Companies / VKA

VIKING MINES LIMITED

ASX:VKAMaterials
2.51B shares on issueASX (delayed) · snapshot 11 Sept 20262.82B fully diluted+12.4% if every option and right converts$0.010price · delayed$25.1Mmarket cap · indicative

Today’s holders own 89.0% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 136% in 24 months; runway 2–4 quarters; 1 cash raise in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.5 quarters of funding
Share-count growth (24m)136.5%
Raise cadence (24m)1 cash raise
Options & rights overhang12.4% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

VIKING MINES LIMITED's ordinary share count increased by 136.5% between September 2024 and July 2026, reaching 2.51B shares. In the past 24 months, the company completed one capital raise, a A$4.5M placement in December 2025. Currently, there are options and rights on issue representing a potential 312M new shares, or 12.4% of the existing count, with the nearest expiry in September 2027. As of the June 2026 quarter, VIKING MINES LIMITED held A$2.8M in available cash, providing an estimated 2.6 quarters of operating cover. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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12.4%
Options & rights overhang
—
In-the-money supply · most strikes not on record
1
Raises · last 12 months
2.5 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 2.51B per ASX (delayed) (snapshot 11 Sept 2026).
1.5B2.0B2.5BDec 24Oct 25Sept 26Cash raise · 16 Dec 20252.51B

Cash runway

2.5 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Feb 2027 at the reported spend rate.
$2.8M 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: $3.7M cash at quarter end (item 4.6), 3.6 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
28 July 20262A · quoted issueVKA : ORDINARY FULLY PAID2.51BAppendix 2A
22 June 20263G · unquotedORDINARY FULLY PAID2.43BAppendix 3G
14 Apr 20262A · quoted issueVKA : ORDINARY FULLY PAID2.43BAppendix 2A
23 Feb 20262A · quoted issueVKA : ORDINARY FULLY PAID2.42BAppendix 2A
23 Feb 20263G · unquotedORDINARY FULLY PAID2.33BAppendix 3G
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20 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

1 cash raise in the last 24 months · 1 in the last 12 months

$4.5M
Placement
16 Dec 2025 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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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). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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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

12.4%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
311.5M
Potential new shares
Sept 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered65.0M · 2.6% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered246.5M · 9.8% 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: 65.0M priced, 246.5M 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
155.8M311.5M$0.010 now0.25× today ($0.003) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.010) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.013) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.015) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.020) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.030) — 15.0M of the priced supply in the money, 0.6% of shares on issue5× today ($0.050) — 65.0M of the priced supply in the money, 2.6% of shares on issue10× today ($0.100) — 65.0M of the priced supply in the money, 2.6% 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 20.9% 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 $0.010 today. No more priced supply until 3× today’s price, which takes it to 15.0M (0.6% 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.
  • 246.5M (79.1% 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
VKAALOptionsPrice-triggered$0.02011 Sept 202715.0MFiling
VKAAMOptionsPrice-triggered$0.03012 Feb 202850.0MFiling
VKAAEPerformance rightsCondition-triggered——246.5MFiling 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.
  • VKAADCondition-triggered85.0M securities → 02 Feb 2026 Appendix 2A
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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
18 Feb 2026Bevan TarrattBuy placement40.0M—30.0M—3Y notice
18 Feb 2026Charles ThomasBuy placement10.0M—30.0M—3Y notice
18 Feb 2026Julian StephensBuy placement25.0M—30.0M—3Y notice
18 Feb 2026Julian WoodcockBuy placement15.0M—30.0M—3Y notice
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9 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 2026$PMAIDEN DRILLING AT LINKA TUNGSTEN DELIVERS 14M @ 0.56% WO3
1 Sept 2026HIGH-GRADE TUNGSTEN UP TO 2.7% WO3 - AMENDMENT
31 Aug 2026$PHIGH-GRADE TUNGSTEN UP TO 2.7% WO3 AT REGIONAL PROJECTS
26 Aug 2026$PBLM APPROVES 900 TONNE BULK SAMPLE AT LINKA TUNGSTEN PROJECT
19 Aug 2026$PLINKA ASSAYS CONFIRM ORE SORTING DELIVERS HIGH GRADE PRODUCT
18 Aug 2026$PVIKING DRILLS WIDE SCHEELITE ZONES AT LINKA TUNGSTEN PROJECT
5 Aug 2026$PLINKA STOCKPILES RETURN TUNGSTEN ASSAYS UP TO 1.8% WO3
29 July 2026$PLINKA CONCEPT PROCESSING STUDY DELIVERS POSITIVE OUTCOMES
29 July 2026$PQuarterly Report for the period ended 30 June 2026
28 July 2026Application for quotation of securities - VKA
21 July 2026RIG MOBILISATION COMMENCED FOR MAIDEN DRILLING AT LINKA
1 July 2026$PLINKA TAILS DAM SAMPLING SUPPORTS HIGH HISTORICAL RECOVERIES
28 June 2026$PVIKING DIVESTS NON-CORE GOLD PROJECT FOR UP TO $5M
28 June 2026FAU: FAU to Acquire High-Grade Kalgoorlie Resource
22 June 2026Notification regarding unquoted securities - VKA
17 June 2026$PORE SORTING SUCCESS AT LINKA TUNGSTEN PROJECT
10 June 2026GOLD COAST INVESTMENT SHOWCASE PRESENTATION
9 June 2026$PLINKA TUNGSTEN RECOVERY IMPROVED TO 76.0%
8 June 2026$PLINKA STOCKPILE SAMPLING DELIVERS UP TO 1.1% WO3
27 May 2026$PLINKA METALLURGY SUCCESS DELIVERS 62.5%WO3 AT 59.8% RECOVERY

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