Dilution Watch — 9 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 2 to Friday 6 November. One amount in our feed is corrected from the filing: QMines' A$17.5M was its whole funding position, not the raise.

A quieter week, spread thin. Twenty-eight companies announced new cash raises for about A$127.4M, against A$395.3M the week before. The top three, CUP, SKM and FXG, took A$53.2M; the other twenty-five disclosed A$74.2M between them. On top of that, GCI opened a unit purchase plan that can raise at most A$407.4M. Halts fell back: 8 companies halted for a capital raise in five sessions, against 23 the week before and 10 the week before that.

The week's biggest raises

A holder left out of these raises keeps between 0.61% (Skylark) and 0.92% (Count) of every 1% they held. Each line ends with that figure, counting shares still waiting for a vote.

  • CUP — Count is placing A$25.0M at A$1.57 (5 November), “a 5.4% discount to the last closing price of Count shares of $1.66 on 4 November 2026”. The money part-funds buying 75% of the accounting firm Skybridge, whose owners also get about A$4.0M in Count shares. It last traded at A$1.70. A 1% holder ends at about 0.92%, counting those shares. Dilution risk: Low.
  • SKM — Skylark Minerals placed A$20M at 24 cents (2 November), a “5.5% premium to the last traded price of A$0.228 on 28 October 2026”. PDI Gold takes about A$5.1M for 9.9%, and A$12.15M waits for a meeting in early December. Its latest quarterly showed 0.90 quarters of funding before the raise. A 1% holder ends at about 0.61%. Dilution risk: High.
  • FXG — Felix Gold placed A$7.25M at 12 cents (4 November), “a 14.3% discount to the last closing price and 5-day VWAP of $0.14”, with an SPP for up to A$1M at the same price. Its largest holder and directors put in A$2.3M, subject to a vote. It last traded at 10 cents, below the placement. A 1% holder ends at about 0.90%. Dilution risk: Very high.
  • GHY — Gold Hydrogen placed A$7.9M at 44 cents (2 November), A$4M of it from Eric Sprott, with one option at 66 cents for every two shares. The release states no discount. It has now used about 99% of its 15% placement capacity. A 1% holder ends at about 0.91%, before the options. Dilution risk: High.
  • QML — QMines placed A$5.5M at 5.2 cents (3 November), “a 13.3% discount to the last traded price of $0.06”, with a A$1.0M SPP to follow. The Queensland Critical Minerals Fund is in the placement. A 1% holder ends at about 0.88%. Dilution risk: High.

GCI — Gryphon Capital Income Trust is offering unit holders up to A$30,000 each at A$2.00, the price wholesale investors paid in a placement announced on 8 September. The plan's ceiling of A$407.4M is what it would raise if every holder took the maximum, so it is left out of the week's total; the result announcement will say what it raised.

The rest of the week: NUZ A$4.3M by placement plus an SPP. SBZ A$5.3M by placement. ADX up to A$5.2M by renounceable rights issue. PNN A$5M from a cornerstone investor. PIQ a A$5.0M SPP. AGT A$4.86M by rights issue and placement. OSM A$3.75M. RKB a placement and SPP. FEG a A$3.0M SPP. LPM A$1.66M by placement plus an SPP. NOX A$1.5M by placement plus an SPP. NRL A$2.37M. OLL A$2.1M by placement and entitlement offer. RGL A$1.55M. GW1, SIS, CC5 and AXI about A$1M each. OSS A$700,000. CYP a further A$550,000 after its entitlement offer. TSL and ACQ A$500,000 each. And HVY A$230,000.

Last week's raisers, a week on

Nine of the 22 companies with a stated price that raised in the week of the last edition now trade below it. CTM, which sold shares to Glencore and CNGR at 42.5 cents, last traded at 35.5 cents. CYM, at 33 cents, is at 28.5 cents.

Healthcare is two sectors under one label

The big names pay their own way; most of the small ones pay with new shares. Of 162 ASX healthcare companies, 18 are worth A$1B or more, and 3 of them raised cash in the last 12 months. Of the 104 worth less than A$100M, 63 raised, and 26 had less than two quarters of cash by their own latest quarterly report. Another 24 small ones have no such estimate on record.

0%50%100%A$1B and up3 of 18 raisedA$100M–1B12 of 35 raisedUnder A$100M63 of 104 raised
Each bar is the share of ASX healthcare companies in that size band with at least one cash raise in the last 12 months. Five companies with no market cap on record are left out.

The four with the least left at 30 September, by their own quarterly, and what each has done since:

  • ADR — Adherium: A$120,000 of cash, 0.03 quarters. Since then two loan facilities from Barvest Ventures, A$700,000 on 7 October and A$750,000 on 30 October. Loans add no shares.
  • CYP — Cynata Therapeutics: A$175,000, 0.13 quarters. Since then a A$913,000 entitlement offer, done, and a A$550,000 placement waiting for a vote; the company says cost cuts and the offer extend its cash into the 2028 financial year.
  • CQT — Conneqt Health: A$501,000, 0.16 quarters. No raise announced since; the company says it is working on a debt and equity package, including an R&D tax refund of about A$1.5M.
  • VHL — Vitasora Health: A$862,000, 0.41 quarters. On 29 October a binding term sheet for a A$3M secured loan and option facility from its cornerstone holder, Peters Investments.

Vesting hurdles this week

AVA issued 800,000 performance rights to its four directors, 200,000 each, on 2 November. They vest only if the five-day volume-weighted average price after its FY27 annual report is at least 12.5 cents; the shares last traded at 4.3 cents.

New this week: halts, floats and sector lists

The halts page lists every current trading halt and how many were followed by a new share notice. The floats page lists upcoming ASX listings and recent ones. Each of six commodities now has its own list, from gold to oil and gas. And Ask your AI shows how to connect an AI assistant to the same data.

The halt conveyor

Eight companies halted for a capital raise in five sessions, against 23 and 10 in the two weeks before. Six had raised by Friday: AXI, CUP, FXG, NRL, OSS and RGL. PLA filed its new share notice this morning, and MEL was still halted. All twelve from last week's list still waiting raised this week, and BTE, the one left from the week before, filed its share notice this morning.

Thirty-two retail offers are open

Holders in 32 companies have a retail offer running or announced, up from 25 a week ago: 15 share purchase plans, 12 entitlement offers and 5 rights issues. Five came in this week: SPPs from GCI, PIQ and FEG, ADX's entitlement offer and AGT's rights issue. The oldest still listed, RAN's entitlement offer, is dated 28 September.

Placement capacity

The capacity page today lists 135 companies past 75% of their 15% allowance, 80 past 90%, and 14 that have used all of it, against 137, 80 and 13 a week ago. Of this week's raisers, GCI has used all of it, GHY about 99%, PNN and AXI about 91%, and NUZ about 78%.

Overhangs and runway among this week's raisers

Options, rights and convertibles already on issue are the dilution that comes after the raise. PNN's equal 84.8% of its register and TSL's 53.9%, none in the money. OSM's are 31.1%, and the in-the-money part alone equals 13.8% of its shares. The thinnest runway before raising was FXG's, 0.10 quarters by its own September quarterly, then CYP at 0.13 and RKB at 0.19.

The market currently splits: 575 Minimal, 310 Low, 345 Moderate, 292 High, 200 Very high, and 105 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.