Chronological list of $15m+ secondary capital raisings in calendar 2026

November 26, 2026: Cyprium Metals (CYM): Street Talk reported at 2pm on October 29 that it was "hunting for $25 million in fresh equity and US$40 million ($57 million) in debt to bankroll works at its Nifty copper mine in WA". The official announcement dropped at 10.42am on October 30 detailing a $21m two tranche placement at 33c and a $5m SPP. Euroz, Canaccord and Jarden shared the 5% placement fee. The stock tumbled to 30c by Oct 30 giving it a pre-raise market cap of $211m.

November 16, 2026: Turaco Gold (TGC): Street Talk reported at 12.34pm on October 27 that the West African explorer "sent out its broker brigade to line up $105 million to lift its stake in a gold project in Ivory Coast". The paper claimed the pricing was 60c, a 12.4% discount on the last close." This was after the company had announced a deal to lift its interest in the Afema gold project but before details of the raise were announced at 10.02am on October 29, which ended up being a $120m two-tranche placement at 60c which will be followed by $10m SPP. Investors liked the deal as the stock soared from 68.5c to 76c by October 30 giving it a pre-settlement market cap of $790m. Canaccord and SCP shared the excessive 5% placement fee. Stand by for the SPP to be swamped by its 2,459 shareholders. The $23m second tranche of the placement will be approved at an EGM in December.

October: only 5 completed raises

October 30, 2026: Avenira Ltd (AEV): commendably announced a 3-for-2 renouncement entitlement offer at 0.6c, which was a 25% discount to the previous close of 0.8c, to raise up to $49m to fund its Wonarah phosphate project. See 58 page prospectus. The largest shareholder out of Hong Kong retained its 60% shareholding through participating but not increase its voting stake. There was rights trading and retail shareholders could apply for unlimited shortfall shares, all of which is good structuring. They extended the retail closing date from September 10 until September 17 on September 4 and then extended it again until October 30 on September 21. On October 27 they announced that $44m had been raised with another $2m still available. Mahe Capital is being paid a 60k fee, plus 1% of everything raised and 5% of whatever shortfall they are able to place. The stock closed at 0.7c on October 30 giving it a market cap of $43.4m.

October 19, 2026: Minerals 260 (MI6): announced a $250m placement at a nil discount of 88c followed by a $30m SPP which only raised $1.98m from 137 applicants. Argonaut, Euroz Hartleys and Bell Potter shared the 3.5% placement fee, excluding the strategic component. The stock closed well underwater at 74c on October 30, giving it a market cap of $1.93 billion. Nominated for the board at 2026 AGM calling for hybrid AGMs after they refused to offer online questions. They weren't interested in any deal so it is game on. See notice of meeting for the November 20 physical AGM in Perth.

October 13, 2026: Maronan Metals (MMA): announced a $20m two-tranche placement at 40c to advance its Maronan silver project south of Cloncurrry in Queensland. Both tranches were set to be approved by shareholders at its dinosaur physical AGM in Sydney on November 4 after they added these two late items to the agenda. The original agenda was already seeking approval for an earlier $22m placement at 35c to Kinterra Capital and the extra 10% placement capacity available for companies capitalised at less than $300m, so they are really pushing the envelope. Why haven't the 4,402 shareholders been offered a Share Purchase Plan? This company is in the frame for a board nomination next year. The stock was marginally underwater at 38c on October 30 giving it a market cap of $116m. Taylor Collinson was paid the 4% fee exclusively. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

October 8, 2026: Torque Metals (TOR): the WA gold explorer announced a $25m placement at 19c, a 7.3% discount to the previous close of 20.5c. Canaccord, Euroz and Morgans shared the 3.5% fee. The stock was had dipped to 17c by October 30 giving it a market cap of $132m. Spent $505 on November 2 buying 2,942 shares at 17c to get access to the 10am Perth time hybrid AGM via the Automic platform on November 30 (the last possible day) to ask them why the 4,431 shareholders weren't offered a share purchase plan? The AGM agenda includes both ratifying this latest placement and seeking an extra 10% placement capacity in the coming year, suggesting more big selective placements are being contemplated. They've been added to this “placement only shame file”.

October 2, 2026: Bannerman Resources (BMN): announced a $124m placement at $4, a 5.4% discount to the previous close of $4.23, followed by a $10m SPP with no secondary VWAP-pricing. Only 39 of the 5,895 eligible shareholders participated in the SPP, stumping up 440k. Kudos to Bannerman for disclosing this precise participation data. Will give them a plug at their upcoming AGM on November 5 where they've introduced online questions for the first time. The stock closed well under-water at $3.37 on October 30, giving it a market cap of $805m. Macquarie, Canaccord and Jett shared the 4% fee with potential for a 0.5% bonus.

Gryphon Capital Income Trust (GCI): completed an $86.25m placement at $2 per unit on September 8 with an SPP to come at some point in the future but they're clearly not in any hurry. Morgans Financial and E&P Capital shared the 2% placement fee, plus a fixed 75k. The stock closed $2 on October 30, giving it a market cap of $1.36 billion.

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September: 21 raises including 9 SPPs and 11 standalone placements from Alliance Aviation Services (AQZ), Andean Silver (ASL), Aurum Resources (AUE), Broken Hill Mines (BHM), Gateway Mining (GML), Kaoko Metals (KAO), Meeka Metals (MEK), Silver Mines (SVL), Titomic (TTT), Tungsten Mining (TGN) and Unico Silver (USL)

September 25, 2026: Meeka Metals (MEK): Street Talk ran the leak at 1.26pm on September 23 detailing a $30m placement at 10c. The official announcement dropped at 9.26am on September 25, by which time it had grown to a two-tranche $42m placement at 10c, a whopping 25% discount to the previous close. Petra Capital pocketed the excessive 6% fee. Given the failure once again to offer retail investors an SPP, they've been added to this “placement only shame file” for a third time. Market cap $332m on October 2 after the stock tumbled to 9.1c. Bought some shares on September 28 and will be nominating for the board at the upcoming AGM. They also ran a last possible day physical AGM in Perth in 2024.

September 24, 2026: Unico Silver (USL): announced a $60m placement at 76c, a 10% discount to the previous close of 84.5c. Canaccord and Euroz shared the excessive 5% fee. The stock closed marginally under-water at 71c on October 2, giving it a market cap of $519m. Given the failure once again to offer retail investors an SPP, they've been added to this “placement only shame file” for a third time.

September 23, 2026: Aurum Resources (AUE): announced a $52.5m placement at 55c. Canaccord, Bell Potter and Stifel Nicolaus Europe shared the excessive 5% fee. The stock closed marginally under-water at 51c on October 2, giving it a market cap of $263m. Given the failure once again to offer retail investors an SPP, they've been added to this “placement only shame file” for a second time. Missed the deadline for a board nomination.

September 23, 2026: Silver Mines (SVL): announced a two tranche $70m placement at 14.5c. Petra Capital pocketed the excessive 6% fee. The stock closed marginally under-water at 13c on October 2, giving it a market cap of $344m. Given the failure once again to offer retail investors an SPP, they've been added to this “placement only shame file” for a second time.

September 23, 2026: Firefly Metals (FFM): The AFR's Street Talk column reported at 1.39pm on Sunday, August 23 that FireFly Metals was looking to raise about $180m via Canaccord for its Green Bay copper-gold project in Canada. They went into a trading halt on Monday morning and then at 9.52am on Tuesday, August 25 they finally announced a $180m placement at $1.78, a 6.3% discount to the previous close of $1.90, followed by a $10m SPP at $1.78 with no secondary VWAP pricing. It raised $4.97m from 333 applicants. The array of ticket clippers in Australia and Canada shared a 5% fee. The stock closed marginally under-water at $1.65 on October 2, giving it a market cap of $1.41 billion.

September 23, 2026: GR Engineering Services (GNG): completed a $100m placement at $6.10, a 3.3% discount to the previous close of $6.31, with a $10m SPP to come. With 5,458 shareholders, the theoretical maximum in SPP applications is $163.7m so the $10m cap is a bit skinny. Wrote to them on September 27 (see copy of letter) requesting the SPP be expanded to $30m and gave this a push on Twitter. They ignored it and scaled back the $32.5m in applications to the original $10m cap. Argonaut was paid the 2.5% fee with provision for a 0.5% bonus. The stock closed well in the money at $7.44 on October 2, giving it a market cap of $1.45 billion. Have nominated for the board at the 2026 AGM.

September 23, 2026: Eureka Group (EGH): launched a 1-for-3.29 non-renounceable entitlement offer at 61.5c, a narrow discount to the previous close, to raise $80.2m to fund a $124m property acquisition off Ingenia. Retail shareholders were offered unlimited overs but still only took up $3.1m worth of stock or about 33% of what was available, so the $6.7 million retail shortfall went to the sub under-writers. MA Financial, Morgans Corporate and Unified shared in the 3.15% fee with provision for a 0.5% bonus. The stock closed at 63c on October 2, giving it a market cap of $348m.

September 23, 2026: Manuka Resources (MKR): announced a $14.5m placement at 7c, a 10% discount to the previous close, followed by a skinny $1m SPP which only raised 334k. The stock closed at 5.8c on October 2, giving it a market cap of $108m.

September 22, 2026: Tungsten Mining (TGN): The AFR's Street Talk column reported at 5.24pm on September 21, 2026 that the $538m market cap company had sent out Jefferies and Euroz Hartleys to raise $50 million at 32c, a hefty 16.7% discount to the previous close, to spend on its Watershed mine in Queensland. The official announcement dropped at 9.15am on September 22 detailing what The AFR reported. The ticket clippers were paid an excessive 6% fee. The stock had tumbled to 24c by October 2, giving it a market cap of $396m. Given the failure once again to offer retail investors an SPP, they've been added to this “placement only shame file” for a second time.

September 16, 2026: Broken Hill Mines (BHM): announced an $85m placement, $25m of which requires shareholder approval. It was proposed to be followed by a skinny $5m SPP for retail but this was then withdrawn on September 16 due to low take up and a weakening share price. The placement pricing was 76c, a 10.1% discount to the previous close of 84.5c. Petra Capital pocketed the excessive 6% fee. The stock closed under water at 69.5c on October 2 giving it a market cap of $165 million. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

September 11, 2026: Alliance Aviation Services (AQZ): announced a $20m placement at 70c, a whopping 22% discount to the previous close of 90c, along with a 1-for-5.6 non-renounceable at 70c to raise a further $20m. The placement and accelerated component raised $33m. Only 113 shareholders participated in the $6.9m retail offer, stumping up 636k (including overs) with the rest coming from the under-writers. Barrenjoey was paid the excessive 4.8% under-writing fee. The stock closed at 50.5c on October 2 giving it a market cap of $111 million and leaving participants well under water. The soaring price of jet fuel has clearly hurt them.

September 9, 2026: Gateway Mining (GML): announced a $45m placement at 8c, a hefty 16.7% discount to the previous close of 9.6c. Jupiter Asset Management took $20m. JP Equity Partners pocketed the entire excessive 6% fee. The stock closed under water at 7.2c on October 2 giving it a market cap of $202m million. Given the failure once again to offer retail investors an SPP, they've been added to this “placement only shame file” for a second time.

