u/Vintego_92

Disclosure (rule 3): I run DilutionLens, free site tracking dilution off ASX filings. No links, not advice.

Was going through the June quarter 4Cs and pulled out the ones where cash at 30 June didn't cover another quarter at the same spend, and that haven't raised or put out a 3B since. Started from our raise model's top 40, about a third had already tapped the market, these 8 are left:

Ticker	Company	Mcap	Cash 30 Jun	Spent in Jun qtr	Own runway
AJX	Alexium	$19.0m	$0.32m	$1.09m	0.1 qtrs
USC	US1 Critical Minerals	$22.3m	$0.30m	$1.55m	0.2 qtrs
MNE	Macallum New Energy	$25.9m	$1.82m	$3.14m	0.6 qtrs
SUH	Southern Hemisphere Mining	$24.3m	$0.11m	$1.69m	0.64 qtrs
EMH	European Metals	$45.2m	$0.75m	$1.00m	0.75 qtrs
AR9	archTIS	$36.3m	$2.87m	$4.57m	0.89 qtrs
LAT	Latitude 66	$25.5m	$1.49m	$1.87m	0.89 qtrs
M79	Mammoth Minerals	$19.6m	$1.99m	$2.16m	1.0 qtrs

"Own runway" is the company's own number from the 4C (item 8.7). Every one says a quarter or less.

Doesn't mean they all have to raise. Some have money the 4C doesn't show - EMH has a loan facility, LAT has sold assets before, AR9 says it's chasing receivables and cutting costs. A few shares got issued since June but none for cash (director fees, small option exercises, that sort of thing).

The model's hit rate is roughly a coin flip over 60 trading days, so I'll come back here next Saturday and the one after with who actually raised, how much and at what price. Sep quarter 4Cs are due 31 Oct, so it'll be clear one way or the other by then.

Disclosure (rule 7): I run DilutionLens, free site tracking dilution off ASX filings. One-off, not the weekly post. No links, not advice.

Was going through the June quarter 4Cs and pulled out the ones where cash at 30 June didn't cover another quarter at the same spend, and that haven't raised or put out a 3B since. Started from our raise model's top 40, about a third had already tapped the market, these 8 are left:

Ticker	Company	Mcap	Cash 30 Jun	Spent in Jun qtr	Own runway
AJX	Alexium	$19.0m	$0.32m	$1.09m	0.1 qtrs
USC	US1 Critical Minerals	$22.3m	$0.30m	$1.55m	0.2 qtrs
MNE	Macallum New Energy	$25.9m	$1.82m	$3.14m	0.6 qtrs
SUH	Southern Hemisphere Mining	$24.3m	$0.11m	$1.69m	0.64 qtrs
EMH	European Metals	$45.2m	$0.75m	$1.00m	0.75 qtrs
AR9	archTIS	$36.3m	$2.87m	$4.57m	0.89 qtrs
LAT	Latitude 66	$25.5m	$1.49m	$1.87m	0.89 qtrs
M79	Mammoth Minerals	$19.6m	$1.99m	$2.16m	1.0 qtrs

"Own runway" is the company's own number from the 4C (item 8.7). Every one says a quarter or less.

Doesn't mean they all have to raise. Some have money the 4C doesn't show - EMH has a loan facility, LAT has sold assets before, AR9 says it's chasing receivables and cutting costs. A few shares got issued since June but none for cash (director fees, small option exercises, that sort of thing).

The model's hit rate is roughly a coin flip over 60 trading days, so I'll come back here next Saturday and the one after with who actually raised, how much and at what price. Sep quarter 4Cs are due 31 Oct, so it'll be clear one way or the other by then.

Disclosure first: I run DilutionLens, a free site that tracks dilution for every ASX company from the filings. Mods cleared this. Every number below comes from an ASX announcement (raise notices, Appendix 3B/2A filings, quarterly and half-year cash reports). No links, no picks, not advice.

Twenty-seven companies announced cash raises between Monday 21 and Friday 25 September for about A$468M in disclosed proceeds, and it was a week of big cheques: seven placements of A$42M or more carried A$404.9M of it. The other twenty disclosed A$63.4M between them. Five of the seven stated a discount, from 0.9% to 16.9%; AIC Mines priced at the close and Meeka stated none. 16 companies halted citing a capital raise in five sessions, against 17 and 11 the two weeks before.

The week's biggest raises

Ticker	Company	Raise	Price / discount	Off the filings
A1M	AIC Mines	A$70M placement to Hawke's Point (23 Sep)	79.5c, the 21 Sep close, nil discount	88,050,315 shares. Funds the A$20M cash part of a A$120M Mt Cuthbert copper purchase; the other A$100M is 125.8M shares at the same price. Both need a vote. +11.0% on 799.5M for the placement, about +27% with the consideration shares.
SVL	Silver Mines	A$70M two-tranche placement (21 Sep)	14.5c, 10.0% under the 5-day VWAP	277,733,713 shares under the 15% now, 205,024,908 waiting on the 26 Nov AGM. About +22% on 2.22B. Latest quarterly's own estimate: 6.8 quarters.
WC8	Wildcat Resources	A$60M placement (21 Sep)	30.5c, 10.3% under the 34c last trade, 11.2% under 5-day VWAP	183,606,558 under the 15%, 13,114,754 at a November meeting. Now about 91% of its 15% used in 12 months.
USL	Unico Silver	A$60M placement (24 Sep)	76c, 10.1% under the 84.5c close, 10.4% under 5-day VWAP	About 63.6M shares from the extra 10% (7.1A), 15.3M from the 15%. About 721M shares after, +12.3%; company puts pro-forma cash at about A$110M.
AUE	Aurum Resources	A$52.5M placement (23 Sep)	55c, 0.9% under the 55.5c close, 2.4% under 10-day VWAP	53,874,546 under 7.1, 41,580,000 under 7.1A. Strategic investors took A$32.3M, about 25% together after. +23%; options and rights already 22.1% of the register.
TGN	Tungsten Mining	A$50M placement (22 Sep)	32c, 16.9% under the 38.5c close, 9.8% under 15-day VWAP	139,634,020 shares under 7.1A, 16,615,980 under 7.1. About +10%. The deepest discount of the seven.
MEK	Meeka Metals	A$42.4M two-tranche placement (25 Sep)	10c, no discount stated	329,815,836 under the 15% now, 94,184,164 (incl. A$40,000 from a director) at the 24 Nov AGM. Company puts cash at about A$21M before it, about A$50M at quarter end. About +13.7% on 3.1B.

