VBX LIMITED

ASX:VBXMaterials

83.3M shares on issueASX (delayed) · snapshot 11 Sept 2026112.0M fully diluted+34.6% if every option and right converts$0.78price · delayed$64.5Mmarket cap · indicative

Today’s holders own 74.3% of what they think they own, once every option and right converts.

Moderate

Dilution riskprovisional — limited history

Runway under 2 quarters; options/rights overhang 35% of shares

Absolute levels — not a ranking against other companies.

Cash runway-0.7 quarters of funding

Share-count growth (24m)0.2%

Raise cadence (24m)0 cash raises

Options & rights overhang34.6% of shares

In-the-money supplyno data — no exercise price on record

Pending proposed issuesnone

VBX LIMITED had 83M ordinary shares on issue as of August 2026. The company has not undertaken any capital raises in the past 24 months and has no pending proposed issues. Options and rights on issue represent 34.6% of current shares, potentially adding 29M new shares, with the nearest expiry in June 2028; none of these options are currently in the money. As of June 2026, the company reported a cash balance of A$-1.8M, indicating a funding runway of approximately -0.7 quarters. The share count growth over the period of interest is not stated, as the company's Appendix 2A series predates the measurement window.

AI-generated summary of this page's cited filings · updated 11 Sept 2026

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34.6%

Options & rights overhang

—

In-the-money supply · no stated strikes

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 83.3M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

-0.7 qtrs

Less than two quarters of funding at the recent spend rate — near-term funding pressure.

$-1.8M 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: $301k cash at quarter end (item 4.6), 0.1 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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5 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 3 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

Date	Form	Security	On issue, per this filing	Source
2 Sept 2026	2A · quoted issue	VBX : ORDINARY FULLY PAID	43.3M	Appendix 2A
18 Dec 2025	2A · quoted issue	VBX : ORDINARY FULLY PAID	43.2M	Appendix 2A
5 Sept 2025	3G · unquoted	VBX : ORDINARY FULLY PAID	40.7M	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 (43.3M) need not equal the current count above (83.3M).

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3 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

No equity raises in the last 24 months.

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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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2 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

34.6%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

28.8M

Potential new shares

June 2028

Nearest expiry

What this supply is, and what converts it

Price-triggered3.0M · 3.6% of shares
Options 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-triggered25.8M · 30.9% 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: 0 priced, 28.8M 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.

What a price move would switch on

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 28.8M 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
VBXAD	Options	Price-triggered	—	13 June 2028	1.3M	Filing
VBXAC	Options	Price-triggered	—	13 June 2028	1.8M	Filing
VBXAF	Performance rights	Condition-triggered	—	—	750k	Filing Meeting
VBXAE	Performance rights	Condition-triggered	—	—	25.0M	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.

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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4 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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