Companies / TSR

TURNSTONE RESOURCES LTD

ASX:TSRMaterials
224.8M shares on issueASX (delayed) · snapshot 28 Oct 2026266.0M fully diluted+18.3% if every option and right converts$0.016price · delayed$3.6MMarket capAt the previous close. On a day the price moves, shares × today’s price will differ. Prices delayed.

Today’s holders own 84.5% of what they think they own, once every option and right converts.

High
Dilution riskprovisional — limited history

Runway under 2 quarters; share count grew 32% 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 runway0.5 quarters of funding
Share-count growth (24m)32.4%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 overhang18.3% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

TURNSTONE RESOURCES LTD, which traded as SHP until March 2026, has share-count and capital-raise data that covers only the period since that rename; the earlier history under the old code is not included. Between May 2026 and October 2026, its latest share-count filing, the ordinary share count grew 32.4% to 225M. The company raised capital three times in the 24-month window, most recently a A$1.1M placement in September 2026, with total disclosed proceeds of A$2.4M. Options and rights on issue could convert into 41M new shares, equal to 18.3% of the current share count; none are in the money, and the nearest expiry is November 2026. The company has under 2 quarters of funding at the recent spend rate. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 28 Oct 2026
Quick answers · 2

When did TSR last raise capital?

The last capital raise in Turnstone Resources's filings is Placement of $1.1M announced 4 Sept 2026, one of 3 cash raises in 24 months.

When do TSR's options expire?

Unexercised options and rights equal 18.3% of Turnstone Resources's shares on issue; the nearest expiry is Nov 2026.

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18.3%
Options & rights overhang
0.0%
In the moneyAn option whose exercise price is below the last closing share price, so converting it pays. These are the options most likely to become new shares soon. supply
3
Raises · last 12 months
0.5 qtrs
Cash cover · under 2 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 224.8M per ASX (delayed) (snapshot 28 Oct 2026).
175M200M225MMar 26July 26Oct 26Cash raise · 4 Sept 2026224.8M

Cash runway

0.5 qtrs OURS
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Dec 2026 at the reported spend rate.
$353k cash after burn.
FILED $557k cash · quarter ended 30 Sept 2026
OURS our estimate, carried to todayOURSOur estimate for today. We take the cash in the company’s latest cash report, deduct spending since at its reported rate, and, for quarterly filers, add raises announced after it. It moves daily; announced money may not all be received yet.$557k cash at 30 Sep 2026 − $204k spent ($655k a quarter × 28 days) = $353k left → 0.5 qtrsFILED as the company reportedFILEDAs the company stated it in its latest cash report. Dated to the end of that period, it does not change until the next report.
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3 cash reports on record — Cash runway history
Cash, net spend and cover trend from every Appendix 4C/5B and 4D/4E on record up to 30 Sept 2026.
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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)

DateFormSecurityOn issue, per this filingSource
26 Oct 20262A · quoted issueTSR : ORDINARY FULLY PAID224.8MAppendix 2A
26 Oct 20263G · unquotedTSR : ORDINARY FULLY PAID211.5MAppendix 3G
20 Oct 20263H · cancellationTSR : ORDINARY FULLY PAID211.5MAppendix 3H
9 Sept 20262A · quoted issueTSR : ORDINARY FULLY PAID211.5MAppendix 2A
12 Aug 20263H · cancellationTSR : ORDINARY FULLY PAID169.8MAppendix 3H
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7 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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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.

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Securities on issue, by class
How the share count and each option and rights class moved, month by month, with every number in a table.
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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 4.6 monthsaverage gap between raises
1.8 monthssince the most recent
27 Nov 2025 – 4 Sept 2026first to most recent in this window
$1.1M
Placement
At 2.0c, 11.1% above the last close
4 Sept 2026 COMPLETE
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4 issues (incl. 1 exercise or conversion) 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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19 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 / 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.

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

18.3%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
41.2M
Potential new shares
Nov 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered38.9M · 17.3% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 4.0M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered2.4M · 1.0% 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, 6.3M 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
20.6M41.2M$0.016 now0.25× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.008) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.012) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.016) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.020) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.024) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.032) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.048) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.080) — 458k of the priced supply in the money, 0.2% of shares on issue10× today ($0.160) — 30.4M of the priced supply in the money, 13.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.016 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 5× 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.
  • 6.3M (15.4% 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.
  • 4.4M 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
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
—OptionsPrice-triggered, no exercise price stated——4.0MFiling

“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.

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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
26 Oct 2026Richard PearceOther placement1.0M556k——3Y notice
26 Oct 2026Rory LuffBuy placement5.8M———3Y notice
5 May 2026Christian BarbierBuy placement833k———3Y notice
5 May 2026Leonard Stanley JubberBuy placement1.7M———3Y notice
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4 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

28 Oct 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
26 Oct 2026Cleansing Statement
26 Oct 2026Notification regarding unquoted securities - TSR
26 Oct 2026Change of Director's Interest Notice - Richard Pearce
26 Oct 2026Change of Director's Interest Notice - Rory Luff
26 Oct 2026Change in substantial holding
26 Oct 2026Application for quotation of securities - TSR
20 Oct 2026Notification of cessation of securities - TSR
14 Oct 2026Appointment of CFO and Company Secretary
13 Oct 2026Results of Meeting
28 Sept 2026Final Director's Interest Notice
22 Sept 2026Corporate Governance Statement 2026
22 Sept 2026Appendix 4G
22 Sept 2026Annual Report to shareholders
14 Sept 2026Results of Meeting
11 Sept 2026Notice of General Meeting/Proxy Form
9 Sept 2026Cleansing Statement
9 Sept 2026Application for quotation of securities - TSR
7 Sept 2026Update - Proposed issue of securities - TSR
7 Sept 2026A$1.1 million Placement Update

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.