VRX SILICA LIMITED
ASX:VRXMaterialsToday’s holders own 82.9% of what they think they own, once every option and right converts.
Share count grew 57% in 24 months; 5 cash raises in 24 months; runway 4–8 quarters
VRX SILICA LIMITED's ordinary share count grew 56.7% between May 2024 and July 2026, its latest share-count filing, to 984M shares. The company completed five capital raises in the past 24 months for total disclosed proceeds of A$20.7M, the most recent a A$4.5M placement in July 2026. Options and rights on issue could convert into 203M new shares, representing a 20.6% overhang relative to current shares; none are in the money, and the nearest expiry falls in December 2026. The company has more than 4 quarters of funding at the recent spend rate. No proposed securities issues are currently pending.
Quick answers · 5
When did VRX last raise capital?
The last capital raise in VRX Silica's filings is Placement of $4.5M announced 15 July 2026, one of 5 cash raises in 24 months.
How much placement capacity does VRX have left?
About 92% of the 15% placement capacity left, about 8% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does VRX have?
In its quarterly cash report for the quarter ended 30 June 2026, VRX Silica reported $4.1M of cash and estimated 3.2 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do VRX's options expire?
Unexercised options and rights equal 20.6% of VRX Silica's shares on issue; the nearest expiry is Dec 2026.
How much has VRX's share count grown?
VRX Silica has 984.3M shares on issue as at 28 Oct 2026, up 56.7% over 24 months according to its Appendix 2A filings.
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 |
|---|---|---|---|---|
| 17 Aug 2026 | 3G · unquoted | VRX : ORDINARY FULLY PAID | 984.3M | Appendix 3G |
| 20 July 2026 | 2A · quoted issue | VRX : ORDINARY FULLY PAID | 984.3M | Appendix 2A |
| 30 June 2026 | 2A · quoted issue | VRX : ORDINARY FULLY PAID | 850.5M | Appendix 2A |
| 26 June 2026 | 2A · quoted issue | VRX : ORDINARY FULLY PAID | 850.5M | Appendix 2A |
| 26 June 2026 | 3G · unquoted | ORDINARY FULLY PAID | 779.0M | Appendix 3G |
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
5 cash raises in the last 24 months · 4 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
- Price-triggered179.6M · 18.2% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 114.2M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered23.0M · 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: 65.4M priced, 137.2M 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 32.3% 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 $0.033 today. At double today’s price it is 14.5M (1.5% 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.
- 137.2M (67.7% 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.
- 7.0M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| VRXAP | Options | Price-triggered | $0.15 | 31 Dec 2026 | 7.2M | Filing |
| — | Performance rights | Condition-triggered | — | 31 Jan 2027 | 3.0M | Filing Meeting |
| VRXAAB | Options | Price-triggered | $0.055 | 31 Dec 2027 | 14.5M | Filing |
| — | Performance rights | Condition-triggered | — | 31 May 2028 | 3.0M | Filing Meeting |
| VRXO | Options | Price-triggered, no exercise price stated | — | 30 June 2028 | 111.2M | Filing |
| — | Performance rights | Condition-triggered | — | 31 Oct 2028 | 5.0M | Filing Meeting |
| VRXAG | Options | Price-triggered | $0.15 | 31 Dec 2028 | 12.0M | Filing |
| — | Performance rights | Condition-triggered | — | 31 Jan 2029 | 6.0M | Filing Meeting |
| — | Options | Price-triggered, no exercise price stated | — | 30 June 2029 | 3.0M | Filing |
| — | Options | Price-triggered | $0.15 | 30 June 2029 | 4.0M | Filing |
| — | Options | Price-triggered | $0.20 | 30 June 2029 | 5.0M | Filing |
| — | Options | Price-triggered | $0.25 | 30 June 2029 | 6.0M | Filing |
| — | Performance rights | Condition-triggered | — | 31 July 2029 | 6.0M | Filing Meeting |
| VRXAH | Options | Price-triggered | $0.10 | 31 Dec 2029 | 9.7M | Filing |
| — | Options | Price-triggered | $0.35 | 31 Dec 2029 | 7.0M | 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.
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.
- VRXAAAPrice-triggered86.5M securities → 030 June 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 26 June 2026 | David Welch | Buy entitlement/SPP | 50k | 25k | — | — | 3Y notice |
| 26 June 2026 | PAUL BOYATZIS | Buy entitlement/SPP | 600k | 300k | — | — | 3Y notice |
| 4 May 2026 | BRUCE MALUISH | Buy placement | 694k | 5.0M | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.