LYNAS RARE EARTHS LIMITED
ASX:LYCMaterialsToday’s holders own 99.6% of what they think they own, once every option and right converts.
2 cash raises in 24 months; share count grew 8% in 24 months; proposed issue pending
LYNAS RARE EARTHS LIMITED’s ordinary share count grew 7.7% between April 2024 and September 2025, its latest share-count filing, to 1.01B shares. The company raised capital twice in that period for total disclosed proceeds of A$961.6M, most recently a A$29.0M convertible note issue in July 2026. Options and rights on issue could convert into 4M new shares, equal to 0.4% of the current share count, with none in the money; no expiry date for these securities is on record. The latest cash report (a 12-month half-year/annual report) shows non-negative net cash flow, so no funding-runway figure applies. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in March 2027.
Quick answers · 3
Is LYC raising capital?
Lynas Rare Earths has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Convertible note issue of $29.0M on 27 July 2026.
How many options and rights does LYC have outstanding?
Unexercised options and rights equal 0.4% of Lynas Rare Earths's shares on issue.
How much has LYC's share count grown?
Lynas Rare Earths has 1.01B shares on issue as at 28 Oct 2026, up 7.7% over 24 months according to its Appendix 2A filings.
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 |
|---|---|---|---|---|
| 6 Aug 2026 | 3G · unquoted | LYC : ORDINARY FULLY PAID | 1.01B | Appendix 3G |
| 18 June 2026 | 3G · unquoted | ORDINARY FULLY PAID | 1.01B | Appendix 3G |
| 26 Sept 2025 | 2A · quoted issue | LYC : ORDINARY FULLY PAID | 1.01B | Appendix 2A |
| 8 Sept 2025 | 2A · quoted issue | LYC : ORDINARY FULLY PAID | 992.7M | Appendix 2A |
| 8 Sept 2025 | 3H · cancellation | LYC : ORDINARY FULLY PAID | 992.1M | Appendix 3H |
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
2 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 / 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
No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 4.0M 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 |
|---|---|---|---|---|---|---|
| LYCAU | Performance rights | Condition-triggered | — | — | 4.0M | 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.
- —convertible notes1.9M6 Aug 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 18 June 2026 | Amanda LACAZE | Other incentive | — | — | 185k | — | 3Y notice |
| 4 Dec 2025 | Amanda LACAZE | Sell on-market | — | — | — | $39k | 3Y notice |
| 3 Dec 2025 | Amanda LACAZE | Sell on-market | — | — | — | $11k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.