Dilution Watch — week ending 6 August 2026

The week in ASX capital raises and dilution, from the filings themselves. Every figure comes from ASX announcements as published on DilutionLens.

Seventeen raises landed between 31 July and 6 August, for A$142.3M in disclosed proceeds (one is announced but not yet confirmed in a settlement filing). Eleven involved a placement. The rest: two convertible-note deals, two IPOs, an entitlement offer and a share purchase plan.

The week's biggest raises

  • ALU — Alurion Resources listed via a A$50.0M IPO (31 July) — a third of the week's total on its own. Newly listed, no quarterly cash report yet, so it sits at Not rated.
  • LFT — Li-FT Power raised a A$20.0M placement (4 August). Also a 2026 listing, no 4C on record yet.
  • AGE — Alligator Energy raised A$18.0M via placement and SPP (3 August), on top of the A$28.6M cash it reported at the June quarter. Dilution risk: Moderate.
  • ECT — Environmental Clean Technologies raised a A$12.0M placement (4 August) — its eighth raise in 24 months, with five proposed share issues still pending.
  • MX1 — Micro-X raised A$8.0M in convertible notes (3 August). At the June quarter it held A$7.7M — about 1.1 quarters of cover. Dilution risk: High.
  • IXR — Ionic Rare Earths closed a A$8.0M placement (31 July) — its 17th raise in 24 months, A$48.1M raised over that window.
  • GRS — Gwardar Resources listed via a A$6.0M IPO (31 July).

The rest of the week: EVO and NH3 placed A$4.0M each, MFD completed a A$3.0M entitlement offer, and DME — Dome Gold Mines issued A$2.0M of convertible notes (6 August) — its 14th raise in 24 months, after reporting negative available cash of A$56K at the June quarter. YAR (A$2.2M), HRE (A$2.0M), HIO (A$1.5M SPP), LU7 (A$900K) and RBX (A$700K) round out the week. SHO's placement is announced but not yet confirmed.

Overhangs worth watching

  • LU7 — Lithium Universe carries the week's biggest overhang: options and rights convertible into 1.18B new shares — 73% of the current share count — with the nearest expiry this month (none in the money at the current price), four pending share issues, and about 1.9 quarters of cash at the June quarter. Dilution risk: Very high.
  • RBX — Resource Base has options over 70.6M shares — 61.3% of its share count (nearest expiry December 2027, none in the money).
  • ECT's five pending share issues are the most of any of the week's raisers; the nearest proposed issue date is this month.
  • August is a busy settlement month: LFT, EVO, MFD, MX1, NH3, IXR, HRE, HIO and AGE all have proposed issues expected this month — mostly the paperwork behind the raises above.

Chart of the week: raising into a thin tank

Five of the seventeen raisers sat in the under-2-quarters cash band at their June quarterly (DME, MFD, MX1, IXR, LU7). Across the 1,833 companies DilutionLens tracks, the cash-cover bands split: 472 at 4+ quarters, 227 at 2–4 quarters, 403 under 2 quarters, and 731 with no current quarterly report (larger companies generally aren't required to file one). So the under-2-quarters band is about a fifth of the market — but five of seventeen of this week's raises. The tank tends to get refilled shortly before it reads empty; occasionally, as DME's negative June-quarter balance shows, shortly after.

The market currently splits: 545 Minimal, 336 Low, 356 Moderate, 240 High, 186 Very high, and 170 Not rated — about one in four rated companies sits at High or Very high dilution risk.

Dilution Watch is compiled from ASX announcements (Appendix filings, quarterly cash reports and raise notices) as published on DilutionLens. General information only, not financial advice; no view is expressed on any company's future actions or securities.