Dilution Watch — week ending 13 August 2026

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

Twenty raises landed between 7 and 13 August, for A$431.1M in disclosed proceeds (two are announced with amounts not yet confirmed). Sixteen involved a placement; the rest split across share purchase plans, an entitlement-style PDS offer, convertible notes and a bridge-loan-plus-subscription package. Three raises carried the week: without the top two, the other eighteen raised A$64.8M between them.

The week's biggest raises

  • PGF — PM Capital Global Opportunities Fund raised A$241.3M via placement and SPP (10 August) — more than half the week's total, from a listed investment company rather than an operating business, and the SPP is still open. Dilution risk: Low.
  • WIA — WIA Gold raised a A$125.0M placement (7 August), its fourth raise in 24 months, on roughly 31 quarters of reported cash cover even before the money. Dilution risk: Moderate.
  • SEG — Sports Entertainment Group announced a A$13.8M placement with SPP (11 August) alongside an acquisition, and remains in a trading halt at week's end. Dilution risk: Low.
  • MCM — MC Mining put together A$8.0M in a share subscription and bridge loan (13 August) — its seventh raise in 24 months, after reporting negative available cash at the June quarter. Dilution risk: High.
  • ADN — Andromeda Metals closed a A$6.4M security purchase plan (12 August), its fourth raise in 24 months, with options and rights worth another 27% of the register behind it. Dilution risk: High.
  • EXR — Elixir Energy raised a A$5.0M placement (7 August) — its fourth cash raise in 24 months, at about 0.9 quarters of reported cash cover. Dilution risk: Very high. LAM — Laramide Resources matched the amount the same week from a far fuller tank (Minimal).

The rest of the week: CTO placed A$4.5M, POD closed a A$4.0M SPP, RLF combined a placement and convertible notes for A$3.9M (sixth raise in 24 months), AAJ placed A$3.5M ahead of an acquisition, PKY A$2.8M, RAU A$2.5M, RIM A$2.3M (sixth in 24 months), LKE A$1.1M (eighth), OVT A$1.0M — its eighteenth raise in 24 months — WRX A$800K and BMH A$200K. IXR and LFT have raises announced with amounts not yet confirmed in a settlement filing.

The halt conveyor

Eleven companies went into a trading halt citing a capital raise inside the week's five sessions — AD1, CTO, PGF, POD, AAJ, CMD, EXR, LIB, PKY, RLF and WIA — most re-emerging with the announcements above. As the week closed, HMG and TNC sat in fresh halts citing capital raising plans, and SEG was still halted on its acquisition-plus-raise. The conveyor does not appear to be slowing.

Twenty retail offers are open right now

Holders in twenty companies are currently inside a retail take-up window — four SPPs opened this week alone (ADN, SEG, POD, PGF), joining offers still running at WLE, AGE, MFD, HIO, HRE, YOJ, LIT, CCO, X2M, WMX, PR2, LKO, EVR, WRK, UNT and WYX. Each company page shows the register those offers land on — the options overhang, raise history and cash position the offer document assumes you already know.

Overhangs worth watching among the week's raisers

  • AAJ — Aruma Resources: options and rights convertible into 74% of the current register sit behind this week's placement (mostly out-of-the-money price triggers; none in the money). Share count already grew 228% in 24 months. Dilution risk: Very high.
  • OVT — Ovanti: a 51% overhang, on top of the eighteen raises in 24 months and a negative June-quarter cash balance.
  • POD — Podium Minerals: a 45% overhang behind the SPP that closed this week, at about 1.7 quarters of cover. Dilution risk: Very high.
  • PKY (35%) and RLF (32%) round out the week's raisers with a third or more of the register in potential new shares.

Chart of the week: raising past empty

Two of the week's twenty raisers — MCM and OVT — reported negative available cash at the June quarter before raising this week, and seven of the twenty sat under two quarters of cover. Across the 1,833 companies DilutionLens tracks, the cash-cover bands split: 526 at 4+ quarters, 217 at 2–4 quarters, 360 under 2 quarters, and 730 with no current quarterly report (larger companies generally aren't required to file one). The under-2-quarters band is about a fifth of the market — but seven of twenty of this week's raises, the same skew as last week.

The market currently splits: 592 Minimal, 348 Low, 359 Moderate, 222 High, 151 Very high, and 161 Not rated — about one in five 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.