VENARI MINERALS NL
ASX:VMSMaterialsToday’s holders own 90.8% of what they think they own, once every option and right converts.
In a trading halt since 28 Oct 2026: “Pending release of an announcement regarding metallurgical test work results for hydrochloric acid leaching of lithium, strontium and magnesium by-products for its Red Mountain lithium project in Nevada, USA” · expected to resume 30 Oct 2026
Runway 2–4 quarters; 1 cash raise in 24 months; options/rights overhang 10% of shares; since relisting as VMS; prior history under ASE not included
VENARI MINERALS NL undertook a 1-for-10 share consolidation in November 2025. The company has raised capital once in the past 24 months, a A$6.1M placement in July 2026, the full total. Options and rights could convert into 17M shares (10.1% of current shares), all out of the money, nearest expiry August 2028. At the end of the September 2026 quarter, the company had 2 to 4 quarters of funding at the recent spend rate. Five proposed securities issues (Appendix 3B) are pending, with the earliest expected in November 2026. All figures cover only the period since the company began trading under the current code VMS in October 2025.
Quick answers · 4
Why is VMS in a trading halt?
Venari Minerals requested a trading halt on 28 Oct 2026, giving the reason "Pending release of an announcement regarding metallurgical test work results for hydrochloric acid leaching of lithium, strontium and magnesium by-products for its Red Mountain lithium project in Nevada, USA". Trading was expected to resume 30 Oct 2026.
Is VMS raising capital?
Venari Minerals has 5 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $6.1M on 20 July 2026.
How much cash does VMS have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Venari Minerals reported $5.7M of cash and estimated 3.9 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do VMS's options expire?
Unexercised options and rights equal 10.1% of Venari Minerals's shares on issue; the nearest expiry is Aug 2028.
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 |
|---|---|---|---|---|
| 25 Sept 2026 | 2A · quoted issue | VMS : ORDINARY FULLY PAID | 167.5M | Appendix 2A |
| 25 Sept 2026 | 2A · quoted issue | VMS : ORDINARY FULLY PAID | 130.8M | Appendix 2A |
| 24 Aug 2026 | 3H · cancellation | VMS : ORDINARY FULLY PAID | 130.2M | Appendix 3H |
| 6 Aug 2026 | 2A · quoted issue | VMS : ORDINARY FULLY PAID | 130.2M | Appendix 2A |
| 31 July 2026 | 2A · quoted issue | VMS : ORDINARY FULLY PAID | 130.2M | Appendix 2A |
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 (167.5M) need not equal the current count above (168.1M).
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
1 cash raise in the last 24 months · 1 in the last 12 months · counted since relisting as VMS (13 Oct 2025); prior history under ASE is not included
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
- Price-triggered13.2M · 7.9% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 10.2M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered3.8M · 2.3% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 3.0M priced, 14.0M 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.
An exercise price is on record for only 17.6% 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 $0.11 today. No more priced supply until 3× today’s price, which takes it to 3.0M (1.8% 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.
- 14.0M (82.4% 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 |
|---|---|---|---|---|---|---|
| VMSOA | Options | Price-triggered, no exercise price stated | — | 6 Aug 2028 | 10.2M | Filing |
| VMSAU | Options | Price-triggered | $0.30 | 26 Sept 2028 | 3.0M | Filing |
| VMSAA | Performance rights | Condition-triggered | — | — | 953k | Filing Meeting |
| VMSAB | Performance rights | Condition-triggered | — | — | 953k | Filing Meeting |
| VMSAC | Performance rights | Condition-triggered | — | — | 953k | Filing Meeting |
| VMSAD | Performance rights | Condition-triggered | — | — | 953k | Filing 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. For what expires soon across other listed companies, see the options expiry calendar.
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.
- VMSASCondition-triggered522k securities → 024 Aug 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 25 Sept 2026 | Anthony Leibowitz | Other placement | 2.0M | — | 1.5M | $161k | 3Y notice |
| 25 Sept 2026 | Matthew James Healy | Other placement | 250k | — | 2.3M | $20k | 3Y notice |
| 25 Sept 2026 | Vincent Fayad | Other placement | 1.0M | 112k | — | $80k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.