FORRESTANIA RESOURCES LIMITED
ASX:FRSMaterialsToday’s holders own 96.1% of what they think they own, once every option and right converts.
Share count grew 1223% in 24 months; 14 cash raises in 24 months; proposed issue pending
FORRESTANIA RESOURCES LIMITED's ordinary share count stood at 2.47B as of October 2026, its latest share-count filing. The company raised capital 14 times in that period for total disclosed proceeds of A$658.9M, most recently a A$310.0M placement in July 2026. Options and rights on issue could convert into 101M new shares, equal to 4.1% of the current share count, of which 2% are in the money; the nearest expiry is November 2028. No funding-runway figure is available because the September 2026 quarter's spending was dominated by property, plant and equipment rather than operating costs. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in November 2026.
Quick answers · 3
Is FRS raising capital?
Forrestania Resources has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $310.0M on 1 July 2026.
How much cash does FRS have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Forrestania Resources reported $71.1M of cash and estimated 8.4 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do FRS's options expire?
Unexercised options and rights equal 4.1% of Forrestania Resources's shares on issue; the nearest expiry is Nov 2028.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 16 Oct 2026 | 2A · quoted issue | FRS : ORDINARY FULLY PAID | 2.44B | Appendix 2A |
| 16 Oct 2026 | 2A · quoted issue | FRS : ORDINARY FULLY PAID | 2.44B | Appendix 2A |
| 16 Oct 2026 | 2A · quoted issue | FRS : ORDINARY FULLY PAID | 2.46B | Appendix 2A |
| 16 Sept 2026 | 2A · quoted issue | FRS : ORDINARY FULLY PAID | 2.41B | Appendix 2A |
| 16 Sept 2026 | 2A · quoted issue | FRS : ORDINARY FULLY PAID | 2.41B | Appendix 2A |
Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (2.44B) need not equal the current count above (2.47B).
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
14 cash raises in the last 24 months · 7 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 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered86.4M · 3.5% of sharesOptions and warrants — they convert when the share price clears their exercise price.
- Condition-triggered14.5M · 0.6% 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: 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.
At $0.32 today, 41.6M securities are in the money (1.7% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 56.6M (2.3% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| FRSAT | Options | Price-triggered | $0.50 | 5 Nov 2028 | 9.8M | Filing |
| FRSAV | Options | Price-triggered | $0.40 | 19 Jan 2029 | 5.0M | Filing |
| FRSAW | Options | Price-triggered | $0.60 | 19 Jan 2029 | 5.0M | Filing |
| FRSAX | Options | Price-triggered | $0.90 | 19 Jan 2029 | 5.0M | Filing |
| FRSAY | Options | Price-triggered | $0.41 | 27 Jan 2029 | 10.0M | Filing |
| FRSAZ | Options | Price-triggered | $0.75 | 27 Jan 2029 | 10.0M | Filing |
| FRSAA | Options | Price-triggered | $0.24 | 5 Feb 2029 | 41.6M | Filing |
| FRSAU | Performance rights | Condition-triggered | — | — | 14.5M | 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. For what expires soon across other listed companies, see the options expiry calendar.
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.
- FRSARPrice-triggered10.0M securities → 026 Feb 2026 Appendix 2A
- FRSASPrice-triggered10.0M securities → 026 Feb 2026 Appendix 2A
- FRSANPrice-triggered1.5M securities → 05 Dec 2025 Appendix 2A
- FRSAPPrice-triggered20.0M securities → 019 Nov 2025 Appendix 2A
- FRSAQPrice-triggered10.0M securities → 019 Nov 2025 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 8 Oct 2026 | David Geraghty | Buy on-market | 650k | — | — | $199k | 3Y notice |
| 23 Sept 2026 | David Geraghty | Buy on-market | 1.6M | — | — | $532k | 3Y notice |
| 22 Sept 2026 | David Geraghty | Buy on-market | 220k | — | — | $74k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.