Dilution Watch — week ending 10 September 2026

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

Nineteen companies announced raises between 4 and 10 September for about A$302M in disclosed proceeds. Three of them carried it: without the top three, the other sixteen disclosed A$37.2M between them. The halt conveyor slowed after last week's surge — 10 companies halted citing a capital raise inside the week's five sessions, against 21 the week before and 11 the week before that.

The week's biggest raises

  • BMN — Bannerman Energy launched a A$124M fully underwritten placement at A$4.00 a share, a 5.4% discount to the last close, plus a share purchase plan of up to A$10M (9 September). It halted and announced within the hour. At roughly A$879M market cap it is the largest raiser on the list, its third raise in 24 months, with an options overhang of just 1.3% of the register. Dilution risk: Low.
  • GCI — Gryphon Capital Income Trust placed A$86.3M (9 September). A listed credit trust rather than a small-cap story, but the second-largest raise of the week: its seventh raise in 24 months, on a unit count up 90% over that window. Dilution risk: High.
  • GML — Gateway Mining completed a A$45.0M placement at 8 cents (9 September), a 16.7% discount to the last close, with A$20M of it from one cornerstone. The filing states the split: 330.2M shares under the 15% placement capacity and 232.3M under the extra 10% (Listing Rule 7.1A). Its second raise in 24 months, on a share count up 487% over the window. Dilution risk: Moderate.
  • AKA — Aureka announced a A$5.65M placement and a share purchase plan seeking up to A$1.5M (7 September) — about A$7.15M together, its third raise in 24 months. Dilution risk: Moderate.
  • OSL — OncoSil Medical placed A$5.6M (7 September), its fourth raise in 24 months, with options and rights convertible into 89% of the current register behind it. Dilution risk: Very high.
  • MIO — Macarthur Minerals placed A$3.5M (7 September), its sixth raise in 24 months, on 0.6 quarters of cash by its own quarterly's estimate. Dilution risk: Very high.

The rest of the week: GG1 a A$3.2M renounceable entitlement offer, KLV a A$3.1M non-renounceable entitlement offer, FOS A$2.6M, AAU a A$2.55M non-renounceable entitlement offer, TMX A$2.5M in a placement and rights issue, W2V A$2.1M, RLC A$1.8M, TSR A$1.1M, A8G A$1.0M, PIL A$750K and KEY A$247K. SRJ and IXR announced placements without confirmed amounts yet.

New this week: how much placement capacity is left

Every company page now shows how much of the 15% placement allowance the last 12 months of Appendix 3B filings have used — Listing Rule 7.1, the amount a company can place without asking holders. It is our estimate from the filings, before any later ratification, and the rows behind it are on the page. Gateway's placement is the week's illustration: by the company's own filing it drew on both the 15% and the additional 10% mandate, and the page reads about 74% of the base allowance used. Four of this week's raisers are now past three-quarters of theirs — A8G at about 88%, AKA 87%, KEY 86% and PIL 77% — and 30 companies across the market have used all of it, which means their next placement needs a holder vote or the 7.1A mandate.

The halt conveyor slowed

Ten companies halted for a capital raise in five sessions — A8G, AM5, BMN, EGH, FOS, GML, KAO, TMX, VR8 and W2V — against 21 in the week to 3 September and 11 the week before that. VR8 was still halted pending its announcement when the week closed; AM5 and KAO halted citing a raise, and neither appears in the raise feed yet.

Twenty-nine retail offers are open right now

Holders in 29 companies are inside a retail take-up window — 16 share purchase plans, 11 entitlement offers and 2 rights issues. Five opened this week: TMX (rights issue, 4 September), KLV and GG1 (entitlement offers, 7 September), AKA (SPP, 7 September) and AAU (entitlement offer, 8 September). The oldest still running, X2M and PR2, opened on 24 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

  • KLV — Klevo Group: options and rights convertible into 106.9% of the current register — more potential new shares than shares — sit behind this week's A$3.1M entitlement offer, and 9% of the register is already in the money. The company relisted as KLV after a 10-for-1 consolidation in August, so its history under the old code is not counted here. Dilution risk: Low.
  • OSL — OncoSil Medical: an 89.0% overhang behind a A$5.6M placement, none of it in the money at the current price. Dilution risk: Very high.
  • W2V (32.1%), AAU (27.6%), TMX (25.4%), IXR (24.4%) and MIO (20.7%) all raised with more than a fifth of the register in potential new shares.

Chart of the week: the serial raisers

Ionic Rare Earths announced a placement on 9 September — its nineteenth raise in 24 months, at an average gap of 1.3 months, on 0.7 quarters of cash by its own quarterly's estimate. Behind it: TMX on its fourteenth, PIL its eleventh (while suspended from quotation), AAU its ninth, and GCI, W2V and KEY their seventh. Eight of this week's nineteen raisers were on at least their sixth raise in 24 months. Across the market, 110 of the 1,825 companies DilutionLens tracks have raised six or more times in 24 months, and 26 of those have raised nine or more.

Three of the week's raisers — MIO, PIL and IXR — went into the raise with less than one quarter of cash by the estimate in their own quarterly, and W2V, KEY, SRJ and AAU sit under two quarters on ours. Across all 1,825 companies the cash-cover bands split: 517 at 4+ quarters, 214 at 2–4 quarters, 354 under 2 quarters, and 740 with no current quarterly report (larger companies generally aren't required to file one).

The market currently splits: 569 Minimal, 347 Low, 395 Moderate, 248 High, 180 Very high, and 108 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.