Companies / GSM

GOLDEN STATE MINING LIMITED

ASX:GSMMaterials
482.5M shares on issueASX (delayed) · snapshot 11 Sept 2026674.5M fully diluted+39.8% if every option and right converts$0.013price · delayed$6.3Mmarket cap · indicative

Today’s holders own 71.5% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 40% in 24 months; options/rights overhang 40% of shares; runway 4–8 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway4.8 quarters of funding
Share-count growth (24m)39.7%measured to the latest Appendix 2A, not to the share count above
Raise cadence (24m)1 cash raise
Options & rights overhang39.8% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

GOLDEN STATE MINING LIMITED's ordinary share count grew 39.7% between September 2025 and February 2026, to 482M shares. The company raised capital once in the past 24 months, a A$1.4M placement in August 2025. Options and rights on issue could convert into 192M new shares, equal to 39.8% of the current share count, with the nearest expiry in April 2027. No options are currently in the money. At the June 2026 quarter the company reported A$949K in available cash, about 4.8 quarters of funding. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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39.8%
Options & rights overhang
0.0%
In-the-money supply
0
Raises · last 12 months
4.8 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 482.5M per ASX (delayed) (snapshot 11 Sept 2026).
300M350M400M450MDec 24Oct 25Sept 26Cash raise · 28 Aug 2025482.5M

Cash runway

4.8 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Aug 2027 at the reported spend rate.
$947k 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: $1.1M cash at quarter end (item 4.6), 5.7 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
29 June 20263H · cancellationGSM : ORDINARY FULLY PAID482.5MAppendix 3H
23 Feb 20262A · quoted issueGSM : ORDINARY FULLY PAID477.5MAppendix 2A
23 Feb 20263G · unquotedGSM : ORDINARY FULLY PAID471.2MAppendix 3G
23 Feb 20262A · quoted issueGSM : ORDINARY FULLY PAID476.2MAppendix 2A
21 Nov 20252A · quoted issueGSM : ORDINARY FULLY PAID471.2MAppendix 2A
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16 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

1 cash raise in the last 24 months · 0 in the last 12 months

$1.4M
Placement
28 Aug 2025
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1 raise 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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5 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.

About 33% of the 15% placement capacity left — about 67% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.
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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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

39.8%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
192.0M
Potential new shares
Apr 2027
Nearest expiry
What a price move would switch on
96.0M192.0M$0.013 now0.25× today ($0.003) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.010) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.013) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.016) — 190.0M of the priced supply in the money, 39.4% of shares on issue1.5× today ($0.019) — 190.0M of the priced supply in the money, 39.4% of shares on issue2× today ($0.026) — 190.0M of the priced supply in the money, 39.4% of shares on issue3× today ($0.039) — 190.0M of the priced supply in the money, 39.4% of shares on issue5× today ($0.065) — 192.0M of the priced supply in the money, 39.8% of shares on issue10× today ($0.130) — 192.0M of the priced supply in the money, 39.8% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.013 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
GSMASOptionsPrice-triggered$0.01530 Apr 202762.5MFiling
GSMATOptionsPrice-triggered$0.01520 May 2027118.8MFiling
GSMAUOptionsPrice-triggered$0.01523 Aug 20276.3MFiling
GSMAPOptionsPrice-triggered$0.05021 May 20282.0MFiling
GSMAROptionsPrice-triggered$0.0169 Sept 20282.5MFiling

“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.

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5 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
23 Apr 2026Alexander TunnadineBuy on-market730k——$11k3Y notice
29 Mar 2026Christopher TuckwellBuy off-market3.4M———3Y notice
23 Feb 2026Keith MiddletonOther11.3M6.3M——3Y notice
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8 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

8 Sept 2026Appendix 4G and Corporate Governance Statement
8 Sept 2026Annual Report to shareholders
27 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
29 June 2026Notification of cessation of securities - GSM
28 Apr 2026Change of Director's Interest Notice
23 Apr 2026Initial Director's Interest Notice
21 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
20 Apr 2026Peter Williams appointed Chairman
2 Apr 2026Change of Director's Interest Notice
11 Mar 2026Half Year Accounts
23 Feb 2026Change of Director's Interest Notice
23 Feb 2026Section 708A Notice
23 Feb 2026Application for quotation of securities - GSM
23 Feb 2026Notification regarding unquoted securities - GSM
23 Feb 2026Application for quotation of securities - GSM
19 Feb 2026Constitution
19 Feb 2026Proposed issue of securities - GSM
19 Feb 2026Results of Meeting
19 Jan 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
15 Jan 2026Notice of General Meeting/Proxy Form

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