September 10, 2026: Radiopharm Theranostics (RAD): announced a $12m placement at 1.5c, followed by a $6m SPP which had secondary pricing based on a 2.5% discount to VWAP. The SPP raised $3m which included $1.5m from an under-writer. Bell Potter collected the excessive 6% fee. The stock had crashed to 0.7c by October 2 giving it a market cap of $28m and leaving participants well under water.

September 10, 2026: True North Copper (TNC): The AFR's Street Talk column revealed at 5am on August 13 that it had appointed Morgans (presumably the source) to raise $15m, with no clues on the structure or pricing. At 9.17am on August 17, it announced an $18m placement which was followed by a $2m SPP that only raised 750k. The pricing was 37c, a 14% discount to the previous close. Morgans and Petra Capital shared the excessive 6% fee. The stock closed at 33c on October 2 giving it a market cap of $63m and leaving participants marginally under-water.

September 9, 2026: L1 Gold Fund (LGF): announced a $160m placement and $356.6m 1-for-3 non-renounceable entitlement offer with unlimited overs at $2.25, a 6.6% discount to the previous close of $2.41 but equivalent to the pre-tax NTA. The accelerated component raised $254.9m, including $94.9m for the accelerated component of the entitlement offer. The $261.7m retail offer only raised $78.5m but then L1 Group topped this up with $42m having passed on this level of entitlement in the accelerated component when demand was strong and they sold their entitlements elsewhere. They appointed a ridiculous 8 brokers who shared a 2.7% fee. The stock closed at $2.38 on October 2 giving it a market cap of $1.5 billion.

September 7, 2026: Kaoko Metals (KAO): announced a $20m placement at $2.20, a 12% discount to the last close of $2.50. Euroz Hartleys and Cumulus Wealth shared the excessive 6% fee. The stock closed marginally under water at $1.97 on October 2, giving it a market cap of $138m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

September 7, 2026: PM Capital Global Opportunities Fund (PGF): the Regal managed fund initially announced a $175m placement and a $20m SPP offer at $3.07, a 10.8% discount to the previous close of $3.44. The placement was then expanded to $221m. A ridiculous 8 different brokers (the same crew assembled by Geoff Wilson below) shared the 2.45% fee. It was capitalised at $1.95b by October 2 with the stock in the money at $3.23. The SPP raised a whopping $172m from 4,783 applicants, so the total raise came in at a hefty $393m.

September 3, 2026: Alligator Energy (AGE): completed a $15m placement at 4.5c which was followed by a $2.1m SPP. Canaccord and Taylor Collinson pocketed the excessive 6% fee. The stock closed at 3.7c on October 2, giving it a market cap of $174m.

September 2, 2026: Titomic (TTT): announced a $16.5m placement at 13c, a hefty 23.5% discount to the previous close of 17c. Canaccord, Peleton Capital and Bell Potter shared the excessive 6% fee plus 50k, plus options. It was capitalised at $196m by October 2 with the stock wallowing at 11c. Given the failure once again to offer retail investors an SPP, they've been added to this “placement only shame file” for a second time. Gave them a spray on Twitter and raised the shoddy capital raising at the September 28 delayed AGM. See wrap of the meeting.

September 2, 2026: Andean Silver (ASL): The AFR's Street Talk column reported at 11am on August 31 that the "Chilean explorer capitalised at $600 million-plus on the ASX, had three brokers lining up a $50 million equity raising on Monday morning to bankroll the restart of its Cerro Bayo project. Fund managers were offered Andean shares at $2.45 apiece, representing a 13.7% discount to Friday's close of $2.84. Joint lead managers, Canaccord Genuity and Euroz Hartleys, were aiming to raise $40 million minimum but had room for $10 million in oversubscriptions." The official announcement didn't come until 9.30pm on September 2 and detailed a $40m raise with no SPP. The ticket clippers were paid 5%, but at least there was a carve out for any chair's list component. The stock had cashed down to $1.79 by October 2 giving it a market cap of $411m. They've been added to this “placement only shame file” for a second time and gave them a spray on Twitter.

September 1, 2026: WAM Leaders (WLE): completed a $225m placement at $1.325 be followed by an uncapped $30,000 SPP targeting $150 million at the same price or a 2.5% discount to the VWAP. After a big marketing campaign, it raised $88m from 4,700 investors and was VWAP-priced at $1.294. The ridiculous 8 different brokers - Comsec, Bell Potter, Taylors, Morgans, Canaccord, E&P, Ord Minnett and Shaw (what happened to Euroz Hartleys?) - were paid a 2.5% fee where they delivered the investment. The SPP had a hard maximum of 414 million shares (30% of the post placement market cap) and given they have 26,944 shareholders, the theoretical maximum in applications was $808.3m and the participation rate was 17.4%. Gave the over-sized placement component a spray on Twitter plus tickled CommSec for its fee-chasing ways. The stock was at $1.27 on October 2 giving it a post-SPP market cap of $2.07b. Applied for $66.66 worth of shares when the minimum application was $500. Received a full allocation.
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August: only 12 raises but this included six standalone placements from Benz Mining Corp (BNZ), Falcon Metals (FAL), Medallion Metals (MM8), PC Gold (PC2), Viridis Mining (VMM) and WIA Gold (WIA). Only 2 SPPs

August 28, 2026: Falcon Metals (FAL): announced a $30m placement at 60c, a hefty 11.8% discount to the last close of 68c, to advance its gold projects in WA and Victoria. Canaccord, Jett Capital and Bell Potter shared the excessive 5% fee. The stock closed at 60c on August 28 giving it a pre-settlement market cap of $145 million. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. Gave them a spray on Twitter.

August 28, 2026: Enlitic (ENL): announced a $15m placement at 0.04c with a $1m SPP to follow which raised just 739k at the same price. Barrenjoey took the truly excessive 7% fee. The line is normally drawn at 6%! Market cap was $35.4m on August 28 with the stock wallowing at 0.05c. There was an EGM with no protest votes to approve the raise on July 29. See notice of meeting. The SPP was initially delayed as they've been wrangling listing rule waivers with ASX.

August 27, 2026: PC Gold (PC2): announced a $75m single-tranche placement at $1.05, a 7.9% discount to the previous close of $1.14. Wallabi, Canaccord and H&P shared the excessive 4.5% fee. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. Gave them a spray on Twitter. Held a dinosaur physical AGM in Peppermint Grove on November 26 last year with no protest votes. The stock closed at $1.10 on August 28 giving it a market cap of $360m.

August 24, 2026: Benz Mining Corp (BNZ): announced a $150m placement to advance its WA gold prospect Glenburgh in the Gascoyne region at the prevailing price of $3.71 with Canaccord, Euroz Hartleys and Shaw sharing the tasty 4% fee. The stock closed at $4.22 on August 28 giving it a market cap of $1.41 billion. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. Gave them a spray on Twitter.

August 21, 2026: WAM Income Maximiser (WMX): announced a 2-for-5 non-renounceable entitlement offer at $1.625 with unlimited overs to raise $125.4m after earlier raising $47m in a placement that used a ridiculous 9 different brokers to generate the "overwhelming" demand. The 9 ticket clippers were being paid a chunky 2.5% fee and the outcome announcement talked about “overwhelming demand” even though there was initially a $46.9m shortfall. When considering the one-off fees paid to the brokers and the on-going management fees paid personally to billionaire Geoff Wilson, retail shareholders are copping a lot of fee leakage here. No wonder so many prefer low fee ETFs these days. The pricing for the $172.4m raise was a 5.5% discount to the previous close of $1.715 and the stock settled at $1.64 by August 28 giving it a market cap of $508m. As usual, a big capital raise has left the share price lower overall.

August 21, 2026: Saturn Metals (STN): See Street Talk report of a $100m raise at 10.07am on July 27 to fund its Apollo Hill gold project. The official announcement didn't drop until two days later at 9.56am on July 29, detailing a two-tranche placement managed by Petra Capital, which was paid a tasty $4m fee on the placement and then later picked up an under-writing deal on the $5m SPP for no extra fee. Saturn commendably accepted all $21.3m in SPP applications which came through the door. The pricing was 40c, an 11% discount to the previous close of 45c. China-connected company Golden Crane Holdings will emerge with 15% after injecting $48.6m, subject to FIRB and shareholder approval. Had a market cap of $326m when the stock was at 52c on August 28 so participants are well in front.

August 21, 2026: Medallion Metals (MM8): the WA gold and copper miner raised $60m in a single tranche placement at 48c. Unified Capital, Sternship and Canaccord shared the excessive 5% fee. The raise will see its Ravensthorpe-Forrestania mine and processing facility fully funded through development to the first gold production. The market cap was $478m with the stock at 50c on October 5, 2026. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

August 20, 2026: Viridis Mining and Minerals (VMM): announced an equity injection of $170m by way of placement to various parties priced at $3.79 per share to advance its $US449m Brazilian rare earths project. Euroz, Cancaccord and Bell Potter, which handled the placement earlier in the year, were pushed aside and it was Goldman Sachs which took the 5% fee. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” for a third time. They also copped a board nomination at the dinosaur physical AGM held in Perth on November 4, 2026. See board nomination letter referencing this raise.

August 13, 2026: Lotus Resources (LOT): announced a $60.1m 1-for-1 non-renounceable entitlement offer at just 22c, a savage 66.7% discount to the previous close of 66c. Retail overs are limited to 50% of entitlement. The stock had crashed to 26c on August 28 after a terrible recent run giving it a market cap of $145m. Getting up a uranium mine in Africa is proving harder than CEO Greg Bittar suggested when I interviewed him for Intelligent Investor back in November 2024. Canaccord pocketed the excessive 5% fee with provision for a 1% bonus. The equity raising was twinned with two other funding commitments worth $US65m which smell of distress.

August 12, 2026: WIA Gold (WIA): went into a trading halt at 10.08am on August 10 and then The AFR's Street Talk column reported the following an hour later at 11.03am: "Africa-focused developer WIA Gold was back hunting for fresh equity on Monday morning, after hitting up fund managers for $92 million just three months ago. The ASX-listed developer sent out Argonaut Securities to raise about $100 million via an institutional placement after publishing a definitive feasibility study on its flagship project Kokoseb and lining up $US360 million ($509.6 million) in senior debt." The official announcement dropped at 9.43am on August 12 detailing a $125m placement at 42.5c, a 2% discount to the 5 day VWAP. Argonaut, Tamesis and Stifel Nicolaus Canada shared the excessive 6% cash fee. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. Gave them a spray on Twitter. The stock closed at 50c on August 28 giving it a market cap of $851m.

August 4, 2026: Starpharma (SPL): announced a $32m 1-for-7.5 non-renounceable offer at 57c, a hefty 25% discount to the last close of 76c. Overs were capped at 100% of entitlement and Canaccord pocketed the excessive 6% fee. The stock was at 71c on August 28, giving it a market cap of $341m. Retail shareholders hopefully went in hard for maximum overs given it was well in the money. Emailed them on August 6 requesting maximum transparency in the outcome announcement. It was okay, revealing a 99% take up rate after taking into account the $5.4m in overs. Canaccord was left with a 500k windfall shortfall. Gave the outcome a mention on Twitter.

