Dilution Watch — 2 November 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 26 to Friday 30 October. Two share notices in our feed are left out: MC Mining's is the shareholder-vote step of a deal it announced in August, and Nagambie's pays a drilling contractor in shares, not cash.

A big week, and mostly gold. Twenty-two companies announced new cash raises for about A$395.3M, against A$27.1M the week before. The top three, TCG, BTR and CTM, took A$269M of it; the other nineteen disclosed A$126.3M between them. Six gold companies raised A$265.7M, two-thirds of the total. Halts more than doubled: 23 companies halted for a capital raise in five sessions, against 10 in each of the two weeks before.

The week's biggest raises

TCG — Turaco Gold is raising up to A$130M at 60 cents (29 October): A$120M by placement, “a 12.4% discount to the closing price of A$0.685 on 26 October 2026”, and up to A$10M by SPP at the same price. The money consolidates its ownership of the Afema gold project. A$97.1M uses its 7.1 capacity now; the other A$23M waits for a meeting in early December. It is up 31.5% in shares on issue over 24 months, and its latest quarterly showed 6.72 quarters of funding. Dilution risk: Moderate.
BTR — Brightstar Resources placed A$82M at 50 cents (27 October), “a 12% discount to the last closing price of A$0.565 on 22 October 2026”. Genesis Minerals took A$30M of it, lifting its stake from 0.8% to about 5.4%. All of it uses existing 7.1 capacity. Brightstar was in last week's halt list with no raise yet. Dilution risk: High.
CTM — Centaurus Metals is taking US$40M (about A$57.0M) from Glencore and CNGR alongside an offtake deal (28 October), at 42.5 cents, “a 5% premium to the 20-Day VWAP”. The first US$12.5M from each uses its 7.1 capacity; CNGR's waits for Chinese approval. The second US$7.5M each needs a shareholder vote and a final investment decision. That leaves it at about 99% of its 15%. It last traded at 35.5 cents, below the deal price. Dilution risk: High.
TSO — Tesoro Gold placed A$40M at 73 cents (29 October), “a 9.9% discount to the last close price of A$0.81 on 27 October 2026”. A$32.8M uses both its 7.1 and 7.1A capacity now; A$7.2M waits for a meeting in December. Its latest quarterly showed 1.61 quarters of funding before the raise. Dilution risk: High.
CYM — Cyprium Metals placed A$20.7M at 33 cents (30 October), a “9.6% discount to the last traded price of A$0.365 on 28 October 2026”, with an SPP for up to about A$5M at the same price. The headline “up to A$83M” adds a US$40M loan extension from Nebari, which comes with warrants. It last traded at 30 cents. Its latest quarterly showed 4.15 quarters of funding. Dilution risk: High.

The rest of the week: YRL A$10M, a A$9.0M placement and a A$1.0M SPP at 7.5 cents. IXC A$10M at 8 cents, most of it subject to a vote alongside its purchase of Rekover Therapeutics. JRL listed after an A$8M IPO at 20 cents. RHT A$6.0M at 7.2 cents. A3D A$6M at 5.5 cents. NGX A$3.6M at 6 cents. MNE A$3M at 14 cents. BUS A$3.0M at 7 cents. JNS about A$2.0M from its battery supplier Electrovaya, at the 5-day VWAP. DTZ A$2.0M at 1.6 cents with a free option per share. X2M A$1.4M by placement, with a A$3.6M rights issue to follow. PIM up to A$1.3M with a tungsten acquisition in Utah. AX8 A$1.1M. CBY a A$1M SPP. TXR A$775,000. SKN A$700,000. And RLC A$700,000.

The small raises took the deep discounts

The four raises above A$20M that named a discount to the last price took 9.6% to 12.4% off, and Centaurus priced above its 20-day average. The deepest cuts were at the bottom: TXR “a 28.6% discount to the closing price”, DTZ 27.3% off its last close, AX8 20.0%, BUS 15.66% and NGX 14%. Each figure is against the reference its own filing names.

Last week's raisers, a week on

Six of the ten companies with a stated price that raised in the week of the last edition now trade below it. HLX, which placed at 4 cents, last traded at 3.2 cents. MAP, also at 4 cents, is at 3.45 cents.

New this week: filter the screener by commodity and stage

The screener now filters by commodity and by project stage, from exploration through feasibility to production, on 871 resource companies. Each of their pages shows the same tag. The chart below uses it.

The halt conveyor

Twenty-three companies halted for a capital raise in five sessions, against 10 and 10 in the two weeks before. Eleven of them had raised by Friday: A3D, BUS, CYM, DTZ, MGT, MNE, TCG, TSO, TXR, X2M and YRL. The other twelve had no raise out by Friday: CC5, GHY, LPM, NOX, NUZ, OLL, OSM, QML, RKB, SBZ, SIS and SKM. Of the eight from last week's list still waiting, seven raised this week; only BTE has not.

Twenty-five retail offers are open

Holders in 25 companies have a retail offer running or announced, down from 28 a week ago: 12 entitlement offers, 8 share purchase plans and 5 rights issues. Four came in this week: SPPs from TCG, CYM and CBY, and X2M's rights issue. The oldest still listed, AAU's entitlement offer, is dated 8 September.

Placement capacity

The capacity page today lists 137 companies past 75% of their 15% allowance, 80 past 90%, and 13 that have used all of it, against 138, 84 and 13 a week ago. Four of this week's raisers are now past 75%: NGX has used all of it, CTM and IXC about 99%, and BUS about 78%.

Overhangs among this week's raisers

Options, rights and convertibles already on issue are the dilution that comes after the raise. X2M's equal 94.1% of its register, before its rights issue. MNE's are 65.0% and PIM's 54.4%. None of the three has any in the money.

Chart of the week: two-thirds of the money went to gold

Each bar is the money the week's raises disclosed, grouped by the commodity on the company's page. Everything else covers 12 raises: biotech, tech, health, defence manufacturing, a new listing and five small resource companies.

Six gold companies raised A$265.7M, led by Turaco, Brightstar and Tesoro. One nickel developer, Centaurus, took A$57.0M from two strategic buyers. Three copper names raised A$27.5M, nearly all of it Cyprium's. The other twelve raises, from biotech to defence manufacturing, came to A$45.1M together.

The market currently splits: 576 Minimal, 312 Low, 355 Moderate, 284 High, 193 Very high, and 107 Not rated. A bit over 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.