Dilution Watch — 21 September 2026

The week in ASX capital raises and dilution, from the filings themselves. Every figure comes from ASX announcements as published on DilutionLens. This edition covers Monday 14 to Friday 18 September, and carries a scorecard for the two Sydney investor conferences this week.

Sixteen companies announced cash raises between 14 and 18 September for about A$360M in disclosed proceeds, and one placement was most of it: MI6 raised A$250M, with an SPP of up to A$30M behind it. Without the top three, the other thirteen disclosed A$42.7M between them. Six of the sixteen — TZN, KAL, MHC, DWG, BRY and CYQ, A$45M together — landed on the Monday and Tuesday and were written up in last Tuesday's edition; this one covers the ten that followed. The halt conveyor doubled: 17 companies halted citing a capital raise in the five sessions, against 11 and 21 in the two weeks before.

The week's biggest raises

MI6 — Minerals 260 placed A$250M at 88 cents (16 September), a two-tranche placement of 284.1M shares for the Bullabulling gold project: nil discount to the 88-cent close before the halt and a 3.5% premium to the 10-day VWAP. The announcement gives the split — A$178.9M and 203,291,499 shares under the 15% now, A$71.1M and 80,799,411 shares waiting for a late-October meeting — and an SPP of up to A$30M at the same price, booklet due 28 September. Franco-Nevada took A$30M of the placement two days after agreeing to pay A$170M for a larger royalty. On a 2.27 billion register the placement adds 12.5%; the company puts pro-forma cash at about A$633M and says the rest of the build is expected to be debt. Dilution risk: Low.
WCN — White Cliff Minerals: Hancock Prospecting subscribed A$8.77M for 515,791,601 shares at 1.7 cents (15 September), the previous day's close, to hold about 13.5% on completion — subject to a shareholder vote under Listing Rule 10.11. The register grows 15.6%; the same general meeting on 19 October is asked to approve a 20-for-1 consolidation, so no share-count growth figure is given here. The options overhang is 40.1% of the current register. Dilution risk: High.
CMB — Cambium Bio placed A$7.1M (US$5.0M) at 48 cents (16 September), a 4.3% premium to the 46-cent close, to four investors including its largest holder — 14,791,667 shares on a 29,431,918 register, a 50% increase, all conditional on the November AGM. The announcement says no placement capacity under 7.1 or 7.1A is used, and that two associated investors go from 18.51% to 31.85% of the votes under item 7 of section 611. The June quarterly's own estimate is 1.38 quarters of funding. Dilution risk: Moderate.
IOV — ION Video placed A$4.25M at 40 cents (16 September), a 2% premium to the 10-day VWAP, having sought A$3M: 7,627,500 shares plus one free option at A$1.00 for every two, inside the 15%, and a further 3M shares (A$1.2M) to directors subject to the AGM. About 8% more shares on a 133.6M register. The company consolidated 100-for-1 in January and relisted from its old code, so no growth figure is given. Dilution risk: Moderate.
ABX — ABx Group announced A$4.1M (17 September): a A$2.1M placement at 3.1 cents, an 18% discount to the 15-day VWAP of 3.78 cents, plus a fully underwritten A$2.0M SPP at the lower of that price or 95% of a five-day VWAP. The placement uses 27,024,335 shares under the 15% and 37,491,794 under the extra 10%, with one option at 4.6 cents for every two shares; placement plus SPP add about 35% to a 374.9M register before options. The June quarterly's own estimate is 0.87 quarters of funding, and the options overhang was already 39.5% of the register. Dilution risk: Very high.
HIT — HiTech Group placed A$4.0M at A$1.00 (16 September) — 4M shares on a 42.3M register, 9.5% more — beside a A$10M term loan to fund its Hudson acquisition. Dilution risk: Minimal.

The rest of the week, and it is the small end that carries the dilution: ATT a A$1.215M placement at 0.5 cents (17 September), a 37.5% discount to the last close and 28.7% to the 15-day VWAP, 243M shares of which only 66,917,561 fit under the 15%, with a 2-for-3 rights issue for up to A$1.5M on the same terms to follow — together they more than double a 446M register that already carries an options overhang of 89.6%, on 0.9 quarters of funding by the company's own estimate. ENV a A$1.5M placement at a tenth of a cent (16 September), 1.5 billion shares on a 1.98 billion register — 297M now under the 15%, 1.2 billion after a meeting — plus a 1-for-4 rights issue for up to A$495,200, alongside an option over a Brazilian monazite project paid in 300M more shares; 0.79 quarters of funding by its own estimate. M2R a A$1.25M placement at 0.175 cents, a 12.5% discount to the last trade and the 15-day VWAP, 527M shares now under 7.1 and 7.1A and 187M more after the AGM — about 34% on a 2.1 billion register with an 87.9% options overhang and 0.73 quarters of funding. CC9 a A$1.1M placement at 5 cents, 22M shares under the 15% with one attaching listed option per two, on 1.09 quarters of funding and a 35.8% overhang. Every one of the four is rated Very high.