August 3, 2026: Toubani Resources (TRE): announced a 1-for-3.27 entitlement offer to raise $70m with the majority of the funding coming from major shareholder Eagle Eye Asset Management. The pricing was 30c, a 14.3% discount to the previous close of 35c. The retail offer came with a 105 page offer document and finished $18.3m short which went to the under-writers. Canaccord pocketed the excessive 5% fee. After initially taking a dive, the stock was marginally in the money at 31c by August 28, giving it a market cap of $332m.

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July: 13 including 5 standalone placements from Cobre Ltd (CBE), EchoIQ (EIQ), G50 Corp (G50), Sentinel Metals (SNM) and Vysarn (VYS) and 6 SPPs which was up on just 3 in June

July 29, 2026: G50 Corp (G50): From Street Talk at 11.06am on July 27: "Gina Rinehart's Hancock Prospecting is set to emerge with a substantial stake in G50 Corp, a precious metals explorer capitalised at $135 million on the ASX, as part of a $20 million capital raising to fast-track the mining junior's projects in Arizona and Nevada." The official announcement dropped two days later at 9.29am on July 29 detailing a $26.2m placement at 59.5c, a 9.8% discount to the previous close of 66c. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. The stock was underwater at 53.5c by August 3. Bell Potter and Morgans shared the excessive 5% fee.

July 28, 2026: Vysarn (VYS): See Street Talk report of a $64m raise at 10.25am on July 27. The official announcement dropped at 9.09am on July 28 detailing a $65.3m single tranche placement at $1.05, a tiny discount to the previous close of $1.055, to fund the acquisition of a Perth-based water business called Welltech. Unified Capital, Morgans and Canaccord shared the excessive 5% fee. The stock had jumped to $1.18 by August 3. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

July 22, 2026: KGL Resources (KGL): the Queensland miner announced a $300m equity raising to fund its Jervois copper project comprising a $180m placement and a $120m 1-for-1.29 entitlement offer in which overs were capped at 100% of entitlement. The entitlement offer finished $52.9m short after applications worth $66.6m so the Indonesian major shareholder KMP will increase its stake. Both component were priced at 20c, a 25.2% discount to the previous close of 26.75c. Argonaut and Bell Potter shared the 3.85% fee with provision for a 0.5% bonus all going well. The stock fell to a discount of 17c by August 3, giving it a post-settlement market cap of almost $400m.

July 17, 2026: Novonix (NVX): announced a $20.7m placement at 16c, a massive 33.3% discount to the last close of 24c, which was followed by a $3m SPP that only raised 962k. Bell Potter pocketed the excessive 5% fee. Stock was at 14.5c on July 31 giving it a market cap of $148m. The AFR's Street Talk column got the drop on the raise and then gave it a spray afterwards as well, which was unusual.

July 17, 2026: Comet Ridge (COI): went into a trading halt at 8.59am on June 22 flagging a capital raise, then The AFR's Street Talk column broke the story at 9.53am the same day reporting that the "Queensland-based natural gas explorer, has launched a $45 million capital raising to fund its acquisition of Santos' 43% interest in the Mahalo gas project." The official announcement detailed a $40m two-tranche placement at 10.25c, a 21.2% discount to the previous close of 13c, followed by a $5m SPP which only raised 765k. Both have an options cherry priced at 15c. Taylor Collinson and Aitkin Mount clipped the ticket for an excessive 5% fee. Market cap was below $100m on August 3 after the stock plunged to 8.3c. The EGM is slated for early August.

July 16, 2026: Acrow Ltd (ACF): went into a trading halt at 9.16am on June 17, which was after The AFR's Street Talk column broke the story at 9.19pm on June 16. The official announcement dropped at 10.18am on June 17 detailing a $70 million two-tranche institutional placement at 85c, a 6.6c discount to the previous close of 91c. Morgans Corporate and Shaw and Partners shared the 3.5% fee with provision for a 0.5% bonus. Was followed by a $10m SPP at the placement price with no secondary VWAP pricing. They commendably accepted $16m in applications after $21m came through the door from around 1500 applicants. The stock was at 85c on August 3, giving it a post raise market cap of around $350m. The EGM was held on July 29 and asked these 4 questions.

July 7, 2026: Cobre Ltd (CBE): See Street Talk coverage at 10.14am on July 7 detailing a $100m raise for the aspiring Chilean copper miner. The official announcement landed at 10.10am on July 9 detailing a two-tranche $90m placement at 30c, a 9.6% discount to the previous close of 33c. The residual $18m is subject to shareholder approval. Canacccord, Euroz and CPS Capital shared the excessive 5% fee with some options on top. The stock was marginally underwater at 28c on August 3, giving it a market cap above $380m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

July 7, 2026: Centuria Capital Group (CNI): went into a trading halt at 9.21am on June 22 which was 10 minutes before the official announcement dropped on the ASX at 9.31am. However, all this occurred after The AFR's Street Talk column broke the story at 8.07am on June 22 before updating it at 3.49pm the same day reporting that it was looking to "raise $300 million to bankroll its burgeoning data centre platform ResetData". The outcome announcement detailed a $200m placement at $2 per unit, a 6% discount to the last close of $2.18, plus a $100m 1-for-17 entitlement offer at the same price. The accelerated component raised $65m with an 82% take-up rate and the $35m retail component, which allows for overs of 25% of entitlement, only raised $2.2m so the sub-underwriters picked up the other $33m. Jarden and Morgan Stanley shared the 2.5% fee. The stock crashed to $1.48 by August 3 giving it a market cap of $1.62b and leaving a bad taste in the mouth for all participants.

July 7, 2026: Arafura Resources (ARU): announced a $350m two-tranche placement at 26c which will be followed by a $25m SPP (see 65 page prospectus) which does not have secondary VWAP-pricing. Barrenjoey and Canaccord shared the 3.5% fee. The stock finished at 18.5c on August 3, giving it a market cap of $1.38b. If all 28,797 shareholders took up the SPP, the theoretical maximum in applications was $864m or some 34 times the $25m SPP cap. However, it only raised $1.3m due to the weak share price and the lack of any secondary VWAP pricing.

July 7, 2026: Southern Cross Electrical Engineering (SXE): The AFR's Street Talk reported at 6.47pm on Sunday, June 14 that "SCEE over the weekend had Macquarie and Barrenjoey wall crossing investors for a $150 million institutional placement, which would be followed by a $15 million share purchase plan". The official announcement dropped at 9.38am the next day confirming the leaked metrics but the placement was commendably under-written at $3.85 with a bookbuild to determine if competition will drive the price up to $4, which it did as was explained in the outcome announcement. The previous close was $4.02, giving it a post-placement market cap of $1.44 billion after the stock soared to $4.75 by June 26. The SPP (see offer document) was at the $4 placement price with no VWAP-pricing. Gave the bookbuild pricing a plug on Twitter. The SPP attracted $51m in applications from 31% of the register or 2,158 shareholders but they stuck rigidly to the $15m cap and refunded $36m using a formula of $1000 for everyone and then pro-rata based on shareholding. Was distracted by Grace so didn't write to them calling for the cap to be lifted as would normally do.

July 6, 2026: Sentinel Metals (SNM): announced a $15m placement at 58c, a 6.5% discount to the previous close of 62c, to fund its Nevada gold acquisition. Canaccord and Euroz shared the relatively modest 2.4% fee. The stock was down to a discount of 52c on August 3, giving it a market cap of $53m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

July 3, 2026: Vitrafy Life Sciences (VFY): went into a trading halt at 8.32am on June 10 and then The AFR's Street Talk reported at 3.35pm on June 10: "Vitrafy Life Sciences, a biomedical cryopreservation business that listed on the ASX in late 2024, sent out three brokers to raise up to $32 million on Wednesday. It was targeting $25 million to $30 million in a placement priced at $2.60 per share, representing a 31.6% discount to the last close. This would be followed by a share purchase plan to raise up to $2 million." Jarden, Bell Potter and Morgans shared the excessive 5% fee. The official announcement dropped at 9.32am on June 12 detailing a $30m placement and this $2m SPP as selectively briefed out. The SPP received $9.4m in applications and they refused to lift the $2m cap. The SPP outcome announcement was confusing but seemed to suggest the scale back method saw everyone get 21.2% of what they applied for. It was capitalised at $380m on August 3 with the stock at $3.73, so well in the money.

July 1, 2026: EchoIQ (EIQ): went into a trading halt at 9.16am on June 29 and then The AFR's Street Talk column reported at 10.49am on June 29 that the "medical AI software company EchoIQ has launched a $100 million capital raising to take on the $US65 billion heart failure market and fund the commercialisation of its disease detection products". The official announcement dropped at 9.15am on July 1 detailing a $110m placement at $1.45, an 8.8% discount to the previous close. Market cap was $1.05b before the raise and the stock was underwater at $1.325 by July 31. Ord Minnett pocketed the excessive 5% cash fee. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

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June: 13 including 5 standalone placements from Alicanto Minerals (AQI), Barton Gold (BGD), Frontier Energy (FHE), St George Mining (SGQ) and Thota Gold Mines (TGM) and just 3 SPPs

June 29, 2026: Thota Gold Mines (TGM): announced a $27m raise through a $22.6m placement with the balance coming from options being exercised. The placement issue price was 18c, a 14.3% discount to the previous close of 21c, and a Chinese investor corner-stoned taking $14.5m of it. Bell Potter and Golden Asia Investment Group clipped the ticket for an excessive 6% fee. The market cap was $243m when the stock dipped to 20c on June 29. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

June 29, 2026: Megaport (MP1): went into a trading halt at 9.01am on June 2 May 26 and then The AFR's Street Talk reported at 3.49pm on June 2: "Street Talk can reveal Bank of America and UBS have been mandated on the Megaport cash call, which is expected to be structured as an accelerated non-renounceable entitlement offer to raise around $825 million." The official announcement dropped at 7.48am on June 3 and detailed a $827.3m 1-for-3.08 non-renounceable entitlement offer at $14.30, a 10.9% discount to the TERP and a 13.9% discount to the previous close of $16.61. The accelerated component raised $518m after a very healthy 99% take-up with the 1% shortfall allotted to existing holders at the $14.30 offer price. The $309m retail offer was detailed in this excessively large 100 page offer document with overs capped at 50% of entitlement, which probably won't be enough to avoid a shortfall. The retail offer size suggests that the 18,675 retail shareholders identified in last year's annual report collectively own about 37% of the company. The ticket clippers are sharing a 2.2% fee which will generate $19.3m. The stock had soared to $20.26 by June 26 giving it a market cap of $4.49 billion after the accelerated component had settled. Not personally on the register but sent through this email on June 29 requesting maximum transparency in the outcome announcement. The $309m retail offer received $323m in applications including $246m of entitlements and $77m of overs. The scale back formula saw everyone given 81% of their overs request. Gave the outcome a plug on Twitter even though they didn't say how many shareholders participated.