The rest

Ticker	Raise	Price / discount	Off the filings
NYR	A$12M placement + A$2M SPP	62c a CDI, 15.1% under the last trade	3 options per 4 CDIs, plus a "piggyback" option for each one exercised
LMG	A$5.1M placement + A$3.4M 1-for-15 entitlement, underwritten	1.5c
NXM	A$5.4M placement	5.3c, 8.6% under the close	41,886,793 under 7.1, 60,000,000 under 7.1A, about +14%
VBX	A$4.5M placement + A$2.5M MD loan-note conversion if the AGM agrees	64c, 15.5% under 5-day VWAP	0.12 quarters of funding by its latest quarterly's own estimate, the thinnest of the week
UM1	A$3.5M placement + A$1M SPP	15c, 24.5% under 15-day VWAP	1 option per 2 shares
BUY	A$3.55M placement	1.2c	Alongside a Liberian deepwater block paid in 949M shares plus up to 1B performance shares, on a 1.18B register
FG1	1-for-3 renounceable rights, up to A$3M	1.5c, 21% under the last price	Underwritten to A$1.5M
LKE	A$3.0M at-the-market draw	4.45c, a 4.6% premium to 15-day VWAP	All under 7.1A
NVQ	A$1.8M placement	3.5c	Conditional on the AGM: its placement capacity is restricted until 19 December
SLZ	A$1.3M placement	0.9c, 13.5% under 15-day VWAP	One listed and one unlisted option per two shares
ENT	A$1.2M placement	0.2c, 33% under the close	600M shares, about +36%; 350M after a meeting

Also PTX A$6.0M (SPP + placement), MCO A$1.5M SPP, MHK A$1.2M at 9.5c, PR2 A$1.1M at 1.8c, and IOD, NYM, AOK, MDX, SAN A$2.8M between them.

Where the seven big placements found their shares

Ticker	15% (7.1), issued now	Extra 10% (7.1A)	Waiting on a vote	New shares
A1M	none	none	88.1M	88.1M
SVL	277.7M	none	205.0M	482.8M
WC8	183.6M	none	13.1M	196.7M
USL	15.3M	63.6M	none	78.9M
AUE	53.9M	41.6M	none	95.5M
TGN	16.6M	139.6M	none	156.3M
MEK	329.8M	none	94.2M	424.0M
All seven	876.9M (58%)	244.8M (16%)	400.4M (26%)	1,522.1M

The 7.1A mandate is approved a year at a time at the AGM. About three shares in four reach the register without a vote on that raise.

The halt conveyor

16 companies halted citing a capital raise: 3DA, A1M, AUE, FLX, MEK, NYM, OCT, PR2, PTX, PV1, SLZ, SVL, TGN, UM1, USL, VBX. Twelve had announced by Friday. 3DA halted for a raise and then announced it had postponed its U.S. IPO. FLX (A$5.54M placement + SPP) and OCT (acquisition + raise) announced Monday morning, and PV1 a convertible note facility and SPP Monday evening.

38 retail offers open

21 SPPs, 13 entitlement offers, 4 rights issues. Last week's 38 included a July entitlement offer that had already closed, so like for like it's one more. New this week: NYR's SPP (opens 12 Oct), LMG's entitlement (opens 30 Sep), FG1's rights, and SPPs from PTX, UM1 and MCO.

Placement capacity

Off the last 12 months of 3Bs, before any ratification: 196 companies past 75% of the 15% (192 last week), 135 past 90% (129), 31 have used all of it (30); 86 of the 196 have also drawn on 7.1A. This week WC8 went to about 91% and SAN to about 99%. NVQ is at 100%, which is why its placement waits on a vote.

New: an option expiry calendar

88 option and rights classes across 71 companies expire in the next 30 days, to 28 October. 79 are options that only become shares if holders pay the strike; 8 are performance rights or shares that convert on a condition.

Dilution risk across the market: 586 Minimal, 339 Low, 388 Moderate, 250 High, 175 Very high, 112 Not rated. About one in four rated companies sits at High or Very high.

Happy to pull the filing on any name in here if someone wants the detail. Next one Monday.

If you'd rather get these in your inbox, the site's Watch page has a free email signup - one field, and the link it sends turns it on. No URL here, that's the deal with the mods.

General information only, not financial advice. No view on any company's future actions or securities.

Disclosure first (rule 3): I run DilutionLens, a free site that tracks dilution for every ASX company from the filings. Asked the mods before posting. Every number below comes from an ASX announcement (raise notices, Appendix 3B/2A filings, quarterly and half-year cash reports). No links, no picks, not advice.

