Companies / TSR

TURNSTONE RESOURCES LTD

ASX:TSRMaterials
211.5M shares on issueASX (delayed) · snapshot 11 Sept 2026248.8M fully diluted+17.6% if every option and right converts$0.021price · delayed$4.4Mmarket cap · indicative

Today’s holders own 85.0% of what they think they own, once every option and right converts.

High
Dilution riskprovisional — limited history

Runway 2–4 quarters; share count grew 25% in 24 months; 3 cash raises in 24 months; since relisting as TSR; prior history under SHP not included

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.1 quarters of funding
Share-count growth (24m)24.6%since relisting as TSR; prior history under SHP not included
Raise cadence (24m)3 cash raisessince relisting as TSR; prior history under SHP not included
Options & rights overhang17.6% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

TURNSTONE RESOURCES LTD's ordinary share count grew 24.6% between May 2026 and September 2026, to 212M shares. The company raised capital three times in the 24-month window for total disclosed proceeds of A$2.4M, most recently a A$1.1M placement in September 2026. Options on issue could convert into 37M new shares, equal to 17.6% of the current share count, with the nearest expiry in October 2026; none are currently in the money. At the June 2026 quarter the company reported A$928K in available cash, about 2.1 quarters of funding at its recent spending rate. No proposed securities issues are pending. The company only began trading as TURNSTONE RESOURCES LTD in March 2026 following a rename from SHP; figures reflect activity only since the rename.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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17.6%
Options & rights overhang
0.0%
In-the-money supply
3
Raises · last 12 months
2.1 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Shown since relisting as TSR (23 Mar 2026); prior history under SHP is not included. Latest count 211.5M per ASX (delayed) (snapshot 11 Sept 2026).
160M180M200MMar 26June 26Sept 26Cash raise · 7 Sept 2026211.5M

Cash runway

2.1 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Dec 2026 at the reported spend rate.
$923k 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: $455k cash at quarter end (item 4.6), 1.0 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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2 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 4 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
8 Sept 20262A · quoted issueTSR : ORDINARY FULLY PAID211.5MAppendix 2A
12 Aug 20263H · cancellationTSR : ORDINARY FULLY PAID169.8MAppendix 3H
28 May 20263H · cancellationTSR : ORDINARY FULLY PAID169.8MAppendix 3H
5 May 20262A · quoted issueTSR : ORDINARY FULLY PAID169.8MAppendix 2A
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4 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 · 3 in the last 12 months · counted since relisting as TSR (23 Mar 2026); prior history under SHP is not included

every 4.7 monthsaverage gap between raises
0.2 monthssince the most recent
27 Nov 2025 – 7 Sept 2026first to most recent in this window
$1.1M
Placement
7 Sept 2026 ACTIVE
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4 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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20 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 — no share count old enough to measure 15% of. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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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

17.6%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
37.3M
Potential new shares
Oct 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered34.9M · 16.5% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered2.4M · 1.1% 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: 34.9M priced, 2.4M 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
18.6M37.3M$0.021 now0.25× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.011) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.016) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.021) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.026) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.032) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.042) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.063) — 458k of the priced supply in the money, 0.2% of shares on issue5× today ($0.105) — 30.4M of the priced supply in the money, 14.4% of shares on issue10× today ($0.210) — 30.4M of the priced supply in the money, 14.4% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.021 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 3× today’s price, which takes it to 458k (0.2% 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.
  • 2.4M (6.3% 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.
  • 4.5M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
CodeSecurityTypeExercise priceExpiryOn issueSource
TSRATOptionsPrice-triggered$1.8417 Oct 202667kFiling
TSRAAFOptionsPrice-triggered$1.2024 Nov 202692kFiling
TSRAAHOptionsPrice-triggered$1.2019 Dec 2026550kFiling
TSRAAIOptionsPrice-triggered$1.2021 Dec 2026233kFiling
TSRASOptionsPrice-triggered$2.4130 Mar 2027159kFiling
TSRAAKOptionsPrice-triggered$0.09031 July 20278.1MFiling
TSRAALOptionsPrice-triggered$0.09020 Aug 202720.8MFiling
TSRAADOptionsPrice-triggered$0.9621 Aug 202767kFiling
TSRAYOptionsPrice-triggered$1.8030 Sept 2027188kFiling
TSRAUOptionsPrice-triggered$0.8231 Oct 2027133kFiling
TSRAVOptionsPrice-triggered$1.2331 Oct 2027133kFiling
TSRAWOptionsPrice-triggered$1.6431 Oct 2027133kFiling
TSRAXOptionsPrice-triggered$2.0431 Oct 2027133kFiling
TSRAZOptionsPrice-triggered$2.2510 Nov 2027308kFiling
TSRAAMOptionsPrice-triggered$0.0901 Dec 2027778kFiling
TSRAAAOptionsPrice-triggered$0.991 Jan 2028200kFiling
TSRAABOptionsPrice-triggered$1.321 Jan 2028200kFiling
TSRAAEOptionsPrice-triggered$0.8431 Oct 20281.9MFiling
TSRADOptionsPrice-triggered$0.09019 June 2029333kFiling
TSRALOptionsPrice-triggered$0.05813 Jan 2030458kFiling
TSRAAJPerformance rightsCondition-triggered——2.4MFiling

“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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21 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
5 May 2026Christian BarbierBuy placement833k———3Y notice
5 May 2026Leonard Stanley JubberBuy placement1.7M———3Y notice
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2 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

11 Sept 2026Notice of General Meeting/Proxy Form
8 Sept 2026Cleansing Statement
8 Sept 2026Application for quotation of securities - TSR
7 Sept 2026Update - Proposed issue of securities - TSR
7 Sept 2026A$1.1 million Placement Update
3 Sept 2026Proposed issue of securities - TSR
3 Sept 2026$P$1.1 Million Placement to Fund Critical Minerals Strategy
1 Sept 2026$PTrading Halt
30 Aug 2026Managing Director and Chief Executive Officer Transition
24 Aug 2026Investor Presentation
18 Aug 2026Unlocking Value from Critical Minerals and Potash
13 Aug 2026Notice of General Meeting/Proxy Form
12 Aug 2026$PMagnetic Surveys Completed across Swedish Cu-Au Portfolio
12 Aug 2026Notification of cessation of securities - TSR
2 Aug 2026Board Changes Richard Pearce appointed Non-Executive Chair
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
2 July 2026Investor Webinar Invitation
1 July 2026Investor Presentation - Advancing Sweden Cu-Au Portfolio
25 June 2026$PUpdate Strengthens Cu-Au Targets, Glava & Torsby West
31 May 2026Proposed issue of securities - TSR

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