June 22, 2026: EBR Systems (EBR): announced a $150m raising comprising a $64.4m two-tranche placement and a 1-for-2 entitlement offer at 38c. Cannacord, Morgans and E&P Capital shared the excessive 5% fee. The stock finished at 37c on June 26 giving it a market cap of $242m. The $42m accelerated component of the entitlement offer only attracted $8.4m in applications, leaving plenty to be placed via the placement bookbuild at 38c. The $43.6m retail offer (see 83 page offer document) only raised $10.9m with no break down provided between entitlements and overs, which were capped at 100% of entitlement. The $32.7m shortfall went to the under-writers and the $35m second tranche of the placement will be approved at an EGM in August. Didn't communicate with the company during the raise.

June 18, 2026: Tetratherix (TTX): went into a trading halt at 9.29am on May 26 and then The AFR's Street Talk column broke the news at 10.07am on May 26 saying that: "Street Talk understands the $352 million biotech, whose shares have shot up more than 130 per cent since the June listing, has hired Barrenjoey Capital Partners and Morgans (paid an excessive 6% fee) to raise about $15 million." The official announcement dropped at 9.22am on May 28 and also detailed a $2m SPP at the $6 placement price. The SPP only raised 640k. The market cap was $329m after the raise with the stock closing at $6.12 on June 26 so investors are pretty much break-even.

June 17, 2026: St George Mining (SGQ): the aspiring rare earths niobium miner in Brazil announced a two-tranche $60m placement at 10c per share, a modest discount to the previous close of 11c, with Gina Rinehart taking $20m to finished with a 10.5% stake. The second tranche of $17.5m is subject to shareholder approval at a physical EGM in Perth on July 10. Canaccord and Jett Capital shared the excessive 6% fee. The company was capitalised at $415m before the raise was launched. The latest annual report says it has 5,588 shareholders. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. Also gave the special treatment of Gina Rinehart a spray on Twitter.

June 10, 2026: Alicanto Minerals (AQI)/Sinclair Gold: went into a trading halt at 9.12am on June 9 and then The AFR's Street Talk column broke the news at 11.37am the same day saying that: "The $277 million gold developer tapped three brokers on Tuesday to raise $25 million in a single-tranche placement to fund drilling and exploration at its newly acquired mine." The official announcement dropped at 9.34am on June 10 detailing a $30m placement at $1.55, a discount to the previous close of $1.67. Canaccord and Hartleys shared the excessive 5% fee, excluding any participants on the chairman's list. They're holding a dinosaur physical EGM at 3pm in Perth on July 13 to approve 5 items including a name change to Sinclair Gold, but it doesn't include refreshing the placement capacity. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. The stock closed at $1.24 on June 26 giving it a market cap of $237m.

June 9, 2026: Electro Optic Systems (EOS): The AFR's Street Talk column reported at 5.19pm on Sunday, May 17 that Canaccord, Bell Potter and Macquarie (which were paid 2.5% with scope for a 0.5% bonus) were lining up a $150m-plus equity raising over the weekend at around $8 per share. The official announcement dropped at 10.15am on Monday May 18 disclosing a $150m placement at $8, a 9.3% discount to the previous close of $8.82. This was followed by a $25m SPP on the same terms with no secondary VWAP-based pricing to deliver downside protection. If all 14,478 shareholders applied for the maximum $30,000, it would have received $434.3m in SPP applications. Street Talk then reported at 9.16am on May 20 that an additional $40m would be placed to two strategic investors, lifting the placement to $190m. The ASX was only informed about this $40m placement expansion at 9.47am, 31 minutes after the Street Talk column was published. Gave this whole situation a slap on Twitter. EOS shares soared to $9.44 by June 26, giving it a post-raise market cap of $2.08b, so the SPP was swamped. Sent them this detailed email on June 9 requesting participation transparency and that the SPP be uncapped. Received confirmation the "thoughtful email" had been passed onto the chair. After $90m came through the door from 4,909 SPP applicants, they lifted the $25m cap to $40m. The scale back was pro-rata based on size of holding with a minimum allocation of $1000, which is a fair way to go. Gave the transparency, lifted cap and minimum allocation a plug on Twitter.

June 5, 2026: Argo Infrastructure (ALI): Launched a stand-alone $30,000 SPP on May 22 priced at $2.40 per share, a 5.1% discount to the May 18 record date. It was uncapped, they offered secondary VWAP pricing (see offer document) and in the end received $24.7m in applications from 1,548 shareholders. It was priced at $2.40. The stock was at $2.57 by June 26 giving it a market cap of $484m, so participants have done well. The latest annual report says it has 8,240 shareholders, so only 18.8% bothered to participate.

June 5, 2026: Impedimed (IPD): announced a $15.2m capital raise at 1c with some attaching options upside, comprising a two-tranche placement and a $2m SPP capped at 100k per applicant which they expanded to $2.1m and VWAP-priced at 0.007c after $3.5m came through the door. Bell Potter and Canaccord shared the 6% fee. See 74 page SPP prospectus. The stock was down to 0.05c by June 26 giving it post-raise market cap of $18.5m with placement participants well under-water. Held a dinosaur physical EGM in Sydney on June 11 to approve 10 capital raising resolutions. Biggest protests 10-12% against 2 options resolutions. Gave all this a run on Twitter.

June 4, 2026: Frontier Energy (FHE): announced a $110m conditional placement at 20c, a 23% discount to the previous close of 26c, to help fund its Waroona solar-battery project. Cannacord and Yelverton Capital shared the excessive 5% fee. The stock finished at 26c on June 26 giving it a market cap of $140m and suggesting it made sense to participate in the placement at 20c. A dinosaur physical EGM is being held at 9am in Perth on July 10 to approve 6 resolutions, including director contributions to the placement totalling $3.3m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

June 4, 2026: Peninsula Energy (PEN): after going into a trading halt at 9.48am, The AFR's Street Talk column reported at 10.28am on May 14 that "Canaccord Genuity and Shaw and Partners were offering new shares at 35c apiece – a roughly 10% discount to the last close." The official announcement dropped 90 minutes later at 11.57am, detailing a $21.8m placement, a 1-for-11 entitlement offer (see 99 page prospectus) and a $US30 convertible note issue to Soul Patts, all of which were priced at 35c, including the conversion terms for the note. The retail offer only received $2.7m in applications, leaving it $4.2m short. Canaccord and Shaw shared the excessive 5.5% fee and overs were capped at 50% of entitlement in the rights issue. Soul Patts is also tipping in up to $14.4m into the equity raise, so it clearly likes the company's Wyoming uranium project. Market cap was $220m when the stock settled at 36c by June 26, leaving participants marginally in the money.

June 2, 2026: SPC Global (SPG): Street Talk reported the following at 7.42am on May 14. "SPC Global, the 108-year-old fruit giant undergoing a recapitalisation, will raise $100 million at a 71% discount to reduce its debt. Terms sent to shareholders overnight show SPC's bankers at Unified Capital Partners and Gleneagle Securities (who were paid an excessive 6% cash fee) have split the cash call into a $97.1m rights issue and a $2.9m placement at 10c." The official announcement dropped 127 minutes later at 9.49am the same day. The stock crashed to 9c by June 26, giving it a post-raise market cap of $113m and leaving participants 10% under water. The rights issue was a ridiculous 1-for 0.1993, meaning the shares on issue surged by more than 500%.

June 1, 2026: Barton Gold (BGD): The AFR's Street Talk column reported at 3.53pm on Sunday, May 31 that: "The $210 million company has tasked stockbrokers Canaccord Genuity and MST Financial with selling new shares at 85c apiece to raise $25.5 million, according to a term sheet in front of fund managers. The offer price reflects a 3.4 per cent discount to the last close." The official announcement dropped at 9.02am on Monday, June 1 detailing a $25.5m placement. The fees are estimated to be "less than 2.5%" of the amount raised. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. The stock finished at 75.5c on June 26 giving it a post-raise market cap of $192m and leaving placement participants under water.

May: 20 including 8 SPPs and 7 placements with no SPP from Asara Resources (AS1), Challenger Gold (CEL), Genus Plus (GNP), Many Peaks Minerals (MPK), Orion Resources (ORN), Waratah Minerals (WTM) and WIA Gold (WIA)

May 29, 2026: Elevra Lithium (ELV), The AFR's Street Talk column reported at 8.53am on May 12 that Canaccord and UBS (which were paid a handy 3% cash fee) had been commissioned to raise $275m in fresh equity, with no other detail. The company went into a trading halt 13 minutes later at 9.06am and the official announcement dropped at 9.56am, detailing a $275m placement, a $20m SPP and $145m convertible note issue. The pricing was $12.20 per share, an 11.2% discount to the previous close of $13.74. The SPP has secondary VWAP pricing based on last 5 days of trading before the May 29 close, but there is no discount. Gave this feature a plug on Twitter although it is unlikely to come into play with the stock closing at $12.89 on May 30, giving it a post-raise market cap of about $2.38b.

May 27, 2026: Finder Energy Holdings (FDR): after going into a trading halt at 9.34am, The AFR's Street Talk column reported at 9.59pm on April 28 that the "oil and gas explorer capitalised at $295m on the ASX, has sent out Barrenjoey, Canaccord Genuity and Petra Capital to drum up fresh cash. Fund managers have been shown terms for a $30m two-tranche placement priced at 50c. That's a 15.3% discount to Finder's last close. It would be followed by a $3 million SPP". Gave them a touch up on Twitter for not telling the ASX first. The official announcement dropped at 9.27am on April 30 detailing a $27m placement along with the $3m SPP which was later abandoned due to the falling share price and lack of any VWAP downside protection. The stock had tumbled to 38c by May 30 leaving participants well underwater and giving it a market cap of $190m. A virtual EGM was called for June 12 at 2pm Perth-time via Automic where lodged these 4 questions.

May 27, 2026: Tanami Gold (TAM): went into a trading halt at 9.16am and then The AFR's Street Talk column broke the news at 11.09am on May 6, 2025 that it was raising $70.5m at 6c, a hefty 34.8% discount to the last close of 9.2c, through a 1-for-1 renounceable entitlement offer. Market cap was $108m before the raise was launched and it the stock closed at the offer price of 6c on May 30. Bell Potter and Evolution Capital shared the 5% fee with some carve outs for stock taken up by 43.4% shareholder APAC Resources and Metals X, which owns 2.93%. The under-writing agreement had a curious provision on page 15 giving the under-writers first right of refusal over any future equity raisings for the next two years. Rights trading ran from May 12 to May 20. It wasn't a PAITREO because there was no accelerated component or shortfall bookbuild.

May 26, 2026: Paradigm Biopharma (PAR): announced a $14m two tranche placement at 19c, a hefty 15.6% discount to the previous close of 22.5c, followed by a skinny $2m SPP which had secondary VWAP pricing based on a 2.5% discount to VWAP. The latest annual report said it has 13,492 shareholders so the theoretical maximum amount of SPP applications was $404.7m. Barrenjoey and Bell Potter shared the excessive 5% fee. The SPP received a surprisingly healthy $7.375m in applications and was VWAP-priced at 17c. They commendably accepted all applications, meaning the SPP rose from 17.6% of the $17m capital raising to 34.5% of the expanded $21.375m raising, which is more like it. It is very rare for an SPP to be both VWAP-priced and over-subscribed so the company made it onto this VWAP-priced SPPs list as well as this uncapped SPPs list. The stock closed under-water for everyone at 16c on May 30, giving it a pre-settlement market cap of $86.7m. A dinosaur physical EGM was held on June 11 in Melbourne to approve the placement.

