GREAT SOUTHERN MINING LIMITED
ASX:GSNMaterialsToday’s holders own 89.0% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 38% in 24 months; 1 cash raise in 24 months
GREAT SOUTHERN MINING LIMITED's ordinary share count grew 38.1% between September 2024 and July 2026, its latest share-count filing, to 1.17B shares. The company raised capital once in that period, a placement in March 2026 for A$4.6M. Options and rights on issue could convert into 145M new shares, equal to 12.4% of the current share count, none of which are in the money at the current share price; the nearest expiry falls in January 2027. The company has under 2 quarters of funding at the recent spend rate. No proposed securities issues are currently pending.
Quick answers · 5
When did GSN last raise capital?
The last capital raise in Great Southern Mining's filings is Placement of $4.6M announced 20 Mar 2026, one of 1 cash raises in 24 months.
How much placement capacity does GSN have left?
About 60% of the 15% placement capacity left, about 40% 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 GSN have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Great Southern Mining reported $2.5M of cash and estimated 1.1 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do GSN's options expire?
Unexercised options and rights equal 12.4% of Great Southern Mining's shares on issue; the nearest expiry is Jan 2027.
How much has GSN's share count grown?
Great Southern Mining has 1.17B shares on issue as at 28 Oct 2026, up 38.1% over 24 months according to its Appendix 2A filings.
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 |
|---|---|---|---|---|
| 14 July 2026 | 2A · quoted issue | GSN : ORDINARY FULLY PAID | 1.17B | Appendix 2A |
| 4 June 2026 | 3H · cancellation | GSN : ORDINARY FULLY PAID | 1.16B | Appendix 3H |
| 3 June 2026 | 2A · quoted issue | GSN : ORDINARY FULLY PAID | 1.16B | Appendix 2A |
| 3 June 2026 | 3G · unquoted | GSN : ORDINARY FULLY PAID | 1.15B | Appendix 3G |
| 30 Mar 2026 | 3H · cancellation | GSN : ORDINARY FULLY PAID | 1.15B | Appendix 3H |
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 · 1 in the last 12 months
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.
- by end 2026 · 2026 RC drilling campaign (planned)
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-triggered109.5M · 9.4% of sharesOptions and warrants — they convert when the share price clears their exercise price.
- Condition-triggered35.0M · 3.0% 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: 109.5M priced, 35.0M 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 $0.020 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 3× today’s price, which takes it to 108.5M (9.3% 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.
- 35.0M (24.2% 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 |
|---|---|---|---|---|---|---|
| GSNAP | Options | Price-triggered | $0.040 | 8 Jan 2027 | 23.5M | Filing |
| GSNAJ | Options | Price-triggered | $0.10 | 29 Mar 2027 | 1.0M | Filing |
| GSNAO | Options | Price-triggered | $0.050 | 4 July 2027 | 25.0M | Filing |
| GSNAS | Options | Price-triggered | $0.050 | 2 June 2028 | 30.0M | Filing |
| GSNAR | Options | Price-triggered | $0.040 | 30 Oct 2028 | 30.0M | Filing |
| GSNAQ | Performance rights | Condition-triggered | — | — | 35.0M | 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 |
|---|---|---|---|---|---|---|---|
| 24 July 2026 | Matthew Blake | Other | 2.5M | — | — | $47k | 3Y notice |
| 10 July 2026 | John Terpu | Other incentive | 2.0M | — | — | — | 3Y notice |
| 10 July 2026 | Matthew Keane | Other incentive | 4.0M | — | 21.0M | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.