Companies / ZNC

ZENITH MINERALS LIMITED

ASX:ZNCMaterials
640.3M shares on issueAppendix 2A · as of 11 Sept 2026710.4M fully diluted+10.9% if every option and right converts$0.093price · delayed$59.6Mmarket cap · indicative

Today’s holders own 90.1% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 71% in 24 months; 3 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.6 quarters of funding
Share-count growth (24m)70.7%
Raise cadence (24m)3 cash raises
Options & rights overhang10.9% of shares
In-the-money supply0.6% of shares
Pending proposed issuesnone

ZENITH MINERALS LIMITED's ordinary share count grew 70.7% between October 2024 and September 2026, reaching 640M shares. In the past 24 months, the company raised capital three times for a total of A$13.7M, with the most recent being a A$7.7M placement in September 2025. Options and rights on issue represent potential new shares equivalent to 10.9% of the current count, with 1% in the money at the current share price; the nearest expiry is October 2026. As of the June 2026 quarter, ZENITH MINERALS LIMITED held A$1.9M in cash, covering approximately 0.6 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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10.9%
Options & rights overhang
0.6%
In-the-money supply · most strikes not on record
1
Raises · last 12 months
0.6 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 640.3M per Appendix 2A (filed 11 Sept 2026).
400M500M600MDec 24Oct 25Sept 26Cash raise · 24 Sept 2025Cash raise · 10 June 2025640.3M

Cash runway

0.6 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Aug 2026 — that date has passed, and no later report is on record.
$1.8M 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: $4.2M cash at quarter end (item 4.6), 1.5 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
11 Sept 20262A · quoted issueZNC : ORDINARY FULLY PAID640.3MAppendix 2A
7 Sept 20263H · cancellationZNC : ORDINARY FULLY PAID640.3MAppendix 3H
31 Aug 20262A · quoted issueZNC : ORDINARY FULLY PAID640.3MAppendix 2A
27 Aug 20262A · quoted issueZNC : ORDINARY FULLY PAID640.1MAppendix 2A
17 Aug 20262A · quoted issueZNC : ORDINARY FULLY PAID640.0MAppendix 2A
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49 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

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

every 5.8 monthsaverage gap between raises
11.6 monthssince the most recent
4 Oct 2024 – 24 Sept 2025first to most recent in this window
$7.7M
Placement
24 Sept 2025 COMPLETE
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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.

3.8M of option supply could convert within 12 months — 0.6% of shares on issue
3.8M 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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5 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). 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

10.9%
Options & rights overhang · of current shares
0.6%
In-the-money supply · most strikes not on record
70.0M
Potential new shares
Oct 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered46.4M · 7.2% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 40.7M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered23.6M · 3.7% 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: 5.7M priced (of which 3.8M in the money), 64.3M 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
35.0M70.0M$0.093 now0.25× today ($0.023) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.046) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.070) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.093) — 3.8M of the priced supply in the money, 0.6% of shares on issue1.25× today ($0.116) — 3.8M of the priced supply in the money, 0.6% of shares on issue1.5× today ($0.140) — 3.8M of the priced supply in the money, 0.6% of shares on issue2× today ($0.186) — 4.7M of the priced supply in the money, 0.7% of shares on issue3× today ($0.279) — 5.7M of the priced supply in the money, 0.9% of shares on issue5× today ($0.465) — 5.7M of the priced supply in the money, 0.9% of shares on issue10× today ($0.930) — 5.7M of the priced supply in the money, 0.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.093 today, 3.8M securities are in the money (0.6% of shares on issue) — a floor, because an exercise price is on record for only 8.2% of this supply. At double today’s price it is 4.7M (0.7% 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.
  • 64.3M (91.8% 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
ZNCAOOptionsPrice-triggered$0.1513 Oct 2026970kFiling
ZNCAPOptionsPrice-triggered$0.2115 Dec 2026500kFiling
ZNCOAOptionsPrice-triggered—31 July 202740.7MFiling
ZNCAROptionsPrice-triggered$0.07731 July 20273.8MFiling
ZNCAQOptionsPrice-triggered$0.2515 Dec 2027500kFiling
ZNCAUPerformance rightsCondition-triggered——23.6MFiling 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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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
14 July 2026Stanley MacdonaldSell4.1M—7.0M—3Y notice
3 July 2026Stanley MacdonaldSell4.1M7.0M——3Y notice
1 July 2026Euan JenkinsSell16.9M2.0M——3Y notice
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21 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

11 Sept 2026Issue of Shares and Cleansing Notice
11 Sept 2026Application for quotation of securities - ZNC
8 Sept 2026FRS Completes Capital Raising and Edna May Acquisition
7 Sept 2026Notification of cessation of securities - ZNC
6 Sept 2026$PTOV: ZNC - Panel Makes New Interim Orders
31 Aug 2026$PTOV: ZNC - Panel Receives Review Application
31 Aug 2026Issue of Shares and Cleansing Notice
31 Aug 2026Application for quotation of securities - ZNC
31 Aug 2026Forrestania Resources General Meeting Outcome
30 Aug 2026$PTOV: ZNC - Panel Makes New Interim Orders
30 Aug 2026Change in substantial holding from FRS
27 Aug 2026$PTOV: ZNC - Declaration of Unacceptable Circumstances
27 Aug 2026Issue of Shares and Cleansing Notice
27 Aug 2026Application for quotation of securities - ZNC
19 Aug 2026Change in substantial holding from FRS and Interim Orders
18 Aug 2026$PThird Supplementary Target's Statement
18 Aug 2026$PVariation of Takeover Implementation Deed
17 Aug 2026Issue of Shares and Cleansing Notice
17 Aug 2026Application for quotation of securities - ZNC
16 Aug 2026Notification of cessation of securities - ZNC

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