LEEUWIN METALS LTD
ASX:LM1MaterialsToday’s holders own 73.3% of what they think they own, once every option and right converts.
Share count grew 104% in 24 months; runway 2–4 quarters; 4 cash raises in 24 months
LEEUWIN METALS LTD's share count stood at 130M as of July 2026, based on the ASX market reading; its filed Appendix 2A series ends earlier, so growth over the window is not stated. The company has raised capital four times in the past 24 months, totalling A$12.4M, with its most recent capital raise being a A$5.8M placement in October 2025. Options and rights on issue could convert into 47M new shares, representing 36.4% of the current share count, with 2% in the money and the nearest expiry in May 2027. As of the June 2026 quarter, LEEUWIN METALS LTD held A$2.6M in available cash, providing cover for approximately 2.0 quarters. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in September 2026.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 7 July 2026 | 2A · quoted issue | LM1 : ORDINARY FULLY PAID | 128.9M | Appendix 2A |
| 7 July 2026 | 2A · quoted issue | LM1 : ORDINARY FULLY PAID | 129.2M | Appendix 2A |
| 12 June 2026 | 3G · unquoted | ORDINARY FULLY PAID | 128.3M | Appendix 3G |
| 8 May 2026 | 2A · quoted issue | LM1 : ORDINARY FULLY PAID | 128.3M | Appendix 2A |
| 23 Mar 2026 | 3H · cancellation | LM1 : ORDINARY FULLY PAID | 127.2M | Appendix 3H |
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 (128.9M) need not equal the current count above (129.8M).
Capital raises
4 cash raises in the last 24 months · 1 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 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered31.3M · 24.1% of sharesOptions and warrants — they convert when the share price clears their exercise price.
- Condition-triggered15.9M · 12.3% 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: 31.3M priced (of which 3.3M in the money), 15.9M 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 $0.27 today, 3.3M securities are in the money (2.5% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 26.8M (20.6% 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.
- 15.9M (33.8% 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 |
|---|---|---|---|---|---|---|
| LM1AH | Options | Price-triggered | $0.50 | 31 May 2027 | 2.5M | Filing |
| LM1AK | Options | Price-triggered | $0.17 | 21 Mar 2028 | 3.3M | Filing |
| LM1AI | Options | Price-triggered | $0.30 | 12 May 2028 | 23.5M | Filing |
| LM1AM | Options | Price-triggered | $0.40 | 19 Dec 2028 | 2.0M | Filing |
| LM1AL | Performance rights | Condition-triggered | — | — | 15.9M | 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.
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 |
|---|---|---|---|---|---|---|---|
| 7 July 2026 | Christopher Piggott | Other incentive | 450k | — | — | — | 3Y notice |
| 24 Dec 2025 | Christopher Piggott | Other incentive | 5.0M | 10.0M | 2.5M | — | 3Y notice |
| 24 Dec 2025 | Scott Williamson | Other incentive | 900k | 2.0M | 175k | — | 3Y notice |
| 24 Dec 2025 | Simon Jackson | Other incentive | 900k | 2.0M | 175k | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.