Companies / VTX

VERTEX MINERALS LIMITED

ASX:VTXMaterials
295.2M shares on issueASX (delayed) · snapshot 11 Sept 2026380.2M fully diluted+28.8% if every option and right converts$0.13price · delayed$36.9Mmarket cap · indicative

Today’s holders own 77.6% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 120% in 24 months; 7 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.0 quarters of funding
Share-count growth (24m)120.2%
Raise cadence (24m)7 cash raises
Options & rights overhang28.8% of shares
In-the-money supplyno data — no exercise price on record
Pending proposed issuesopen proposed issue (Appendix 3B)

VERTEX MINERALS LIMITED's ordinary share count grew 120.2% between August 2024 and August 2026, reaching 295M shares. In the past 24 months, the company has raised capital seven times, totalling A$43.2M. The most recent raise was a A$4.2M Convertible Loan in September 2026. Options and rights on issue represent potential new shares equivalent to 28.8% of the current share count, with the nearest expiry date in July 2027. Zero percent of these options are currently in the money. As of the June 2026 quarter, the company held A$6.8M in cash, representing approximately 1.0 quarter of operating expenditure. Two proposed securities issues are pending, with the nearest proposed date in October 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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28.8%
Options & rights overhang
—
In-the-money supply · no stated strikes
3
Raises · last 12 months
1.0 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 295.2M per ASX (delayed) (snapshot 11 Sept 2026).
200M250M300MDec 24Oct 25Sept 26Cash raise · 2 Sept 2026Cash raise · 1 July 2026Cash raise · 25 Mar 2026Cash raise · 5 Sept 2025Cash raise · 12 May 2025Cash raise · 30 Jan 2025295.2M

Cash runway

1.0 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Sept 2026 — that date has passed, and no later report is on record.
$6.7M 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: $2.4M cash at quarter end (item 4.6), 1.6 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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12 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
3 Aug 20262A · quoted issueVTX : ORDINARY FULLY PAID295.2MAppendix 2A
21 July 20262A · quoted issueVTX : ORDINARY FULLY PAID286.6MAppendix 2A
30 June 20262A · quoted issueVTX : ORDINARY FULLY PAID286.6MAppendix 2A
23 Apr 20263G · unquotedVTX : ORDINARY FULLY PAID286.6MAppendix 3G
12 Feb 20262A · quoted issueVTX : ORDINARY FULLY PAID286.6MAppendix 2A
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49 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

7 cash raises in the last 24 months · 3 in the last 12 months

every 3.8 monthsaverage gap between raises
0.3 monthssince the most recent
4 Oct 2024 – 2 Sept 2026first to most recent in this window
$4.2M
Convertible Loan
2 Sept 2026 ACTIVE
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19 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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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.

About 68% of the 15% placement capacity left — about 32% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.
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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

2 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
2 pending issues on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

28.8%
Options & rights overhang · of current shares
—
In-the-money supply · no stated strikes
85.0M
Potential new shares
July 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered71.6M · 24.3% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    No exercise price is on record for any of it, so none of it can be called in or out of the money.
  • Condition-triggered12.3M · 4.1% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
  • Converts on terms1.1M · 0.4% of shares
    Convertibles with no exercise price — they convert on their own terms, so they are shares in all but name.

Exercise price on record: 0 priced, 85.0M 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.

What a price move would switch on

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 85.0M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

CodeSecurityTypeExercise priceExpiryOn issueSource
VTXOOptionsPrice-triggered—17 July 202771.6MFiling
VTXAPNotesConverts on terms——1.1MFiling
VTXALPerformance rightsCondition-triggered——12.3MFiling 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.

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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
3 Aug 2026Bruce McInnesBuy entitlement/SPP300k——$30k3Y notice
3 Aug 2026Roger JacksonBuy entitlement/SPP300k—4.8M$30k3Y notice
17 July 2026Roger JacksonSell—111k4.8M—3Y notice
17 July 2026Tully RichardsSell1.6M333k3.0M—3Y notice
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27 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

11 Sept 2026Amended Mineral Resource Estimate Reward Gold Mine
6 Sept 2026Proposed issue of securities - VTX
6 Sept 2026Proposed issue of securities - VTX
6 Sept 2026$PNew Convertible Loan Funding - A$4.2M
2 Sept 2026$PTrading Halt
1 Sept 2026$PUpdated Mineral Resource Estimate Reward Gold Mine
27 Aug 2026Investor Webinar Monday 31 August 2026
24 Aug 2026Ore Production Update - 24hrs 7days Underground Operations
20 Aug 2026$PDevelopment Application Modification Approved
13 Aug 2026Extended Timing for Independent Expert Report
3 Aug 2026Change of Director's Interest Notice Jackson
3 Aug 2026Change of Director's Interest Notice McInnes
3 Aug 2026Application for quotation of securities - VTX
3 Aug 2026Share Purchase Plan Completion
2 Aug 2026$PReward Gold Mine Pivotal Point - Stope Mining Commences
31 July 2026$PQuarterly Activities and Cash Flow Reports 30 June 2026
23 July 2026Appointment of an Independent Expert
21 July 2026Corrections to Appendix 3Y Lodged 5 Jun 2026 Richards
21 July 2026Update - Proposed issue of securities - VTX
21 July 2026Share Purchase Plan - Extending Closing Date

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