Twenty-seven companies announced cash raises between Monday 21 and Friday 25 September for about A$468M in disclosed proceeds, and it was a week of big cheques: seven placements of A$42M or more carried A$404.9M of it. The other twenty disclosed A$63.4M between them. Five of the seven stated a discount, from 0.9% to 16.9%; AIC Mines priced at the close and Meeka stated none. 16 companies halted citing a capital raise in five sessions, against 17 and 11 the two weeks before.

The week's biggest raises

Ticker	Company	Raise	Price / discount	Off the filings
A1M	AIC Mines	A$70M placement to Hawke's Point (23 Sep)	79.5c, the 21 Sep close, nil discount	88,050,315 shares. Funds the A$20M cash part of a A$120M Mt Cuthbert copper purchase; the other A$100M is 125.8M shares at the same price. Both need a vote. +11.0% on 799.5M for the placement, about +27% with the consideration shares.
SVL	Silver Mines	A$70M two-tranche placement (21 Sep)	14.5c, 10.0% under the 5-day VWAP	277,733,713 shares under the 15% now, 205,024,908 waiting on the 26 Nov AGM. About +22% on 2.22B. Latest quarterly's own estimate: 6.8 quarters.
WC8	Wildcat Resources	A$60M placement (21 Sep)	30.5c, 10.3% under the 34c last trade, 11.2% under 5-day VWAP	183,606,558 under the 15%, 13,114,754 at a November meeting. Now about 91% of its 15% used in 12 months.
USL	Unico Silver	A$60M placement (24 Sep)	76c, 10.1% under the 84.5c close, 10.4% under 5-day VWAP	About 63.6M shares from the extra 10% (7.1A), 15.3M from the 15%. About 721M shares after, +12.3%; company puts pro-forma cash at about A$110M.
AUE	Aurum Resources	A$52.5M placement (23 Sep)	55c, 0.9% under the 55.5c close, 2.4% under 10-day VWAP	53,874,546 under 7.1, 41,580,000 under 7.1A. Strategic investors took A$32.3M, about 25% together after. +23%; options and rights already 22.1% of the register.
TGN	Tungsten Mining	A$50M placement (22 Sep)	32c, 16.9% under the 38.5c close, 9.8% under 15-day VWAP	139,634,020 shares under 7.1A, 16,615,980 under 7.1. About +10%. The deepest discount of the seven.
MEK	Meeka Metals	A$42.4M two-tranche placement (25 Sep)	10c, no discount stated	329,815,836 under the 15% now, 94,184,164 (incl. A$40,000 from a director) at the 24 Nov AGM. Company puts cash at about A$21M before it, about A$50M at quarter end. About +13.7% on 3.1B.

The rest

Ticker	Raise	Price / discount	Off the filings
NYR	A$12M placement + A$2M SPP	62c a CDI, 15.1% under the last trade	3 options per 4 CDIs, plus a "piggyback" option for each one exercised
LMG	A$5.1M placement + A$3.4M 1-for-15 entitlement, underwritten	1.5c
NXM	A$5.4M placement	5.3c, 8.6% under the close	41,886,793 under 7.1, 60,000,000 under 7.1A, about +14%
VBX	A$4.5M placement + A$2.5M MD loan-note conversion if the AGM agrees	64c, 15.5% under 5-day VWAP	0.12 quarters of funding by its latest quarterly's own estimate, the thinnest of the week
UM1	A$3.5M placement + A$1M SPP	15c, 24.5% under 15-day VWAP	1 option per 2 shares
BUY	A$3.55M placement	1.2c	Alongside a Liberian deepwater block paid in 949M shares plus up to 1B performance shares, on a 1.18B register
FG1	1-for-3 renounceable rights, up to A$3M	1.5c, 21% under the last price	Underwritten to A$1.5M
LKE	A$3.0M at-the-market draw	4.45c, a 4.6% premium to 15-day VWAP	All under 7.1A
NVQ	A$1.8M placement	3.5c	Conditional on the AGM: its placement capacity is restricted until 19 December
SLZ	A$1.3M placement	0.9c, 13.5% under 15-day VWAP	One listed and one unlisted option per two shares
ENT	A$1.2M placement	0.2c, 33% under the close	600M shares, about +36%; 350M after a meeting

Also PTX A$6.0M (SPP + placement), MCO A$1.5M SPP, MHK A$1.2M at 9.5c, PR2 A$1.1M at 1.8c, and IOD, NYM, AOK, MDX, SAN A$2.8M between them.

Where the seven big placements found their shares

Ticker	15% (7.1), issued now	Extra 10% (7.1A)	Waiting on a vote	New shares
A1M	none	none	88.1M	88.1M
SVL	277.7M	none	205.0M	482.8M
WC8	183.6M	none	13.1M	196.7M
USL	15.3M	63.6M	none	78.9M
AUE	53.9M	41.6M	none	95.5M
TGN	16.6M	139.6M	none	156.3M
MEK	329.8M	none	94.2M	424.0M
All seven	876.9M (58%)	244.8M (16%)	400.4M (26%)	1,522.1M

The 7.1A mandate is approved a year at a time at the AGM. About three shares in four reach the register without a vote on that raise.

The halt conveyor

16 companies halted citing a capital raise: 3DA, A1M, AUE, FLX, MEK, NYM, OCT, PR2, PTX, PV1, SLZ, SVL, TGN, UM1, USL, VBX. Twelve had announced by Friday. 3DA halted for a raise and then announced it had postponed its U.S. IPO. FLX (A$5.54M placement + SPP) and OCT (acquisition + raise) announced this morning. PV1 halted Friday, due back Tuesday.

