Companies / WIA

WIA GOLD LIMITED

ASX:WIAMaterials
1.70B shares on issueAppendix 2A · as of 10 Sept 20261.74B fully diluted+2.5% if every option and right converts$0.47price · delayed$791.4Mmarket cap · indicative

Today’s holders own 97.6% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 49% in 24 months; 4 cash raises in 24 months; proposed issue pending

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway30.8 quarters of funding
Share-count growth (24m)48.6%
Raise cadence (24m)4 cash raises
Options & rights overhang2.5% of shares
In-the-money supply0.3% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

WIA GOLD LIMITED's ordinary share count grew 48.6% between September 2024 and September 2026, reaching 1.70B shares. The company raised capital four times in the past 24 months, totalling A$277.0M, with the most recent being a A$125.0M placement in August 2026. Options and rights on issue could convert into 43M new shares, representing 2.5% of the current share count, with the nearest expiry in March 2027. At the June 2026 quarter, WIA GOLD LIMITED reported A$237.8M in available cash, providing approximately 30.8 quarters of funding. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in September 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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2.5%
Options & rights overhang
0.3%
In-the-money supply · most strikes not on record
2
Raises · last 12 months
30.8 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 1.70B per Appendix 2A (filed 10 Sept 2026).
1.4B1.5B1.6B1.7BDec 24Oct 25Sept 26Cash raise · 7 Aug 2026Cash raise · 15 May 2026Cash raise · 15 Aug 20251.70B

Cash runway

30.8 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.
$237.7M 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: $119.1M cash at quarter end (item 4.6), 15.6 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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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
10 Sept 20262A · quoted issueWIA : ORDINARY FULLY PAID1.70BAppendix 2A
9 Sept 20263G · unquotedWIA : ORDINARY FULLY PAID1.70BAppendix 3G
9 Sept 20263H · cancellationWIA : ORDINARY FULLY PAID1.70BAppendix 3H
19 June 20262A · quoted issueWIA : ORDINARY FULLY PAID1.70BAppendix 2A
27 May 20262A · quoted issueWIA : ORDINARY FULLY PAID1.70BAppendix 2A
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48 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 · 2 in the last 12 months

every 7.1 monthsaverage gap between raises
1.2 monthssince the most recent
31 Oct 2024 – 7 Aug 2026first to most recent in this window
$125.0M
Placement
7 Aug 2026 ACTIVE
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9 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.

5.1M of option supply could convert within 12 months — 0.3% of shares on issue
5.0M in the money, expiring in the window65k at a stated nil exercise price — nothing is paid to convert these
1 proposed issue (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
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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11 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 10% of the 15% placement capacity left — about 90% 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

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

2.5%
Options & rights overhang · of current shares
0.3%
In-the-money supply · most strikes not on record
42.5M
Potential new shares
Mar 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered19.4M · 1.1% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered23.1M · 1.4% 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: 5.0M priced (of which 5.0M in the money), 14.4M at a stated nil price, 23.1M 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
21.3M42.5M$0.47 now0.25× today ($0.12) — 5.0M of the priced supply in the money, 0.3% of shares on issue0.5× today ($0.23) — 5.0M of the priced supply in the money, 0.3% of shares on issue0.75× today ($0.35) — 5.0M of the priced supply in the money, 0.3% of shares on issue1× today ($0.47) — 5.0M of the priced supply in the money, 0.3% of shares on issue1.25× today ($0.58) — 5.0M of the priced supply in the money, 0.3% of shares on issue1.5× today ($0.70) — 5.0M of the priced supply in the money, 0.3% of shares on issue2× today ($0.93) — 5.0M of the priced supply in the money, 0.3% of shares on issue3× today ($1.40) — 5.0M of the priced supply in the money, 0.3% of shares on issue5× today ($2.33) — 5.0M of the priced supply in the money, 0.3% of shares on issue10× today ($4.65) — 5.0M of the priced supply in the money, 0.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.47 today, 5.0M securities are in the money (0.3% of shares on issue) — a floor, because an exercise price is on record for only 17.8% of this supply. No price up to ten times today’s switches on any more priced supply.

  • 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.
  • 14.4M (33.8% of the supply above) states a nil exercise price — nothing is paid to convert it, so no share price switches it on or off. It is the flat band, and it is not part of the in-the-money figure.
  • 23.1M (54.5% 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
WIAAADOptionsPrice-triggeredNil21 Mar 202765kFiling
WIAAAFOptionsPrice-triggered$0.06523 Mar 20275.0MFiling
WIAAAMPerformance rightsCondition-triggered—7 Mar 20295.0MFiling Meeting
WIAAAJOptionsPrice-triggeredNil5 Apr 20292.3MFiling
WIAAANPerformance rightsCondition-triggered—12 June 20291.0MFiling Meeting
WIAAKOptionsPrice-triggeredNil19 July 202912.0MFiling
WIAABPerformance rightsCondition-triggered—16 Oct 20291.1MFiling Meeting
WIAAAPerformance rightsCondition-triggered—2 Feb 20317.5MFiling Meeting
WIAACPerformance rightsCondition-triggered—4 Mar 20312.0MFiling Meeting
WIAADPerformance rightsCondition-triggered—16 Mar 20311.5MFiling Meeting
WIAAKPerformance rightsCondition-triggered——5.0MFiling 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.

2 classes ceased in the last 12 months and are 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.
  • WIAAALCondition-triggered4.0M securities → 021 Nov 2025 Appendix 2A
  • WIAAAIPrice-triggered804k securities → 024 Sept 2025 Appendix 2A
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11 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
20 Aug 2026Josef El-RaghyBuy on-market3.3M5.0M—$1.6M3Y notice
18 June 2026Henk DiederichsOther incentive2.5M—12.0M—3Y notice
20 May 2026Josef El-RaghyOther incentive20.0M———3Y notice
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7 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 2026Cleansing Notice
10 Sept 2026Application for quotation of securities - WIA
9 Sept 2026Notification of cessation of securities - WIA
9 Sept 2026Notification regarding unquoted securities - WIA
25 Aug 2026Ceasing to be a substantial holder
23 Aug 2026Appendix 3Y - Josef El-Raghy
19 Aug 2026Notice of General Meeting/Proxy Form
11 Aug 2026DFS and Funding Investor Presentation
11 Aug 2026Proposed issue of securities - WIA
11 Aug 2026$PA$125m Placement Completes Funding for Kokoseb
10 Aug 2026$PKokoseb DFS Presentation
10 Aug 2026$PRobust DFS for Kokoseb and Project Financing Update
9 Aug 2026$PWia Increase MRE by 29% to 3.78Moz Au at Kokoseb
9 Aug 2026$PTrading Halt
15 July 2026$PQuarterly Activities and Cashflow Report - June 2026
23 June 2026Appendix 3Y
19 June 2026Cleansing Notice
19 June 2026Application for quotation of securities - WIA
14 June 2026$PTargets identified increasing Kokoseb underground potential
29 May 2026Change in substantial holding

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