LODESTAR MINERALS LIMITED
ASX:LSRMaterialsToday’s holders own 54.0% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 784% in 24 months; 7 cash raises in 24 months
LODESTAR MINERALS LIMITED's ordinary share count grew 783.5% between September 2024 and October 2026, its latest share-count filing, adjusted for an approximately 1-for-20 share consolidation in November 2024, to 1.49B shares. The company raised capital seven times in the past 24 months for total proceeds of A$15.1M, most recently a A$5.0M placement in May 2026. Options and rights on issue could convert into 1.27B new shares, a potential dilution of 85.3% of the current share count, with none currently in the money; the nearest expiry is March 2027. The company has under 2 quarters of funding at the recent spend rate. Five proposed securities issues (Appendix 3B) are pending, with the nearest expected date in November 2026.
Quick answers · 5
Why was LSR in a trading halt?
Lodestar Minerals requested a trading halt on 20 Oct 2026, giving the reason "Pending announcement regarding a Mineral Resource Estimate at the Company's Ned's Creek Project". Trading was expected to resume 22 Oct 2026.
Is LSR raising capital?
Lodestar Minerals has 5 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $5.0M on 27 May 2026.
How much placement capacity does LSR have left?
Under 1% of the 15% placement capacity left, about 99% 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 LSR have?
In its quarterly cash report for the quarter ended 30 June 2026, Lodestar Minerals reported $3.5M of cash and estimated 1.6 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do LSR's options expire?
Unexercised options and rights equal 85.3% of Lodestar Minerals's shares on issue; the nearest expiry is Mar 2027.
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 |
|---|---|---|---|---|
| 7 Oct 2026 | 2A · quoted issue | LSR : ORDINARY FULLY PAID | 1.49B | Appendix 2A |
| 2 Oct 2026 | 3G · unquoted | ORDINARY FULLY PAID | 1.49B | Appendix 3G |
| 31 Aug 2026 | 3G · unquoted | LSR : ORDINARY FULLY PAID | 1.46B | Appendix 3G |
| 28 Aug 2026 | 2A · quoted issue | LSR : ORDINARY FULLY PAID | 1.48B | Appendix 2A |
| 28 Aug 2026 | 2A · quoted issue | LSR : ORDINARY FULLY PAID | 1.46B | Appendix 2A |
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
6 cash raises 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 · Follow-up drilling commencement (to start)
- by end 2026 · Next phase drilling commencement (to start)
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-triggered1.25B · 84.2% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 427.9M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered16.0M · 1.1% 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: 826.2M priced, 443.9M 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 $0.005 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 5× today’s price, which takes it to 72.7M (4.9% 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.
- 443.9M (35.0% 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 |
|---|---|---|---|---|---|---|
| LSRAC | Options | Price-triggered | $0.017 | 31 Mar 2027 | 60.7M | Filing |
| LSRAD | Options | Price-triggered | $0.020 | 30 Apr 2028 | 12.0M | Filing |
| LSRAE | Options | Price-triggered | $0.025 | 30 Apr 2028 | 10.0M | Filing |
| LSRAF | Options | Price-triggered | $0.045 | 31 Jan 2029 | 743.5M | Filing |
| LSRO | Options | Price-triggered, no exercise price stated | — | 31 Aug 2029 | 427.9M | Filing |
| LSRAG | Performance rights | Condition-triggered | — | — | 16.0M | 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 |
|---|---|---|---|---|---|---|---|
| 28 Aug 2026 | Coraline Blaud | Buy | 3.3M | 3.3M | 16.0M | $50k | 3Y notice |
| 28 Aug 2026 | Ross Taylor | Buy on-market | 39.3M | — | — | $40k | 3Y notice |
| 28 Aug 2026 | Ross Taylor | Other placement | 7.0M | 7.0M | — | $106k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.