Sydney this week: Coffee Microcaps on Tuesday, ASX SMIDcaps on Wednesday

Eight companies pitch at Coffee Microcaps on Tuesday 22 September. Read through the filings, the room splits cleanly. FID and RZI are rated Minimal — no cash raise in the last 12 months for either. PHX, NOL and EMV are Low: PharmX placed once, in February; NobleOak has no cash raise in the last 12 months; EmVision's last raise, a placement and SPP, was a year ago this week. STV and IMC are Moderate: Swift TV placed A$1.9M in cash in June (A$2.3M with a debt conversion), its second placement in nine months, on two to four quarters of cash cover; Immuron placed A$3.6M at 7.91 cents in December. EVE is the outlier — Very high, with options and rights convertible into 46.8% of the register, under two quarters of cash cover, and two placements in 12 months: A$1.1M in October and A$904,000 at 2 cents in March, each share carrying two free options at 4 cents. It consolidated 40-for-1 in May 2025. EVE pitches again in Melbourne on 20 October.

What happened after last year's room. Seven companies presented at Coffee Microcaps on 16 September 2025. Three raised A$25.5M within 90 days: IMB a A$20M placement at 58 cents on 16 December, a 10.1% discount to the last close; IMC A$4.2M across two issues, the larger the December placement above; 1CG a A$1.25M placement on 7 October. Immuron had also raised A$2.7M in the 90 days before it pitched, and presents again on Tuesday.

ASX SMIDcaps on Wednesday 23 September is the larger room and the quieter story: of the 23 presenters we could resolve to a ticker, 13 are rated Minimal, only ATH is High (a 20.7% overhang), and seven have a cash raise in the last 12 months. Last year's 27 presenters, 24 September 2025: three raised A$98.3M within 90 days — LGI a A$51.2M placement and A$5M SPP on 23 October, CCV a A$25M placement and entitlement offer on 27 October, MCA a A$17M placement in the same week as the conference — and six had raised A$253M by 180 days. One of those six was MI6: A$50M in February, and A$250M this week. Eleven of the 27 have no raise event on record at all, so three is a floor, not a count. Across the three rooms we have measured for 2025 — Coffee, SMIDcaps and Melbourne — 59 presenter slots were followed by a raise inside 90 days on 15 of them: 13 companies, A$157.3M. Each presenter's page shows what the pitch will not: the raise history, the overhang and the cash position.

The halt conveyor

Seventeen companies halted for a capital raise in five sessions — ABX, ATT, BUY, CC9, CDO, ENT, ENV, FG1, HIT, IOV, LMG, M2R, MHK, MI6, NXM, NYR and WC8 — against 11 and 21 in the two weeks before. Eight had announced by Friday. Four halted on the Friday and are due back on Tuesday 22 September: BUY (an acquisition and a raise), CDO, LMG and WC8. ENT, NXM (a raise and a resource upgrade), NYR and MHK were due back on Monday morning.

Thirty-eight retail offers are open right now

Holders in 38 companies are inside a retail take-up window — 20 share purchase plans, 15 entitlement offers and 3 rights issues, up from 32 last week. Five opened this week: TZN's rights issue and BRY's entitlement offer on Monday, DWG's entitlement offer, ABX's underwritten SPP and ATT's 2-for-3 entitlement offer, with ENV's 1-for-4 and MI6's SPP to follow. The oldest still running, PR2 and X2M, opened on 24 July. Each company page shows the register those offers land on.

Placement capacity

The capacity page today lists 192 companies past 75% of their 15% allowance, 129 past 90%, and 30 that have used all of it (a thirty-first is suspended from quotation); 86 of the 192 have also drawn on the extra 10% mandate. It is our estimate from the filings, before any later ratification, and 1,406 companies carry one. Three of this week's raisers crossed 75% with their raise: CYQ (about 99% used), DWG (about 95%) and ENV (about 79%). MI6, by contrast, still has A$71.1M of its placement waiting on a meeting because the 15% ran out at A$178.9M.

New this week: cash cover from the half-year and annual reports

Until this week a company's cash-cover band came only from its quarterly cash report, so the larger companies that stopped filing one carried no band. The build now reads the Appendix 4D and 4E cash-flow statements too. The effect across 1,824 companies: 868 at 4+ quarters (515 last week), 217 at 2–4 quarters, 370 under 2 quarters, and 369 with no band (742 last week). The remaining 369 are mostly banks, lenders, insurers, property and investment vehicles — where a runway frame does not apply — plus companies with no cash report on record.

Chart of the week: price and register, top to bottom

Two numbers per raise — where the new money got in against the market, and how much bigger the register becomes if the raise fills. The three biggest were priced at or above the market: MI6 nil discount, register +12.5%; WCN nil discount, +15.6%; CMB a 4.3% premium, +50%. IOV: a 2% premium to VWAP, +8%. HIT: +9.5%. Then the other end: ABX 18% under VWAP, +35% with the SPP; M2R 12.5% under, +34%; CC9 +9.7%; ENV +76% on the placement and +25% more on the rights; ATT 37.5% under the close, and placement plus rights more than double the count. The shape repeats every week: the money that arrives without a discount goes to the companies that need it least, and the deepest discounts land on the registers that are already the most diluted.

The market currently splits: 586 Minimal, 339 Low, 375 Moderate, 253 High, 172 Very high, and 99 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.