Companies / WSR

WESTAR RESOURCES LIMITED

ASX:WSRMaterials
808.0M shares on issueASX (delayed) · snapshot 11 Sept 2026888.6M fully diluted+10.0% if every option and right converts$0.006price · delayed$4.8Mmarket cap · indicative

Today’s holders own 90.9% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 97% in 24 months; runway 2–4 quarters; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.6 quarters of funding
Share-count growth (24m)97.3%measured to the latest Appendix 2A, not to the share count above
Raise cadence (24m)2 cash raises
Options & rights overhang10.0% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

WESTAR RESOURCES LIMITED had 808M shares outstanding as of May 2026. The company raised capital twice in the 24-month period ending May 2026, for a total of A$3.0M, with the latest being a A$1.5M placement in February 2026. Options and rights on issue could convert into 81M new shares, representing 10.0% of the current share count, with the nearest expiry in July 2027. As of the June 2026 quarter, the company reported A$1.4M in available cash, covering approximately 2.6 quarters of its recent operating expenses. There are no pending proposed securities issues.

AI-generated summary of this page's cited filings · updated 8 Sept 2026
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10.0%
Options & rights overhang
0.0%
In-the-money supply
2
Raises · last 12 months
2.6 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 808.0M per ASX (delayed) (snapshot 11 Sept 2026).
400M600M800MDec 24Oct 25Sept 26Cash raise · 18 Feb 2026Cash raise · 17 Oct 2025808.0M

Cash runway

2.6 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Feb 2027 at the reported spend rate.
$1.4M 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: $1.8M cash at quarter end (item 4.6), 3.4 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
8 May 20262A · quoted issueWSR : ORDINARY FULLY PAID786.5MAppendix 2A
8 May 20263G · unquotedWSR : ORDINARY FULLY PAID536.5MAppendix 3G
8 May 20262A · quoted issueWSR : ORDINARY FULLY PAID540.1MAppendix 2A
8 May 20262A · quoted issueWSR : ORDINARY FULLY PAID554.4MAppendix 2A
26 Feb 20262A · quoted issueWSR : ORDINARY FULLY PAID536.5MAppendix 2A

Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (786.5M) need not equal the current count above (808.0M).

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16 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

2 cash raises in the last 24 months · 2 in the last 12 months

every 4.1 monthsaverage gap between raises
6.8 monthssince the most recent
17 Oct 2025 – 18 Feb 2026first to most recent in this window
$1.5M
Placement
18 Feb 2026
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2 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.

Under 1% of the 15% placement capacity left — about 99% 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

10.0%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
80.6M
Potential new shares
July 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered80.0M · 9.9% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered600k · 0.1% 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: 80.0M priced, 600k 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
40.3M80.6M$0.006 now0.25× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.003) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.007) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.009) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.012) — 60.0M of the priced supply in the money, 7.4% of shares on issue3× today ($0.018) — 60.0M of the priced supply in the money, 7.4% of shares on issue5× today ($0.030) — 80.0M of the priced supply in the money, 9.9% of shares on issue10× today ($0.060) — 80.0M of the priced supply in the money, 9.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.006 today, 0 securities are in the money (0.0% of shares on issue). At double today’s price it is 60.0M (7.4% 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.
  • 600k (0.7% 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
WSRAOOptionsPrice-triggered$0.02018 July 202720.0MFiling
WSRAPOptionsPrice-triggered$0.01024 Dec 202860.0MFiling
WSRAM—Condition-triggered——600kFiling 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

DateDirectorTypeSharesOptionsOtherValueSource
24 Dec 2025Ashley HoodOther6.0M20.0M——3Y notice
24 Dec 2025Ben DonovanOther8.0M20.0M600k—3Y notice
24 Dec 2025Eddie KingOther20.0M20.0M—$100k3Y notice
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3 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

9 Sept 2026$PSoil sampling defines three high-priority gold targets
30 July 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
20 July 2026Change in substantial holding
22 June 2026Change of Share Registry
15 June 2026$PNT Government Grant awarded to Westar's Bunda Creek Project
27 May 2026Initial Director's Interest Notice
27 May 2026Final Director's Interest Notice
26 May 2026Appointment of NED and Change of Company Secretary
8 May 2026Cleansing Notice
8 May 2026Application for quotation of securities - WSR
8 May 2026Application for quotation of securities - WSR
8 May 2026Notification regarding unquoted securities - WSR
8 May 2026Application for quotation of securities - WSR
17 Apr 2026Results of Meeting
14 Apr 2026$PQuarterly Activities/Appendix 5B Cash Flow Report
16 Mar 2026Notice of General Meeting/Proxy Form
26 Feb 2026Cleansing Notice
26 Feb 2026Application for quotation of securities - WSR
22 Feb 2026Proposed issue of securities - WSR
22 Feb 2026Proposed issue of securities - WSR

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