May 26, 2026: Navigator Global Investments (NGI): announced a 1-for-8.13 (why do they do these crazy ratios?) $145m pro-rata entitlement offer to fund an acquisition. The $134m institutional component was 99% taken up excluding the Blue Owl component. Chanticleer called the pro-rata structure "a trip down memory lane". The stock settled at $2.53 by May 30 giving it a post-raise market cap of $1.42 billion. Macquarie is solely getting the 1.8% under-writing fee with provision for an extra 25 basis points at Navigator's discretion and is joining with Aitkin Mount and Morgans to share the 0.45% management fee. The $11m retail component only received $4.1m in applications with the 62% shortfall going to the sub-underwriters.

May 25, 2026: Beetaloo Energy (BTL): went into a trading halt and then The AFR's Street Talk column broke the news reporting at 9.28am on April 8 that Blue Ocean and Morgans (who were paid an excessive 5% fee) were seeking to raise at least $60m through a placement at 28c apiece, a 17.6% discount to the last close of 34.5c. The official announcement dropped 49 hours later at 10.31am on April 10 and revealed a $66.3m placement with a fully under-written $5m SPP to come. With 4,501 shareholders, the theoretical maximum for SPP applications was $135m but only 403 ponied up a collective $4.555m. As the $5m was under-written, the sub-underwriters stumped up the extra 445k to leave the overall raise at $71.3m. Because this was the second SPP in 12 months, the company clarified that no individual shareholder could invest more than 30k across the two offers. It was capitalised at $424m on May 30 when the stock closed at 29.5c.

May 22, 2026: Sunshine Metals (SHN): after going into a trading halt at 9.50am, The AFR's Street Talk column reported at 10.20am on April 28 that it had tapped Petra Capital and Canaccord Genuity (for an excessive 6% fee plus some options) to raise $18m via a placement at just 2.7c, a hefty 18.2% discount to the previous close of 3.3c. Gave them a touch up on Twitter for not telling the ASX first. The official announcement detailing a $19m placement dropped at 9.43am on April 30, but at least they did a $3m SPP for retail. With 2,192 shareholders the theoretical maximum in SPP applications was $65.7 million. It was swamped by $7.7m in applications and they commendably ignored the $3m cap and accepted the lot, winning themselves a spot on this uncapped SPPs list. This means the SPP rose from 13.6% of the $22m capital raising to 295% of the expanded $26.7m raising, which is more like it. The stock closed at 3.3c on May 30, giving it a market cap of $119.5m and alert SPP participants a tidy 22% paper profit.

May 22, 2026: BWP Group (BWP): went into a trading halt at 9.32am on May 6, 2026 and then The AFR's Street Talk column broke the news two minutes later at 9.42am after clearly being selectively briefed about its 1-for-12 entitlement offer to raise $228m. The official announcement with the detail dropped 25 minutes later at 9.59am. Morgan Stanley is being paid a reasonable 2% fee partially excluding the Wesfarmers component. Market cap was $2.85b before the raise was announced. The pricing was $3.77, a tight 4.3% discount to the previous close of $3.94. Wesfarmers is taking up its 23.4% entitlement but retail overs are disappointingly banned so there will be a shortfall. The accelerated institutional component raised $122m, including $53m from Wesfarmers, which they said was a 98% take up rate. The $106m retail offer was open for just 10 days and explained in this 64 page offer document which dropped on May 12, although shareholders were informed it was coming on May 6. The latest annual report says it has 24,049 shareholders. Wrote to the company requesting a number of transparency and best practice measures and didn't get very far but enjoyed debating CEO Mark Scatena. The minimalist retail offer outcome announcement detailed just $19 million in applications as it fell 82% short, leaving the sub-underwriters to pick up the $87m shortfall. The stock settled at $3.77 by June 1, meaning participants and under-writers broke even.

May 22, 2026: Orion Minerals (ORN): announced a $16.5m placement at 2.2c. Red Cloud Securities was paid an excessive 6% fee with some options on top. The stock finished at 2.3c on May 30 giving it a market cap of $203.3m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and will likely face a board nomination later this year.

May 22, 2026: Many Peaks Minerals (MPK): announced a $27.5m placement at 90c. Canaccord, SCP Resource Finance and Blackwood Capital shared the excessive 6% fee. The stock finished at 96.5c on May 30 giving it a market cap of $124m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and will likely face a board nomination later this year.

May 20, 2026: Genus Plus (GNP): The AFR's Street Talk column reported at 10.08pm on Saturday, May 16 that Bell Potter and Euroz Hartley were helping it raise $200m in fresh equity to fund a $325m acquisition. The official announcement dropped 4 days later at 9.16am on Wednesday, May 20, detailing a $200m placement at $9.25, a 5% discount to the last close. The ticket clippers were paid 2% or $4m with provision for a potential additional $2m bonus, all going well. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and will likely face a board nomination later this year. Gave them a slap on Twitter. Market cap was $2.03b after the raise on May 30 when the stock closed at $9.50, leaving the placement marginally in the money.

May 20, 2026: Murray Cod Australia (MCA) announced a 1-for-1 accelerated non-renounceable entitlement offer at 15c to raise $18.6m via this 97 page offer document. Stralis Capital and Ord Minnett shared the 5% under-writing fee and overs were capped at 50% of entitlement. The accelerated component raised $10.1m with a participation rate of 67.6%. The shortfall went to other institutions at the offer price of 15c with no attempt to generate a premium through an auction. The $8.5m retail offer attracted $3.8m in applications for a 44.4% take-up rate with with no breakdown provided between entitlements and overs. It may have been fully subscribed if overs were unlimited. The stock was at 16.5c on May 30 giving it a post-raise market cap of $39.7m and meaning that non-participants have left money on the table.

May 20, 2026: WIA Gold (WIA): Went into a trading halt at 9.25am on May 18 and then The AFR's Street Talk column reported at 11.23am on May 18 that it was looking to raise $92m in a placement. The official announcement dropped two days later at 9.11am on May 20, detailing a $92m placement at 46c, an 8% discount to the previous close of 50c. Gave the selective briefing a slap on Twitter. The 3 overpaid ticket clippers, led by Argnoaut, were paid an excessive 6% fee. The stock closed at 47c on May 30 giving it a post raise market cap of $773m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and will likely face a board nomination later this year.

May 18, 2026: Challenger Gold (CEL): The AFR's Street Talk column reported at 1.48pm on Sunday, May 17 that the suspended company was raising $80 million via Euroz Hartleys, Sternship and Evolution Capital, which were paid an excessive 6% fee. The paper said the three-tranche placement structure comprised "an unconditional tranche to raise $23.1 million using Challenger Gold's existing placement capacity, a conditional placement to raise another $41.5 million, subject to shareholder approval, and another conditional tranche to add $15.3 million, similarly subject to shareholder approval. The final tranche comprises an $8 million placement to Allied Gold chief executive and chair Peter Marrone, a $5.3 million placement to directors and a $2 million placement to a co-investor." The official announcement dropped at 10.24am on Monday, May 18 detailing an $85m three tranche placement at 12c. The stock closed at 13c on May 30, giving it a post raise market cap of $303m. They're already facing a board nomination in May 2026 due to past capital raising misdemeanors and given the failure once again to offer retail investors an SPP, they've been added again to this “placement only shame file” as a serial offender. Also gave them this slap on Twitter. See wrap of what happened at the 25 minute AGM on May 29 where received 4.37% voting support.

May 11, 2026: Next DC (NXT): the fast-growing data centre company announced a $1.5 billion equity raising through a 1-for-5.4 (why do they go with these silly fractions?) non-renounceable entitlement offer at $12.70, an 8.6% discount to the TERP of $13.90. The accelerated institutional component raised $1 billion with an impressive 98% take-up and the shortfall went to existing holders at the offer price. The circa 50,000 retail shareholders didn't fully take up the $480m retail offer. Importantly, the overs component was capped at a relatively generous 100% of entitlement. Turns out it fell 15% or $73m short, with a take-up rate of $407m or 85%. The lucky unknown sub-under-writers are enjoying handy profits. Despite a written request, there was no disclosure of either the participation rate or the split between entitlements and overs, presumably due to embarrassment over the in-the-money retail shortfall and dilution. Barrenjoey, RBC and UBS shared the 1.45% fee on the raise with a potential 0.15% incentive fee on top, which comes to $21.75m in total. The stock rallied to $15.24 by Friday, May 30 giving it a post-raise market cap of $11.4 billion.

May 8, 2026: Asara Resources (AS1): announced a $60m placement at 12.5c with no SPP. The stock closed at 14.5c on May 30, a tasty 16% in the money, giving it a market cap of $281m after settlement and leaving the 2,525 retail shareholders diluted and ripped off. Canaccord, Argonaut and Tamesis Partners LLC shared the excessive 6% fee. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and will likely face a board nomination later this year.

May 8, 2026: Weebit Nano (WBT): after a leak to The AFR Street Talk column they ran this story about a $100m raise at 10.37am on March 26. Later the same day at 3.15pm, it announced an $80m placement at $4.05, a 10.8% discount to the last close of $4.54, which was followed by this $15m SPP with no secondary VWAP pricing, although curiously the closing date was not disclosed with the original announcement. Macquarie, Unified Capital and MST shared the excessive 5% fee. The SPP offer document dropped on April 7 and was originally scheduled to close on April 29, but on April 28 they extended this to May 8. The last annual report reported it had 13,616 shareholders, so the theoretical maximum for SPP applications was $408.5m or an unreasonable 27.2 times the $15m SPP cap. The outcome announcement commendably revealed that only 881 shareholders applied for $21.5m worth of stock and the company stuck rigidly to the $15m cap, imposing a scale back whereby everyone with less than 100 shares were zeroed and the other applicants received 14.2% of their money back. They've been added to this shame file of companies which refused to lift unfairly capped SPPs. The stock soared to $7.25 by May 30, giving it a post raise market cap of $1.74 billion. The lucky placement recipients are 79% in the money and enjoying a collective paper profit of $63m on their $80m investment.

May 7, 2026: Waratah Minerals (WTM): announced a $48m placement at 62c, a 12% discount to the previous close of 70.5c. Bell Potter pocketed the excessive 5% cash fee. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. The stock was at 69c on May 30, giving it a market cap of $260m and delivering paper profits of 11.3% to the lucky recipients as the 2,280 retail shareholders were diluted without compensation.

May 6, 2026: Cuscal (CCL): The AFR's Street Talk reported at 10.47am on April 14 that it was looking to raise $30m in a placement to fund a $27m NZ acquisition. The official announcement dropped 57 minutes later at 11.44am on April 14 detailing a $30m placement at $4, a 5% discount to the previous close of $4.21, which will be followed by a miserable $3m SPP. Merrill Lynch is collecting the reasonable 3% fee. Investors liked the deal as the stock rose to $4.80 by May 30 giving it a market cap of $953m after the placement settled. With 2,459 shareholders, the theoretical maximum for SPP applications was $73.8m or 24.6 times the miserable $3m SPP cap. In the end $51.4 million poured in but they stuck rigidly to the $3m cap, although they gave everyone a minimum $1000 allotment. They've been added to this shame file of companies which refused to lift unfairly capped SPPs. The lucky placement recipients were enjoying 20% paper profits on their collective $30m investment by the end of May, so this was a shocker.

