Terms of use

1. What DilutionLens is

DilutionLens is an independently operated Australian website that publishes structured summaries of documents ASX-listed companies have lodged publicly — share issuance filings, capital-raise announcements, option and rights schedules, quarterly cash reports and directors' interest notices. Every figure links to the filing it was taken from. The site is not affiliated with, endorsed by, or a service of ASX Limited, ASIC, or any listed company.

2. Not financial advice, and not a financial service

DilutionLens does not hold an Australian Financial Services Licence. It does not provide financial product advice, does not deal in financial products, and does not offer any other financial service. Nothing on the site is a recommendation to buy, hold or sell any security, and nothing on it is a forecast of what any company will do.

The Dilution Grade is produced by a fixed formula applied to figures a company has already disclosed in its own filings — cash runway, share-count growth, raise frequency, options and rights on issue, and announced-but-unsettled issues. It reports history. It is not a credit rating, not an assessment of a company's management or prospects, and not a statement about what its shares are worth. The component breakdown on each company page shows which disclosed facts produced the grade, and the methodology page explains what the formula measures and what it deliberately ignores.

To the extent any content on this site is treated as general financial product advice, it has been prepared without regard to your objectives, financial situation or needs. You should consider whether it is appropriate for you, and obtain your own professional advice, before acting on it.

3. Accuracy, automation and AI-generated text

Data is extracted from filings automatically and the site rebuilds daily. No person reviews each page before it is published. The short company write-ups are generated by an AI language model from the same extracted figures; every number in them is checked against the source data and a write-up that fails that check is withheld rather than published, but the wording is machine-written and may be imprecise or incomplete.

Extraction errors are possible and some do occur. Where anything on this site differs from the linked filing, the filing is correct and this site is wrong. Always check the source document before relying on a figure. Share prices and market capitalisations are delayed and indicative, are shown for context only, and are not a licensed market-data feed.

Found a number that does not match the filing? Email corrections@dilutionlens.com — the corrections process is set out on the methodology page.

4. Your use of the site

You may read the site, and quote or link to it with attribution. You may not systematically scrape, harvest or bulk-copy it, republish it as a substitute product, or use it in a way that interferes with its operation or with other people's use of it.

The presentation, the Dilution Grade methodology, the written summaries and the structured data on this site belong to DilutionLens. The underlying filings belong to the companies that lodged them and are linked rather than hosted here. "ASX" and related marks belong to ASX Limited.

5. Liability

The site is provided as-is. To the extent permitted by law, DilutionLens excludes all warranties and is not liable for any loss arising from your use of, or reliance on, the site — including any investment decision made in reliance on it.

Nothing in these terms excludes, restricts or modifies any consumer guarantee, right or remedy under the Australian Consumer Law that cannot lawfully be excluded. Where a guarantee applies and liability can lawfully be limited, our liability is limited to resupplying the relevant service or paying the cost of having it resupplied.

6. Companies and individuals named on this site

If you are a listed company, or a director named in a filing we have summarised, and you believe something published here is wrong, unfair or should not appear, tell us. Data errors go to corrections@dilutionlens.com. Requests about personal information go to privacy@dilutionlens.com (see the privacy policy). Legal notices, including a concerns notice under defamation legislation, should go to legal@dilutionlens.com.

Where we agree a grade is questionable, we mark it under review and it shows as "Not rated" until the question is resolved. We would rather publish nothing than a figure we are defending.

7. Changes, and governing law

The site changes continuously and these terms may change with it. The version and date at the top of this page tell you which terms are current; changes apply from the date they are published. Paid subscriptions are not available yet — when they are, separate subscription terms will apply and will be presented before any payment is taken.

These terms are governed by the laws in force in Australia, and you submit to the non-exclusive jurisdiction of the Australian courts.