38 retail offers open

21 SPPs, 13 entitlement offers, 4 rights issues. Last week's 38 included a July entitlement offer that had already closed, so like for like it's one more. New this week: NYR's SPP (opens 12 Oct), LMG's entitlement (opens 30 Sep), FG1's rights, and SPPs from PTX, UM1 and MCO.

Placement capacity

Off the last 12 months of 3Bs, before any ratification: 196 companies past 75% of the 15% (192 last week), 135 past 90% (129), 31 have used all of it (30); 86 of the 196 have also drawn on 7.1A. This week WC8 went to about 91% and SAN to about 99%. NVQ is at 100%, which is why its placement waits on a vote.

New: an option expiry calendar

88 option and rights classes across 71 companies expire in the next 30 days, to 28 October. 79 are options that only become shares if holders pay the strike; 8 are performance rights or shares that convert on a condition.

Dilution risk across the market: 586 Minimal, 339 Low, 388 Moderate, 250 High, 175 Very high, 112 Not rated. About one in four rated companies sits at High or Very high.

Happy to pull the filing on any name in here if someone wants the detail. Next one Monday.

If you'd rather get these in your inbox, the site's Watch page has a free email signup - one field, and the link it sends turns it on. No URL here, that's the deal with the mods.

General information only, not financial advice. No view on any company's future actions or securities.

Disclosure first: I run DilutionLens, a free site that tracks dilution for every ASX company from the filings. Mods cleared this. Every number below comes from an ASX announcement (raise notices, Appendix 3B/2A filings, quarterly and half-year cash reports). No links, no picks, not advice.

Sixteen companies announced cash raises between Monday 14 and Friday 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, CYQ, about A$45M) landed on the Monday and Tuesday and were in last week's post; this one covers the ten that followed. The halt conveyor doubled: 17 companies halted citing a capital raise in five sessions, against 11 and 21 the two weeks before.

The week's biggest raises

Ticker	Company	Raise	Price / discount	Off the filings
MI6	Minerals 260	A$250M two-tranche placement (16 Sep) + SPP up to A$30M	88c, nil discount to the pre-halt close, 3.5% premium to 10-day VWAP	284,090,910 new shares on a 2.27B register, +12.5%. The announcement gives the split: A$178.9M / 203,291,499 shares under the 15% now, A$71.1M / 80,799,411 shares waiting on a late-October meeting. Franco-Nevada took A$30M two days after agreeing to pay A$170M for a bigger royalty. Company puts pro-forma cash at about A$633M and says the rest of the Bullabulling build is expected to be debt.
WCN	White Cliff Minerals	A$8.77M placement to Hancock Prospecting (15 Sep)	1.7c, the previous day's close	515,791,601 shares, +15.6%, Hancock to about 13.5% on completion. Needs a shareholder vote under LR 10.11; the same 19 Oct meeting is asked to approve a 20-for-1 consolidation. Options overhang 40.1% of the current register.
CMB	Cambium Bio	A$7.1M (US$5.0M) placement (16 Sep)	48c, a 4.3% premium to the 46c close	14,791,667 shares on a 29,431,918 register, +50%, all conditional on the November AGM. No 7.1 or 7.1A capacity used. Two associated investors go from 18.51% to 31.85% of the votes under item 7 of s611. June quarterly's own estimate: 1.38 quarters.
IOV	ION Video	A$4.25M placement (16 Sep), sought A$3M	40c, 2% premium to 10-day VWAP	7,627,500 shares + 1 free option at A$1.00 per two, inside the 15%; directors take 3M more shares (A$1.2M) subject to the AGM. About +8% on 133.6M. Consolidated 100-for-1 in January and relisted from its old code, so no growth figure.
ABX	ABx Group	A$2.1M placement + fully underwritten A$2.0M SPP (17 Sep)	3.1c, 18% under the 15-day VWAP of 3.78c	27,024,335 shares under the 15%, 37,491,794 under the extra 10%, 1 option at 4.6c per two shares. Placement + SPP about +35% on 374.9M before options. June quarterly's own estimate: 0.87 quarters. Overhang already 39.5% of the register.
HIT	HiTech Group	A$4.0M placement (16 Sep)	A$1.00	4M shares on 42.3M, +9.5%, beside a A$10M term loan for the Hudson acquisition.

The rest, and it is the small end that carries the dilution

Ticker	Raise	Price / discount	Off the filings
ATT	A$1.215M placement (17 Sep) + 2-for-3 rights issue up to A$1.5M on the same terms	0.5c, 37.5% under the last close, 28.7% under 15-day VWAP	243M placement shares, only 66,917,561 fit under the 15%. Together they more than double a 446M register that already carries an 89.6% options overhang. 0.9 quarters by the company's own estimate.
ENV	A$1.5M placement (16 Sep) + 1-for-4 rights issue up to A$495,200	0.1c	1.5B shares on a 1.98B register: 297M now under the 15%, 1.2B after a meeting. An option over a Brazilian monazite project would be paid in 300M more shares. 0.79 quarters by its own estimate.
M2R	A$1.25M placement (16 Sep)	0.175c, 12.5% under the last trade and 15-day VWAP	527M shares now under 7.1 and 7.1A, 187M more after the AGM: about +34% on 2.1B. Options overhang 87.9%, 0.73 quarters.
CC9	A$1.1M placement (17 Sep)	5c	22M shares under the 15%, 1 attaching listed option per two. 1.09 quarters, 35.8% overhang.