May 1: Count Ltd: (CUP): completed a $35.9m placement to fund an acquisition, which will be followed by a $5m SPP. The pricing was $1.05, a 7.5% discount to the previous close of $1.135. E&P and Canaccord shared the excessive 5% fee. The stock finished at $1.05 on June 1 giving it a post-raising market cap of $228m. With 2,079 shareholders, the theoretical maximum for SPP applications was $62.4m or a reasonable 12.5 times the $5m SPP cap. They commendably accepted all $7.6m in SPP applications with no scale back, winning themselves a place on this best practice list.

April: 20 including a disappointing 13 standalone placements from Altair Minerals, Blink Lab, Element 25, FortifAi, Imricor Medical Systems, Lindian Resources, Meteoric Resources, Midas Minerals, Oceana Metals, Omega Oil & Gas, Resolution Minerals, Solstice Minerals and Stellar Resources.

April 30, 2026: Imricor Medical Systems (IMR): went into a trading halt at 9.59am on April 30 and then The AFR's Street Talk column reported at 11.35am that the $634 million market cap company was raising $60m in a placement priced at $1.85 per CDI, a 6.3% discount to the last close. The official announcement dropped at 9.12am on May 4 and detailed the placement as leaked. Canaccord Genuity, Morgans Financial and Taylor Collison shared the ticket clipping duties with a 4% cash fee. The stock settled at $1.90 by May 7 giving it a pre-settlement market cap of $610m. Gave the selective briefing a slap on Twitter. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

April 30, 2026: Stellar Resources (SRZ): $17m placement to fellow listed company Metals X at 3.3c, a modest 2.2% premium to the previous close. Taylor Collinson was paid an excessive 6% cash fee. Market cap was $89m before the raise and stock was at 3.3c on May 8. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. Gave them a slap on Twitter.

April 28, 2026: FortiFAI (FTI): announced a $15m institutional placement, which was misleadingly called "strategic", at a zero discount of 71.5c. Petra and Sandton shared the excessive 6% fee with some options on top. The stock dipped to 64c by May 8 giving it a market cap of $234m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

April 27, 2026: Oceana Metals (OCN): after a 10 week suspension, The AFR's Street Talk column reported at 2.50pm on April 27 that the company had "mandated Canaccord Genuity and Euroz Hartleys to raise $15 million at 36c per share – a 17.2% discount to the last traded price – to bankroll its acquisition of a rare earths project dubbed Serra Negra in Brazil". The official announcement dropped at 9.50am the next morning and the placement had been expanded to $20m. Canaccord and Euroz shared the 5% fee, with Canaccord taking 700k in payment with stock priced at 36c. The stock soared 40% to 60c when trading resumed later that day. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

April 27, 2026: Altair Minerals (ALR): trumpeted its $28m premium placement to LSE and TSX listed Endeavour Mining at 4.3c, a 5% premium to the previous close. Argonaut and 62 Capital Pty Ltd shared the excessive 6% fee, which is over the top for a single entity placement. The stock rose to 5c by April 27, giving it a pre-settlement market cap of $245m. Whilst a premium placement to a strategic investor is more acceptable than a discounted institutional placement, given the failure to offer retail investors an SPP, they've still been added to this “placement only shame file”.

April 27, 2026: Tamboran Resources (TBN): announced a complicated two part capital raise at 25c, a 22.8% discount to the previous close. The accelerated 1-for-10 non-renounceable component raised $147m and the $24.8m retail offer was explained in this lengthy 137 page offer document. Overs were capped at 50% of entitlement and 917 shareholders participated with a 25% take up comprising 22.8m entitlements and only 3.2m in overs. Institutional underwriters took up 73.4m of the 76.5m shortfall securities. RBC and Wells Fargo shared the excessive 5.5% fee. The aspiring Beetaloo Basin gas producer was capitalised at $1.4b when the stock settled at 25c by April 24.

April 24, 2026: Lumos Diagnostics (LDX): announced a $20m placement at 22.5c followed by a $2m SPP with some optison on top. Barrenjoey, MST and Foster shared the 6% fee. The SPP only raised 265k. The company finished at 16c on April 24 giving it a post-placement market cap of $157 million.

April 23, 2026: Resolution Minerals (RML): announced a $20m placement at 7c, a 12.5% discount to the previous close of 8c. It was corner-stoned by Tribecca and L1 Group. Oakley Capital Partners was paid an excessive 6% fee plus free shares and options. The closed marginally underwater at 6.9c on April 24, giving it a pre-raise market cap of $150m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

April 23, 2026: Omega Oil & Gas (OMA): announced a two-tranche $60m placement at 84c, a modest 2.3% discount to the previous close, with the Flannery family and Tri-Star Group corner-stoning. Bell Potter and MST shared the excessive 6% fee. The stock rocketed to $1.05 by April 24 giving it a market cap of more than $450m. The 1,057 retail shareholders have been royally shafted. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and will likely receive a board nomination later this year.

April 22, 2026: Meteoric Resources (MEI): announced a $40m placement at 17c, matching the previous close. The stock jumped to 19c by April 24 giving it a market cap of more than $500m. Cannacord and SCP shared the excessive 5% fee. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

April 20, 2026: Imugene (IMU): The AFR's Street Talk column reported the following at 1.25pm on March 10: "Imugene, a clinical-stage biotech capitalised at $74 million on the ASX, sent out three brokers to raise $20 million on Tuesday morning alongside a fresh batch of results on its immunotherapy known as azer-cel." The raise comprised a $12m placement at 18c followed by an $8m SPP that had secondary pricing based on a 2.5% discount to VWAP over the final 5 days of the offer, rounded to (up or down) the nearest half cent. The SPP only brought in $2.18m and the pricing was 14.5c, The prospectus also detailed some piggyback options as part of the SPP. The stock finished at 12c on April 24 giving it a market cap of $50m and leaving placement participants badly out of the money and lucky they didn't face further dilution from the VWAP priced SPP. With 27,847 long suffering shareholders, the theoretical maximum for SPP applications was a huge $835.4 million or some 104.4 times the $8m SPP cap. The latest balance sheet from February 2026 shows $386m in accumulated losses and net assets of $41.8m so this has been a long and painful journey and retail investors weren't prepared to punt throwing good money after bad through the SPP.

April 17, 2026: Syrah Resources (SYR): announced a $104m 1-for-1.32 non-renounceable offer at 10.5c which was corner-stoned by major shareholder Australian Super. The $44m accelerated institutional component was supported by a healthy 88% of eligible shares. Macquarie clipped the ticket for a 2.5% fee although Aussie Super sub-underwrote the offer to the tune of $69m. The $60m retail offer fell badly short, receiving $24.15m in applications with no breakdown provided between entitlements and overs from the circa 14,194 shareholders. Australian Super picked up $37.4m worth of stock as the retail under-writer. The shares finished at 11c on April 24 giving it a market cap of $215m and the ever loyal Australian Super is now up to 49.6%.

April 16, 2026: Midas Minerals (MM1): announced a $28m placement at 75c, a modest 3.8% discount to the last close of 78c, to advance its Namibian copper-silver-gold project. Canaccord and Euroz shared the 5% fee with nothing paid on any chair's list allocations. The stock rose to 81c by April 24 giving it a market cap of $205m after the placement settled. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

April 16, 2026: KMD Brands (KMD): The AFR's Street Talk was leaked the news on March 15 that Goldman Sachs had been appointed and they commendably flagged a capital raise through this wall crossing announcement on March 25 but then failed to get it away and was suspended on March 30 pending the detail getting sorted out. Street Talk published this brutal update on March 29, suggesting its future was bleak. However, the results dropped on March 31 and they announced a $65m capital raise twinned with a debt rollover. The raise comprised a $6.8m placement at NZ6c and a $58.5m 1-for-0.73 renounceable entitlement offer with unlimited overs for retail although they were required to bid blind into the retail shortfall bookbuild. They ran two shortfall bookbuilds, the first clearing at the offer price of NZ6c as part of the accelerated component which raised $44.2m. The retail offer raised $NZ7.58 million from shareholders and a further $NZ2.57 million from under-writers with no break down provided on how many of the 9,349 shareholders participated or the split between entitlements and overs. Goldman Sachs and Forsyth Barr shared the 4% fee. The stock last traded at A15c so it's a huge discount but the stock closed at A5c by April 24 giving it a market cap of just $71m. The biggest loser is Australian fund manager Allan Gray which has doubled down and is now up to 20.1%. The last balance sheet as of January 31 claims the company has $NZ689m in net assets which is farcical given the market cap is below $100m and shows that chairman David Kirk and auditor KPMG just haven't taken the hard decisions on write-downs.

April 16, 2026: Blink Lab (BB1): The AFR's Street Talk reported at 7.48am on April 14 that the company "which has developed an AI-powered smartphone tool to detect early signs of autism and ADHD, was seeking to raise $15 million". The official announcement dropped at 9.27am on April 16 detailing a $17.5m placement at 65c. Morgans, Westar and Alpine shared the really excessive 7% fee which had some options on top. Haven't seen fees this high before. The stock fell to 68c by April 24 giving it a market cap of $104m after the placement settled. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

April 13, 2026: Botanix Pharmaceuticals (BOT): The AFR's Street Talk column reported on February 13 that the "developer of treatments for skin infections and diseases, launched a capital raising offering new shares at a 45.5% discount to the last traded price." The official announcement didn't drop until 9.42am on February 17, detailing a $40m two-tranche placement at 6c followed by an under-written $5m SPP. It had a pre-raise market cap of $226m but this crashed to $87m by April 24 with the stock plunging to 3.3c meaning placerment participants are 40% underwater. The clients of Canaccord and Euroz, which were paid a 5% fee with discretion for a 1% bonus, won't be happy about these losses and the brokers themselves were left holding the can with $4.14m in under-written SPP stock when the 13,047 shareholders only collectively stumped up 860k. The last balance sheet in February 2026 shows it has $210m in accumulated losses and net assets of $54m before this latest $45m emergency equity raise.

April 13, 2026: Element 25 (E25): Street Talk reported that the manganese hopeful "was looking for $18 million in fresh equity to fund expansion at its Butcherbird project in WA's Pilbara region" with Petra (for a 5% fee) offering stock at 30c, a 9.1% discount to the last close. The subsequent ASX announcement confirmed these details. The stock settled at a modest discount of 29c by April 24 giving it a post-raise market cap of $80m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

April 10, 2026: Oneview Healthcare (ONE): announced a two-tranche $19m placement of CDIs at 19c which was followed by this $2m SPP which only received 300k worth of applications. MST pocketed a 5% fee and $7m of the placement to a major shareholder is subject to shareholder approval at a meeting in May. The stock closed at 17c on April 24 giving it a market cap of $146m.

