Dilution Watch — 19 October 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 12 to Friday 16 October, less the two raises announced last Monday morning that the 12 October edition already covered.

A quieter week, priced close to the market. Sixteen companies announced new cash raises for about A$74.0M, and two of them carried most of it: 3DA's Nasdaq listing and MMA's A$20M placement. Without the top three, the other thirteen disclosed A$21.2M between them. Three placements priced above the market, and the deepest stated discount was 11.8%. The halt conveyor slowed: 10 companies halted for a capital raise in five sessions, against 15 and 11 in the two weeks before.

The week's biggest raises

  • 3DA — Amaero priced a US initial public offering of 4,705,883 shares at US$4.25 (15 October), about US$20.0M, or about A$28.7M at the A$0.6979 rate the filing uses. That is “an approximately 1.8% discount to last close on ASX”, with each share worth 40 of the CDIs that trade here. The underwriters hold a 30-day option over up to 705,882 more shares. Its latest quarterly showed 2.28 quarters of funding. Dilution risk: Very high.
  • MMA — Maronan Metals placed A$20.0M at 40 cents (13 October), “a 2.3% discount to the 5-day VWAP”, for 50M shares. It has no capacity left: the company “does not currently have placement capacity under ASX Listing Rules 7.1 and 7.1A”, so the whole issue waits for the AGM on 4 November. Its largest holder, Kinterra, takes its interest to 22.99%. Its latest quarterly showed 14.71 quarters of funding. Dilution risk: Moderate.
  • REC — Recharge Metals placed A$4.1M at 3.6 cents (15 October), “a discount of 2.5% to the 10-day VWAP”, for 114,722,222 shares under 7.1. Options already on issue equal 18.9% of its register, 8.0% of its shares in the money. Its latest quarterly showed 7.50 quarters of funding. Dilution risk: High.
  • AZ9 — Azzuro Resources sold A$3.06M of CDIs at 1.5 cents (14 October) to one buyer, Kerry Resources Logistics (Hong Kong), which ends up with about 19.9% of the company. The price is “a premium of 7% to the last traded price”. It used both mandates, and about 89% of its 15% is now used. Dilution risk: High.
  • DUN — Dundas Minerals placed A$2.88M at 4.5 cents (14 October), “a 11.8% discount to the last closing price”, the deepest stated discount of the week. Forrestania's executive chairman David Geraghty put in A$750,000 for about 5.57%, and directors A$235,000 subject to a vote. Dilution risk: High.
  • KFM — Kingfisher Mining placed A$2.25M at 7.5 cents (14 October), “a 5.6% premium to the Company's 15-day VWAP”, with one free option for every three shares at 10 cents. About A$800,000 uses its current capacity and A$1.45M waits for a vote. That is about 29% of its market value, the largest of the week against company size. Dilution risk: Very high.

The rest of the week: M4M A$2.60M at half a cent, plus its chairman's A$626,000 loan converted on the same terms. AXP a 1-for-1 entitlement offer at half a cent for about A$2.25M, from 0.20 quarters of funding, the thinnest of the week. AV1 A$2.0M at 8 cents from existing holders, above its last close. VRC A$1.5M. FHS about A$1.21M from a placement and entitlement offer. PKD A$800,000 alongside a strategic partnership. MBK A$752,000. FRE A$732,000 in strategic investments. NOR A$695,000 of convertible notes, from 0.79 quarters of funding. And AHF A$500,000, from 0.83 quarters.

The halt conveyor

Ten companies halted for a capital raise in five sessions, against 15 and 11 in the two weeks before: 3DA, AEI, ALB, CMG, DUN, KFM, MCO, MMA, NOR and REC. Six had raised by Friday. Two announced this morning: ALB A$1.8M at 5 cents, split across both mandates, and CMG A$1.25M at 6 cents, a discount of “13.0% to the last traded price”, with an SPP for up to A$800,000 more at the same price. MCO closed out its SPP and placement. AEI was still halted at the time of writing.

Twenty-eight retail offers are open

Holders in 28 companies have a retail offer running or announced: 16 entitlement offers, 8 share purchase plans and 4 rights issues, down from 32. Two came in this week, entitlement offers from AXP and FHS. The oldest still listed, DBF's convertible note entitlement, is dated 27 August.

Placement capacity

The capacity page today lists 140 companies past 75% of their 15% allowance, 88 past 90%, and 16 that have used all of it, against 143, 89 and 18 a week ago. Three of this week's raisers are now past 75%: FRE has used about 95%, AZ9 about 89% and AXP about 82%. Maronan shows the other end of the same rule: with none left, its A$20M needs a vote.

Overhangs among this week's raisers

Options, rights and convertibles already on issue are the dilution that comes after the raise. AZ9's equal 40.7% of its register and DUN's 36.4%. None of Azzuro's is in the money; 15.7% of Dundas's shares are. REC's equal 18.9% (8.0% in the money), and MMA's 8.2%, nearly all of it, 7.7%, in the money.

Chart of the week: where the price landed

-10%-5%0%+5%AZ9+7.0% · last closeKFM+5.6% · 15-day VWAP3DA-1.8% · last ASX closeMMA-2.3% · 5-day VWAPREC-2.5% · 10-day VWAPDUN-11.8% · last close
Above the marketBelow the marketEach against the reference price its own filing names.

Two of the six placements we read priced above the market, and four were within 2.5% of it. Only Dundas took a double-digit discount. Each company picks its own reference, a close or an average over 5, 10 or 15 days, so the bars measure different things; the label says which.

The market currently splits: 592 Minimal, 333 Low, 373 Moderate, 258 High, 185 Very high, and 118 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.