Companies / LKE

LAKE RESOURCES N.L.

ASX:LKEMaterials
2.42B shares on issueASX (delayed) · snapshot 11 Sept 20263.07B fully diluted+27.0% if every option and right converts$0.043price · delayed$103.9Mmarket cap · indicative

Today’s holders own 78.8% of what they think they own, once every option and right converts.

High
Dilution risk

Share count grew 43% in 24 months; 9 cash raises in 24 months; runway 4–8 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway4.7 quarters of funding
Share-count growth (24m)43.2%measured to the latest Appendix 2A, not to the share count above
Raise cadence (24m)9 cash raises
Options & rights overhang27.0% of shares
In-the-money supplyno data — no exercise price on record
Pending proposed issuesopen proposed issue (Appendix 3B)

LAKE RESOURCES N.L. had 2.42B ordinary shares on issue as of August 2026. The company raised capital nine times in the past 24 months, for a total of A$37.6M, with the most recent being a A$1.1M placement in August 2026. There are no disclosed share count movements from Appendix 2A filings within the last 24 months. Options and rights on issue could convert into 651M new shares, representing 27.0% of the current share count, with the nearest expiry in October 2028. As of the June 2026 quarter, the company held A$19.9M in available cash, providing an estimated 4.7 quarters of operational cover. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in September 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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27.0%
Options & rights overhang
—
In-the-money supply · no stated strikes
2
Raises · last 12 months
4.7 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 2.42B per ASX (delayed) (snapshot 11 Sept 2026).
1.75B2.00B2.25BDec 24Oct 25Sept 26Cash raise · 12 Aug 2026Cash raise · 27 July 2026Cash raise · 18 Aug 2025Cash raise · 18 Aug 2025Cash raise · 13 Aug 2025Cash raise · 23 July 2025Cash raise · 10 Apr 2025Cash raise · 30 Jan 20252.42B

Cash runway

4.7 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Aug 2027 at the reported spend rate.
$19.9M 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: $6.7M cash at quarter end (item 4.6), 8.6 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
12 Aug 20262A · quoted issueLKE : ORDINARY FULLY PAID2.35BAppendix 2A
12 Aug 20262A · quoted issueLKE : ORDINARY FULLY PAID2.39BAppendix 2A
6 July 20262A · quoted issueLKE : ORDINARY FULLY PAID2.33BAppendix 2A
9 June 20262A · quoted issueLKE : ORDINARY FULLY PAID2.33BAppendix 2A
19 May 20263G · unquotedLKE : ORDINARY FULLY PAID2.32BAppendix 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 (2.35B) need not equal the current count above (2.42B).

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85 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

9 cash raises in the last 24 months · 2 in the last 12 months

every 3.1 monthsaverage gap between raises
1 monthssince the most recent
22 Oct 2024 – 12 Aug 2026first to most recent in this window
$1.1M
Placement
12 Aug 2026 ACTIVE
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12 raises 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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2 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

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

27.0%
Options & rights overhang · of current shares
—
In-the-money supply · no stated strikes
651.4M
Potential new shares
Oct 2028
Nearest expiry
What this supply is, and what converts it
  • Price-triggered480.7M · 19.9% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    No exercise price is on record for any of it, so none of it can be called in or out of the money.
  • Condition-triggered170.7M · 7.1% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 0 priced, 651.4M 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.

What a price move would switch on

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 651.4M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

CodeSecurityTypeExercise priceExpiryOn issueSource
LKEOOptionsPrice-triggered—14 Oct 2028478.0MFiling
LKEAAOptionsPrice-triggered——2.8MFiling
LKEAT—Condition-triggered——83.4MFiling Meeting
LKEAF—Condition-triggered——87.3MFiling 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.

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.

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4 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
26 Feb 2026David DicksonBuy2.9M———3Y notice
18 Dec 2025Robert TrzebskiOther2.9M15.0M——3Y notice
18 Dec 2025Stuart CrowOther2.9M30.0M2.9M—3Y notice
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23 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

12 Aug 2026Cleansing Notice
12 Aug 2026Application for quotation of securities - LKE
12 Aug 2026Application for quotation of securities - LKE
12 Aug 2026Update - Proposed issue of securities - LKE
11 Aug 2026Update - Proposed issue of securities - LKE
11 Aug 2026$PA$1.1 Million At-the-Market Facility Raise
11 Aug 2026Proposed issue of securities - LKE
2 Aug 2026$PEIA Public Consultation Stage
28 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
26 July 2026$PA$3.8 Million At-the-Market Facility Raise
26 July 2026Proposed issue of securities - LKE
8 July 2026Appointment of Michael Gabora as Competent Person
6 July 2026Application for quotation of securities - LKE
9 June 2026Application for quotation of securities - LKE
19 May 2026Application for quotation of securities - LKE
19 May 2026Notification regarding unquoted securities - LKE
19 May 2026Notification regarding unquoted securities - LKE
18 May 2026Application for quotation of securities - LKE
27 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
27 Apr 2026Application for quotation of securities - LKE

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