S2 RESOURCES LTD
ASX:S2RMaterialsToday’s holders own 88.9% of what they think they own, once every option and right converts.
Share count grew 17% in 24 months; 3 cash raises in 24 months; options/rights overhang 12% of shares
S2 RESOURCES LTD's ordinary share count grew 17.4% between January 2024 and January 2026, its latest share-count filing, to 532M shares. The company raised capital three times in that window for total disclosed proceeds of A$7.1M, most recently a A$3.0M placement in October 2025. Options and rights on issue could convert into 66M new shares, equal to 12.4% of the current share count, none of which are in the money; the nearest expiry falls in July 2027. The company has more than 4 quarters of funding at the recent spend rate. One proposed securities issue (Appendix 3B) is pending, with an expected issue date in November 2026.
Quick answers · 5
Is S2R raising capital?
S2 Resources has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $3.0M on 30 Oct 2025.
How much placement capacity does S2R have left?
About 99% of the 15% placement capacity left, about 1% 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 S2R have?
In its quarterly cash report for the quarter ended 30 Sept 2026, S2 Resources reported $17.4M of cash and estimated 15.2 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do S2R's options expire?
Unexercised options and rights equal 12.4% of S2 Resources's shares on issue; the nearest expiry is July 2027.
How much has S2R's share count grown?
S2 Resources has 531.6M shares on issue as at 28 Oct 2026, up 17.4% 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 |
|---|---|---|---|---|
| 21 Oct 2026 | 3H · cancellation | S2R : ORDINARY FULLY PAID | 531.6M | Appendix 3H |
| 1 July 2026 | 3G · unquoted | S2R : ORDINARY FULLY PAID | 531.6M | Appendix 3G |
| 28 Apr 2026 | 3H · cancellation | S2R : ORDINARY FULLY PAID | 531.6M | Appendix 3H |
| 22 Apr 2026 | 3G · unquoted | S2R : ORDINARY FULLY PAID | 531.6M | Appendix 3G |
| 20 Apr 2026 | 3H · cancellation | S2R : ORDINARY FULLY PAID | 531.6M | 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
3 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
At $0.061 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 3.4M (0.6% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| S2RAV | Options | Price-triggered | $0.11 | 7 July 2027 | 24.3M | Filing |
| S2RAS | Options | Price-triggered | $0.25 | 8 Sept 2027 | 13.3M | Filing |
| S2RAT | Options | Price-triggered | $0.14 | 1 July 2028 | 13.0M | Filing |
| S2RAU | Options | Price-triggered | $0.097 | 1 July 2029 | 11.6M | Filing |
| S2RAW | Options | Price-triggered | $0.095 | 22 Apr 2030 | 450k | Filing |
| S2RAX | Options | Price-triggered | $0.091 | 1 July 2030 | 3.4M | Filing |
“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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 21 Oct 2026 | Anna Neuling | Sell | 129k | 1.0M | — | — | 3Y notice |
| 21 Oct 2026 | Jeff Dowling | Sell | 1.5M | 1.0M | — | — | 3Y notice |
| 21 Oct 2026 | Mark Bennett | Sell | 8.5M | 5.0M | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.