Companies / WIN

WIN METALS LTD

ASX:WINMaterials

857.4M shares on issueASX (delayed) · as of 28 July 2026$0.018price · delayed$14.6Mmarket cap · indicative

Dilution grade

Runway under 2 quarters; share count grew 168% in 24 months; 5 cash raises in 24 months

Cash runway0.8 quarters of funding

Share-count growth (24m)168.0%

Raise cadence (24m)5 cash raises

Options & rights overhang27.6% of shares

In-the-money supply0.0% of shares

Pending proposed issuesopen proposed issue (Appendix 3B)

WIN METALS LTD's ordinary share count grew 168.0% between July 2024 and February 2026, to 857M shares. The company raised capital five times in that 24-month window for total disclosed proceeds of A$15.1M, most recently a A$5.5M placement in December 2025. Options and rights on issue could convert into 236M new shares, equal to 27.6% of the current share count; none are currently in the money and the nearest expiry is October 2027. At the March 2026 quarter the company reported A$1.5M in available cash, equal to about 0.8 quarters of funding at its recent spending rate. Two proposed securities issues (Appendix 3B) are pending, with the nearest proposed issue date in December 2026.

AI-generated summary of this page's cited filings · updated 28 July 2026

27.6%

Max option dilution

0.0%

ITM option dilution

Raises · last 12 months

0.8 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 857.4M per ASX (delayed) (28 July 2026).

Cash runway

0.8 qtrs

Less than two quarters of funding at the recent spend rate — near-term funding pressure.

$1.5M 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)

Date	Form	Security	Total on issue after	Source
16 June 2026	3H · cancellation	WIN : ORDINARY FULLY PAID	857.4M	Appendix 3H
1 May 2026	3H · cancellation	WIN : ORDINARY FULLY PAID	857.4M	Appendix 3H
3 Feb 2026	2A · quoted issue	WIN : ORDINARY FULLY PAID	857.4M	Appendix 2A
3 Feb 2026	2A · quoted issue	WIN : ORDINARY FULLY PAID	857.1M	Appendix 2A
22 Dec 2025	2A · quoted issue	WIN : ORDINARY FULLY PAID	857.1M	Appendix 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

5 cash raises in the last 24 months · 2 in the last 12 months

$5.5M

Placement

9 Dec 2025 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

2 proposed issues 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

27.6%

Total overhang · of current shares

0.0%

In the money · at current price

236.4M

Potential new shares

Oct 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

Date	Director	Type	Shares	Options	Value	Source
4 Feb 2026	Andrew James Parker	Other	429k	—	—	3Y notice
22 Dec 2025	Johannes Stig Norregaard	Other	8.8M	29.4M	—	3Y notice
5 Dec 2025	Johannes Stig Norregaard	Other	—	—	—	3Y notice