Companies / VUL

VULCAN ENERGY RESOURCES LIMITED

ASX:VULMaterials

478.7M shares on issueASX (delayed) · as of 28 July 2026$2.64price · delayed$1.24Bmarket cap · indicative

Dilution grade

Runway under 2 quarters; share count grew 154% in 24 months; 3 cash raises in 24 months

Cash runway1.2 quarters of funding

Share-count growth (24m)154.5%

Raise cadence (24m)3 cash raises

Options & rights overhang0.5% of shares

In-the-money supply0.0% of shares

Pending proposed issuesnone

VULCAN ENERGY RESOURCES LIMITED's ordinary share count grew 154.5% between June 2024 and June 2026, to 479M shares. The company raised capital three times in that period for total disclosed proceeds of A$1.2B, most recently A$973.8M in December 2025. Options and rights on issue could convert into 3M new shares, equal to 0.5% of the current share count, with 0% in the money at the current share price. At the March 2026 quarter the company reported A$171.0M in available cash, equivalent to 1.2 quarters of funding at its recent spending rate. No proposed securities issues (Appendix 3B) are pending.

AI-generated summary of this page's cited filings · updated 28 July 2026

0.5%

Max option dilution

0.0%

ITM option dilution

Raises · last 12 months

1.2 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 478.7M per ASX (delayed) (28 July 2026).

Cash runway

1.2 qtrs

Less than two quarters of funding at the recent spend rate — near-term funding pressure.

$171.0M available cash at quarter ended 31 Mar 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds.

Paid plan

Cash runway history

Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 31 Mar 2026.

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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

Date	Form	Security	Total on issue after	Source
28 July 2026	3H · cancellation	VUL : ORDINARY FULLY PAID	478.7M	Appendix 3H
24 June 2026	3G · unquoted	ORDINARY FULLY PAID	478.7M	Appendix 3G
1 June 2026	2A · quoted issue	VUL : ORDINARY FULLY PAID	478.7M	Appendix 2A
7 May 2026	3H · cancellation	VUL : ORDINARY FULLY PAID	477.9M	Appendix 3H
20 Mar 2026	3H · cancellation	VUL : ORDINARY FULLY PAID	477.9M	Appendix 3H

Paid plan

Full issuance history

Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).

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Capital raises

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

$973.8M

Capital raise

2 Dec 2025

Paid plan

Full raise history

Issue price, discount, brokers, purpose and tranche detail for every raise on record.

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Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

0.5%

Total overhang · of current shares

0.0%

In the money · at current price

2.5M

Potential new shares

—

Nearest expiry

Paid plan

Per-line options & expiry cliffs

Each option line — code, strike, expiry, quantity and ITM value — plus the expiry-cliff chart.

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Director dealings

Date	Director	Type	Shares	Options	Value	Source
28 July 2026	Dr Francis Wedin	Other	16.5M	—	$200k	3Y notice
28 July 2026	Cristobal Moreno	Other	135k	—	$90k	3Y notice
24 June 2026	Felicity Gooding	Other	—	—	$950k	3Y notice