This week's two Sydney conferences, through the filings

Coffee Microcaps is Tuesday (8 presenters), ASX SMIDcaps Wednesday (27). Presenters pay to pitch and the organiser scores nobody, so here is what the filings say about the Coffee room:

Ticker	Company	Dilution risk	Options/rights as % of register	Cash cover
FID	Fiducian	Minimal	none on record	4+ quarters
RZI	Raiz Invest	Minimal	10.7%	no band
PHX	PharmX	Low	4.0%	4+ quarters
NOL	NobleOak	Low	5.7%	no band
EMV	EmVision	Low	8.7%	4+ quarters
STV	Swift TV	Moderate	9.2%	2-4 quarters
IMC	Immuron	Moderate	3.6%	4+ quarters
EVE	EVE Health	Very high	46.8%	under 2 quarters

FID and RZI have no cash raise in the last 12 months. EVE placed A$904,000 at 2c in March with two free 4c options per share, and consolidated 40-for-1 in May 2025; it pitches again in Melbourne on 20 October.

What happened after last year's rooms:

Room, 2025	Presenters	Raised within 90 days of pitching
Coffee Microcaps, 16 Sep	7	3, A$25.5M: IMB A$20M placement at 58c (16 Dec, 10.1% under the close), IMC A$4.2M across two issues, 1CG A$1.25M placement (7 Oct)
ASX SMIDcaps, 24 Sep	27	3, A$98.3M: LGI A$51.2M placement + A$5M SPP (23 Oct), CCV A$25M placement + entitlement offer (27 Oct), MCA A$17M placement the same week. 6 and A$253M by 180 days; MI6 was one of the six, A$50M in February and A$250M this week.

Eleven of last year's 27 SMIDcaps presenters have no raise event on record at all, so 3 is a floor. Across the three 2025 rooms measured (these two plus Melbourne): 59 presenter slots, 15 followed by a raise inside 90 days, 13 companies, A$157.3M. Of this year's 23 SMIDcaps presenters with a ticker, 13 are rated Minimal and only ATH is High (20.7% overhang).

The halt conveyor

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

38 retail offers open right now

Holders in 38 companies are inside a take-up window: 20 share purchase plans, 15 entitlement offers, 3 rights issues, up from 32 last week. Opened this week: TZN (rights issue), BRY, DWG and ATT (entitlement offers), ABX (underwritten SPP), with ENV's 1-for-4 and MI6's SPP to follow. Oldest still running: PR2 and X2M, opened 24 July.

Placement capacity

Listing Rule 7.1 lets a company place 15% of its shares in 12 months without asking holders; 7.1A adds 10% for small caps with the mandate. Off the last 12 months of 3Bs, before any ratification: 192 companies past 75% of the 15%, 129 past 90%, 30 have used all of it (a 31st is suspended); 86 of the 192 have also drawn on 7.1A. This week's crossings: CYQ (about 99% used), DWG (about 95%), ENV (about 79%). MI6, by contrast, has A$71.1M waiting on a meeting because the 15% ran out at A$178.9M.

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

Until this week the cash-cover band came only from the quarterly, so larger companies that stopped filing one had no band. The 4D/4E cash-flow statements are now read too. Across 1,824 companies: 868 at 4+ quarters (515 last week), 217 at 2-4, 370 under 2, and 369 with no band (742 last week). The 369 left are mostly banks, lenders, insurers, property and investment vehicles, plus companies with no cash report on record.

What the week's raises cost holders

Ticker	Discount	Register if it fills
MI6	nil	+12.5%
WCN	nil (last close)	+15.6%
CMB	4.3% premium	+50%
IOV	2% premium to VWAP	+8%
HIT	not stated	+9.5%
CC9	not stated	+9.7%
ABX	18% under VWAP	+35% with the SPP
M2R	12.5% under	+34%
ENV	not stated	+76% placement, +25% rights
ATT	37.5% under close	more than double

The three biggest priced at or above the market; the deepest discounts landed on the registers already most diluted.

Dilution risk across the market: 586 Minimal, 339 Low, 375 Moderate, 253 High, 172 Very high, 99 Not rated. About one in four rated companies sits at High or Very high.

Happy to pull the filing on any name in here if someone wants the detail. Next one Monday.

General information only, not financial advice. No view on any company's future actions or securities.

Disclosure first (rule 3): I run DilutionLens, a free site that tracks dilution for every ASX company from the filings. Asked the mods before posting. Every number below comes from an ASX announcement (raise notices, Appendix 3B/2A filings, quarterly and half-year cash reports). No links, no picks, not advice.

Sixteen companies announced cash raises between Monday 14 and Friday 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, CYQ, about A$45M) landed on the Monday and Tuesday and were in last week's post; this one covers the ten that followed. The halt conveyor doubled: 17 companies halted citing a capital raise in five sessions, against 11 and 21 the two weeks before.

