DESOTO RESOURCES LIMITED
ASX:DESMaterialsToday’s holders own 67.0% of what they think they own, once every option and right converts.
Share count grew 199% in 24 months; options/rights overhang 49% of shares; runway 4–8 quarters
DESOTO RESOURCES LIMITED's ordinary share count grew 335.5% between July 2024 and December 2025, to 277M shares. In the past 24 months, the company has raised capital once, a A$4.8M placement in February 2025. Options and rights on issue could convert into 137M new shares, representing 49.4% of the current share count, with 3% in the money; the nearest expiry is April 2027. As of the June 2026 quarter, the company had A$8.0M in available cash, covering approximately 5.5 quarters of operations. One proposed securities issue (Appendix 3B) is pending with an expected date in November 2026.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 30 Dec 2025 | 2A · quoted issue | DES : ORDINARY FULLY PAID | 276.8M | Appendix 2A |
| 27 Nov 2025 | 2A · quoted issue | DES : ORDINARY FULLY PAID | 274.2M | Appendix 2A |
| 27 Nov 2025 | 3G · unquoted | ORDINARY FULLY PAID | 233.4M | Appendix 3G |
| 27 Nov 2025 | 3G · unquoted | DES : ORDINARY FULLY PAID | 233.4M | Appendix 3G |
| 19 Oct 2025 | 2A · quoted issue | DES : ORDINARY FULLY PAID | 233.4M | Appendix 2A |
Capital raises
1 cash raise in the last 24 months · 0 in the last 12 months
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.
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.
Pending proposed issues
Options & convertible securities
- Price-triggered106.9M · 38.6% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 80.1M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered29.8M · 10.7% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 10.8M priced (of which 9.2M in the money), 16.0M at a stated nil price, 109.8M 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.
At $0.14 today, 9.2M securities are in the money (3.3% of shares on issue) — a floor, because an exercise price is on record for only 9.0% of this supply. At double today’s price it is 10.8M (3.9% 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.
- 16.0M (11.7% 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.
- 109.8M (80.4% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| DESAC | Options | Price-triggered | — | 1 Apr 2027 | 34.0M | Filing |
| DESAD | Options | Price-triggered | — | 1 Dec 2027 | 1.6M | Filing |
| DESO | Options | Price-triggered | — | 23 May 2028 | 44.5M | Filing |
| DESAI | Options | Price-triggered | $0.11 | 9 May 2029 | 9.2M | Filing |
| DESAG | Options | Price-triggered | $0.23 | 28 June 2029 | 1.6M | Filing |
| DESAH | Options | Price-triggered | Nil | 7 May 2030 | 2.0M | Filing |
| DESAJ | Options | Price-triggered | Nil | 28 Nov 2030 | 14.0M | Filing |
| DESAE | Performance rights | Condition-triggered | — | — | 2.8M | Filing Meeting |
| DESAK | Performance rights | Condition-triggered | — | — | 27.0M | Filing 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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 28 Nov 2025 | Mr Christopher Swallow | Other | 125k | — | 10.0M | $20k | 3Y notice |
| 28 Nov 2025 | Mr Finbarr (Barry) Murphy | Other | 125k | — | 8.0M | $20k | 3Y notice |
| 28 Nov 2025 | Mr Paul Roberts | Other | 125k | 9.0M | — | $20k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.