VOLTAIC STRATEGIC RESOURCES LTD

ASX:VSREnergy

583.5M shares on issueASX (delayed) · snapshot 11 Sept 2026628.7M fully diluted+7.8% if every option and right converts$0.028price · delayed$16.3Mmarket cap · indicative

Today’s holders own 92.8% of what they think they own, once every option and right converts.

Low

Dilution risk

Runway 2–4 quarters; options/rights overhang 8% of shares

Absolute levels — not a ranking against other companies.

Cash runway3.0 quarters of funding

Share-count growth (24m)2.8%

Raise cadence (24m)0 cash raises

Options & rights overhang7.8% of shares

In-the-money supplyno data — an exercise price is on record for a minority of the supply

Pending proposed issuesnone

VOLTAIC STRATEGIC RESOURCES LTD's ordinary share count grew 20.2% between June 2024 and August 2026, to 583M shares. The company has not raised capital in the past 24 months, and no proposed securities issues are pending. Options and rights on issue could convert into 45M new shares, equal to 7.8% of the current share count, none of which are in the money at the current share price; the nearest expiry falls in October 2026. At the June 2026 quarter the company reported A$1.6M in available cash, about 3.0 quarters of funding at its recent spending rate.

AI-generated summary of this page's cited filings · updated 9 Sept 2026

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7.8%

Options & rights overhang

—

In-the-money supply · most strikes not on record

Raises · last 12 months

3.0 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. Latest count 583.5M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

3.0 qtrs

Two to four quarters of funding at the recent spend rate.

Funds operations to about Mar 2027 at the reported spend rate.

$1.6M 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: $2.0M cash at quarter end (item 4.6). Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.

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12 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)

Date	Form	Security	On issue, per this filing	Source
27 Aug 2026	2A · quoted issue	VSR : ORDINARY FULLY PAID	583.5M	Appendix 2A
14 Aug 2026	2A · quoted issue	VSR : ORDINARY FULLY PAID	578.1M	Appendix 2A
14 Aug 2026	2A · quoted issue	VSR : ORDINARY FULLY PAID	573.0M	Appendix 2A
14 Aug 2026	3H · cancellation	VSR : ORDINARY FULLY PAID	570.1M	Appendix 3H
1 July 2026	3H · cancellation	VSR : ORDINARY FULLY PAID	570.1M	Appendix 3H

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11 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

No equity raises in the last 24 months.

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3 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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2 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 91% of the 15% placement capacity left — about 9% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

7.8%

Options & rights overhang · of current shares

—

In-the-money supply · most strikes not on record

45.3M

Potential new shares

Oct 2026

Nearest expiry

What this supply is, and what converts it

Price-triggered15.3M · 2.6% of shares
Options and warrants — they convert when the share price clears their exercise price.
Condition-triggered30.0M · 5.1% 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: 15.3M priced, 30.0M 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.

What a price move would switch on

An exercise price is on record for only 33.7% 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 $0.028 today. No more priced supply until 1.5× today’s price, which takes it to 15.3M (2.6% 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.
30.0M (66.3% 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.

Code	Security	Type	Exercise price	Expiry	On issue	Source
VSRAG	Options	Price-triggered	$0.040	5 Oct 2026	5.3M	Filing
VSRAE	Options	Price-triggered	$0.040	5 Oct 2026	10.0M	Filing
VSRAH	Performance rights	Condition-triggered	—	—	30.0M	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.

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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3 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

Date	Director	Type	Shares	Options	Other	Value	Source
13 Aug 2026	Michael Walshe	Other off-market	4.0M	—	—	—	3Y notice
30 June 2026	Daniel Raihani	Sell off-market	97.7M	—	8.0M	—	3Y notice
30 June 2026	Michael Walshe	Sell off-market	13.4M	—	13.0M	—	3Y notice