VITAL METALS LIMITED
ASX:VMLMaterialsToday’s holders own 97.5% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 69% in 24 months; 2 cash raises in 24 months
VITAL METALS LIMITED underwent a 1-for-50 share consolidation in June 2025. Between September 2025 and April 2026, its latest share-count filing, the ordinary share count grew 69.2%, adjusted for the consolidation, to 248M shares. The company raised capital twice in that period 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 6M new shares, equal to 2.6% of the current share count; none are in the money, and the nearest expiry falls in January 2027. A June 2026 cash report indicated that at the reported spend rate the reported cash would since have been used up, and no later cash report is on record, so no funding-runway figure applies. No proposed securities issues are pending.
Quick answers · 3
When did VML last raise capital?
The last capital raise in Vital Metals's filings is Placement of $5.6M announced 15 Oct 2025, one of 2 cash raises in 24 months.
How much cash does VML have?
In its quarterly cash report for the quarter ended 30 June 2026, Vital Metals reported $3.8M of cash and estimated 1.2 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do VML's options expire?
Unexercised options and rights equal 2.6% of Vital Metals's shares on issue; the nearest expiry is Jan 2027.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 23 Oct 2026 | 3H · cancellation | VML : ORDINARY FULLY PAID | 247.9M | Appendix 3H |
| 12 Oct 2026 | 3H · cancellation | VML : ORDINARY FULLY PAID | 247.9M | Appendix 3H |
| 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 |
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
2 cash raises in the last 24 months · 0 in the last 12 months
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 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
At $0.079 today, 880k securities are in the money (0.4% of shares on issue). No more priced supply until 10× today’s price, which takes it to 4.9M (2.0% 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.
- 1.6M (24.7% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| 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, no exercise price stated | — | — | 1.6M | 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. For what expires soon across other listed companies, see the options expiry calendar.
- VMLANCondition-triggered924k securities → 027 Aug 2026 Appendix 2A
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 |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.