Dilution Watch — week ending 3 September 2026

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

Twenty-four companies announced raises between 28 August and 3 September for A$200.7M in disclosed proceeds. Three of them carried it: without the top three, the other twenty-one disclosed A$60.3M between them. The real story is behind the announcements — 21 companies went into a trading halt citing a capital raise inside the week's five sessions, against eleven in each of the two weeks before.

The week's biggest raises

  • EGH — Eureka Group Holdings announced an A$80.2M accelerated non-renounceable entitlement offer (1 September) — 40% of the week's total, and its first raise in 24 months. At roughly A$262M market cap it is the largest raiser on the list, with an options overhang of just 1.6% of the register behind it. Dilution risk: Moderate.
  • ASL — Andean Silver placed A$40.0M (28 August), its fourth raise in 24 months, on a share count already up 85% over that window. Dilution risk: Moderate.
  • CDO — Cadence Opportunities Fund raised a A$20.2M share purchase plan (28 August) — a listed investment company going to its own holders, with no options or rights outstanding at all. Dilution risk: Low.
  • TTT — Titomic placed A$16.5M (28 August), its third raise in 24 months, on about two quarters of reported cash cover and a share count up 56% in 24 months. Dilution risk: High.
  • AXR — Axiant Resources listed with an A$8.0M initial public offering (31 August). Not rated — listed too recently to rate.
  • JAL — Jameson Resources announced a A$6.3M accelerated entitlement offer with a placement allocation (1 September), its fifth raise in 24 months. Dilution risk: High.

The rest of the week: 4DS raised A$4.9M in a placement and entitlement issue (announced 31 August, confirmed 2 September — it appears twice in the raise feed and is counted once here), AGY A$3.5M via placement and SPP, CR3 A$3.0M, C29 A$2.4M, BLZ A$2.3M, MRD A$2.1M, EGR a A$2.0M SPP, OMG A$1.8M, CMO A$1.25M, C7A A$1.17M, TSR A$1.1M, HAS A$1.04M, MNC A$1.01M, WIN a A$860K convertible note, MDX a A$650K convertible note and IFG A$450K. PL3 announced a placement and PPM an employee share plan, both without confirmed amounts yet.

The halt conveyor doubled

Twenty-one companies halted for a capital raise in five sessions — AGY, AKA, ASL, BLZ, C7A, CMO, CR3, DBF, EGR, FBR, JAL, MKR, MRD, NGY, OMG, PER, TLM, TSR, TTT, VTX and WCE. That is the same measure that returned eleven in the week to 20 August and eleven in the week to 27 August. Five of them — AKA, FBR, MKR, NGY and VTX — were still halted pending the announcement when the week closed. One halt went the other way: DXB paused trading on 2 September pending an announcement on non-dilutive funding.

Twenty-nine retail offers are open right now

Holders in 29 companies are currently inside a retail take-up window. Seven opened this week — AGY, CDO, EGR, EGH, JAL, OMG and 4DS — joining offers still running at AEV, IPT, FFM, GNG, LGF, SQX, PTX, TD1 and others, the oldest of them open since early July. 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

  • CR3 — Core Energy Minerals: options and rights convertible into 100.3% of the current register — more potential new shares than shares — sit behind this week's A$3.0M placement. The share count is already up 326% in 24 months. Dilution risk: High.
  • MRD — Mount Ridley Mines: a 40.9% overhang, and unusually 36% of the register is in the money — 477.5M of its 543.0M options are exercisable at a profit at the current price. Dilution risk: Very high.
  • CMO — Cosmo Metals (44.5%) and OMG Group (42.5%) both raised with more than four-tenths of the register in potential new shares.
  • PL3 (38.8%, of which 8.1% in the money), C7A (34.6%) and IFG (34.0%) round out the week's raisers with more than a third of the register behind them.

Chart of the week: the serial raisers

Clara Resources raised A$1.17M on 1 September — its tenth raise in 24 months, at an average gap of 2.6 months, on a share count up 792% over the same window. Behind it: MDX on its ninth, HAS its eighth, PL3 and PPM their seventh, and CMO its sixth. Nine of this week's twenty-four raisers were on at least their fifth raise in 24 months. Across the market, 97 of the 1,826 companies DilutionLens tracks have now raised six or more times in 24 months, and nineteen of those have raised nine or more.

Three of the week's raisers — C7A, CMO and BLZ — went into the raise with less than one quarter of reported cash cover on both our figure and the number in their own quarterly. Across all 1,826 companies the cash-cover bands split: 518 at 4+ quarters, 210 at 2–4 quarters, 358 under 2 quarters, and 740 with no current quarterly report (larger companies generally aren't required to file one).

The market currently splits: 565 Minimal, 346 Low, 392 Moderate, 250 High, 176 Very high, and 97 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.