WIN METALS LTD
ASX:WINMaterialsToday’s holders own 78.7% of what they think they own, once every option and right converts.
Share count grew 159% in 24 months; 3 cash raises in 24 months; runway 4–8 quarters
WIN METALS LTD's ordinary share count rose 159.1% between October 2024 and August 2026, its latest share-count filing, to 859M shares. In the past 24 months the company completed three capital raises for total proceeds of A$8.7M, the most recent being an A$860K convertible note issue in August 2026. Options and rights could convert into 232M new shares, equivalent to 27.0% of the current ordinary shares, with none in the money at the current share price; the nearest expiry is October 2027. Cash funding stands at more than 4 quarters of funding at the recent spend rate. Two proposed securities issues (Appendix 3B) are pending, with the nearest expected in December 2026.
Quick answers · 4
Is WIN raising capital?
WIN Metals has 2 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Convertible Note Issue of $860k on 31 Aug 2026.
How much cash does WIN have?
In its quarterly cash report for the quarter ended 30 Sept 2026, WIN Metals reported $1.2M of cash and estimated 0.7 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do WIN's options expire?
Unexercised options and rights equal 27% of WIN Metals's shares on issue; the nearest expiry is Oct 2027.
How much has WIN's share count grown?
WIN Metals has 859.1M shares on issue as at 28 Oct 2026, up 159.1% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 4 Sept 2026 | 3G · unquoted | WIN : ORDINARY FULLY PAID | 859.1M | Appendix 3G |
| 31 Aug 2026 | 2A · quoted issue | WIN : ORDINARY FULLY PAID | 859.1M | Appendix 2A |
| 24 Aug 2026 | 3G · unquoted | WIN : ORDINARY FULLY PAID | 857.4M | Appendix 3G |
| 16 June 2026 | 3H · cancellation | WIN : ORDINARY FULLY PAID | 857.4M | Appendix 3H |
| 1 May 2026 | 3H · cancellation | WIN : ORDINARY FULLY PAID | 857.4M | Appendix 3H |
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
3 cash raises in the last 24 months · 2 in the last 12 months
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.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered222.3M · 25.9% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 78.7M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered9.8M · 1.1% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 143.6M priced, 88.5M 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.
At $0.021 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 3.8M (0.4% 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.
- 88.5M (38.1% 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.
- 553k more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| WINAR | Options | Price-triggered | $0.23 | 30 Oct 2027 | 184k | Filing |
| WINAAC | Options | Price-triggered | $0.040 | 28 Nov 2027 | 71.1M | Filing |
| WINO | Options | Price-triggered, no exercise price stated | — | 3 Feb 2028 | 78.7M | Filing |
| WINAW | Options | Price-triggered | $0.040 | 31 May 2028 | 20.6M | Filing |
| WINAZ | Options | Price-triggered | $0.036 | 30 Sept 2028 | 16.6M | Filing |
| WINAS | Options | Price-triggered | $0.29 | 30 Oct 2028 | 184k | Filing |
| WINAAA | Options | Price-triggered | $0.045 | 30 Sept 2029 | 15.3M | Filing |
| WINAT | Options | Price-triggered | $0.35 | 30 Oct 2029 | 184k | Filing |
| WINAA | Options | Price-triggered | $0.026 | 30 Sept 2030 | 3.8M | Filing |
| WINAAB | Options | Price-triggered | $0.055 | 30 Sept 2030 | 13.9M | Filing |
| WINAH | Options | Price-triggered | $0.057 | 30 Sept 2030 | 1.7M | Filing |
| WINAY | Performance rights | Condition-triggered | — | — | 9.8M | Filing 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. For what expires soon across other listed companies, see the options expiry calendar.
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.
- —convertible notes · matures 4 Sept 2027820k4 Sept 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 4 Feb 2026 | Andrew James Parker | Other placement | 429k | — | — | — | 3Y notice |
| 22 Dec 2025 | Johannes Stig Norregaard | Other incentive | 8.8M | 29.4M | — | — | 3Y notice |
| 5 Dec 2025 | Johannes Stig Norregaard | Other incentive | — | — | 3.6M | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.