April 2, 2026: Solstice Minerals (SLS): announced a $32.6m placement at $1 per share which was approved at a dinosaur physical EGM in Perth on June 9, when the stock was at $1.46, giving it a market cap of around $250m. Canaccord, Bell Potter, Taylor Collinson and Argonaut Securities shared the excessive 5% fee. Given the failure to offer its 1,600 retail investors an SPP, they've been added to this “placement only shame file”.

April 1, 2026: Lindian Resources (LIN): announced a $100m placement at 75c with no SPP to advance its Malawi rare earths mine and processing facility. Petra Capital took an excessive 6% fee or $6m for a couple of days of risk. The stock closed well in the money at 89c on April 24 giving it a market cap of $1.67b. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” for a third time.

March: 17 raises including 7 standalone placements with no SPP by 4D Medical, Aurum Resources, Core Lithium, Dateline Resources, Findi, Investigator Silver and Viridian Mining. There were 7 SPPs for the month

March 30, 2026: Dateline Resources (DTR): The AFR's Street Talk column reported at 12.03pm on March 30 that the gold and rare earths explorer was raising $40m via a placement at 40c to fund its flagship Colosseum project in California which was once owned by sector gorilla Barrick. The official announcement at 9.46am on April 1 upped this to $50m. The stock had tumbled to 25c by April 24 giving it a post-raising market cap of $1.04 billion. Shaw and Partners was paid an excessive 6% fee plus will be topped up with 2.3m options at 60c. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” although at this point it was better that retail avoided the over-priced raise.

March 27, 2026: 4D Medical (4DX): announced a standalone $83m placement at $5.90, a 6.1% discount to the previous close to fund its European roll-out. Bell Potter was paid a 4% fee. This company is turning into a bonanza for Pro Medicus as The Australian explained in this story. The stock closed at $5.64 on March 30 giving it a market cap of $3.6 billion. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

March 26, 2026: Horizon Gold (HRN): announced a $30.2m raising comprising a $20m placement at $1.20, a 7.7% discount to the previous close of $1.30 and a further $10.2m raising through a 1-for-20 non-renounceable at the same price with no overs. Evolution Capital and Sternship Advisers pocketed the excessive 6% fee, although it was only 2% for funds provided by directors or major shareholder Zeta Resources. The entitlement offer was 85% taken up with the balance going to under-writers. The stock closed at $1.30 on March 30 giving it a market cap of $244m.

March 25, 2026: Magellan Financial Group (MFG): announced a $130m placement at the market price of $8.45, to be followed by a $20m SPP, in order to help fund its $903m purchase of the shares in Barrenjoey it doesn't already own which values the boutique investment bank at $1.616 billion. It's largely a paper takeover but Magellan is raising the cash to directly buy a 10% stake in Barrenjoey from Barclays for $148.9 million. See transaction presentation. The stock soared when trading resumed. There was no transparency on the allocation policy for the placement but they said new shareholders were accepted. They sure were as the Lowy family of Westfield fame emerged with 5.1% after being allocated $79m of the $130m placement, a disclosure which put a rocket under the stock. Just like when Macquarie raises capital, there were no ticket clippers at all, pointing to how others in the market should raise capital. The latest Magellan annual report says is has 43,173 shareholders so the theoretical maximum in SPP applications was a whopping $1.295 billion. They should at least be given the same $79m allocation as the Lowys who were $20.4m or 26% in front after less than a week with the stock at $10.63 on March 10. Wrote to them on March 25 (see letter) requesting an expansion of the SPP. They ended up receiving $129.4m in SPP applications from 17% of the register and then refused to lift the cap, brutally returning $109.4m in applications. The scale back formula will see all applicants receive 118 shares costing $997 with the balance being pro-rata based on size of holding. Assuming 7,310 shareholders participated, the minimum would take $7.3 million of the $20m. What a joke that the Lowy family received almost 4 times as many new discounted shares as the 43,000 retail shareholders combined.

March 23, 2026: Aurum Resources (AUE): $28.8m placement at 60c including support from Perseus Ltd. There was no broker involved and they cited "market conditions" as the excuse for not doing an SPP. The stock was at 56c on March 30 giving it a market cap of $196m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

March 23, 2026: Austral Resources (AR1): announced a $65m placement at 9c corner-stoned by QIC, followed by a $5m SPP explained in this unusually long 80 page prospectus. The stock closed at 8.1c on March 30, giving it a market cap of $170m. Bell Potter and Shaw shared the 4.5% fee, partially reduced for the funds served up by Gerry Harvey. They held a physical EGM at 9.30am on March 23 in Brisbane to approve 9 resolutions related to the raise. They never made an ASX SPP outcome announcement but this filing suggested it raised $26.7m which seems hard to believe with the stock trading at a discount to the 9c offer price. Wrote to them on May 12 seeking clarification on the SPP.

March 19, 2026: Core Lithium (CXO): $120m two tranche placement at 21c, a 4.5% discount to the previous close of 22c. Morgan Stanley and Argonaut shared the excessive 5% fee. An EGM will be held in late April. Had a market cap of $585m before the announcement. The stock closed at 24.5c on March 30 so participants remain well in front. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. They were already on the list for a $100m standalone placement in 2022.

March 19, 2026: Bapcor (BAP): went into a trading halt at 9.30am on February 19 ahead of a "material trading update". On February 23 it then delayed its results presentation from February 25 until not later than Friday, February 27, the last possible day, before dropping the results and equity raising presentation at 9.30am on February 26. It was a bloodbath including a $200m emergency capital raise at 60c, a 65% discount to the February 18 close of $1.715. The raise comprised a $50m placement, plus a 1-for-1.36 non-renounceable at 60c with overs for retail capped at 35% of entitlement. The accelerated component raised $157m with a 94% take-up by eligible holders and they commendably used a pro-rata allocation policy for the placement. Macquarie pocketed a 2.75% fee. The stock resumed trading on February 27 and had settled at 62.5c by March 17. The $43.5m retail offer was 48% taken up with the rest going to under-writers. No participation data was provided and it was unclear how much of the $21m raised was overs, which was unfairly capped at 35% of entitlement. If it was uncapped, there may have been no shortfall at all. The stock closed at 61c on March 30.

March 18, 2026: Viridis Mining and Minerals (VMM): announced a $25m placement at $1.90, an 11% discount to the previous close of $2.14, to advance its Brazilian rare earths project. Euroz, Cancaccord and Bell Potter shared the excessive 6% fee. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” for a third time. They also copped a board nomination at the dinosaur physical AGM held in Perth on November 4, 2026. See board nomination letter referencing this raise.

March 17, 2026: WCM Global Growth (WQG): went into a trading halt at 8.47am on February 17 and then The AFR's Street Talk column reported at 10.47am the same day that the offshore focused LIC had hired Bell Potter, Taylor Collison, Morgans and Ord Minnett to sell an $80m placement. They will receive a $2.5% fee, plus a bit more on the shortfall sale. The official announcement dropped at 9.25am on February 19, detailing a $45m placement at $1.75 and a 1-for-10 with unlimited overs to raise a further $39.8m. The pricing was an 8.4% discount to the previous close of $1.91 and the stock had dipped to $1.81 by March 2. It was capitalised at $434m before the raise. The entitlement offer raised the maximum $39.8m thanks to the shortfall offer but there was no disclosure of the split between entitlement applications and overs. The stock closed at $1.62 on March 30 so participants are underwater.

March 13, 2026: Santana Minerals (SMI): The AFR's Street Talk column reported at 7.43am on February 16 that the "ASX-listed gold miner capitalised at $830 million, was in front of fund managers on Monday morning, seeking to raise equity on the back of a recovery in gold prices. Sources said stockbrokers Bell Potter and Canaccord Genuity were wall-crossing investors over the weekend about a $120 million capital raising. Shares were being offered at 90c a share, they said." The official announcement dropped at 11.13am on February 17 and detailed a $130m two-tranche placement at 90c, along with a $30m SPP which received an ASX waiver with some interesting conditions. With 3,446 shareholders, the theoretical maximum in SPP applications is $103.4m. Wrote on them on March 17 requesting best practice SPP participation data, which they delivered revealing the SPP raised $4.1m with 860 of the circa 4200 shareholders participating which is puzzling given that suggests the average application was only $4767. The stock closed at 66c on March 16, giving it a market cap of $663m and leaving participants 26.6% underwater. The physical EGM to approve the placement was held in Perth at 10am on March 31.

March 10, 2026: Horizon Minerals (HRZ): The AFR's Street Talk column reported at 10.28am on February 17 that the emerging WA mid-tier gold producer had launched a two tranche $175m placement to bankroll the refurbishment of its Black Swan Processing Hub. The pricing was $1.08, a 12.6% discount to the last close. Petra Capital and Euroz Hartleys shared the fees. The official announcement dropped at 12.52pm on February 17 and, thankfully, there was also a follow-on $10m SPP making it a $185m raising with $120m requiring approval at an EGM that has been called for April 7. It was capitalised at $254m before the raise so this was a big move. The SPP only received $4.65m in applications after the share price weakened during the offer period and closed at 87c on March 30 leaving participants 19.5% underwater.

March 6, 2026: Contact Energy (CEN): The AFR's Street Talk column reported at 4.17pm on Sunday February 15 that "Contact Energy, one of New Zealand's largest energy generators and retailers, had tapped investment bank UBS to help it raise around $NZ525 million via an institutional placement." The official announcement dropped at 7.32am on February 16 detailing a $NZ450m placement and a $NZ75m SPP. The pricing was $NZ8.75, a 7.2% discount to the dividend adjusted previous close. There is secondary pricing based on a 2.5% discount for the SPP and Australian investors are capped at 41k whilst Kiwi investors can plough in up to $NZ100,000 each. It was capitalised at $8 billion on March 30 with the stock at $A7.77. The SPP received a healthy $NZ251m in applications from 29,727 shareholders, so they lifted the $NZ75m cap to $NZ125m and returned $NZ126m with the scale back based on size of holding.

March 5, 2026: Cyclopharm (CYC): announced a $14m placement at 95c, a steep discount to the previous close of $1.08 on February 4, which was followed by a $2m SPP. Barrenjoey and Bell Potter shared the excessive 6% placement fee. The stock slipped to a discount of 81c by March 2, giving it a market cap of $98m and suggesting the SPP will be poorly supported. It was sent to 2,200 shareholders but only raised $182,500 suggesting that less than 10 participated. The raise remained well underwater with the stock at 75c by March 30.

March 2, 2026: Investigator Silver (IVR): announced a $55m two-tranche placement at 8.6c, a hefty discount to the previous close of 12c, to advance its "Paris" silver project. There was an EGM on April 21 to approve the second tranche. Barrenjoey, Cannacord, Moelis and Alpine Capital shared the excessive 5% placement fee. The stock was capitalised at $238m before the raise but the silver wipe out sent the stock plunging to 6.2c by March 30, leaving placement participants 30% underwater. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. They were already on it for a $10 million placement in September 2025.

