LYNAS RARE EARTHS LIMITED
ASX:LYCMaterialsToday’s holders own 99.4% 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, reaching 1.01B shares. In the past 24 months, the company completed two capital raises totalling A$961.6M, with the most recent being a A$29.0M placement of convertible notes in July 2026. Options and rights on issue could convert to 6M new shares, representing 0.6% of the current share count. No filing on record states an expiry date for these securities. The company has not lodged a current quarterly cash report, so no cash balance or funding runway figure is disclosed on that basis.
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 |
|---|---|---|---|---|
| 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 |
| 25 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 |
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 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
- Condition-triggered4.0M · 0.4% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
- Converts on terms1.9M · 0.2% of sharesConvertibles with no exercise price — they convert on their own terms, so they are shares in all but name.
Exercise price on record: 0 priced, 5.9M 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.
No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 5.9M 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 |
|---|---|---|---|---|---|---|
| — | Notes | Converts on terms | — | — | 1.9M | Filing |
| 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.
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 |
|---|---|---|---|---|---|---|---|
| 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 12 Sept 2026.