAppendix 2A
3 Mar 20253G · unquotedTSL : ORDINARY FULLY PAID2.34BAppendix 3G
18 Feb 20252A · quoted issueTSL : ORDINARY FULLY PAID2.34BAppendix 2A
18 Feb 20253G · unquotedTSL : ORDINARY FULLY PAID2.21BAppendix 3G
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9 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

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

every 8.5 monthsaverage gap between raises
2.1 monthssince the most recent
7 Feb 2025 – 10 July 2026first to most recent in this window
$226k
Placement
10 July 2026 COMPLETE
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4 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.

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3 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 Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
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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

55.4%
Options & rights overhang · of current shares
1.2%
In-the-money supply · at current price
1.30B
Potential new shares
Feb 2027
Nearest expiry
What a price move would switch on
649.2M1.30B$0.007 now0.25× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.007) — 28.0M of the priced supply in the money, 1.2% of shares on issue1.25× today ($0.009) — 28.0M of the priced supply in the money, 1.2% of shares on issue1.5× today ($0.011) — 28.0M of the priced supply in the money, 1.2% of shares on issue2× today ($0.014) — 28.0M of the priced supply in the money, 1.2% of shares on issue3× today ($0.021) — 28.0M of the priced supply in the money, 1.2% of shares on issue5× today ($0.035) — 1.30B of the priced supply in the money, 55.4% of shares on issue10× today ($0.070) — 1.30B of the priced supply in the money, 55.4% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.007 today, 28.0M securities are in the money (1.2% of shares on issue). No more priced supply until 5× today’s price, which takes it to 1.30B (55.4% 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
TSLALOptionsPrice-triggered$0.02317 Feb 202782.5MFiling
TSLAKOptionsPrice-triggered$0.00613 Nov 202828.0MFiling
—OptionsPrice-triggered$0.02316 Feb 20291.19BFiling

“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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3 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
30 June 2025Jason FerrisBuy off-market2.5M———3Y notice
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1 notice 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

20 Aug 2026TSL Options - Top 20 Holders and Distribution Schedule
20 Aug 2026Application for quotation of securities - TSL
30 July 2026$PQuarterly Activities Report and Appendix 5B
9 July 2026Proposed issue of securities - TSL
8 July 2026Letter to Shareholders/Options Offer Application Form
8 July 2026$POptions Prospectus
22 June 2026$PMannar Hydrology Program Completed Successfully
18 June 2026Results of Meeting
16 June 2026Sri Lankan Mineral Sands Conference
15 June 2026Offtake and Investment Discussions Commence
12 June 2026Change of Auditor
19 May 2026Letter to Shareholders - Notice of General Meeting
19 May 2026Notice of General Meeting/Proxy Form
28 Apr 2026$PQuarterly Activities Report and Appendix 5B
16 Apr 2026Proposed issue of securities - TSL
16 Apr 2026$PProject Status Update
14 Apr 2026$PTrading Halt
13 Mar 2026Half Year Accounts
11 Feb 2026$PResponse to ASX Price Query
30 Jan 2026$PQuarterly Activities Report and Appendix 5B

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