Dilution Watch — week ending 20 August 2026

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

Fourteen raises landed between 14 and 20 August, for A$306.8M in disclosed proceeds (an options offer and an all-scrip scheme are announced without confirmed amounts). Three raises carried the week: without the top three, the remaining eleven disclosed A$35.2M between them.

The week's biggest raises

  • VMM — Viridis Mining and Minerals raised A$162.7M via placement (20 August) — more than half the week's total, its fifth raise in 24 months, on a register that has already grown 97.5% over that window. Dilution risk: Moderate.
  • MM8 — Medallion Metals raised a A$60.0M placement (18 August) — its second A$60M raise in nine months and fifth cash raise in 24 months, from a well-stocked tank rather than an empty one. Share count is up 116.5% in 24 months; the options overhang behind it is small (4% of the register). Dilution risk: Moderate.
  • AEV — Avenira announced a A$48.9M renounceable rights issue (17 August) on roughly 15.5 quarters of reported cash cover before the money, from a register that has already doubled in 24 months. Dilution risk: Moderate.
  • LRT — Lowell Resources Fund raised a A$15.9M placement (17 August), its second raise in 24 months. Dilution risk: Moderate.
  • GLL — Galilee Energy placed A$3.5M (14 August) — its fifth raise in 24 months, at about 0.5 quarters of reported cash cover, on a register that has grown 374.9% in 24 months. Dilution risk: Very high.
  • PAT — Patriot Resources placed A$3.0M (14 August), its fifth raise in 24 months, at about 1.9 quarters of cover with a 37.9% overhang behind it. Dilution risk: Very high.

The rest of the week: IPT announced a A$4.1M renounceable rights issue (fifth raise in 24 months), FME placed A$3.6M, SPN combined a placement and SPP for A$2.5M on about two quarters of cover, DTM placed A$2.0M (seventh in 24 months), ACP A$500K (sixth), and 1TT A$200K — its fifteenth raise in 24 months. AGR announced a non-pro-rata options offer — its sixteenth raise in 24 months — and EF2 an all-scrip scheme, both without confirmed amounts yet.

The halt conveyor

Nine companies went into a trading halt citing a capital raise inside the week's five sessions — MHM, SOP, FME, PAT, LRT, SPN, DTM, MM8 and AUA — most re-emerging with the announcements above, including the week's two largest. As the week closed, AUA was still halted pending a private placement announcement. The conveyor has not slowed.

Twenty-seven retail offers are open right now

Holders in 27 companies are currently inside a retail take-up window — the two renounceable rights issues above (AEV, IPT) opened this week, joining offers still running at ADN, TNC, MRQ, PGF, POD, WLE, AGE, MFD, HIO and others. 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

  • DTM — Dart Mining: options and rights convertible into 90% of the current register sit behind this week's A$2.0M placement, the company's seventh raise in 24 months. Not rated — suspended from quotation.
  • IPT — Impact Minerals: a 49.7% overhang behind this week's rights issue (none of it in the money). Not rated — suspended from quotation.
  • AGR — Aguia Resources: a 38.2% overhang on top of the sixteen raises in 24 months and under one quarter of reported cover. Dilution risk: Very high.
  • PAT (37.9%) and GLL (35.5%) round out the week's raisers with more than a third of the register in potential new shares.

Chart of the week: the serial raisers

Nine of this week's fourteen raisers were on at least their fifth raise in 24 months, and two — 1TT and AGR — were past their fifteenth. Two of the fourteen (GLL, AGR) raised with less than one quarter of reported cash cover. Across the 1,832 companies DilutionLens tracks, the cash-cover bands split: 533 at 4+ quarters, 210 at 2–4 quarters, 364 under 2 quarters, and 725 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 — and it keeps supplying a disproportionate share of each week's raisers.

The market currently splits: 587 Minimal, 349 Low, 360 Moderate, 225 High, 151 Very high, and 160 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.