VANTAGE METALS LIMITED
ASX:VANMaterialsToday’s holders own 72.5% of what they think they own, once every option and right converts.
Runway under 2 quarters; options/rights overhang 38% of shares; since relisting as VAN; prior history under BRX not included
VANTAGE METALS LIMITED changed its name from BRX to VAN in July 2026; all figures below cover only the period since that rename. The company's latest reported ordinary share count is 374M as of August 2026. No new share-issuance filings have been lodged since January 2024. VANTAGE METALS LIMITED had zero capital raises in the past 24 months, and no proposed securities issues are pending. Options and rights on issue could convert into 142M new shares, representing 37.9% of the current share count, with the nearest expiry in December 2028; none are currently in the money. At the June 2026 quarter end, the company held A$206K in available cash, covering approximately 0.1 quarters of funding.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 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 |
| 17 Aug 2026 | 2A · quoted issue | VAN : ORDINARY FULLY PAID | 355.7M | Appendix 2A |
| 23 July 2026 | 3G · unquoted | VAN : ORDINARY FULLY PAID | 354.7M | Appendix 3G |
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 (371.3M) need not equal the current count above (373.9M).
Capital raises
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 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered99.7M · 26.7% 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-triggered41.9M · 11.2% 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, 141.7M 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 141.7M 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 | — | 10 Dec 2028 | 99.7M | Filing |
| VANAH | — | Condition-triggered | — | — | 900k | Filing |
| VANAI | — | Condition-triggered | — | — | 2.1M | 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.
Director dealings
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.