The week's biggest raises

Ticker	Company	Raise	Price / discount	Off the filings
MI6	Minerals 260	A$250M two-tranche placement (16 Sep) + SPP up to A$30M	88c, nil discount to the pre-halt close, 3.5% premium to 10-day VWAP	284,090,910 new shares on a 2.27B register, +12.5%. The announcement gives the split: A$178.9M / 203,291,499 shares under the 15% now, A$71.1M / 80,799,411 shares waiting on a late-October meeting. Franco-Nevada took A$30M two days after agreeing to pay A$170M for a bigger royalty. Company puts pro-forma cash at about A$633M and says the rest of the Bullabulling build is expected to be debt.
WCN	White Cliff Minerals	A$8.77M placement to Hancock Prospecting (15 Sep)	1.7c, the previous day's close	515,791,601 shares, +15.6%, Hancock to about 13.5% on completion. Needs a shareholder vote under LR 10.11; the same 19 Oct meeting is asked to approve a 20-for-1 consolidation. Options overhang 40.1% of the current register.
CMB	Cambium Bio	A$7.1M (US$5.0M) placement (16 Sep)	48c, a 4.3% premium to the 46c close	14,791,667 shares on a 29,431,918 register, +50%, all conditional on the November AGM. No 7.1 or 7.1A capacity used. Two associated investors go from 18.51% to 31.85% of the votes under item 7 of s611. June quarterly's own estimate: 1.38 quarters.
IOV	ION Video	A$4.25M placement (16 Sep), sought A$3M	40c, 2% premium to 10-day VWAP	7,627,500 shares + 1 free option at A$1.00 per two, inside the 15%; directors take 3M more shares (A$1.2M) subject to the AGM. About +8% on 133.6M. Consolidated 100-for-1 in January and relisted from its old code, so no growth figure.
ABX	ABx Group	A$2.1M placement + fully underwritten A$2.0M SPP (17 Sep)	3.1c, 18% under the 15-day VWAP of 3.78c	27,024,335 shares under the 15%, 37,491,794 under the extra 10%, 1 option at 4.6c per two shares. Placement + SPP about +35% on 374.9M before options. June quarterly's own estimate: 0.87 quarters. Overhang already 39.5% of the register.
HIT	HiTech Group	A$4.0M placement (16 Sep)	A$1.00	4M shares on 42.3M, +9.5%, beside a A$10M term loan for the Hudson acquisition.

The rest, and it is the small end that carries the dilution

Ticker	Raise	Price / discount	Off the filings
ATT	A$1.215M placement (17 Sep) + 2-for-3 rights issue up to A$1.5M on the same terms	0.5c, 37.5% under the last close, 28.7% under 15-day VWAP	243M placement shares, only 66,917,561 fit under the 15%. Together they more than double a 446M register that already carries an 89.6% options overhang. 0.9 quarters by the company's own estimate.
ENV	A$1.5M placement (16 Sep) + 1-for-4 rights issue up to A$495,200	0.1c	1.5B shares on a 1.98B register: 297M now under the 15%, 1.2B after a meeting. An option over a Brazilian monazite project would be paid in 300M more shares. 0.79 quarters by its own estimate.
M2R	A$1.25M placement (16 Sep)	0.175c, 12.5% under the last trade and 15-day VWAP	527M shares now under 7.1 and 7.1A, 187M more after the AGM: about +34% on 2.1B. Options overhang 87.9%, 0.73 quarters.
CC9	A$1.1M placement (17 Sep)	5c	22M shares under the 15%, 1 attaching listed option per two. 1.09 quarters, 35.8% overhang.

This week's two Sydney conferences, through the filings

Coffee Microcaps is Tuesday (8 presenters), ASX SMIDcaps Wednesday (27). Presenters pay to pitch and the organiser scores nobody, so here is what the filings say about the Coffee room:

Ticker	Company	Dilution risk	Options/rights as % of register	Cash cover
FID	Fiducian	Minimal	none on record	4+ quarters
RZI	Raiz Invest	Minimal	10.7%	no band
PHX	PharmX	Low	4.0%	4+ quarters
NOL	NobleOak	Low	5.7%	no band
EMV	EmVision	Low	8.7%	4+ quarters
STV	Swift TV	Moderate	9.2%	2-4 quarters
IMC	Immuron	Moderate	3.6%	4+ quarters
EVE	EVE Health	Very high	46.8%	under 2 quarters

FID and RZI have no cash raise in the last 12 months. EVE placed A$904,000 at 2c in March with two free 4c options per share, and consolidated 40-for-1 in May 2025; it pitches again in Melbourne on 20 October.

What happened after last year's rooms:

Room, 2025	Presenters	Raised within 90 days of pitching
Coffee Microcaps, 16 Sep	7	3, A$25.5M: IMB A$20M placement at 58c (16 Dec, 10.1% under the close), IMC A$4.2M across two issues, 1CG A$1.25M placement (7 Oct)
ASX SMIDcaps, 24 Sep	27	3, A$98.3M: LGI A$51.2M placement + A$5M SPP (23 Oct), CCV A$25M placement + entitlement offer (27 Oct), MCA A$17M placement the same week. 6 and A$253M by 180 days; MI6 was one of the six, A$50M in February and A$250M this week.

Eleven of last year's 27 SMIDcaps presenters have no raise event on record at all, so 3 is a floor. Across the three 2025 rooms measured (these two plus Melbourne): 59 presenter slots, 15 followed by a raise inside 90 days, 13 companies, A$157.3M. Of this year's 23 SMIDcaps presenters with a ticker, 13 are rated Minimal and only ATH is High (20.7% overhang).

The halt conveyor

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

38 retail offers open right now

Holders in 38 companies are inside a take-up window: 20 share purchase plans, 15 entitlement offers, 3 rights issues, up from 32 last week. Opened this week: TZN (rights issue), BRY, DWG and ATT (entitlement offers), ABX (underwritten SPP), with ENV's 1-for-4 and MI6's SPP to follow. Oldest still running: PR2 and X2M, opened 24 July.

Placement capacity

Listing Rule 7.1 lets a company place 15% of its shares in 12 months without asking holders; 7.1A adds 10% for small caps with the mandate. Off the last 12 months of 3Bs, before any ratification: 192 companies past 75% of the 15%, 129 past 90%, 30 have used all of it (a 31st is suspended); 86 of the 192 have also drawn on 7.1A. This week's crossings: CYQ (about 99% used), DWG (about 95%), ENV (about 79%). MI6, by contrast, has A$71.1M waiting on a meeting because the 15% ran out at A$178.9M.

