Companies / VTM

VICTORY METALS LIMITED

ASX:VTMMaterials
131.8M shares on issueASX (delayed) · as of 28 July 2026$1.42price · delayed$188.4Mmarket cap · indicative
C
Dilution grade

Share count grew 42% in 24 months; 3 cash raises in 24 months; runway 4–8 quarters

Cash runway7.8 quarters of funding
Share-count growth (24m)42.0%
Raise cadence (24m)3 cash raises
Options & rights overhang9.7% of shares
In-the-money supply1.2% of shares
Pending proposed issuesnone

VICTORY METALS LIMITED's ordinary share count grew 42.0% between May 2024 and July 2026, to 132M shares. The company raised capital three times in that period for total disclosed proceeds of A$27.0M, most recently a A$11.5M placement in August 2025. Options and rights on issue could convert into 13M new shares, equal to 9.7% of the current share count, of which 1% are in the money at the current share price; the nearest expiry falls in June 2027. At the June 2026 quarter the company reported A$10.8M in available cash, about 7.8 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
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9.7%
Max option dilution
1.2%
ITM option dilution
2
Raises · last 12 months
7.8 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 131.8M per ASX (delayed) (28 July 2026).
113.4M120.1M126.9MDec 24Sept 25July 26Cash raise · 22 Aug 2025Cash raise · 22 Aug 2025Cash raise · 23 May 2025

Cash runway

7.8 qtrs
More than four quarters of funding at the recent spend rate.
$10.8M 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.
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Issuance timeline

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

DateFormSecurityTotal on issue afterSource
13 July 20262A · quoted issueVTM : ORDINARY FULLY PAID131.8MAppendix 2A
20 May 20262A · quoted issueVTM : ORDINARY FULLY PAID131.6MAppendix 2A
29 Apr 20263G · unquotedVTM : ORDINARY FULLY PAID131.3MAppendix 3G
29 Apr 20262A · quoted issueVTM : ORDINARY FULLY PAID131.4MAppendix 2A
29 Apr 20262A · quoted issueVTM : ORDINARY FULLY PAID131.3MAppendix 2A
Paid plan
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 · 2 in the last 12 months

$11.5M
Placement
22 Aug 2025 COMPLETE
Paid plan
Full raise history
Issue price, discount, brokers, purpose and tranche detail for every raise on record.
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Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

9.7%
Total overhang · of current shares
1.2%
In the money · at current price
12.8M
Potential new shares
June 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.
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Director dealings

DateDirectorTypeSharesOptionsValueSource
17 Mar 2026Kenneth CollersonSell800k—$248k3Y notice
21 Nov 2025Kenneth CollersonOther———3Y notice
19 Nov 2025Brendan ClarkOther37k—$27k3Y notice
Paid plan
Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

Free account
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

23 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
13 July 2026Cleansing Statement
13 July 2026Application for quotation of securities - VTM
8 July 2026$PVTM Dispatches HRE Concentrate to Potential Offtake Partners
23 June 2026Victory Awarded $350,000 Federal Trailblazer Grant
16 June 2026$PVTM COMMISSIONED PILOT PLANT DELIVERS 7.1% TREO CONCENTRATE
2 June 2026Traditional Owner Agreement Clears Path to Mining Licence
24 May 2026Victory Approved by US DIBC
20 May 2026Cleansing Statement
20 May 2026Application for quotation of securities - VTM
3 May 2026$PVICTORY FINALISES KEY PFS INPUTS
29 Apr 2026Cleansing Statement
29 Apr 2026Application for quotation of securities - VTM
29 Apr 2026Application for quotation of securities - VTM
29 Apr 2026Notification regarding unquoted securities - VTM
28 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
27 Apr 2026$P72% Heavy Rare Earth ratio and a Second Zircon Hf Product
16 Apr 2026Cleansing Statement
16 Apr 2026Application for quotation of securities - VTM
10 Apr 2026Notification regarding unquoted securities - VTM

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