Companies / LKO

LAKES BLUE ENERGY NL

ASX:LKOEnergy
93.3M shares on issueASX (delayed) · snapshot 11 Sept 2026106.3M fully diluted+13.9% if every option and right converts$0.27price · delayed$24.7Mmarket cap · indicative

Today’s holders own 87.8% of what they think they own, once every option and right converts.

High
Dilution risk

Runway under 2 quarters; share count grew 59% in 24 months; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.5 quarters of funding
Share-count growth (24m)58.9%
Raise cadence (24m)2 cash raises
Options & rights overhang13.9% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

LAKES BLUE ENERGY NL's ordinary share count grew 58.9% between March 2024 and August 2026, to 93M shares. The company raised capital twice in the past 24 months for total disclosed proceeds of A$14.5M, most recently a A$8.7M placement in July 2026. Options and rights on issue could convert into 13M new shares, equal to 13.9% of the current share count; the nearest expiry falls in August 2028. At the June 2026 quarter the company reported A$5.6M in available cash, covering approximately 1.6 quarters of operating expenses. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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13.9%
Options & rights overhang
0.0%
In-the-money supply
1
Raises · last 12 months
1.5 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 93.3M per ASX (delayed) (snapshot 11 Sept 2026).
60M70M80M90MDec 24Oct 25Sept 26Cash raise · 24 July 2026Cash raise · 11 Sept 202593.3M

Cash runway

1.5 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Oct 2026 at the reported spend rate.
$5.5M 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: $504k cash at quarter end (item 4.6), 0.1 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
30 Aug 20262A · quoted issueLKO : ORDINARY FULLY PAID93.3MAppendix 2A
30 Aug 20263G · unquotedORDINARY FULLY PAID92.8MAppendix 3G
28 Aug 20262A · quoted issueLKO : ORDINARY FULLY PAID92.8MAppendix 2A
28 Aug 20263G · unquotedORDINARY FULLY PAID90.6MAppendix 3G
20 Aug 20262A · quoted issueLKO : ORDINARY FULLY PAID90.6MAppendix 2A
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15 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

2 cash raises in the last 24 months · 1 in the last 12 months

every 10.4 monthsaverage gap between raises
1.6 monthssince the most recent
11 Sept 2025 – 24 July 2026first to most recent in this window
$8.7M
Placement
24 July 2026 ACTIVE
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4 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 56% of the 15% placement capacity left — about 44% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. 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

13.9%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
13.0M
Potential new shares
Aug 2028
Nearest expiry
What a price move would switch on
6.5M13.0M$0.27 now0.25× today ($0.07) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.13) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.20) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.27) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.33) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.40) — 9.0M of the priced supply in the money, 9.7% of shares on issue2× today ($0.53) — 9.0M of the priced supply in the money, 9.7% of shares on issue3× today ($0.80) — 9.0M of the priced supply in the money, 9.7% of shares on issue5× today ($1.33) — 9.0M of the priced supply in the money, 9.7% of shares on issue10× today ($2.65) — 13.0M of the priced supply in the money, 13.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.27 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 9.0M (9.7% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
LKOAPOptionsPrice-triggered$1.505 Aug 20284.0MFiling
LKOAROptionsPrice-triggered$0.3621 Aug 20319.0MFiling

“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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2 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
27 Aug 2026Hugh RobertsonOther entitlement/SPP201k201k—$124k3Y notice
22 Dec 2025Nicholas MatherOther placement435k——$500k3Y notice
18 Sept 2025Nicholas MatherBuy on-market1.1M750k—$1.2M3Y notice
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9 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

31 Aug 2026Change of Director's Interest Notice
30 Aug 2026Notification regarding unquoted securities - LKO
30 Aug 2026Application for quotation of securities - LKO
28 Aug 2026Notification regarding unquoted securities - LKO
28 Aug 2026Application for quotation of securities - LKO
23 Aug 2026Notice of General Meeting/Proxy Form
20 Aug 2026Notification regarding unquoted securities - LKO
20 Aug 2026Application for quotation of securities - LKO
20 Aug 2026Entitlement Issue Closure and Shortfall Notification
7 Aug 2026Dispatch of Prospectus and Ineligible Shareholder Letters
5 Aug 2026Cleansing Notice
5 Aug 2026Application for quotation of securities - LKO
30 July 2026Initial Director's Interest Notice
30 July 2026Final Director's Interest Notice
29 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
29 July 2026Update - Proposed issue of securities - LKO
29 July 2026$PEntitlement Offer Prospectus
29 July 2026Proposed issue of securities - LKO
29 July 2026Proposed issue of securities - LKO
29 July 2026Capital Raising Presentation

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