Companies / BTR

BRIGHTSTAR RESOURCES LIMITED

ASX:BTRMaterials
1.10B shares on issueASX (delayed) · snapshot 11 Sept 20261.14B fully diluted+3.2% if every option and right converts$0.54price · delayed$596.0Mmarket cap · indicative

Today’s holders own 96.9% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 369% in 24 months; runway 4–8 quarters; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway4.2 quarters of funding
Share-count growth (24m)368.6%
Raise cadence (24m)2 cash raises
Options & rights overhang3.2% of shares
In-the-money supply1.5% of shares
Pending proposed issuesnone

BRIGHTSTAR RESOURCES LIMITED completed a share consolidation of approximately 1-for-25 in April 2025. Following this adjustment, its ordinary share count grew 368.6% between August 2024 and September 2026, to 1.10B shares. The company raised capital twice in the past 24 months, for total disclosed proceeds of A$242.5M. The most recent raise was a A$192.5M placement in February 2026. Options and rights on issue could convert into 35M new shares, representing 3.2% of the current share count, with 2% in the money at the current share price. The nearest expiry for these options is December 2026. As of the June 2026 quarter, BRIGHTSTAR RESOURCES LIMITED reported A$102.1M in available cash, covering approximately 4.2 quarters of operations. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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3.2%
Options & rights overhang
1.5%
In-the-money supply
1
Raises · last 12 months
4.2 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. Adjusted for the 1-for-25 consolidation (17 Apr 2025). Latest count 1.10B per ASX (delayed) (snapshot 11 Sept 2026).
0.50B0.75B1.00BMay 25Jan 26Sept 26Cash raise · 4 Feb 2026Cash raise · 18 July 20251.10B

Cash runway

4.2 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about July 2027 at the reported spend rate.
$101.8M 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: $122.0M cash at quarter end (item 4.6), 55.5 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
8 Sept 20263H · cancellationBTR : ORDINARY FULLY PAID1.10BAppendix 3H
7 Sept 20262A · quoted issueBTR : ORDINARY FULLY PAID1.10BAppendix 2A
7 Sept 20262A · quoted issueBTR : ORDINARY FULLY PAID1.10BAppendix 2A
28 Aug 20262A · quoted issueBTR : ORDINARY FULLY PAID1.10BAppendix 2A
28 Aug 20262A · quoted issueBTR : ORDINARY FULLY PAID1.10BAppendix 2A
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61 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

2 cash raises in the last 24 months · 1 in the last 12 months

every 6.6 monthsaverage gap between raises
7.2 monthssince the most recent
18 July 2025 – 4 Feb 2026first to most recent in this window
$192.5M
Placement
4 Feb 2026 COMPLETE
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12 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.

14.7M of option supply could convert within 12 months — 1.3% of shares on issue
14.7M in the money, expiring in the window
Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.
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7 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

3.2%
Options & rights overhang · of current shares
1.5%
In-the-money supply · at current price
35.2M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered19.9M · 1.8% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered15.3M · 1.4% 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: 19.9M priced (of which 16.3M in the money), 15.3M 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
17.6M35.2M$0.54 now0.25× today ($0.14) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.27) — 16.3M of the priced supply in the money, 1.5% of shares on issue0.75× today ($0.41) — 16.3M of the priced supply in the money, 1.5% of shares on issue1× today ($0.54) — 16.3M of the priced supply in the money, 1.5% of shares on issue1.25× today ($0.68) — 17.1M of the priced supply in the money, 1.5% of shares on issue1.5× today ($0.81) — 18.1M of the priced supply in the money, 1.6% of shares on issue2× today ($1.08) — 19.9M of the priced supply in the money, 1.8% of shares on issue3× today ($1.62) — 19.9M of the priced supply in the money, 1.8% of shares on issue5× today ($2.70) — 19.9M of the priced supply in the money, 1.8% of shares on issue10× today ($5.40) — 19.9M of the priced supply in the money, 1.8% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.54 today, 16.3M securities are in the money (1.5% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 17.1M (1.5% 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.
  • 15.3M (43.6% 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
BTRANOptionsPrice-triggered$0.2422 Dec 20268.6MFiling
BTRAALOptionsPrice-triggered$0.631 July 2027800kFiling
BTRAAMOptionsPrice-triggered$0.881 July 2027800kFiling
BTRAANOptionsPrice-triggered$0.7519 July 20271.0MFiling
BTRALOptionsPrice-triggered$0.2431 July 20276.1MFiling
BTRAAOOptionsPrice-triggered$1.0019 July 20281.0MFiling
BTRAOOptionsPrice-triggered$0.2431 July 20281.6MFiling
BTRASPerformance rightsCondition-triggered——2.3MFiling Meeting
BTRAHPerformance rightsCondition-triggered——13.0MFiling 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.

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9 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
17 Aug 2026Alex RoviraOther incentive125k——$53k3Y notice
17 Aug 2026Andrew RichOther incentive100k——$42k3Y notice
29 May 2026Alex RoviraBuy on-market112k——$40k3Y notice
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18 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

8 Sept 2026$PLaverton Mill Construction Advancing on Schedule
8 Sept 2026Notification of cessation of securities - BTR
7 Sept 2026Cleansing notice under s708A
7 Sept 2026Application for quotation of securities - BTR
7 Sept 2026Application for quotation of securities - BTR
6 Sept 2026$PHigh Grade Exploration Success Continues at Sandstone
3 Sept 2026Appendix 4G and Corporate Governance Statement
3 Sept 2026Annual Report to shareholders
28 Aug 2026Cleansing notice under s708A
28 Aug 2026Application for quotation of securities - BTR
28 Aug 2026Application for quotation of securities - BTR
26 Aug 2026$PWide, high-grade intercepts from Two Mile Hill drilling
24 Aug 2026$PSignificant visible gold in 500m mineralised intersection
17 Aug 2026Change of Director's Interest Notice x 2
17 Aug 2026Cleansing Notice under s708A
17 Aug 2026Application for quotation of securities - BTR
17 Aug 2026Notification of cessation of securities - BTR
5 Aug 2026$PDiggers and Dealers Presentation
4 Aug 2026Notification of cessation of securities - BTR
3 Aug 2026$PGoldfields Project July Construction Update

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