Companies / VHM

VHM LIMITED

ASX:VHMMaterials
311.8M shares on issueASX (delayed) · snapshot 11 Sept 2026318.7M fully diluted+2.2% if every option and right converts$0.20price · delayed$63.9Mmarket cap · indicative

Today’s holders own 97.8% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 45% in 24 months; 8 cash raises in 24 months; proposed issue pending

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway18.8 quarters of funding
Share-count growth (24m)44.6%
Raise cadence (24m)8 cash raises
Options & rights overhang2.2% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesopen proposed issue (Appendix 3B)

VHM LIMITED's ordinary share count increased by 90.0% between August 2024 and July 2026, reaching 312M shares. In the past 24 months, the company undertook eight capital raises totalling A$67.0M, with the most recent being a A$40.0M convertible note issue in July 2026. Options and rights on issue represent a potential for 7M new shares, or 2.2% of the current share count, with the nearest expiry in December 2026. At the June 2026 quarter, the company had A$50.9M in available cash, sufficient to cover approximately 18.8 quarters of operations. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in November 2026.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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2.2%
Options & rights overhang
—
In-the-money supply · most strikes not on record
3
Raises · last 12 months
18.8 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 311.8M per ASX (delayed) (snapshot 11 Sept 2026).
225M250M275M300MDec 24Oct 25Sept 26Cash raise · 2 July 2026Cash raise · 20 Apr 2026Cash raise · 20 Nov 2025Cash raise · 19 May 2025Cash raise · 8 May 2025Cash raise · 30 Apr 2025Cash raise · 12 Feb 2025311.8M

Cash runway

18.8 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$50.8M 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: $13.1M cash at quarter end (item 4.6), 5.8 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 20263G · unquotedORDINARY FULLY PAID311.8MAppendix 3G
28 July 20262A · quoted issueVHM : ORDINARY FULLY PAID311.8MAppendix 2A
30 Apr 20263G · unquotedORDINARY FULLY PAID311.6MAppendix 3G
23 Apr 20262A · quoted issueVHM : ORDINARY FULLY PAID311.6MAppendix 2A
22 Mar 20263G · unquotedORDINARY FULLY PAID292.4MAppendix 3G
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30 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

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

every 3 monthsaverage gap between raises
2.4 monthssince the most recent
4 Oct 2024 – 2 July 2026first to most recent in this window
$40.0M
Convertible Notes
2 July 2026 ACTIVE
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8 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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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.

About 20% of the 15% placement capacity left — about 80% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.
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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

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
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1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

2.2%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
6.9M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered2.5M · 0.8% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered4.4M · 1.4% 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: 2.5M priced, 4.4M 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
3.4M6.9M$0.20 now0.25× today ($0.05) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.10) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.15) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.20) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.26) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.31) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.41) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.61) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($1.02) — 0 of the priced supply in the money, 0.0% of shares on issue10× today ($2.05) — 2.5M of the priced supply in the money, 0.8% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 36.3% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.20 today. No more priced supply until 10× today’s price, which takes it to 2.5M (0.8% 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.
  • 4.4M (63.7% 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
VHMAQOptionsPrice-triggered$1.351 Dec 20262.5MFiling
VHMASPerformance rightsCondition-triggered——4.4MFiling 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.

1 class ceased in the last 12 months and is not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • VHMARPrice-triggered847k securities → 020 Oct 2025 Appendix 2A
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2 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 Apr 2026Ronald DouglasOther on-market590k500k——3Y notice
29 Apr 2026Ian SmithOther on-market700k500k—$25k3Y notice
29 Apr 2026Maree ArnasonBuy on-market295k500k——3Y notice
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10 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 2026Appendix 4G and Corporate Governance Statement
9 Sept 2026Annual Report to Shareholders
7 Sept 2026Initial drill results increase MRE confidence
4 Sept 2026Planning Scheme Amendment Approval for Goschen Project
20 Aug 20262026 AGM Date and Closing Date for Director Nominations
20 Aug 2026Notification regarding unquoted securities - VHM
29 July 2026Cleansing Notice
28 July 2026Cleansing Notice
28 July 2026Application for quotation of securities - VHM
19 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
7 July 2026Ceasing to be a substantial holder
1 July 2026Proposed issue of securities - VHM
1 July 2026$PVHM Enters Strategic Partnership with Iluka Resources
27 May 2026Change in substantial holding
12 May 2026Change of Company Secretary
6 May 2026Becoming a substantial holder
1 May 2026Change of Director's Interest Notices x 2
30 Apr 2026Change of Director's Interest Notice
30 Apr 2026Notification regarding unquoted securities - VHM
26 Apr 2026Cleansing Notice

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