LODESTAR MINERALS LIMITED
ASX:LSRMaterialsToday’s holders own 64.8% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 776% in 24 months; 6 cash raises in 24 months
LODESTAR MINERALS LIMITED undertook an approximately 1-for-20 share consolidation in November 2024. The ordinary share count stood at 1.49B as of August 2026. Share count changes over the past 24 months are not stated, as the filed Appendix 2A series ends earlier than the current market reading. The company raised capital six times in the past 24 months, totalling A$14.8M, with the latest a A$4.7M placement in May 2026. Options and rights on issue could convert into 808M new shares, representing 54.3% of the current share count, with the nearest expiry in March 2027; none are currently in the money. At the June 2026 quarter, the company held A$1.7M in available cash, providing approximately 0.8 quarters of funding. Two proposed securities issues are pending, with the nearest proposed date in December 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 |
|---|---|---|---|---|
| 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 |
| 28 Aug 2026 | 2A · quoted issue | LSR : ORDINARY FULLY PAID | 1.46B | Appendix 2A |
| 28 Aug 2026 | 3G · unquoted | ORDINARY FULLY PAID | 1.46B | Appendix 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 (1.46B) need not equal the current count above (1.49B).
Capital raises
6 cash raises in the last 24 months · 2 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-triggered792.3M · 53.2% 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: 364.3M 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.
An exercise price is on record for only 45.1% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.008 today. No more priced supply until 3× 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 (54.9% 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 | 281.7M | Filing |
| LSRO | Options | Price-triggered | — | 31 Aug 2029 | 427.9M | Filing |
| — | Performance rights | Condition-triggered | — | 31 Aug 2030 | 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.
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 12 Sept 2026.