Companies / TM1

TERRA METALS LIMITED

ASX:TM1Energy
1.03B shares on issueASX (delayed) · as of 28 July 2026$0.20price · delayed$216.5Mmarket cap · indicative
C
Dilution grade

Share count grew 183% in 24 months; 6 cash raises in 24 months; 6% of shares in the money

Cash runway13.1 quarters of funding
Share-count growth (24m)182.9%
Raise cadence (24m)6 cash raises
Options & rights overhang12.3% of shares
In-the-money supply6.2% of shares
Pending proposed issuesnone

TERRA METALS LIMITED's ordinary share count grew 182.9% between July 2024 and July 2026, to 1.03B shares. The company raised capital six times in that period for total proceeds of A$205.8M, most recently a A$85.0M placement in February 2026. Options and rights on issue could convert into 127M new shares, equal to 12.3% of the current share count, of which 6% are in the money at the current share price; the nearest expiry is May 2027. At the March 2026 quarter the company reported A$60.6M in available cash, about 13.1 quarters of funding at its recent spending rate. No proposed securities issues (Appendix 3B) are pending.

AI-generated summary of this page's cited filings · updated 28 July 2026
Email me when this grade changes
Alerts are coming soon — this opens a pre-filled email that puts you on the list.
12.3%
Max option dilution
6.2%
ITM option dilution
5
Raises · last 12 months
13.1 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 1.03B per ASX (delayed) (28 July 2026).
530.3M714.1M897.8MDec 24Sept 25July 26Cash raise · 24 Feb 2026Cash raise · 24 Feb 2026Cash raise · 25 Aug 2025Cash raise · 25 Aug 2025Cash raise · 15 Aug 2025Cash raise · 10 June 2025

Cash runway

13.1 qtrs
More than four quarters of funding at the recent spend rate.
$60.6M available cash at quarter ended 31 Mar 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds.
Paid plan
Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 31 Mar 2026.
Join the waitlist

Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityTotal on issue afterSource
1 July 20262A · quoted issueTM1 : ORDINARY FULLY PAID1.03BAppendix 2A
25 June 20262A · quoted issueTM1 : ORDINARY FULLY PAID1.03BAppendix 2A
25 June 20263G · unquotedTM1 : ORDINARY FULLY PAID1.03BAppendix 3G
21 May 20262A · quoted issueTM1 : ORDINARY FULLY PAID1.03BAppendix 2A
12 May 20262A · quoted issueTM1 : ORDINARY FULLY PAID1.03BAppendix 2A
Paid plan
Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
Join the waitlist

Capital raises

6 cash raises in the last 24 months · 5 in the last 12 months

$85.0M
Placement
24 Feb 2026 COMPLETE
Paid plan
Full raise history
Issue price, discount, brokers, purpose and tranche detail for every raise on record.
Join the waitlist

Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

12.3%
Total overhang · of current shares
6.2%
In the money · at current price
126.8M
Potential new shares
May 2027
Nearest expiry
Paid plan
Per-line options & expiry cliffs
Each option line — code, strike, expiry, quantity and ITM value — plus the expiry-cliff chart.
Join the waitlist

Director dealings

DateDirectorTypeSharesOptionsValueSource
12 May 2026Thomas LineOther270k12.5M$100k3Y notice
7 Nov 2025Thomas LineBuy179k—$25k3Y notice
16 Oct 2025Thomas LineBuy7.9M——3Y notice
Paid plan
Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
Join the waitlist

Ownership

Free account
Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
Sign up free — coming soon

Latest announcements

20 July 2026$POUTSTANDING DIAMOND RESULTS CONFIRM 448M THICK INTERVAL
12 July 2026$PSOUTHWEST DISCOVERY CONTINUES TO GROW
8 July 2026TM1 STRENGTHENS DEVELOPMENT TEAM
1 July 2026Application for quotation of securities - TM1
1 July 2026$PTHICK PGM-CU-NI SULFIDE INTERCEPTS CONFIRM SCALE OF SOUTHWES
29 June 2026Initial Director's Interest Notice x3
29 June 2026Final Director's Interest Notice x2
25 June 2026Application for quotation of securities - TM1
25 June 2026Notification regarding unquoted securities - TM1
24 June 2026$PTerra Metals Appoints New Chair and Strengthens Board
17 June 2026$PDrilling Supports Large-Scale Sulfide System at Southwest
9 June 2026$PHigh-Grade PGM-Cu-Ni From First 2026 Drilling at Southwest
8 June 2026Terra Metals Added to MSCI Global Index
21 May 2026Application for quotation of securities - TM1
13 May 2026Change in substantial holding
12 May 2026Change of Director's Interest Notice
12 May 2026Notice under Section 708A
12 May 2026Application for quotation of securities - TM1
8 May 2026Change in substantial holding
6 May 2026Notice under Section 708A

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 July 2026.