SULTAN RESOURCES LTD
ASX:SLZMaterialsToday’s holders own 75.5% of what they think they own, once every option and right converts.
Share count grew 270% in 24 months; 6 cash raises in 24 months; options/rights overhang 32% of shares
SULTAN RESOURCES LTD's ordinary share count grew 270.2% between March 2024 and October 2026, its latest share-count filing, to 731M shares. The company raised capital six times in the 24-month window for total disclosed proceeds of A$5.7M, most recently a A$1.3M placement in September 2026. Options and rights on issue could convert into 237M new shares, equal to 32.5% of the current share count; none are in the money. The nearest expiry is in March 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 · 4
Is SLZ raising capital?
Sultan Resources has 1 proposed issue of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Placement of $1.3M on 23 Sept 2026.
How much cash does SLZ have?
In its quarterly cash report for the quarter ended 30 June 2026, Sultan Resources reported $1.0M of cash and estimated 4.8 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do SLZ's options expire?
Unexercised options and rights equal 32.5% of Sultan Resources's shares on issue; the nearest expiry is Mar 2027.
How much has SLZ's share count grown?
Sultan Resources has 731.5M shares on issue as at 28 Oct 2026, up 270.2% 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 |
|---|---|---|---|---|
| 2 Oct 2026 | 2A · quoted issue | SLZ : ORDINARY FULLY PAID | 731.5M | Appendix 2A |
| 5 Dec 2025 | 2A · quoted issue | SLZ : ORDINARY FULLY PAID | 585.2M | Appendix 2A |
| 5 Dec 2025 | 3G · unquoted | SLZ : ORDINARY FULLY PAID | 536.3M | Appendix 3G |
| 21 Oct 2025 | 2A · quoted issue | SLZ : ORDINARY FULLY PAID | 536.3M | Appendix 2A |
| 26 Sept 2025 | 2A · quoted issue | SLZ : ORDINARY FULLY PAID | 462.9M | Appendix 2A |
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
5 cash raises in the last 24 months · 1 in the last 12 months
Retail offer
An offer existing holders can take part in — the one structural advantage retail has in a raise. Dated recently and not yet recorded as complete.
Closing dates are not in the filings this site holds. Check the company's own announcement below before acting on this.
Results due
What the company's own reports say is coming, and when. A month is one the report names; “by end of year” is a deadline such as “Q4”. See every explorer on the results calendar.
- by end 2026 · reconnaissance mapping and sampling (planned)
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
- Price-triggered162.5M · 22.2% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 134.0M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered75.0M · 10.3% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 28.4M priced, 209.0M 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.
An exercise price is on record for only 12.0% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.008 today. No more priced supply until 10× today’s price, which takes it to 11.3M (1.5% 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.
- 209.0M (88.0% 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.
- 17.2M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| SLZO | Options | Price-triggered, no exercise price stated | — | 12 Mar 2027 | 134.0M | Filing |
| SLZAF | Options | Price-triggered | $0.075 | 30 June 2027 | 11.3M | Filing |
| SLZAE | Options | Price-triggered | $0.11 | 31 Dec 2027 | 17.2M | Filing |
| SLZAI | Performance rights | Condition-triggered | — | — | 75.0M | 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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 5 Dec 2025 | Mr (Lincoln) Xi Victor Liu | Other incentive | 16.9M | 25.0M | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.