Dilution Watch

The week in ASX capital raises and dilution, from the filings themselves. New edition each week.

Dilution Watch — 2 November 2026

22 new raises for about A$395.3M, up from A$27.1M, and two-thirds of it went to six gold companies, led by Turaco Gold's A$130M at a 12.4% discount; the four big raises that named a discount took 9.6% to 12.4% off, while the smallest took up to 28.6%. Raise halts more than doubled to 23 in five sessions, 25 retail offers are open, and 13 companies have used all of their 15%.

Dilution Watch — 26 October 2026

10 new raises for about A$27.1M, the smallest week of the last four, led by BOA Resources' A$9.2M placement; six of the ten filings we read stated no discount at all, the three that named a discount took 9% to 13% off. Ten raise halts in five sessions, 28 retail offers open, and 13 companies with all of their 15% used, down from 16.

Dilution Watch — 19 October 2026

16 new raises for about A$74.0M, two-thirds of it Amaero's US$20.0M Nasdaq listing and Maronan's A$20M placement, which waits for a vote because it has no capacity left; three placements priced above the market and the deepest discount was Dundas at 11.8%. Ten raise halts in five sessions, down from 15, 28 retail offers open, and 16 companies with all of their 15% used.

Dilution Watch — 12 October 2026

25 raises for up to A$617.9M, but A$482.7M of it is the ceiling on one investment company's 1-for-2 offer, of which A$100.9M is in so far; Ballard placed A$45M 7.7% under the close and Kalamazoo A$10M at a 29% premium. Fifteen raise halts in five sessions, 32 retail offers open, and two raises worth about half or more of their company's market value.

Dilution Watch — 5 October 2026

A week of small cheques: 15 raises for about A$71.5M, and almost half of it was one US$24M convertible that converts at a 30% premium, while the smaller raises priced up to 18.2% under the market. Eleven raise halts in five sessions, 33 retail offers open, 31 companies with all of their 15% used, and 7 of the 13 raisers with a filed runway had under a quarter and a half of cash.

Dilution Watch — 28 September 2026

27 raises for about A$468M, and seven placements of A$42M or more carried A$404.9M of it, from a A$70M placement at the close to a A$50M one 16.9% under it that came almost entirely from the extra 10% mandate. Sixteen raise halts in five sessions, 38 retail offers open, 31 companies with all of their 15% placement capacity used, and a new calendar of the 88 option and rights classes that expire in the next 30 days.

Dilution Watch — 21 September 2026

16 raises for about A$360M, led by a A$250M placement at nil discount that grows the register 12.5%, while the four smallest raises of the week priced up to 37.5% under the close and one more than doubles its share count. Seventeen raise halts in five sessions, 38 retail offers open, 373 more companies with a cash-cover band from their half-year and annual reports, and this week's two Sydney conferences scored through the filings: last year 3 of 7 Coffee Microcaps presenters raised A$25.5M within 90 days of pitching.

Dilution Watch — week ending 15 September 2026

8 raises for about A$46M, led by a A$28.7M rights issue at 1.8 cents, underwritten up to A$15.65M by debt conversion from its largest holder. Eight raise halts in five sessions, 32 retail offers open, three Tuesday placements that all drew on the extra 10% mandate, and a 49% discount on a placement that more than doubles the register.

Dilution Watch — week ending 10 September 2026

19 raises for about A$302M, led by a A$124M underwritten placement plus a A$10M SPP. Ten raise halts in five sessions after 21 the week before, 29 retail offers open, a A$45M placement that drew on both the 15% and the extra 10%, and a company on its nineteenth raise in 24 months.

Dilution Watch — week ending 3 September 2026

24 raises for A$200.7M, led by an A$80.2M entitlement offer. Twenty-one raise halts in five sessions against eleven in each of the two weeks before, 29 retail offers open, an overhang larger than the whole register behind a A$3M placement, and a tenth raise in 24 months.