VANTAGE METALS LIMITED
ASX:VANMaterialsToday’s holders own 71.7% of what they think they own, once every option and right converts.
Runway under 2 quarters; options/rights overhang 39% of shares; 2 cash raises in 24 months; since relisting as VAN; prior history under BRX not included
VANTAGE METALS LIMITED, renamed from BRX and trading as VAN only since July 2026, has data covering only the post-rename period. Its ordinary share count between August 2026 and October 2026, its latest share-count filing, grew 1.7% to 378M shares. The company raised capital twice in the 24-month window, total A$11.3M, most recently a A$6.0M placement in May 2026. Options and rights could convert into 149M new shares, a 39.4% overhang, none in the money, nearest expiry December 2028. Cash at the June 2026 quarter-end was reported but has since been used up at the spend rate; no later cash report is on record, so no funding-runway figure applies. No proposed securities issues are pending.
Quick answers · 3
When did VAN last raise capital?
The last capital raise in Vantage Metals's filings is Placement of $6.0M announced 5 May 2026, one of 2 cash raises in 24 months.
How much cash does VAN have?
In its quarterly cash report for the quarter ended 30 June 2026, Vantage Metals reported $2.5M of cash and estimated 0.6 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do VAN's options expire?
Unexercised options and rights equal 39.4% of Vantage Metals's shares on issue; the nearest expiry is Dec 2028.
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 |
|---|---|---|---|---|
| 9 Oct 2026 | 2A · quoted issue | VAN : ORDINARY FULLY PAID | 377.7M | Appendix 2A |
| 14 Sept 2026 | 2A · quoted issue | VAN : ORDINARY FULLY PAID | 376.9M | Appendix 2A |
| 17 Aug 2026 | 2A · quoted issue | VAN : ORDINARY FULLY PAID | 371.3M | Appendix 2A |
| 17 Aug 2026 | 2A · quoted issue | VAN : ORDINARY FULLY PAID | 355.1M | Appendix 2A |
| 17 Aug 2026 | 2A · quoted issue | VAN : ORDINARY FULLY PAID | 355.9M | 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
2 cash raises in the last 24 months · 1 in the last 12 months · counted since relisting as VAN (13 July 2026); prior history under BRX is not included
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
- Price-triggered108.1M · 28.6% of sharesOptions and warrants — they convert when the share price clears their exercise price.No exercise price is on record for any of it, so none of it can be called in or out of the money.
- Condition-triggered40.7M · 10.8% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 0 priced, 148.8M 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.
No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 148.8M 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 |
|---|---|---|---|---|---|---|
| VANO | Options | Price-triggered, no exercise price stated | — | 10 Dec 2028 | 108.1M | Filing |
| VANAH | — | Condition-triggered | — | — | 900k | Filing |
| VANAI | — | Condition-triggered | — | — | 953k | Filing |
| VANAJ | Rights | Condition-triggered | — | — | 7.0M | Filing |
| VANAG | — | Condition-triggered | — | — | 7.1M | Filing |
| VANAE | Performance rights | Condition-triggered | — | — | 24.8M | 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
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.