FORTUNA METALS LTD
ASX:FUNMaterialsToday’s holders own 79.8% of what they think they own, once every option and right converts.
Share count grew 58% in 24 months; runway 4–8 quarters; 2 cash raises in 24 months; since relisting as FUN; prior history under LNR not included
FORTUNA METALS LTD, previously named LNR until August 2025, reports data that covers only the period since the rename. Its latest share count as at July 2026 was 422M shares. In the 24-month window, the company completed two capital raisings totalling A$12.1M, most recently a A$8.6M placement in June 2026. Options and rights on issue represent 107M potential new shares, an overhang of 25.3% of current shares, of which 9% are in the money; the nearest expiry is March 2027. At the last reported quarter (September 2026), the company had more than 4 quarters of funding at the recent spend rate. No proposed securities issues are currently pending.
Quick answers · 4
When did FUN last raise capital?
The last capital raise in Fortuna Metals's filings is Placement of $8.6M announced 3 June 2026, one of 2 cash raises in 24 months.
How much placement capacity does FUN have left?
None of the 15% placement capacity counted as used in the last 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does FUN have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Fortuna Metals reported $11.4M of cash and estimated 4.8 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do FUN's options expire?
Unexercised options and rights equal 25.3% of Fortuna Metals's shares on issue; the nearest expiry is Mar 2027.
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 |
|---|---|---|---|---|
| 28 July 2026 | 3G · unquoted | FUN : ORDINARY FULLY PAID | 313.4M | Appendix 3G |
| 28 July 2026 | 2A · quoted issue | FUN : ORDINARY FULLY PAID | 343.4M | Appendix 2A |
| 28 July 2026 | 2A · quoted issue | FUN : ORDINARY FULLY PAID | 391.7M | Appendix 2A |
| 1 June 2026 | 2A · quoted issue | FUN : ORDINARY FULLY PAID | 313.4M | Appendix 2A |
| 5 Jan 2026 | 3G · unquoted | FUN : ORDINARY FULLY PAID | 283.0M | Appendix 3G |
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 (313.4M) need not equal the current count above (421.7M).
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
2 cash raises in the last 24 months · 2 in the last 12 months · counted since relisting as FUN (18 Aug 2025); prior history under LNR is not included
Results due
What the company's own reports say is coming, and when. A month is one the report names; “by end of year” is a deadline such as “Q4”. See every explorer on the results calendar.
- October 2026 · 180km2 survey completion (to complete)
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-triggered51.6M · 12.2% of sharesOptions and warrants — they convert when the share price clears their exercise price.
- Condition-triggered55.2M · 13.1% 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: 51.6M priced (of which 39.5M in the money), 55.2M 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 $0.068 today, 39.5M securities are in the money (9.4% of shares on issue) — a floor, because an exercise price is on record for only 48.3% of this supply. No more priced supply until 3× today’s price, which takes it to 49.2M (11.7% 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.
- 55.2M (51.7% 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 |
|---|---|---|---|---|---|---|
| FUNAT | Options | Price-triggered | $0.18 | 1 Mar 2027 | 3.3M | Filing |
| FUNAA | Options | Price-triggered | $0.20 | 21 Aug 2027 | 2.4M | Filing |
| FUNAW | Options | Price-triggered | $0.17 | 5 Jan 2029 | 6.4M | Filing |
| FUNAE | Options | Price-triggered | $0.034 | 15 Aug 2029 | 39.5M | Filing |
| FUNAF | Performance shares | Condition-triggered | — | — | 55.2M | 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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 28 July 2026 | Peter Pawlowitsch | Other incentive | 16.4M | 19.3M | 2.5M | — | 3Y notice |
| 1 June 2026 | Peter Pawlowitsch | Sell | 2.5M | — | — | — | 3Y notice |
| 5 Jan 2026 | Peter Pawlowitsch | Other placement | 455k | 6.3M | 5.0M | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.