UNION STAR METALS LTD
ASX:USMMaterialsToday’s holders own 61.8% of what they think they own, once every option and right converts.
Runway under 2 quarters; options/rights overhang 62% of shares; since relisting as USM; prior history under PVW not included
UNION STAR METALS LTD was renamed from PVW and began trading as USM in March 2026. All figures presented cover only the period since this rename. As of July 2026, the company has 575M ordinary shares outstanding. There have been no new share-issuance filings lodged since January 2024, and no capital raises in the past 24 months. Options and rights on issue could convert into 356M new shares, representing 61.9% of the current share count; none are currently in the money, and the nearest expiry is October 2026. At the June 2026 quarter end, the company held A$140K in cash, sufficient for approximately 0.2 quarters of funding at its recent spending rate. No proposed securities issues are currently pending.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 1 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 31 July 2026 | 2A · quoted issue | USM : ORDINARY FULLY PAID | 575.5M | Appendix 2A |
Capital raises
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 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered231.8M · 40.3% of sharesOptions and warrants — they convert when the share price clears their exercise price.
- Condition-triggered124.7M · 21.7% 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: 231.8M priced, 124.7M 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.
At $0.009 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 226.0M (39.3% 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.
- 124.7M (35.0% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| USMAK | Options | Price-triggered | $0.030 | 14 Oct 2026 | 5.8M | Filing |
| USMAL | Options | Price-triggered | $0.025 | 25 Nov 2027 | 101.0M | Filing |
| USMAM | Options | Price-triggered | $0.025 | 19 Feb 2028 | 125.0M | Filing |
| USMAE | Performance rights | Condition-triggered | — | — | 850k | Filing |
| USMAF | Performance rights | Condition-triggered | — | — | 850k | Filing |
| USMAI | Performance rights | Condition-triggered | — | — | 123.0M | Filing |
“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.
Director dealings
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.