XSTATE RESOURCES LIMITED
ASX:XSTEnergyToday’s holders own 78.8% of what they think they own, once every option and right converts.
Runway under 2 quarters; share count grew 62% in 24 months; 3 cash raises in 24 months
XSTATE RESOURCES LIMITED’s latest ordinary share count filing shows 480M shares as of April 2026, but a share-count change figure is unavailable because the filed Appendix 2A series ends earlier. In July 2025 the company undertook an approximately 1-for-2.2 share consolidation. It raised capital three times in the 24-month window, total A$7.7M, most recently a A$1.7M placement in April 2026. Options and rights could convert into 129M new shares, a 27.0% overhang, with none in the money; the nearest expiry is March 2027. The company has under 2 quarters of funding at the recent spend rate. No proposed securities issues are pending.
Quick answers · 4
When did XST last raise capital?
The last capital raise in Xstate Resources's filings is Placement of $1.7M announced 20 Apr 2026, one of 3 cash raises in 24 months.
How much placement capacity does XST have left?
About 65% of the 15% placement capacity left, about 35% used in 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How much cash does XST have?
In its quarterly cash report for the quarter ended 30 Sept 2026, Xstate Resources reported $676k of cash and estimated 1.0 quarter of funding available at its current rate of spending. That is the company's own estimate.
When do XST's options expire?
Unexercised options and rights equal 27% of Xstate Resources's shares on issue; the nearest expiry is Mar 2027.
Shares on issue — last 2 years
Cash runway
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)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 16 June 2026 | 3G · unquoted | XST : ORDINARY FULLY PAID | 479.9M | Appendix 3G |
| 16 June 2026 | 3G · unquoted | XST : ORDINARY FULLY PAID | 479.9M | Appendix 3G |
| 16 June 2026 | 3G · unquoted | XST : ORDINARY FULLY PAID | 479.9M | Appendix 3G |
| 23 Apr 2026 | 2A · quoted issue | XST : ORDINARY FULLY PAID | 467.5M | Appendix 2A |
| 22 Apr 2026 | 2A · quoted issue | XST : ORDINARY FULLY PAID | 441.1M | Appendix 2A |
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.
Capital raises
3 cash raises in the last 24 months · 2 in the last 12 months
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 / 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.
Pending proposed issues
Options & convertible securities
At $0.009 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 95.9M (20.0% 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.
- 33.5M (25.9% 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 |
|---|---|---|---|---|---|---|
| XSTAC | Options | Price-triggered, no exercise price stated | — | 5 Mar 2027 | 16.4M | Filing |
| XSTAD | Options | Price-triggered | $0.040 | 17 Dec 2029 | 95.9M | Filing |
| — | Options | Price-triggered, no exercise price stated | — | — | 17.1M | 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. For what expires soon across other listed companies, see the options expiry calendar.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 16 June 2026 | Andrew Bald | Other | 3.8M | 1.8M | 8.5M | — | 3Y notice |
| 16 June 2026 | Andrew Childs | Other | — | 1.8M | 7.0M | — | 3Y notice |
| 16 June 2026 | Greg Channon | Other | 517k | 1.8M | 7.0M | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.