Companies / BSX

BLACKSTONE MINERALS LIMITED

ASX:BSXMaterials
1.72B shares on issueASX (delayed) · snapshot 11 Sept 20261.98B fully diluted+14.7% if every option and right converts$0.047price · delayed$80.9Mmarket cap · indicative

Today’s holders own 87.2% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 226% in 24 months; 3 cash raises in 24 months; options/rights overhang 15% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway16.2 quarters of funding
Share-count growth (24m)226.1%
Raise cadence (24m)3 cash raises
Options & rights overhang14.7% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

BLACKSTONE MINERALS LIMITED's ordinary share count grew 226.1% between August 2024 and May 2026, reaching 1.72 billion shares. The company completed three capital raises in the past 24 months totaling A$28.8M, with the most recent being a A$2.0M Share Purchase Plan in July 2025. Options on issue could convert into 254 million new shares, representing 14.7% of the current share count, with the nearest expiry in November 2026. At the June 2026 quarter, the company held A$13.1M in cash, sufficient to cover 16.2 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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14.7%
Options & rights overhang
0.0%
In-the-money supply
0
Raises · last 12 months
16.2 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 1.72B per ASX (delayed) (snapshot 11 Sept 2026).
0.5B1.0B1.5BDec 24Oct 25Sept 26Cash raise · 2 July 2025Cash raise · 27 June 20251.72B

Cash runway

16.2 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$13.1M 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: $13.8M cash at quarter end (item 4.6), 17.0 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
23 June 20263G · unquotedBSX : ORDINARY FULLY PAID1.72BAppendix 3G
8 May 20262A · quoted issueBSX : ORDINARY FULLY PAID1.72BAppendix 2A
17 Apr 20263H · cancellationBSX : ORDINARY FULLY PAID1.72BAppendix 3H
15 Apr 20262A · quoted issueBSX : ORDINARY FULLY PAID1.72BAppendix 2A
23 Mar 20262A · quoted issueBSX : ORDINARY FULLY PAID1.72BAppendix 2A
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37 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 · 0 in the last 12 months

every 4 monthsaverage gap between raises
14.4 monthssince the most recent
30 Oct 2024 – 2 July 2025first to most recent in this window
$2.0M
Share Purchase Plan
2 July 2025
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6 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.

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10 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.

No Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
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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

14.7%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
253.7M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered253.5M · 14.7% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered212k · 0.0% 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: 246.0M priced, 7.5M at a stated nil price, 212k 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
126.8M253.7M$0.047 now0.25× today ($0.012) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.024) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.035) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.047) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.059) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.071) — 65.5M of the priced supply in the money, 3.8% of shares on issue2× today ($0.094) — 78.0M of the priced supply in the money, 4.5% of shares on issue3× today ($0.141) — 90.5M of the priced supply in the money, 5.3% of shares on issue5× today ($0.235) — 197.0M of the priced supply in the money, 11.4% of shares on issue10× today ($0.470) — 246.0M of the priced supply in the money, 14.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.047 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 65.5M (3.8% 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.
  • 7.5M (3.0% of the supply above) states a nil exercise price — nothing is paid to convert it, so no share price switches it on or off. It is the flat band, and it is not part of the in-the-money figure.
  • 212k (0.1% 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
BSXAXOptionsPrice-triggered$0.0601 Nov 202646.2MFiling
BSXAVOptionsPrice-triggered$0.0703 Dec 202710.0MFiling
BSXAZOptionsPrice-triggered$0.1521 Aug 202869.0MFiling
BSXAABOptionsPrice-triggered$0.1527 Nov 202825.0MFiling
BSXAAOptionsPrice-triggeredNil4 Feb 20297.5MFiling
BSXABOptionsPrice-triggered$0.0804 Feb 202912.5MFiling
BSXAYOptionsPrice-triggered$0.0605 Feb 20299.3MFiling
BSXACOptionsPrice-triggered$0.134 Feb 203012.5MFiling
BSXADOptionsPrice-triggered$0.154 Feb 203012.5MFiling
BSXAAAOptionsPrice-triggered$0.3021 Aug 203049.0MFiling
BSXALRightsCondition-triggered——212kFiling 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.

3 classes ceased in the last 12 months and are not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • BSXAKPrice-triggered534k securities → 017 Apr 2026 Appendix 2A
  • BSXANPrice-triggered1.9M securities → 017 Apr 2026 Appendix 2A
  • BSXAQPrice-triggered7.8M securities → 017 Apr 2026 Appendix 2A
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11 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
21 Aug 2025Geoffrey Mark GilmourOther43.7M18.0M——3Y notice
21 Aug 2025Mr Hamish HallidayOther10.6M24.0M——3Y notice
21 Aug 2025Mr Scott WilliamsonOther8.7M50.0M——3Y notice
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6 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

29 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
23 June 2026Notification regarding unquoted securities - BSX
9 June 2026Becoming a substantial holder
1 June 2026Key Consultants Appointed as Mankayan PFS Gains Moment
8 May 2026Cleansing Statement
8 May 2026Application for quotation of securities - BSX
29 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
17 Apr 2026Notification of cessation of securities - BSX
15 Apr 2026Update - Application for quotation of securities - BSX
13 Apr 2026$PMankayan Copper-Gold Project Update
23 Mar 2026Cleansing Statement
23 Mar 2026Application for quotation of securities - BSX
16 Mar 2026Half Yearly Report and Accounts
25 Feb 2026Change in substantial holding
20 Feb 2026Cleansing Statement
20 Feb 2026Application for quotation of securities - BSX
20 Feb 2026Application for quotation of securities - BSX
18 Feb 2026RIU Explorers Conference Presentation
11 Feb 2026Notification of cessation of securities - BSX
9 Feb 2026Initial Director's Interest Notice - MW

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