Companies / WGR

WESTERN GOLD RESOURCES LIMITED.

ASX:WGRMaterials
296.3M shares on issueASX (delayed) · snapshot 11 Sept 2026342.5M fully diluted+15.6% if every option and right converts$0.071price · delayed$21.0Mmarket cap · indicative

Today’s holders own 86.5% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 74% in 24 months; 5 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.9 quarters of funding
Share-count growth (24m)73.9%
Raise cadence (24m)5 cash raises
Options & rights overhang15.6% of shares
In-the-money supply0.4% of shares
Pending proposed issuesnone

WESTERN GOLD RESOURCES LIMITED. ordinary shares grew 73.9% between June 2024 and August 2026, reaching 296M shares. Over the past 24 months, the company completed five capital raises totalling A$12.5M, with the latest being a A$6.8M placement in October 2025. Options on issue could convert to 46M new shares, representing 15.6% of the current share count, with the nearest expiry in December 2026. As of the June 2026 quarter, the company had A$1.5M in available cash, covering approximately 0.9 quarters of its operating expenses. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 8 Sept 2026
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15.6%
Options & rights overhang
0.4%
In-the-money supply
1
Raises · last 12 months
0.9 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 296.3M per ASX (delayed) (snapshot 11 Sept 2026).
200M250M300MDec 24Oct 25Sept 26Cash raise · 2 Oct 2025Cash raise · 18 Aug 2025Cash raise · 18 Aug 2025Cash raise · 23 Apr 2025Cash raise · 7 Jan 2025296.3M

Cash runway

0.9 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.
$1.5M 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: $2.9M cash at quarter end (item 4.6), 1.7 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
26 Aug 20263H · cancellationWGR : ORDINARY FULLY PAID296.3MAppendix 3H
13 Aug 20262A · quoted issueWGR : ORDINARY FULLY PAID296.3MAppendix 2A
30 June 20263H · cancellationWGR : ORDINARY FULLY PAID295.5MAppendix 3H
19 June 20262A · quoted issueWGR : ORDINARY FULLY PAID295.5MAppendix 2A
2 June 20263H · cancellationWGR : ORDINARY FULLY PAID294.0MAppendix 3H
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27 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

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

every 2.9 monthsaverage gap between raises
11.3 monthssince the most recent
7 Jan 2025 – 2 Oct 2025first to most recent in this window
$6.8M
Placement
2 Oct 2025 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.

1.3M of option supply could convert within 12 months — 0.4% of shares on issue
1.3M 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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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 92% of the 15% placement capacity left — about 8% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

15.6%
Options & rights overhang · of current shares
0.4%
In-the-money supply · at current price
46.3M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered34.3M · 11.6% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered12.0M · 4.1% 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: 34.3M priced (of which 1.3M in the money), 12.0M 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
23.1M46.3M$0.071 now0.25× today ($0.018) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.035) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.053) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.071) — 1.3M of the priced supply in the money, 0.4% of shares on issue1.25× today ($0.089) — 1.3M of the priced supply in the money, 0.4% of shares on issue1.5× today ($0.106) — 1.3M of the priced supply in the money, 0.4% of shares on issue2× today ($0.142) — 1.3M of the priced supply in the money, 0.4% of shares on issue3× today ($0.213) — 34.3M of the priced supply in the money, 11.6% of shares on issue5× today ($0.355) — 34.3M of the priced supply in the money, 11.6% of shares on issue10× today ($0.710) — 34.3M of the priced supply in the money, 11.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.071 today, 1.3M securities are in the money (0.4% of shares on issue). No more priced supply until 3× today’s price, which takes it to 34.3M (11.6% 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.
  • 12.0M (25.9% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
WGRALOptionsPrice-triggered$0.07020 Dec 20261.3MFiling
WGRANOptionsPrice-triggered$0.156 Oct 202718.0MFiling
WGRAOOptionsPrice-triggered$0.175 Dec 202815.0MFiling
WGRAIPerformance rightsCondition-triggered——12.0MFiling 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.

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4 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
13 Aug 2026Ryan MountBuy incentive800k—4.0M—3Y notice
30 May 2026Cullum WinnSell incentive4.0M—6.0M—3Y notice
24 Nov 2025Gary LyonsSell incentive994k—5.0M—3Y notice
24 Nov 2025Teck Siong WongSell incentive2.9M—4.0M—3Y notice
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10 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

26 Aug 2026Notification of cessation of securities - WGR
26 Aug 2026Final Director's Interest Notice
24 Aug 2026$PWGR Operational Update
19 Aug 2026$PGold Duke Project - Mineral Resource Statement
14 Aug 2026Change of Director's Interest Notice - Mount
13 Aug 2026Cleansing Notice
13 Aug 2026Application for quotation of securities - WGR
31 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
30 July 2026$PCommencement of Expanded Scoping Study
30 June 2026Notification of cessation of securities - WGR
19 June 2026Cleansing Notice
19 June 2026Application for quotation of securities - WGR
2 June 2026Change of Director's Interest Notice - Winn
2 June 2026Notification of cessation of securities - WGR
29 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
28 Apr 2026$PWGR Secures Extension of Toll Milling Agreement with WMC
1 Apr 2026$PGold Duke Project - Production Bore Drilling Commenced
20 Mar 2026Cleansing Notice
20 Mar 2026Application for quotation of securities - WGR
20 Mar 2026Registered Office & Principal Place of Business Update

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