Companies / SLS

SOLSTICE MINERALS LIMITED

ASX:SLSMaterials
172.2M shares on issueASX (delayed) · snapshot 11 Sept 2026184.3M fully diluted+7.1% if every option and right converts$2.53price · delayed$435.6Mmarket cap · indicative

Today’s holders own 93.4% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 72% in 24 months; 2 cash raises in 24 months; 5% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway11.6 quarters of funding
Share-count growth (24m)71.6%
Raise cadence (24m)2 cash raises
Options & rights overhang7.1% of shares
In-the-money supply5.2% of shares
Pending proposed issuesnone

SOLSTICE MINERALS LIMITED's ordinary share count grew 71.6% between February 2024 and May 2026, reaching 172M shares. The company raised capital twice in the past 24 months for total disclosed proceeds of A$34.7M, with the most recent being a A$32.6M placement in March 2026. Options and rights on issue could convert into 12M new shares, representing 7.1% of the current share count, of which 5% are in the money; the nearest expiry date for these options is January 2027. As of the June 2026 quarter, the company held A$42.3M in available cash, covering approximately 11.6 quarters of its recent operating expenses. There are no pending proposed securities issues.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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7.1%
Options & rights overhang
5.2%
In-the-money supply
1
Raises · last 12 months
11.6 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 172.2M per ASX (delayed) (snapshot 11 Sept 2026).
100M125M150M175MDec 24Oct 25Sept 26Cash raise · 31 Mar 2026Cash raise · 13 June 2025172.2M

Cash runway

11.6 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about May 2029 at the reported spend rate.
$42.3M 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: $45.3M cash at quarter end (item 4.6), 12.5 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
29 July 20263H · cancellationSLS : ORDINARY FULLY PAID172.2MAppendix 3H
23 July 20263G · unquotedSLS : ORDINARY FULLY PAID172.2MAppendix 3G
22 June 20263G · unquotedSLS : ORDINARY FULLY PAID172.2MAppendix 3G
13 May 20263G · unquotedSLS : ORDINARY FULLY PAID172.2MAppendix 3G
6 May 20262A · quoted issueSLS : ORDINARY FULLY PAID172.2MAppendix 2A
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41 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 · 1 in the last 12 months

every 9.6 monthsaverage gap between raises
5.4 monthssince the most recent
13 June 2025 – 31 Mar 2026first to most recent in this window
$32.6M
Placement
31 Mar 2026
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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.

4.0M of option supply could convert within 12 months — 2.3% of shares on issue
4.0M in the money, expiring in the window
Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.
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10 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.

No estimate — the only Appendix 3B in the window claiming the 15% capacity states more than the whole allowance, so it cannot be counted.
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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

7.1%
Options & rights overhang · of current shares
5.2%
In-the-money supply · at current price
12.2M
Potential new shares
Jan 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered9.0M · 5.2% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered3.2M · 1.8% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 9.0M priced (of which 9.0M in the money), 3.2M 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.

What a price move would switch on
6.1M12.2M$2.53 now0.25× today ($0.63) — 7.5M of the priced supply in the money, 4.4% of shares on issue0.5× today ($1.26) — 7.5M of the priced supply in the money, 4.4% of shares on issue0.75× today ($1.90) — 7.5M of the priced supply in the money, 4.4% of shares on issue1× today ($2.53) — 9.0M of the priced supply in the money, 5.2% of shares on issue1.25× today ($3.16) — 9.0M of the priced supply in the money, 5.2% of shares on issue1.5× today ($3.79) — 9.0M of the priced supply in the money, 5.2% of shares on issue2× today ($5.06) — 9.0M of the priced supply in the money, 5.2% of shares on issue3× today ($7.59) — 9.0M of the priced supply in the money, 5.2% of shares on issue5× today ($12.65) — 9.0M of the priced supply in the money, 5.2% of shares on issue10× today ($25.30) — 9.0M of the priced supply in the money, 5.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $2.53 today, 9.0M securities are in the money (5.2% of shares on issue). No price up to ten times today’s switches on any more priced supply.

  • 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.
  • 3.2M (26.0% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
CodeSecurityTypeExercise priceExpiryOn issueSource
SLSAEOptionsPrice-triggered$0.2924 Jan 20273.0MFiling
SLSAFOptionsPrice-triggered$0.2927 June 20271.0MFiling
SLSAGPerformance rightsCondition-triggered—18 July 2027482kFiling Meeting
SLSACPerformance rightsCondition-triggered—9 Sept 2027563kFiling Meeting
SLSAHPerformance rightsCondition-triggered—13 Nov 2027161kFiling Meeting
SLSAMOptionsPrice-triggered$2.1022 June 20291.5MFiling
SLSAIOptionsPrice-triggered$0.4026 June 20291.0MFiling
SLSAJPerformance rightsCondition-triggered—8 Aug 20291.5MFiling Meeting
SLSAKPerformance rightsCondition-triggered—10 Nov 2029425kFiling Meeting
SLSALOptionsPrice-triggered$0.4210 Nov 20292.5MFiling

“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.

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10 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
26 Mar 2026Meredith CampionOther off-market130k130k—$123k3Y notice
26 Mar 2026Michael EmeryOther323k1.0M—$65k3Y notice
24 Mar 2026Alastair MorrisonOther904k154k250k$474k3Y notice
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10 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

8 Sept 2026Investor Presentation - RRS Gold Coast Conference
30 Aug 2026$PSignificant High-Grade Copper-Gold Zones at Nanadie
27 Aug 2026$PNanadie High-Grade Copper-Gold Zones Extend Over 700m Deep
19 Aug 2026$PWide Copper-Gold Intercepts Extend Growing Nanadie Deposit
3 Aug 2026Investor Presentation - Diggers & Dealers 2026
2 Aug 2026$PMultiple Wide Cu Intercepts Continue to Grow Nanadie
29 July 2026Notification of cessation of securities - SLS
23 July 2026Notification regarding unquoted securities - SLS
20 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
1 July 2026Change in substantial holding
25 June 2026$PExceptional First Core Results at Nanadie Project
22 June 2026Notification regarding unquoted securities - SLS
15 June 2026$PMultiple Growth Targets Identified at Nanadie
11 June 2026$PStep-Out Drilling Extends Nanadie Copper-Gold Mineralisation
9 June 2026Results of General Meeting
29 May 2026Change in substantial holding
13 May 2026Notification regarding unquoted securities - SLS
10 May 2026$PFollow-up Diamond Drillhole Further Extends Nanadie System
8 May 2026Notice of General Meeting/Proxy Form
6 May 2026Application for quotation of securities - SLS

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