Companies / WEC

WHITE ENERGY COMPANY LIMITED

ASX:WECEnergy
770.6M shares on issueAppendix 2A · as of 11 Sept 2026826.0M fully diluted+7.2% if every option and right converts$0.30price · delayed$206.2Mmarket cap · indicative

Today’s holders own 93.3% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 287% in 24 months; 4 cash raises in 24 months; options/rights overhang 7% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway13.9 quarters of funding
Share-count growth (24m)287.3%
Raise cadence (24m)4 cash raises
Options & rights overhang7.2% of shares
In-the-money supply3.3% of shares
Pending proposed issuesnone

WHITE ENERGY COMPANY LIMITED's ordinary share count grew 287.3% between June 2024 and September 2026, reaching 771M shares. The company undertook four capital raises totalling A$25.8M in the past 24 months, with the most recent being a A$15.0M placement in August 2026. Options and rights on issue represent potential new shares equivalent to 7.2% of the current share count, with 3% in the money at the current share price; the nearest expiry is June 2027. As of the June 2026 quarter, the company had A$19.3M in cash, sufficient for 14.0 quarters. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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7.2%
Options & rights overhang
3.3%
In-the-money supply
3
Raises · last 12 months
13.9 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 770.6M per Appendix 2A (filed 11 Sept 2026).
200M400M600MDec 24Oct 25Sept 26Cash raise · 27 Aug 2026Cash raise · 18 Nov 2025Cash raise · 18 Nov 2025Cash raise · 25 Feb 2025

Cash runway

13.9 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$19.3M 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: $414k cash at quarter end (item 4.6), 0.8 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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11 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
11 Sept 20262A · quoted issueWEC : ORDINARY FULLY PAID770.6MAppendix 2A
11 Sept 20262A · quoted issueWEC : ORDINARY FULLY PAID691.5MAppendix 2A
2 Sept 20263G · unquotedWEC : ORDINARY FULLY PAID441.5MAppendix 3G
1 Sept 20262A · quoted issueWEC : ORDINARY FULLY PAID687.3MAppendix 2A
15 Dec 20252A · quoted issueWEC : ORDINARY FULLY PAID441.5MAppendix 2A
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8 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

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

every 9 monthsaverage gap between raises
0.5 monthssince the most recent
25 Feb 2025 – 27 Aug 2026first to most recent in this window
$15.0M
Placement
27 Aug 2026 COMPLETE
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5 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.

5.4M of option supply could convert within 12 months — 0.7% of shares on issue
5.4M in the money, expiring in the window
Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.
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6 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 Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
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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

7.2%
Options & rights overhang · of current shares
3.3%
In-the-money supply · at current price
55.4M
Potential new shares
June 2027
Nearest expiry
What a price move would switch on
27.7M55.4M$0.30 now0.25× today ($0.07) — 5.4M of the priced supply in the money, 0.7% of shares on issue0.5× today ($0.15) — 15.4M of the priced supply in the money, 2.0% of shares on issue0.75× today ($0.22) — 25.4M of the priced supply in the money, 3.3% of shares on issue1× today ($0.30) — 25.4M of the priced supply in the money, 3.3% of shares on issue1.25× today ($0.38) — 35.4M of the priced supply in the money, 4.6% of shares on issue1.5× today ($0.45) — 35.4M of the priced supply in the money, 4.6% of shares on issue2× today ($0.60) — 45.4M of the priced supply in the money, 5.9% of shares on issue3× today ($0.90) — 45.4M of the priced supply in the money, 5.9% of shares on issue5× today ($1.50) — 55.4M of the priced supply in the money, 7.2% of shares on issue10× today ($3.00) — 55.4M of the priced supply in the money, 7.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.30 today, 25.4M securities are in the money (3.3% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 35.4M (4.6% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
WECAEOptionsPrice-triggered$0.04030 June 20275.4MFiling
WECAGOptionsPrice-triggered$0.102 Sept 202910.0MFiling
WECAHOptionsPrice-triggered$0.202 Sept 202910.0MFiling
WECAIOptionsPrice-triggered$0.302 Sept 202910.0MFiling
WECAJOptionsPrice-triggered$0.502 Sept 202910.0MFiling
WECAKOptionsPrice-triggered$1.002 Sept 202910.0MFiling

“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.

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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
17 Dec 2025Brian FlanneryOther entitlement/SPP3.3M——$90k3Y notice
17 Dec 2025Brian FlanneryOther entitlement/SPP26.0M——$702k3Y notice
17 Dec 2025Brian FlanneryOther entitlement/SPP27.2M——$734k3Y notice
17 Dec 2025Gregory Keith WhitehouseBuy entitlement/SPP370k——$10k3Y notice
17 Dec 2025Vince O'RourkeOther entitlement/SPP481k——$13k3Y notice
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12 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 2026Cleansing Notice under Section 708A(5)(e) of the Corps Act
11 Sept 2026Application for quotation of securities - WEC
11 Sept 2026Application for quotation of securities - WEC
11 Sept 2026$PCompletion of Proposed Acquisitions and Cap Raising
4 Sept 2026Change in substantial holding - Gaffwick
4 Sept 2026Change in substantial holding - Ilwella
2 Sept 2026Notification regarding unquoted securities - WEC
1 Sept 2026Cleansing Notice under Section 708A(5)(e) of the Corps Act
1 Sept 2026Application for quotation of securities - WEC
30 Aug 2026Proposed issue of securities - WEC
30 Aug 2026Proposed issue of securities - WEC
30 Aug 2026Proposed issue of securities - WEC
30 Aug 2026$PSale & Purchase Agreements Executed for Acq & Cap Raising
28 Aug 2026Results of Meeting
28 Aug 2026$PTrading Halt
27 Aug 2026$PPause in Trading
31 July 2026$PQuarterly Activities Report and Appendix 5B
29 July 2026$PSpecimen Hill - Drilling and Preliminary Geochemical Results
29 July 2026Tindal Project-Strong soil anomalies Mallapunyah fault zone
22 July 2026General Meeting Access Letter, Notice of Meeting & Proxy

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