Companies / S2R

S2 RESOURCES LTD

ASX:S2RMaterials
531.6M shares on issueASX (delayed) · snapshot 11 Sept 2026605.7M fully diluted+13.9% if every option and right converts$0.068price · delayed$36.1Mmarket cap · indicative

Today’s holders own 87.8% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 17% in 24 months; 3 cash raises in 24 months; options/rights overhang 14% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway15.5 quarters of funding
Share-count growth (24m)17.4%
Raise cadence (24m)3 cash raises
Options & rights overhang13.9% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

S2 RESOURCES LTD's ordinary share count grew 17.4% between January 2024 and January 2026, reaching 532M shares. In the past 24 months, the company has raised capital three times for a total of A$7.1M, with the most recent being a A$3.0M placement in October 2025. Options and rights on issue represent a potential for 74M new shares, which is 13.9% of the current ordinary share count; none of these options are currently in the money, and the nearest expiry date is October 2026. As of the June 2026 quarter, the company held A$17.6M in available cash, sufficient to cover approximately 15.5 quarters of operating expenses. One proposed securities issue is pending, with an expected issue date in November 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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13.9%
Options & rights overhang
0.0%
In-the-money supply
1
Raises · last 12 months
15.5 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 531.6M per ASX (delayed) (snapshot 11 Sept 2026).
450M475M500M525MDec 24Oct 25Sept 26Cash raise · 30 Oct 2025Cash raise · 4 July 2025Cash raise · 4 June 2025531.6M

Cash runway

15.5 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$17.6M 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: $18.6M cash at quarter end (item 4.6), 16.3 qtrs of funding on the company’s own estimate. 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)

DateFormSecurityOn issue, per this filingSource
1 July 20263G · unquotedS2R : ORDINARY FULLY PAID531.6MAppendix 3G
28 Apr 20263H · cancellationS2R : ORDINARY FULLY PAID531.6MAppendix 3H
22 Apr 20263G · unquotedS2R : ORDINARY FULLY PAID531.6MAppendix 3G
20 Apr 20263H · cancellationS2R : ORDINARY FULLY PAID531.6MAppendix 3H
12 Jan 20262A · quoted issueS2R : ORDINARY FULLY PAID531.6MAppendix 2A
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23 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

3 cash raises in the last 24 months · 1 in the last 12 months

every 2.4 monthsaverage gap between raises
10.4 monthssince the most recent
4 June 2025 – 30 Oct 2025first to most recent in this window
$3.0M
Placement
30 Oct 2025 COMPLETE
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6 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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8 dated events on record — 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 99% of the 15% placement capacity left — about 1% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. 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

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

13.9%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
74.2M
Potential new shares
Oct 2026
Nearest expiry
What a price move would switch on
37.1M74.2M$0.068 now0.25× today ($0.017) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.034) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.051) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.068) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.085) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.102) — 15.4M of the priced supply in the money, 2.9% of shares on issue2× today ($0.136) — 52.7M of the priced supply in the money, 9.9% of shares on issue3× today ($0.204) — 60.8M of the priced supply in the money, 11.4% of shares on issue5× today ($0.340) — 74.2M of the priced supply in the money, 13.9% of shares on issue10× today ($0.680) — 74.2M of the priced supply in the money, 13.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.068 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 15.4M (2.9% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
S2RAQOptionsPrice-triggered$0.2021 Oct 20268.1MFiling
S2RAVOptionsPrice-triggered$0.117 July 202724.3MFiling
S2RASOptionsPrice-triggered$0.258 Sept 202713.3MFiling
S2RATOptionsPrice-triggered$0.141 July 202813.0MFiling
S2RAUOptionsPrice-triggered$0.0971 July 202911.6MFiling
S2RAWOptionsPrice-triggered$0.09522 Apr 2030450kFiling
—OptionsPrice-triggered$0.0911 July 20303.4MFiling

“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.

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7 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

DateDirectorTypeSharesOptionsOtherValueSource
10 July 2026Mark BennettBuy on-market38k———3Y notice
12 Jan 2026Mark BennettBuy on-market325k——$22k3Y notice
11 Nov 2025Anna NeulingSell1.3M1.3M——3Y notice
11 Nov 2025Jeff DowlingSell1.5M1.3M——3Y notice
11 Nov 2025Mark BennettSell8.2M4.0M——3Y notice
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21 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

24 Aug 2026$PExploration Update
26 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
15 July 2026Change of Director's Interest Notice
1 July 2026Proposed issue of securities - S2R
1 July 2026Notification regarding unquoted securities - S2R
25 June 2026$PJillewarra JV - Tenements granted, drilling imminent
14 June 2026$PJillewarra progressing, paving the way for aircore drilling
18 May 2026$PTenements granted and targets lined up at Loch Lilly, NSW
11 May 2026$PStrong gold and multielement anomalies at Yeungroon
29 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
28 Apr 2026Notification of cessation of securities - S2R
22 Apr 2026Notification regarding unquoted securities - S2R
20 Apr 2026Notification of cessation of securities - S2R
22 Mar 2026$PGold-Antimony Anomalies at Silver Spoon
19 Mar 2026$PJillewarra Heritage Protection Agreement signed
11 Mar 2026Half Yearly Report and Accounts
13 Feb 2026Change in Principal Place of Business address
29 Jan 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
12 Jan 2026Change of Director's Interest Notice
12 Jan 2026Cleansing Notice

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.