VITAL METALS LIMITED

ASX:VMLMaterials

247.9M shares on issueASX (delayed) · snapshot 11 Sept 2026262.8M fully diluted+6.0% if every option and right converts$0.094price · delayed$23.3Mmarket cap · indicative

Today’s holders own 94.3% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Share count grew 69% in 24 months; runway 4–8 quarters; 2 cash raises in 24 months

Absolute levels — not a ranking against other companies.

Cash runway4.1 quarters of funding

Share-count growth (24m)69.2%

Raise cadence (24m)2 cash raises

Options & rights overhang6.0% of shares

In-the-money supply0.4% of shares

Pending proposed issuesnone

VITAL METALS LIMITED reported an ordinary share count of 248M as of April 2026. The company underwent a 1-for-50 share consolidation in June 2025. The reported share count change of 69.2% between September 2025 and April 2026 is adjusted for this consolidation. VITAL METALS LIMITED raised capital twice in the past 24 months, for total disclosed proceeds of A$12.5M, most recently a A$5.6M placement in October 2025. Options and rights on issue could convert into 15M new shares, representing 6.0% of the current share count, with the nearest expiry in October 2026; none of these are currently in the money. As of the June 2026 quarter, the company held A$3.1M in cash, sufficient for approximately 4.1 quarters. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026

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6.0%

Options & rights overhang

0.4%

In-the-money supply

Raises · last 12 months

4.1 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. Adjusted for the 1-for-50 consolidation (26 June 2025). Latest count 247.9M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

4.1 qtrs

More than four quarters of funding at the recent spend rate.

Funds operations to about June 2027 at the reported spend rate.

$3.1M 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: $3.8M cash at quarter end (item 4.6), 1.2 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)

Date	Form	Security	On issue, per this filing	Source
27 Aug 2026	3H · cancellation	VML : ORDINARY FULLY PAID	247.9M	Appendix 3H
13 Apr 2026	2A · quoted issue	VML : ORDINARY FULLY PAID	247.9M	Appendix 2A
29 Dec 2025	2A · quoted issue	VML : ORDINARY FULLY PAID	183.1M	Appendix 2A
29 Dec 2025	2A · quoted issue	VML : ORDINARY FULLY PAID	200.1M	Appendix 2A
16 Sept 2025	3G · unquoted	ORDINARY FULLY PAID	146.5M	Appendix 3G

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15 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

2 cash raises in the last 24 months · 1 in the last 12 months

every 1.7 monthsaverage gap between raises

10.9 monthssince the most recent

22 Aug 2025 – 14 Oct 2025first to most recent in this window

$5.6M

Placement

14 Oct 2025

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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.

880k of option supply could convert within 12 months — 0.4% of shares on issue

880k in the money, expiring in the window

Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.

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3 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 estimate — the only Appendix 3B in the window claiming the 15% capacity states more than the whole allowance, so it cannot be counted.

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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

6.0%

Options & rights overhang · of current shares

0.4%

In-the-money supply · at current price

14.9M

Potential new shares

Oct 2026

Nearest expiry

What a price move would switch on

At $0.094 today, 880k securities are in the money (0.4% of shares on issue). No more priced supply until 3× today’s price, which takes it to 6.5M (2.6% 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.
4.4M (29.6% 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.

Code	Security	Type	Exercise price	Expiry	On issue	Source
VMLAP	Options	Price-triggered	$0.20	11 Oct 2026	5.6M	Filing
VMLAX	Options	Price-triggered	$0.050	4 Jan 2027	880k	Filing
VMLAM	Options	Price-triggered	$0.75	10 Dec 2027	4.0M	Filing
VMLAA	Options	Price-triggered	—	—	4.4M	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.

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.

VMLANCondition-triggered924k securities → 027 Aug 2026 Appendix 2A

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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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Director dealings

Date	Director	Type	Shares	Options	Other	Value	Source
24 Dec 2025	Alexius Chan	Buy placement	800k	—	—	$84k	3Y notice
24 Dec 2025	David Dikken	Buy placement	18.7M	—	—	$2.0M	3Y notice
15 Sept 2025	Lisa Riley	Other incentive	924k	2.4M	—	—	3Y notice