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

Until this week the cash-cover band came only from the quarterly, so larger companies that stopped filing one had no band. The 4D/4E cash-flow statements are now read too. Across 1,824 companies: 868 at 4+ quarters (515 last week), 217 at 2-4, 370 under 2, and 369 with no band (742 last week). The 369 left are mostly banks, lenders, insurers, property and investment vehicles, plus companies with no cash report on record.

What the week's raises cost holders

Ticker	Discount	Register if it fills
MI6	nil	+12.5%
WCN	nil (last close)	+15.6%
CMB	4.3% premium	+50%
IOV	2% premium to VWAP	+8%
HIT	not stated	+9.5%
CC9	not stated	+9.7%
ABX	18% under VWAP	+35% with the SPP
M2R	12.5% under	+34%
ENV	not stated	+76% placement, +25% rights
ATT	37.5% under close	more than double

The three biggest priced at or above the market; the deepest discounts landed on the registers already most diluted.

Dilution risk across the market: 586 Minimal, 339 Low, 375 Moderate, 253 High, 172 Very high, 99 Not rated. About one in four rated companies sits at High or Very high.

Happy to pull the filing on any name in here if someone wants the detail. Next one Monday.

General information only, not financial advice. No view on any company's future actions or securities.

Disclosure first (rule 3): I run DilutionLens, a free site that tracks dilution for every ASX company from the filings. Asked the mods before posting and they said to put one up and see how it lands. Every number below comes from an ASX announcement (raise notices, Appendix 3B/2A filings, quarterly cash reports, prospectuses). No links, no picks, not advice.

Eight companies announced raises between Friday 11 and Tuesday 15 September for about A$46M in disclosed proceeds, and one rights issue carried most of it: without the top three, the other five disclosed A$8.7M between them. Four of the eight arrived as trading halts lifted: KAL on Monday morning, then MHC, DWG and CYQ inside forty minutes of each other on Tuesday. (This one covers the five sessions since the last edition; from here on it lands each Monday over the previous Monday to Friday.)

The week's biggest raises

Ticker	Company	Raise	Price / discount	Off the filings
TZN	Terramin Australia	A$28.7M non-renounceable rights issue, 1 new for every 1.5 held (14 Sep)	1.8c, 21.5% under 15-day VWAP	Up to 1.59B new shares on a 2.39B register. Partially underwritten to A$25.65M: A$15.65M by 45.5% holder Asipac by debt-to-equity conversion, with proceeds going partly to repay Asipac's loans, and A$10M by Feny. Asipac will not take up its own entitlement. October 2025's billion-share issue was priced at 3.8c. June quarterly's own estimate: 1.94 quarters.
MHC	Manhattan Gold	A$4.5M placement (15 Sep)	2c, 20% under last close	225M shares on a 749M register, about +30%. The announcement splits it: 168M now (93,554,946 under the 15% and 74,445,054 under the extra 10%, LR 7.1A), 57M more waiting on the 6 Nov meeting. A 1-for-4 options entitlement at 2.5c follows. June quarterly: A$2.0M cash, own estimate 1.0 quarter. Options overhang 31% of the register.
DWG	Dataworks Group	A$3.0M placement + 1-for-10 entitlement offer, about A$1.24M (15 Sep)	12c, 20% under last close	Placement uses 14,694,568 under the 15% and 10,305,432 under the extra 10%. Free 20c option per two new shares, to Dec 2027. Register about +34% if the offer fills. Its 8.9M options at 40c lapse 18 Sep with the stock at 15c.
KAL	Kalgoorlie Gold Mining	A$3.4M: 113.5M-share placement + fully underwritten 1-for-10 entitlement offer, 56.9M shares (14 Sep)	2c, 13% under last close	The announcement calls it the company's full placement capacity: 67,949,000 under the 15% and 45,551,000 under the extra 10%. Register 455.9M to 626.3M, +37%. 2024 placements were at 2.6c, March 2025's at 6c. June quarterly: A$1.8M cash, 1.65 quarters by its own estimate.
BRY	Barys Resources	A$2.6M renounceable entitlement offer, 1 for 1 (14 Sep)	1c, 41% under the 1.7c close	Partially underwritten by the lead manager. Opens 23 Sep, closes 7 Oct. Consolidated 20-for-1 in July and relisted from its old code, so no share-count growth figure here.
CYQ	Cycliq	A$1.5M placement (15 Sep)	0.25c, 49.4% under the half-cent close	600M new shares on a 460.5M register, so it more than doubles. Only 69,077,498 fit under the 15%; the other 530,922,502 need the AGM, as do 300M free attaching options at 0.5c and another 300M at 1c behind them.

The rest: VR8 a A$1.0M placement at 3.2c (15.8% under the last close but 16.5% above the 15-day VWAP, and only 4.7% of the register), and AS2 a A$150K placement. One A$13.5M item in the feed (AKM) is a subsidiary's bond program on the Mongolian OTC market, not shares, and is left out.

Placement capacity

Listing Rule 7.1 lets a company place 15% of its shares in 12 months without asking holders; 7.1A adds 10% more for small caps that got the mandate at their AGM. Off the last 12 months of Appendix 3Bs, before any later ratification:

Tuesday's three placements	KAL, MHC and DWG all drew on the extra 10% as well as the 15%; KAL's announcement says it used the lot
Whole market	187 companies past 75% of the 15%, 123 past 90%, 29 have used all of it (a thirtieth is suspended). 85 of the 187 have also drawn on the 7.1A mandate.

