LIONTOWN LIMITED

ASX:LTRMaterials

3.19B shares on issueASX (delayed) · snapshot 11 Sept 20263.20B fully diluted+0.4% if every option and right converts$1.17price · delayed$3.73Bmarket cap · indicative

Today’s holders own 99.6% of what they think they own, once every option and right converts.

Low

Dilution risk

Share count grew 32% in 24 months; 2 cash raises in 24 months

Absolute levels — not a ranking against other companies.

Cash runwaycash-generative (no net burn)

Share-count growth (24m)31.6%

Raise cadence (24m)2 cash raises

Options & rights overhang0.4% of shares

In-the-money supplyno data — no exercise price on record

Pending proposed issuesnone

LIONTOWN LIMITED's ordinary share count grew 31.6% between June 2024 and September 2026, to 3.19B shares. In the past 24 months, the company raised capital twice, totalling A$422.1M, with the latest being a A$50.0M placement in August 2025. Options and rights on issue could convert into 12M new shares, representing 0.4% of the current share count, with none currently in the money. No expiry date is on record for these securities. As of the June 2026 quarter, LIONTOWN LIMITED reported A$674.7M in cash. The company reported non-negative net cash flow for the latest quarter, so no funding runway figure is applicable. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026

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0.4%

Options & rights overhang

—

In-the-money supply · no stated strikes

Raises · last 12 months

No net burn

Cash cover · cash-generative

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 3.19B per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

—

The latest quarterly report shows no net cash burn, so there is no cash-out date.

$676.3M 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: $560.6M cash at quarter end (item 4.6). 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)

Date	Form	Security	On issue, per this filing	Source
9 Sept 2026	3G · unquoted	LTR : ORDINARY FULLY PAID	3.19B	Appendix 3G
9 Sept 2026	3H · cancellation	LTR : ORDINARY FULLY PAID	3.19B	Appendix 3H
7 Sept 2026	2A · quoted issue	LTR : ORDINARY FULLY PAID	3.19B	Appendix 2A
2 Sept 2026	2A · quoted issue	LTR : ORDINARY FULLY PAID	3.19B	Appendix 2A
29 June 2026	3G · unquoted	ORDINARY FULLY PAID	3.18B	Appendix 3G

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38 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 · 0 in the last 12 months

$50.0M

Placement

6 Aug 2025 COMPLETE

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5 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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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 98% of the 15% placement capacity left — about 2% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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

0.4%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

11.9M

Potential new shares

—

Nearest expiry

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 11.9M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

Code	Security	Type	Exercise price	Expiry	On issue	Source
LTRAH	Rights	Condition-triggered	—	—	247k	Filing Meeting
LTRAE	Rights	Condition-triggered	—	—	284k	Filing Meeting
LTRAB	Performance rights	Condition-triggered	—	—	439k	Filing Meeting
LTRAD	Rights	Condition-triggered	—	—	446k	Filing Meeting
LTRAY	Performance rights	Condition-triggered	—	—	448k	Filing Meeting
LTRAG	Performance rights	Condition-triggered	—	—	2.5M	Filing Meeting
LTRAF	Performance rights	Condition-triggered	—	—	2.9M	Filing Meeting
LTRAC	Performance rights	Condition-triggered	—	—	4.6M	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.

2 classes ceased in the last 12 months and are not counted above

The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.

LTRAZConverts on terms250.0M securities → 04 Feb 2026 Appendix 2A
LTRAXCondition-triggered222k securities → 05 Nov 2025 Appendix 2A

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8 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

Date	Director	Type	Shares	Options	Other	Value	Source
4 Sept 2026	Adrienne Parker	Buy on-market	20k	—	—	$24k	3Y notice
4 Sept 2026	Antonino (Tony) Ottaviano	Sell incentive	6.8M	—	1.8M	—	3Y notice
3 Sept 2026	Giselle Marie Collins	Buy on-market	94k	—	—	$115k	3Y notice