Companies / FRS

FORRESTANIA RESOURCES LIMITED

ASX:FRSMaterials
2.41B shares on issueASX (delayed) · snapshot 11 Sept 20262.51B fully diluted+4.2% if every option and right converts$0.39price · delayed$927.4Mmarket cap · indicative

Today’s holders own 96.0% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 1196% in 24 months; 14 cash raises in 24 months; proposed issue pending

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway29.6 quarters of funding
Share-count growth (24m)1196.1%
Raise cadence (24m)14 cash raises
Options & rights overhang4.2% of shares
In-the-money supply1.7% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

FORRESTANIA RESOURCES LIMITED's ordinary share count increased by 1196.1% from October 2024 to September 2026, reaching 2.41 billion shares. Over the past 24 months, the company completed 14 capital raises totalling A$660.4M, with the most recent being a A$300.0M placement in June 2026. Options and rights on issue represent potential for 101M new shares, 4.2% of the current share count, with 2% in the money. The nearest expiry for these options is November 2028. As of June 2026, the company held A$401.7M in cash, covering approximately 29.6 quarters of operations. There are two pending proposed issues (Appendix 3B) with the nearest expected date in October 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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4.2%
Options & rights overhang
1.7%
In-the-money supply
7
Raises · last 12 months
29.6 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 2.41B per ASX (delayed) (snapshot 11 Sept 2026).
0.5B1.0B1.5B2.0B2.5BDec 24Oct 25Sept 26Cash raise · 28 June 2026Cash raise · 26 June 2026Cash raise · 22 Jan 2026Cash raise · 24 Nov 2025Cash raise · 24 Nov 2025Cash raise · 18 Nov 2025Cash raise · 22 Sept 2025Cash raise · 26 Aug 2025Cash raise · 15 May 2025Cash raise · 6 May 2025Cash raise · 6 May 2025Cash raise · 7 Mar 2025Cash raise · 11 Feb 20252.41B

Cash runway

29.6 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.
$401.6M 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: $7.8M cash at quarter end (item 4.6), 0.8 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 20262A · quoted issueFRS : ORDINARY FULLY PAID2.41BAppendix 2A
4 Sept 20262A · quoted issueFRS : ORDINARY FULLY PAID2.17BAppendix 2A
4 Sept 20262A · quoted issueFRS : ORDINARY FULLY PAID1.85BAppendix 2A
17 Aug 20262A · quoted issueFRS : ORDINARY FULLY PAID1.62BAppendix 2A
17 Aug 20262A · quoted issueFRS : ORDINARY FULLY PAID1.62BAppendix 2A
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144 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

14 cash raises in the last 24 months · 7 in the last 12 months

every 1.9 monthsaverage gap between raises
2.5 monthssince the most recent
9 Oct 2024 – 28 June 2026first to most recent in this window
$300.0M
Placement
28 June 2026 ACTIVE
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64 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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9 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 estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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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

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
2 pending issues on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

4.2%
Options & rights overhang · of current shares
1.7%
In-the-money supply · at current price
100.9M
Potential new shares
Nov 2028
Nearest expiry
What this supply is, and what converts it
  • Price-triggered86.4M · 3.6% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered14.5M · 0.6% 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: 86.4M priced (of which 41.6M in the money), 14.5M 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
50.5M100.9M$0.39 now0.25× today ($0.10) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.19) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.29) — 41.6M of the priced supply in the money, 1.7% of shares on issue1× today ($0.39) — 41.6M of the priced supply in the money, 1.7% of shares on issue1.25× today ($0.48) — 56.6M of the priced supply in the money, 2.4% of shares on issue1.5× today ($0.58) — 66.4M of the priced supply in the money, 2.8% of shares on issue2× today ($0.77) — 81.4M of the priced supply in the money, 3.4% of shares on issue3× today ($1.16) — 86.4M of the priced supply in the money, 3.6% of shares on issue5× today ($1.93) — 86.4M of the priced supply in the money, 3.6% of shares on issue10× today ($3.85) — 86.4M of the priced supply in the money, 3.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.39 today, 41.6M securities are in the money (1.7% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 56.6M (2.4% 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.
  • 14.5M (14.3% 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
FRSATOptionsPrice-triggered$0.505 Nov 20289.8MFiling
FRSAVOptionsPrice-triggered$0.4019 Jan 20295.0MFiling
FRSAWOptionsPrice-triggered$0.6019 Jan 20295.0MFiling
FRSAXOptionsPrice-triggered$0.9019 Jan 20295.0MFiling
FRSAYOptionsPrice-triggered$0.4127 Jan 202910.0MFiling
FRSAZOptionsPrice-triggered$0.7527 Jan 202910.0MFiling
FRSAAOptionsPrice-triggered$0.245 Feb 202941.6MFiling
FRSAUPerformance rightsCondition-triggered——14.5MFiling 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.

5 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.
  • FRSARPrice-triggered10.0M securities → 025 Feb 2026 Appendix 2A
  • FRSASPrice-triggered10.0M securities → 025 Feb 2026 Appendix 2A
  • FRSANPrice-triggered1.5M securities → 05 Dec 2025 Appendix 2A
  • FRSAPPrice-triggered20.0M securities → 018 Nov 2025 Appendix 2A
  • FRSAQPrice-triggered10.0M securities → 018 Nov 2025 Appendix 2A
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8 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
4 Sept 2026David GeraghtyOther5.7M5.0M5.6M$2.2M3Y notice
7 Aug 2026Adam TurnbullOther incentive2.0M———3Y notice
7 Aug 2026Daniel RaihaniOther2.0M———3Y notice
7 Aug 2026David GeraghtyOther incentive2.0M———3Y notice
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50+ 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

9 Sept 2026Becoming a substantial holder
8 Sept 2026FAU:Ore Purchase Agreement Signed with Forrestania Resources
8 Sept 2026$PForrestania Advances Agreements & Restart Readiness
8 Sept 2026Change in substantial holding from SGH
8 Sept 2026Change in substantial holding
8 Sept 2026Change in substantial holding
8 Sept 2026Cleansing Notice
8 Sept 2026Application for quotation of securities - FRS
7 Sept 2026$PThird Supplementary Bidder's Statement
7 Sept 2026$PZenith Minerals - Seventh Extension of Offer Period
7 Sept 2026Becoming a substantial holder from RMS
6 Sept 2026$PTotal Mineral Resource Estimate Surpasses 2Moz Au
4 Sept 2026Change of Director's Interest Notice - DG
4 Sept 2026Cleansing Notice
4 Sept 2026$PCompletion of Edna May Gold Project Acquisition
4 Sept 2026Application for quotation of securities - FRS
4 Sept 2026Application for quotation of securities - FRS
2 Sept 2026Proposed issue of securities - FRS
31 Aug 2026$PZenith Minerals - Sixth Extension of Offer Period
28 Aug 2026$PResults of General Meeting - Endorsement of Edna May

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