WARATAH MINERALS LIMITED
ASX:WTMMaterialsToday’s holders own 86.8% of what they think they own, once every option and right converts.
Share count grew 93% in 24 months; 3 cash raises in 24 months; runway 4–8 quarters
WARATAH MINERALS LIMITED's ordinary share count grew 92.7% between October 2024 and August 2026, its latest share-count filing, to 388M shares. The company raised capital three times in the past 24 months for total disclosed proceeds of A$86.4M, most recently a A$48.0M placement in May 2026. Options and rights on issue could convert into 59M new shares, equal to 15.3% of the current share count, of which 8% are in the money at the current share price; the nearest expiry falls in January 2027. The company has more than 4 quarters of funding at the recent spend rate. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in June 2027.
Quick answers · 5
Is WTM raising capital?
Waratah Minerals has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $48.0M on 7 May 2026.
How much placement capacity does WTM have left?
Under 1% of the 15% placement capacity left, about 99% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does WTM have?
In its quarterly cash report for the quarter ended 30 June 2026, Waratah Minerals reported $57.7M of cash and estimated 5.8 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do WTM's options expire?
Unexercised options and rights equal 15.3% of Waratah Minerals's shares on issue; the nearest expiry is Jan 2027.
How much has WTM's share count grown?
Waratah Minerals has 388.3M shares on issue as at 28 Oct 2026, up 92.7% 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 |
|---|---|---|---|---|
| 31 Aug 2026 | 2A · quoted issue | WTM : ORDINARY FULLY PAID | 388.3M | Appendix 2A |
| 17 June 2026 | 3G · unquoted | WTM : ORDINARY FULLY PAID | 387.8M | Appendix 3G |
| 15 June 2026 | 2A · quoted issue | WTM : ORDINARY FULLY PAID | 387.8M | Appendix 2A |
| 14 May 2026 | 2A · quoted issue | WTM : ORDINARY FULLY PAID | 387.7M | Appendix 2A |
| 22 Apr 2026 | 3H · cancellation | WTM : ORDINARY FULLY PAID | 310.3M | 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 · 1 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-triggered32.5M · 8.4% of sharesOptions and warrants — they convert when the share price clears their exercise price.
- Condition-triggered26.8M · 6.9% 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: 31.4M priced (of which 31.4M in the money), 1.1M at a stated nil price, 26.8M 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 $0.78 today, 31.4M securities are in the money (8.1% of shares on issue). 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.
- 1.1M (1.8% 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.
- 26.8M (45.2% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| WTMAA | Options | Price-triggered | Nil | 31 Jan 2027 | 1.1M | Filing |
| WTMAAD | Options | Price-triggered | $0.75 | 31 Mar 2027 | 167k | Filing |
| WTMAAE | Options | Price-triggered | $0.26 | 28 Feb 2028 | 133k | Filing |
| WTMAAH | Options | Price-triggered | $0.080 | 19 Dec 2028 | 8.0M | Filing |
| WTMAAI | Options | Price-triggered | $0.16 | 19 Dec 2028 | 23.1M | Filing |
| WTMAAG | Performance rights | Condition-triggered | — | — | 26.8M | Filing |
“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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 17 June 2026 | Andrew Stewart | Other incentive | 4.3M | — | 1.5M | — | 3Y notice |
| 17 June 2026 | Darryl Clark | Other incentive | — | — | 1.0M | — | 3Y notice |
| 17 June 2026 | Darryl Clark | Other incentive | 1.0M | — | — | — | 3Y notice |
| 17 June 2026 | Naomi Scott | Other incentive | — | — | 2.5M | — | 3Y notice |
| 17 June 2026 | Peter Duerden | Other incentive | — | — | 3.5M | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.