DeSoto Resources Limited (ASX:DES) has applied for quotation of 1,000,000 fully paid ordinary shares issued on 5 November 2026 under an employee incentive scheme, following the achievement of performance milestones by employees, according to a filing lodged with ASX on that date.

Key Points

  • 1,000,000 fully paid ordinary DES shares applied for quotation, issued on 5 November 2026
  • Securities issued under an employee incentive scheme upon achievement of performance-based milestones
  • Consideration for the securities described as achievement of employee performance-based milestones, with an estimated value of AUD $120,000 in total
  • Following quotation, DES ordinary fully paid shares on issue will total 277,785,579
  • The issue was made under exception 3 in ASX Listing Rule 7.2, not requiring security holder approval under Listing Rule 7.1

Employee Incentive Scheme Share Issue Details

According to the filing, DeSoto Resources Limited issued 1,000,000 fully paid ordinary shares on 5 November 2026 to pay for services rendered, specifically the achievement of employee performance-based milestones. The securities were not issued for a cash consideration. The filing states that the estimated value of the consideration being provided per security is AUD $120,000 in aggregate. The shares are an additional issue in an existing class already quoted on ASX and will rank equally in all respects from their issue date with the existing issued securities in that class.

Issued Capital Following Quotation

Following the quotation of the 1,000,000 new ordinary shares, DeSoto Resources' total quoted ordinary fully paid shares on issue will stand at 277,785,579. The company also has 44,475,010 quoted options expiring 23 May 2028. Among unquoted securities, the filing discloses 27,000,000 performance rights, 14,000,000 options expiring 28 November 2030, 9,204,808 options expiring 9 May 2029, 33,975,000 restricted options expiring 1 April 2027, and 2,750,000 restricted performance rights, among other unquoted security classes.

Listing Rule Compliance and Cleansing Notice

The filing states that the issue was made under exception 3 in ASX Listing Rule 7.2, meaning no security holder approval was required under Listing Rule 7.1. The company has also confirmed that any on-sale of the securities within 12 months of the issue date will comply with the secondary sale provisions under the relevant sections of the Corporations Act by virtue of the publication of a cleansing notice. The filing notes that the issue was not previously announced to the market via an Appendix 3B, as the securities were issued under an employee incentive scheme upon performance milestone achievement.