GOLDEN STATE MINING LIMITED
ASX:GSMMaterialsToday’s holders own 71.5% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 40% in 24 months; options/rights overhang 40% of shares
GOLDEN STATE MINING LIMITED’s ordinary share count rose 39.7% between September 2025 and February 2026, its latest share-count filing, to 482M shares. In the 24-month window, the company raised capital once, a placement in September 2025 for A$1.4M. Options and rights on issue could convert into 192M new shares, equivalent to 39.8% of the current share count, with none currently in the money and the nearest expiry in April 2027. The company reports under 2 quarters of funding at the recent spend rate. No proposed securities issues are pending.
Quick answers · 4
When did GSM last raise capital?
The last capital raise in Golden State Mining's filings is Placement of $1.4M announced 1 Sept 2025, one of 1 cash raises in 24 months.
How much placement capacity does GSM have left?
About 33% of the 15% placement capacity left, about 67% used in 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 GSM have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Golden State Mining reported $691k of cash and estimated 1.7 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do GSM's options expire?
Unexercised options and rights equal 39.8% of Golden State Mining's shares on issue; the nearest expiry is Apr 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 |
|---|---|---|---|---|
| 29 June 2026 | 3H · cancellation | GSM : ORDINARY FULLY PAID | 482.5M | Appendix 3H |
| 23 Feb 2026 | 2A · quoted issue | GSM : ORDINARY FULLY PAID | 477.5M | Appendix 2A |
| 23 Feb 2026 | 3G · unquoted | GSM : ORDINARY FULLY PAID | 471.2M | Appendix 3G |
| 23 Feb 2026 | 2A · quoted issue | GSM : ORDINARY FULLY PAID | 476.2M | Appendix 2A |
| 21 Nov 2025 | 2A · quoted issue | GSM : ORDINARY FULLY PAID | 471.2M | Appendix 2A |
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
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 / 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
At $0.009 today, 0 securities are in the money (0.0% of shares on issue). At double today’s price it is 190.0M (39.4% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| GSMAS | Options | Price-triggered | $0.015 | 30 Apr 2027 | 62.5M | Filing |
| GSMAT | Options | Price-triggered | $0.015 | 20 May 2027 | 118.8M | Filing |
| GSMAU | Options | Price-triggered | $0.015 | 23 Aug 2027 | 6.3M | Filing |
| GSMAP | Options | Price-triggered | $0.050 | 21 May 2028 | 2.0M | Filing |
| GSMAR | Options | Price-triggered | $0.016 | 9 Sept 2028 | 2.5M | Filing |
“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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 23 Apr 2026 | Alexander Tunnadine | Buy on-market | 730k | — | — | $11k | 3Y notice |
| 29 Mar 2026 | Christopher Tuckwell | Buy off-market | 3.4M | — | — | — | 3Y notice |
| 23 Feb 2026 | Keith Middleton | Other | 11.3M | 6.3M | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.