Ann: Vmoto's 2Q24 Market Update, page-41

History has not much to do with it and past events don't necessarily occur again in a way that would reliably estimate shares on issue. Performance rights, even if fully met won't bring the count anywhere near 500m. Options to Milone and Castiglioni, even if fully exercisable, wont bring the count to 500m either. Also salaries paid in shares over time would have a different impact depending on the share price at that time.
Is there a particular reason to your query?
In my view, a more meaningful question would be:
Over the next five years, will earnings grow significantly faster than shares outstanding?

Doubling earnings to $20-25m over the next five years is, in my view, a much more plausible event than a doubling of shares outstanding to 900m.

VMT is in a net cash position, with production capacity fully funded to produce ~300k units and parts.
What foreseeable events would require us to raise $65m over the next five years, that wouldn't in any case contribute to doubling earnings as well?