Companies / VHM

VHM LIMITED

ASX:VHMMaterials
311.6M shares on issueASX (delayed) · as of 28 July 2026$0.25price · delayed$74.8Mmarket cap · indicative
C
Dilution grade

Share count grew 102% in 24 months; 10 cash raises in 24 months; proposed issue pending

Cash runway34.1 quarters of funding
Share-count growth (24m)102.1%
Raise cadence (24m)10 cash raises
Options & rights overhang2.3% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

VHM LIMITED's ordinary share count grew 102.1% between April 2024 and April 2026, to 312M shares. The company raised capital ten times in that 24-month window for total disclosed proceeds of A$83.6M, most recently via Convertible Notes raising A$40.0M in July 2026. Options and rights on issue could convert into 7M new shares, equal to 2.3% of the current share count, with 0% in the money and the nearest expiry in December 2026. At the June 2026 quarter the company reported A$92.2M in available cash, equivalent to 34.1 quarters of cover. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in November 2026.

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.
2.3%
Max option dilution
0.0%
ITM option dilution
5
Raises · last 12 months
34.1 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 311.6M per ASX (delayed) (28 July 2026).
236.4M264.0M291.6MDec 24Sept 25July 26Cash raise · 2 July 2026Cash raise · 20 Apr 2026Cash raise · 20 Apr 2026Cash raise · 20 Nov 2025Cash raise · 20 Nov 2025Cash raise · 19 May 2025Cash raise · 8 May 2025Cash raise · 30 Apr 2025Cash raise · 12 Feb 2025

Cash runway

34.1 qtrs
More than four quarters of funding at the recent spend rate.
$92.2M available cash at quarter ended 30 June 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 30 June 2026.
Join the waitlist

Issuance timeline

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

DateFormSecurityTotal on issue afterSource
30 Apr 20263G · unquotedORDINARY FULLY PAID311.6MAppendix 3G
23 Apr 20262A · quoted issueVHM : ORDINARY FULLY PAID311.6MAppendix 2A
22 Mar 20263G · unquotedORDINARY FULLY PAID292.4MAppendix 3G
6 Jan 20263G · unquotedORDINARY FULLY PAID292.4MAppendix 3G
18 Dec 20252A · quoted issueVHM : ORDINARY FULLY PAID292.4MAppendix 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

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

$40.0M
Convertible Notes
2 July 2026 ACTIVE
Paid plan
Full raise history
Issue price, discount, brokers, purpose and tranche detail for every raise on record.
Join the waitlist

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.
Paid plan
Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
Join the waitlist

Options & convertible securities

2.3%
Total overhang · of current shares
0.0%
In the money · at current price
7.1M
Potential new shares
Dec 2026
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
30 Apr 2026Ronald DouglasOther590k500k—3Y notice
29 Apr 2026Ian SmithOther700k500k$25k3Y notice
29 Apr 2026Maree ArnasonBuy295k500k—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

19 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
7 July 2026Ceasing to be a substantial holder
1 July 2026Proposed issue of securities - VHM
1 July 2026$PVHM Enters Strategic Partnership with Iluka Resources
27 May 2026Change in substantial holding
12 May 2026Change of Company Secretary
6 May 2026Becoming a substantial holder
1 May 2026Change of Director's Interest Notices x 2
30 Apr 2026Change of Director's Interest Notice
30 Apr 2026Notification regarding unquoted securities - VHM
26 Apr 2026Cleansing Notice
23 Apr 2026Application for quotation of securities - VHM
21 Apr 2026$PVHM Placement Completion
21 Apr 2026Proposed issue of securities - VHM
20 Apr 2026$PVHM Announces Placement
20 Apr 2026$PTrading Halt
20 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
25 Mar 202626th Annual Mineral Sands and Rare Earths Conference
22 Mar 2026$PVHM to progress 5Mtpa Rare Earths and Mineral Sands Project
22 Mar 2026Notification regarding unquoted securities - VHM

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