Companies / WC1

WEST COBAR METALS LIMITED

ASX:WC1Materials
415.9M shares on issueASX (delayed) · snapshot 11 Sept 2026539.1M fully diluted+29.6% if every option and right converts$0.019price · delayed$7.9Mmarket cap · indicative

Today’s holders own 77.2% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 173% in 24 months; 8 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.9 quarters of funding
Share-count growth (24m)172.7%
Raise cadence (24m)8 cash raises
Options & rights overhang29.6% of shares
In-the-money supplyno data — an exercise price is on record for a minority of the supply
Pending proposed issuesnone

WEST COBAR METALS LIMITED's ordinary share count grew 172.7% between September 2024 and June 2026, reaching 416M shares. In the past 24 months, the company raised capital eight times, for total disclosed proceeds of A$5.0M, with the most recent being a A$1.1M placement in June 2026. Options and rights on issue could convert into 123M new shares, representing 29.6% of the current share count, with no options currently in the money; the nearest expiry date is July 2027. As of the June 2026 quarter, the company reported A$1.1M in available cash, sufficient for approximately 1.9 quarters of operations.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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29.6%
Options & rights overhang
—
In-the-money supply · most strikes not on record
2
Raises · last 12 months
1.9 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 415.9M per ASX (delayed) (snapshot 11 Sept 2026).
200M300M400MDec 24Oct 25Sept 26Cash raise · 8 June 2026Cash raise · 29 Oct 2025Cash raise · 15 Aug 2025Cash raise · 6 June 2025Cash raise · 9 May 2025Cash raise · 28 Feb 2025Cash raise · 5 Dec 2024415.9M

Cash runway

1.9 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Dec 2026 at the reported spend rate.
$1.1M 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: $1.5M cash at quarter end (item 4.6), 2.5 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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10 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
23 June 20263H · cancellationWC1 : ORDINARY FULLY PAID415.9MAppendix 3H
21 June 20263G · unquotedORDINARY FULLY PAID354.1MAppendix 3G
21 June 20262A · quoted issueWC1 : ORDINARY FULLY PAID415.9MAppendix 2A
4 June 20263H · cancellationWC1 : ORDINARY FULLY PAID354.1MAppendix 3H
23 Feb 20263H · cancellationWC1 : ORDINARY FULLY PAID354.1MAppendix 3H
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36 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

8 cash raises in the last 24 months · 2 in the last 12 months

every 2.8 monthsaverage gap between raises
3.2 monthssince the most recent
16 Oct 2024 – 8 June 2026first to most recent in this window
$1.1M
Placement
8 June 2026 ACTIVE
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10 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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5 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.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see.
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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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

29.6%
Options & rights overhang · of current shares
—
In-the-money supply · most strikes not on record
123.2M
Potential new shares
July 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered113.2M · 27.2% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 76.2M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered10.0M · 2.4% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 37.0M priced, 86.2M 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.

What a price move would switch on
61.6M123.2M$0.019 now0.25× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.014) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.019) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.024) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.028) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.038) — 11.0M of the priced supply in the money, 2.6% of shares on issue3× today ($0.057) — 29.0M of the priced supply in the money, 7.0% of shares on issue5× today ($0.095) — 34.0M of the priced supply in the money, 8.2% of shares on issue10× today ($0.190) — 34.0M of the priced supply in the money, 8.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

An exercise price is on record for only 30.0% 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 $0.019 today. At double today’s price it is 11.0M (2.6% 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.
  • 86.2M (70.0% 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.
  • 3.0M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
CodeSecurityTypeExercise priceExpiryOn issueSource
WC1ALOptionsPrice-triggered$0.2031 July 20273.0MFiling
WC1ASOptionsPrice-triggered$0.0309 May 202811.0MFiling
WC1ATOptionsPrice-triggered$0.04015 May 202818.0MFiling
WC1AUOptionsPrice-triggered$0.0805 June 20285.0MFiling
WC1OOptionsPrice-triggered—30 June 202876.2MFiling
WC1AKPerformance rightsCondition-triggered——10.0MFiling 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.

1 class ceased in the last 12 months and is not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • WC1ARPrice-triggered4.0M securities → 03 Nov 2025 Appendix 2A
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6 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
29 July 2026Matt SzwedzickiBuy on-market1.1M8.5M10.0M$15k3Y notice
26 June 2026Matt SzwedzickiBuy on-market7.6M8.5M10.0M$10k3Y notice
22 June 2026Matt SzwedzickiBuy6.3M8.5M11.5M$16k3Y notice
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14 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

10 Sept 2026Results of General Meeting
30 Aug 2026Research And Development Tax Offset Funds Received
27 Aug 2026$PExpansion of Scandium Drilling Targets at Salazar
25 Aug 2026$PDrilling Completed at Blind Freddie
16 Aug 2026$PDrilling Commenced at Blind Freddie Copper Target
9 Aug 2026$PScandium Pathway Being Fast Tracked
30 July 2026Notice of General Meeting
30 July 2026Letter to Shareholders - General Meeting
29 July 2026Appendix 3Y Change of Director's Interest Notice - MS
28 July 2026Presentation - Scandium at Salazar
23 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
20 July 2026$PNear Term Drilling for Copper and Scandium
8 July 2026$PBaxter Transaction Update
7 July 2026$PReview Identifies High-Grade Scandium Targets at Salazar
30 June 2026$PSpectral Study Expands Baxter Fluorspar Potential
26 June 2026Change of Director's Interest Notice - MS
23 June 2026Change of Director's Interest Notice - MS
23 June 2026Notification of cessation of securities - WC1
22 June 2026Critical Minerals Progress Update
21 June 2026Cleansing Notice

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