Star Minerals Cancels 8.25 Million Performance Rights After Milestones Not Met on 4 November 2026

Anjali Anand

05 November 2026 04:17 PM AEDT

Star Minerals Cancels 8.25 Million Performance Rights After Milestones Not Met on 4 November 2026

Image Source: Krish Capital Pty Ltd

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Star Minerals Limited (ASX:SMS) has notified the market that 8,250,000 unquoted performance rights designated SMSAD have ceased following the lapse of conditional rights, with cessation recorded on 4 November 2026 after the conditions attached to those rights were not met or became incapable of being satisfied.

Key Points

8,250,000 SMSAD performance rights ceased on 4 November 2026 due to unmet conditions
5,250,000 of the rights lapsed across three tranches linked to share price-based milestones
3,000,000 rights lapsed due to unmet milestones including the Albright vend rights per prospectus at listing and a measured mineral resource at Tumblegum South
No consideration is being paid by the company for the cessation of any of the rights
Following the cessation, 21,108,332 SMSAD performance rights remain on issue as unquoted equity securities

Performance Rights Cessation Details

According to the filing lodged on 5 November 2026, the cessation covers two separate tranches of SMSAD performance rights. The first tranche comprised 5,250,000 performance rights that lapsed across three share price-based milestone tranches, with the filing noting these involved 1.7 million rights across three tranches. The second tranche comprised 3,000,000 performance rights that lapsed due to failure to achieve the Albright vend rights condition as set out in the company's prospectus at listing, as well as a milestone requiring a measured mineral resource at Tumblegum South. The company confirmed no consideration was paid for either cessation.

Issued Capital Following Cessation

Following the removal of the 8,250,000 performance rights, the company's issued capital comprises 260,764,593 ordinary fully paid shares quoted on ASX. Unquoted equity securities remaining on issue include 21,108,332 SMSAD performance rights, 4,316,667 SMSAF performance shares, 7,500,000 options expiring 17 November 2028 at an exercise price of $0.0675, 36,599,992 options expiring 31 October 2026 at $0.06, 6,680,184 options expiring 16 August 2031 at $0.0806, and 3,471,093 options expiring 23 June 2028 at $0.0375.

Reason for Lapse of Conditional Rights

The filing states the reason for cessation in both tranches is the lapse of conditional rights to securities because the conditions have not been, or have become incapable of being, satisfied. The filing identifies the specific unmet conditions for each tranche: share price-based milestones for the 5,250,000 rights, and the Albright vend rights per the prospectus at listing together with achieving a measured mineral resource at Tumblegum South for the 3,000,000 rights. The company did not disclose any further information regarding the conditions or timelines in the filing.

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