Companies / STN

SATURN METALS LIMITED

ASX:STNMaterials
664.3M shares on issueASX (delayed) · snapshot 11 Sept 2026688.3M fully diluted+3.6% if every option and right converts$0.53price · delayed$348.7Mmarket cap · indicative

Today’s holders own 96.5% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 115% in 24 months; 3 cash raises in 24 months; proposed issue pending

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway8.1 quarters of funding
Share-count growth (24m)115.0%
Raise cadence (24m)3 cash raises
Options & rights overhang3.6% of shares
In-the-money supply0.8% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

SATURN METALS LIMITED's ordinary share count grew 115.0% between August 2024 and August 2026, reaching 664M shares. In the past 24 months, the company raised capital three times for total disclosed proceeds of A$198.5M, with the most recent being a A$121.3M placement in July 2026. Options and rights on issue could convert into 24M new shares, representing 3.6% of the current share count, with 1% of these in the money; the nearest expiry date is November 2026. As of the June 2026 quarter, the company reported A$79.3M in available cash, sufficient for approximately 8.1 quarters of operations. One proposed securities issue (Appendix 3B) is pending, with an expected date of September 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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3.6%
Options & rights overhang
0.8%
In-the-money supply · most strikes not on record
2
Raises · last 12 months
8.1 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 664.3M per ASX (delayed) (snapshot 11 Sept 2026).
300M400M500M600MDec 24Oct 25Sept 26Cash raise · 24 July 2026Cash raise · 29 Sept 2025Cash raise · 27 Mar 2025664.3M

Cash runway

8.1 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about June 2028 at the reported spend rate.
$79.2M 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: $40.4M cash at quarter end (item 4.6), 4.3 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
27 Aug 20262A · quoted issueSTN : ORDINARY FULLY PAID664.3MAppendix 2A
6 Aug 20262A · quoted issueSTN : ORDINARY FULLY PAID611.1MAppendix 2A
1 July 20263H · cancellationSTN : ORDINARY FULLY PAID547.3MAppendix 3H
1 July 20263G · unquotedSTN : ORDINARY FULLY PAID547.3MAppendix 3G
12 June 20262A · quoted issueSTN : ORDINARY FULLY PAID547.3MAppendix 2A
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44 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 · 2 in the last 12 months

every 8 monthsaverage gap between raises
1.6 monthssince the most recent
27 Mar 2025 – 24 July 2026first to most recent in this window
$121.3M
Placement
24 July 2026 ACTIVE
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8 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.

2.7M of option supply could convert within 12 months — 0.4% of shares on issue
2.7M in the money, expiring in the window
1 proposed issue (Appendix 3B) also pending — not counted above; the securities each would add are in the calendar below.
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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5 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 42% of the 15% placement capacity left — about 58% 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

3.6%
Options & rights overhang · of current shares
0.8%
In-the-money supply · most strikes not on record
24.0M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered7.5M · 1.1% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered16.5M · 2.5% 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: 7.5M priced (of which 5.1M in the money), 16.5M 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
12.0M24.0M$0.53 now0.25× today ($0.13) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.26) — 2.7M of the priced supply in the money, 0.4% of shares on issue0.75× today ($0.39) — 5.1M of the priced supply in the money, 0.8% of shares on issue1× today ($0.53) — 5.1M of the priced supply in the money, 0.8% of shares on issue1.25× today ($0.66) — 5.1M of the priced supply in the money, 0.8% of shares on issue1.5× today ($0.79) — 7.5M of the priced supply in the money, 1.1% of shares on issue2× today ($1.05) — 7.5M of the priced supply in the money, 1.1% of shares on issue3× today ($1.58) — 7.5M of the priced supply in the money, 1.1% of shares on issue5× today ($2.63) — 7.5M of the priced supply in the money, 1.1% of shares on issue10× today ($5.25) — 7.5M of the priced supply in the money, 1.1% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.53 today, 5.1M securities are in the money (0.8% of shares on issue) — a floor, because an exercise price is on record for only 31.2% of this supply. No more priced supply until 1.5× today’s price, which takes it to 7.5M (1.1% 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.
  • 16.5M (68.8% 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
STNAKOptionsPrice-triggered$0.2029 Nov 20261.7MFiling
STNAJOptionsPrice-triggered$0.252 Feb 20271.0MFiling
STNANOptionsPrice-triggered$0.3224 Nov 20272.4MFiling
STNAOOptionsPrice-triggered$0.6825 Nov 20282.4MFiling
STNAEPerformance rightsCondition-triggered——16.5MFiling 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.

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5 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
28 Aug 2026Adrian GoldstoneBuy entitlement/SPP751.4M——3Y notice
28 Aug 2026Andrew VennBuy entitlement/SPP251.4M——3Y notice
28 Aug 2026Brett LambertBuy entitlement/SPP752.0M——3Y notice
28 Aug 2026Ian BamboroughBuy entitlement/SPP75———3Y notice
28 Aug 2026Warren HallamBuy entitlement/SPP75———3Y notice
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30 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 2026Presentation - RRS Gold Coast Conference
7 Sept 2026Becoming a substantial holder
3 Sept 2026Appendix 4G
3 Sept 2026Corporate Governance Statement 2026
3 Sept 2026Annual Report to shareholders
27 Aug 2026Change of Director's Interest Notice (x5)
27 Aug 2026Application for quotation of securities - STN
27 Aug 2026$POutstanding Shareholder Support Sees SPP Upsized to $21M
19 Aug 2026Notice of General Meeting/Proxy Form
19 Aug 2026Letter to Shareholders - Notice of General Meeting
9 Aug 2026Change in substantial holding
6 Aug 2026Share Purchase Plan - Invitation to Participate
6 Aug 2026Notice Under Section 708A(5)(e) of the Corporations Act
6 Aug 2026Application for quotation of securities - STN
2 Aug 2026Update - Proposed issue of securities - STN
2 Aug 2026$PShare Purchase Plan - Underwritten
2 Aug 2026Presentation - Diggers and Dealers
30 July 2026$PQuarterly Activities and Cashflow Report
28 July 2026Proposed issue of securities - STN
28 July 2026Proposed issue of securities - STN

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