Companies / WTM

WARATAH MINERALS LIMITED

ASX:WTMMaterials
388.3M shares on issueASX (delayed) · snapshot 11 Sept 2026447.5M fully diluted+15.3% if every option and right converts$0.62price · delayed$240.7Mmarket cap · indicative

Today’s holders own 86.8% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 106% in 24 months; 5 cash raises in 24 months; runway 4–8 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway4.9 quarters of funding
Share-count growth (24m)105.6%
Raise cadence (24m)5 cash raises
Options & rights overhang15.3% of shares
In-the-money supply8.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

WARATAH MINERALS LIMITED's ordinary share count grew 105.6% between September 2024 and August 2026, to 388M shares. The company raised capital five times in the past 24 months for total disclosed proceeds of A$164.4M, most recently a A$48.0M placement in May 2026. Options 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. At the June 2026 quarter the company reported A$49.5M in available cash, about 4.9 quarters of funding at its recent spending rate. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in June 2027.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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15.3%
Options & rights overhang
8.0%
In-the-money supply
2
Raises · last 12 months
4.9 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 388.3M per ASX (delayed) (snapshot 11 Sept 2026).
200M300M400MDec 24Oct 25Sept 26Cash raise · 4 May 2026Cash raise · 4 May 2026Cash raise · 8 Aug 2025Cash raise · 8 Aug 2025Cash raise · 9 May 2025388.3M

Cash runway

4.9 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Sept 2027 at the reported spend rate.
$49.4M 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: $57.7M cash at quarter end (item 4.6), 5.8 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
31 Aug 20262A · quoted issueWTM : ORDINARY FULLY PAID388.3MAppendix 2A
17 June 20263G · unquotedWTM : ORDINARY FULLY PAID387.8MAppendix 3G
15 June 20262A · quoted issueWTM : ORDINARY FULLY PAID387.8MAppendix 2A
14 May 20262A · quoted issueWTM : ORDINARY FULLY PAID387.7MAppendix 2A
22 Apr 20263H · cancellationWTM : ORDINARY FULLY PAID310.3MAppendix 3H
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33 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 · 2 in the last 12 months

every 5.9 monthsaverage gap between raises
4.3 monthssince the most recent
9 May 2025 – 4 May 2026first to most recent in this window
$48.0M
Placement
4 May 2026 COMPLETE
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13 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.

1.1M of option supply could convert within 12 months — 0.3% of shares on issue
1.1M 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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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.

About 99% of the 15% placement capacity left — about 1% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. 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

15.3%
Options & rights overhang · of current shares
8.0%
In-the-money supply · at current price
59.2M
Potential new shares
Jan 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered32.5M · 8.4% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered26.8M · 6.9% 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: 31.4M priced (of which 31.2M 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.

What a price move would switch on
29.6M59.2M$0.62 now0.25× today ($0.15) — 8.0M of the priced supply in the money, 2.1% of shares on issue0.5× today ($0.31) — 31.2M of the priced supply in the money, 8.0% of shares on issue0.75× today ($0.46) — 31.2M of the priced supply in the money, 8.0% of shares on issue1× today ($0.62) — 31.2M of the priced supply in the money, 8.0% of shares on issue1.25× today ($0.78) — 31.4M of the priced supply in the money, 8.1% of shares on issue1.5× today ($0.93) — 31.4M of the priced supply in the money, 8.1% of shares on issue2× today ($1.24) — 31.4M of the priced supply in the money, 8.1% of shares on issue3× today ($1.86) — 31.4M of the priced supply in the money, 8.1% of shares on issue5× today ($3.10) — 31.4M of the priced supply in the money, 8.1% of shares on issue10× today ($6.20) — 31.4M of the priced supply in the money, 8.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.62 today, 31.2M securities are in the money (8.0% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 31.4M (8.1% 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.
  • 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
WTMAAOptionsPrice-triggeredNil31 Jan 20271.1MFiling
WTMAADOptionsPrice-triggered$0.7531 Mar 2027167kFiling
WTMAAEOptionsPrice-triggered$0.2628 Feb 2028133kFiling
WTMAAHOptionsPrice-triggered$0.08019 Dec 20288.0MFiling
WTMAAIOptionsPrice-triggered$0.1619 Dec 202823.1MFiling
WTMAAGPerformance rightsCondition-triggered——26.8MFiling

“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 June 2026Andrew StewartOther incentive4.3M—1.5M—3Y notice
17 June 2026Darryl ClarkOther incentive——1.0M—3Y notice
17 June 2026Darryl ClarkOther incentive1.0M———3Y notice
17 June 2026Naomi ScottOther incentive——2.5M—3Y notice
17 June 2026Peter DuerdenOther incentive——3.5M—3Y notice
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15 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

31 Aug 2026Cleansing Notice
31 Aug 2026Application for quotation of securities - WTM
30 Aug 2026$PDrilling Defines New Gold Zone at Gum Flat
24 Aug 2026$PMajor Step-Out Hole Extends Consols
20 Aug 20262026 Half Year Financial Statements
16 Aug 2026$PAlpine Gold Zone Confirms District-Scale 6km Spur Corridor
3 Aug 2026Investor Presentation - Diggers & Dealers Mining Forum
2 Aug 2026$PWaratah Unlocks 6km Expansion to Spur Gold Corridor
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
21 July 2026Investor Presentation - Noosa Mining Conference
20 July 2026$PDrilling Delivers Shallow High-Grade Gold at Spur
16 July 2026Ceasing to be a substantial holder
12 July 2026$PConsols Gold Zone Grows with Strong Drill Results
12 July 2026Change in substantial holding
6 July 2026$PWaratah Completes Acquisition of Ironclad Mining Lease
30 June 2026$PContinued Growth at the Spur Gold Zone
17 June 2026Change of Director's Interest Notice - D.Clark (correction)
17 June 2026Change of Director's Interest Notice - Andrew Stewart
17 June 2026Change of Director's Interest Notice - Darryl Clark
17 June 2026Change of Director's Interest Notice - Naomi Scott

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