I think there is a significant misunderstanding here.There are...

I think there is a significant misunderstanding here.

There are no new shares being issued (except the options which were exercised and issued in late May but these options were issued at the time of the Initial Purchase Offer (IPO) - 24 months ago).

Let me break it down:

1) Directors and founders put money in and time to create the company over many years. These shares - 18,917,940, are escrowed by the ASX to protect shareholders. To avoid the Company pumping the stock and selling it at the Initial Purchase Offer or shortly after (30c for IPO price for Lunnon), the ASX requires these people (and the Investment Banks like Euroz Hartleys who promote it) to be escrowed for 2 years. This is sufficient time for the market to discover what the actual value of the Company is. In this instance, the price has tripled to above 90c.

2) Gold Fields (St Ives Gold Mining Company Pty Ltd) - were issued 44,711,062 when the Company acquired 49% in the Foster and Baker tenements (whcih is the tenure where the Baker discovery is on). ASX requires these be escrowed for 24 months to ensure the shares issued were fair value (otherwise, share price would go down). In 24 months, the share price should reflect the real value - in this instance a tripling in price.

3) Euroz Hartleys - 1,426,738 shares were issued. Note, they had to pay 45c cash per share. When these options were issued the share price was 30c and they took risk (you can argue if it was worth it for shareholders or not)

If you want to read more about escrowerd shares - ASX has this to say: https://www2.asx.com.au/blog/listed-at-asx/navigating-asx-escrow-for-beginners

Why are there no new shares issued, and why is the Company "applying for new securities" - these shares were already issued at the time of the IPO. All that is happening is that these shares are now being "quoted" on the ASX - that is they can be traded on the ASX. Before they were unquoted.

Here is the Notification regarding unquoted securities from 30 May 2023 (following exercise of Euroz Hartleys options) - note the 65,055,740 in Ordinary Fully Paid Restricted under the Unquoted Securities description:

Here is the Application for quotation of securities following application for quotation - note the movement from unquoted (now 0) to quoted (an increase in 65,055,740) - that is all that has happened.