The halt conveyor

Eight companies halted citing a capital raise in five sessions: CYQ, DWG, ENV, HIT, IOV, M2R, MHC and MI6, against 10 in the edition to 10 September and 21 the week before that. Three have announced. MI6 (funding and an equity raising), HIT (a material capital raising), ENV (a raise and a project acquisition), IOV and M2R were still halted when the week closed, all due back Wednesday 16 September.

32 retail offers open right now

Holders in 32 companies are inside a take-up window: 15 share purchase plans, 14 entitlement offers, 3 rights issues, up from 29 last week. Three opened this week: KAL (entitlement offer), BRY (entitlement offer) and TZN (rights issue), all 14 Sep, with DWG's entitlement offer to follow. The oldest still running, PR2 and X2M, opened on 24 July.

Overhangs behind this week's raisers

Ticker	Options and rights as % of current register	Note
AS2	97.3%	Behind a A$150K placement, none in the money. Share count up 784% in 24 months; one quarter of cash by its own quarterly's estimate.
EVG	48.4%	60.2M options at 3c lapse 27 Sep; the company has offered those holders a new option each rather than a cash raise.
KAL	31.5%	Before this week's entitlement and broker options are counted.
MHC	31.1%	Before the 1-for-4 options entitlement and 37.5M broker options.
DWG	22.4%	Before the attaching options.

What the week's raises cost holders

Two numbers per raise: the discount the new money got, and how much bigger the register gets if the raise fills.

Ticker	Discount	Register if it fills
CYQ	49.4% under close	+130%
BRY	41% under close	+100%
TZN	21.5% under VWAP	+67%
KAL	13% under close	+37%
DWG	20% under close	+34%
MHC	20% under close	+30%
VR8	16.5% premium to VWAP	+4.7%

Five of the seven priced at a fifth or more below the last close, and five add a third or more to the share count.

Across all 1,825 companies tracked, the cash-cover bands: 515 at 4+ quarters, 211 at 2 to 4, 357 under 2, and 742 with no current quarterly (larger companies generally are not required to file one). Dilution risk across the market: 569 Minimal, 349 Low, 383 Moderate, 255 High, 171 Very high, 98 Not rated. About one in four rated companies sits at High or Very high.

Happy to pull the filing on any name in here if someone wants the detail. Next one Monday.

General information only, not financial advice. No view on any company's future actions or securities.

Disclosure first: I run DilutionLens, a free site that tracks dilution for every ASX company from the filings. Mods cleared this. Every number below comes from an ASX announcement (raise notices, Appendix 3B/2A filings, quarterly cash reports). No links, no picks, not advice.

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 week's biggest raises

Ticker	Company	Raise	Price / discount	Off the filings
BMN	Bannerman Energy	A$124M fully underwritten placement + SPP up to A$10M (9 Sep)	A$4.00, 5.4% under last close	Halted and announced within the hour. ~A$879M cap, options overhang 1.3% of the register.
GCI	Gryphon Capital Income Trust	A$86.3M placement (9 Sep)		A listed credit trust, not a small-cap story. Unit count up 90% in 24 months.
GML	Gateway Mining	A$45.0M placement (9 Sep), A$20M from one cornerstone	8c, 16.7% under last close	The filing splits it: 330.2M shares under the 15% placement capacity, 232.3M under the extra 10% (LR 7.1A). Share count up 487% in 24 months.
AKA	Aureka	A$5.65M placement + SPP seeking up to A$1.5M (7 Sep)		About A$7.15M together.
OSL	OncoSil Medical	A$5.6M placement (7 Sep)		Options and rights behind it convert into 89% of the current register.
MIO	Macarthur Minerals	A$3.5M placement (7 Sep)		0.6 quarters of cash by its own quarterly's estimate going in.

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.

How much placement capacity is left

Listing Rule 7.1 lets a company place 15% of its shares in 12 months without asking holders. Off the last 12 months of Appendix 3Bs, before any later ratification:

GML	drew on both the 15% and the extra 10% mandate this week; about 74% of the base allowance used
A8G	about 88% used
AKA	87%
KEY	86%
PIL	77%
Whole market	30 companies have used all of it. Their next placement needs a holder vote or the 7.1A mandate.

The halt conveyor slowed

Ten companies halted citing a capital raise in the week's five sessions: A8G, AM5, BMN, EGH, FOS, GML, KAO, TMX, VR8 and W2V. That is down from 21 the week before and 11 the week before that. VR8 was still halted when the week closed; AM5 and KAO halted citing a raise and had not announced terms yet.

29 retail offers open right now

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

Overhangs behind this week's raisers

Ticker	Options and rights as % of current register	Note
KLV	106.9%	More potential new shares than shares. 9% of the register already in the money. Relisted as KLV after a 10-for-1 consolidation in August; the old code's history is not counted.
OSL	89.0%	None in the money at the current price.
W2V	32.1%
AAU	27.6%
TMX	25.4%
IXR	24.4%
MIO	20.7%

Cash going into the raise

Three of the week's raisers (MIO, PIL, IXR) went in with under one quarter of cash by the estimate in their own quarterly. W2V, KEY, SRJ and AAU sit under two quarters on ours.

Across all 1,825 companies tracked, the cash-cover bands: 517 at 4+ quarters, 214 at 2 to 4, 354 under 2, and 740 with no current quarterly (larger companies generally are not required to file one).

Dilution risk across the market: 569 Minimal, 347 Low, 395 Moderate, 248 High, 180 Very high, 108 Not rated. About one in four rated companies sits at High or Very high.

Happy to pull the filing on any name in here if someone wants the detail. Next one Monday, covering this week.

General information only, not financial advice. No view on any company's future actions or securities.