March 2, 2026: Findi (FND): announced a partnership on January 12 with a strategic investor called Nova Opportunities which signed signed a term sheet committing to invest up to $72m in a series of placements as part of a strategic partnership to help roll out its ATM network in India. Provided an update on January 13 stressing that Nova would not be selling down in the forthcoming IPO of its Indian subsidiary on the Bombay Stock Exchange which "could" value the business at more than $750 million. Another brief powerpoint update on the Indian IPO landed on January 15 and it was then suspended by ASX on January 19 for failing to provide more detail on these various big announcements. It finally provided these responses on January 29 and trading resumed with the stock crashing by more than 50% from its January high of around $2 to settle at 85c by March 2. Finally announced this $25m institutional placement at 70c on March 2. The stock was still at 70c by March 30, giving it a market cap of $55m. Nicholas Smedley, son of Peter Smedley, has been executive chair for four years. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

March 2, 2025: Lotus Resources (LOT): announced a $76m placement at $2.15 on February 5, a whopping 25% discount to the previous close of $2.88, which was followed by a $5m SPP. Macquarie, Canaccord, Barrenjoey, Argonaut and Jett Capital shared the excessive 5% placement fee. The stock settled at $2.24 by March 2 giving it a market cap of around $628m. The latest annual report disclosed 8,579 shareholders so the theoretical maximum in applications was $257.4 million. Wrote to the company on February 27 (see detailed letter) requesting specific headcount participation data in this SPP outcome announcement and a lifting of the cap if demand is strong. It wasn't and they disclosed that 171 applicants received $3.03m worth of stock. The stock has plunged to $1.21 by March 30 leaving participants a whopping 43.7% underwater.

February: 20 raises including 12 standalone placements and just 4 SPPs

February 27, 2026: Cyprium Metals (CYM): went into a trading halt at 9.38am on January 21 and then The AFR's Street Talk column reported at 11.31am the same day that "Canaccord Genuity and Euroz Hartleys were offering new shares at 52c a share, an 11.1% discount to the last trade" through a $30m placement. The official announcement dropped two days later at 10.08am on January 23 and it was a $36m placement at 52c and a $5m token 1-for-58 entitlement offer with unlimited overs. The market cap was $288m with the stock at 58.5c before the raise and the stock settled at 52c by March 2. The ticket clippers were paid a 5% fee and an EGM is being held on March 6 to approve 400k worth of placement allocations to directors. Wrote to them on February 27 requesting specific headcount participation data in the outcome announcement and they delivered revealing that 281 holders participated applying for $2.38m worth of shares, with 835k being for overs. The $2.665m shortfall went to the under-writers.

February 27, 2026: Brightstar Resources (BTR): went into a trading halt at 10am on January 29 and then The AFR's Street Talk column was selectively briefed ahead of any ASX announcement and reported at 1.01pm on the same day that "Canaccord Genuity was offering new Brightstar shares at 50c a piece to raise $150 million across a two-tranche placement that would be followed by a $5 million SPP." The pricing was a 20.6% discount to the previous close. They dropped a 100 page feasibility study on its Goldfields expansion plans at 1.45pm and the official announcement on the raising dropped at 9.14am on Monday February 2 detailing an expanded $175m placement and a $5m SPP, which is a miserable 2.8% of the whole raise. The latest annual report disclosed 9,743 shareholders so the theoretical maximum in applications is $292.2 million. Canaccord was paid an excessive 5% fee to clip the ticket. BTR was capitalised at $448 million going into the raise and the stock fell from 63c to 56c by March 2, so SPP demand should be solid. Wrote to the company on February 27 (see detailed letter) requesting participation data in the SPP outcome announcement and a lifting of the unreasonable $5m cap. They came good expanding it to $18 million after $25.8 million came through the door. They also adopted the best practice disclosure data requesting revealing that only 12% or 1,507 of the eligible 12,369 shareholders participated. The scale back formula favoured their smaller shareholders with everyone getting a minimum of $2000 or 70% of what they applied for.

February 27, 2026: PYC Therapeutics PYC): the Perth-based company announced a monster $653m capital raising at 9.40am on February 2 after The AFR's Street Talk broke the story at 8.46am on February 2, which was shortly before the trading halt landed on the ASX at 9.16am. The raise was structured as a $128 million placement at $1.50 to specialist US-based life sciences funds led by RA Capital Management, and a 3-for-5 $525 million entitlement offer at $1.50 for existing holders. The previous close was $1.60 and the stock was at $1.49 by March 2 giving it a market cap of $1.4 billion. Barrenjoey and E&P Financial are sharing the 5% fee which applies to the non-underwritten component. Various existing shareholders, including Rich Lister lawyer Malcolm McCusker, are getting a 6% under-writing fee. The retail offer has overs capped at 100% of entitlement. Wrote to them on February 27 requesting specific headcount participation data in the outcome announcement. The $117m retail offer finished with $47m of applications, including overs. The under-writers chipped in $16.5m and the company is reserving the right to place the remaining $52.5m worth of stock over the next 3 months.

February 27, 2026: Terra Metals (TM1): announced an $85m placement at 27c, an 8.6% discount to the previous close of 40.5c, backed by a range of key cornerstone investors including GEAR, Tribecca, Soul Patts and Matt Latimore. Petra Capital pocketed the excessive 6% cash fee on its own. The stock was back to 29c by May 1 giving it a market cap of $301m. There were no protests at the dinosaur physical EGM on April 29 to approve the deal. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” for a second time.

February 26, 2026: AUB Group (AUB): announced a $400m placement to fund a UK acquisition with an accompanying $40m SPP. The pricing was $29.40, a 7.9% discount to the previous close of $31.91. Commendably, the SPP has secondary VWAP-pricing based on a 2% discount. Macquarie was the sole broker to the issue, receiving 2% or a tasty $8m fee for a couple of days work. The stock settled at $23.94 by March 2, so placement participants are badly under water and the differential VWAP-pricing will kick in for the SPP. Wrote to them on February 27 requesting specific headcount participation data in the outcome announcement which they delivered, disclosing that 768 of the 6,145 shareholders participated, applying for $10.6 million in new shares which were priced at $23.62, a 26% discount to the placement price, which earnt themselves a spot on this list of differentially priced capital raisings.

February 24, 2026: Actinogen Medical (ACW): did a $12m placement at 4.2c followed by a $5m SPP which was a generous allocation to retail investors. The stock closed at the 4.1c offer price on March 2, giving it a market cap of $143m. Wrote to them on February 27 requesting specific headcount participation data in the outcome announcement. They didn't provide this when revealing that the SPP raised $4.8m and they would not attempt to place the 200k shortfall.

February 23, 2026: Minerals 260 (MI6): announced a $260 million funding injection from a group called Franco Nevada which includes a placement component of $50m at 45c. The deal put a rocket under the stock which closed at 72c on March 2 giving it a market cap of $1.62 billion. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

February 20, 2026: WAM Active (WAA): initially announced a $51.4m raising at $1 but ended up raising $70.7m in a 2-for-3 entitlement offer with unlimited overs that delivered an extra $25m. The stock closed at $1.01 on March 2 giving it a market cap of $105m.

February 20, 2026: Alpha HPA (A4N): announced a two-tranche $235m placement at 75c, followed by an uncapped $30,000 SPP with secondary pricing based on a 2% discount to VWAP. This is rare as most SPPs are capped. The latest annual report disclosed 5,423 shareholders so the theoretical maximum in applications is $162.7 million. The stock had dipped to 63c by March 2, giving it a post-raise market cap of $814m. It paid Macquarie, JP Morgan and Bell Potter a total of 4.25% in fees but at least the placement was fully under-written. The SPP only raised $6.8m and was VWAP-priced at 64c, a 14.7% discount to the 75c placement price, meaning they were added to this list of VWAP-priced SPPs where retail shareholders paid less than institutions in the earlier placement, which is a good thing that should be celebrated. Along with Challenger, Orica and Steadfast, they are the only companies to have delivered two separate differentially priced VWAP-SPPs.

February 17, 2026: Trek Metals (TKM): The AFR's Street Talk column reported at 3.49pm on February 13 that "Trek Metals launched a $12 million placement on Friday morning to accelerate its maiden drilling campaign at its Christmas Creek project in Western Australia." The official announcement dropped at 9.13am on February 17 detailing a $15m two tranche placement at 15c, with the final $1.5m from the directors subject to shareholder approval. Alpine Capital collected the excessive 6% fee. The stock had risen to 19.7c by March 2, giving it a post-raise market cap of $141m and leaving placement participants nicely in the money whilst the 2,899 retail shareholders got diluted without compensation. The Bermuda-registered company held a dinosaur physical AGM in Perth on July 4 last year. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

February 16, 2026: Prospect Resources (PSC): announced a $40m two-tranche placement at 38c via Street Talk on Thursday February 12 to advance its Zambian copper project. The official announcement didn't drop until 9.30am on February 16 detailing a $45m placement priced at an 8.4% discount to the previous close of 41.5c. The stock settled at 40c by March 2, giving it a post-raise market cap of $323m. Cannacord and Argonaut clipped the ticket for an excessive 6% fee. There will be an EGM to approve part of the placement. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

February 13, 2026: 29Metals (29M): announced a $150m raising structured as a 1-for-3.66 non-renounceable entitlement offer at just 40c, a massive 35.5% discount to the last close of 62c. Macquarie and Morgans are fully under-writing and Owen Hegarty's EMR Group is not participating, suffering further dilution. Indonesian company BUMA is looking to increase its stake by under-writing up to $41m of the shortfall. Scandalously, given the size of the discount, retail shareholders are not being offered an opportunity to apply for additional shares. Was capitalised at $851m before the raise but the stock crashed from 62c to 41c by March 2 giving it a market cap of $725m. The accelerated $119m institutional component was supported by 92% of eligible participants and the $31m retail offered had a 71% participation rate, with the rest going to under-writers. The overs should have been much more than 35% of entitlement. Australian Super finished with 15.16% after the raise, Owen Hegarty's EMR Capital was diluted down further to just 18% and Indonesian outfit BUMA is now the largest holder with 21%.

February 12, 2026: Marmota Resources (MEU): went into a trading halt before the open on February 10 and then announced a $15m placement at 13.5c with no SPP on February 12. The stock settled at 14c by March 2, giving it a post-raise market cap of $181m. Petra Capital pocketed the excessive 6% fee. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

February 11, 2026: Cobre Ltd (CBE): used AFR Street Talk to announce a big $50m raising at 15c to find an acquisition in Chile when the copper and silver explorer was only capitalised at $81 million going into the deal. The official announcement didn't drop until 1.05pm on February 12 and it detailed a $60m placement at 15c with existing major shareholder Tribecca corner-stoning. They're holding a physical EGM in Sydney on March 25. The stock was at 20c by March 2 as investors welcomed the move. Defender Asset Management and CPS Securities shared the excessive 6% fee. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

February 10, 2026: Revolution Private Credit Income Trust (REV): launched a $60m placement at $2 per unit via Street Talk, which was on par with its net tangible asset value but a small discount to the trading price of $2.01. Had a market cap of $402m going into the raise. The stock was at $1.99 by March 2. NAB, Morgans and E&P shared the 3.75% selling fee which was overly complicated with 4 different components. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

February 10, 2026: PMET Resources (PMT): The AFR's Street Talk column reported that "PMET Resources has launched a swift joint placement and block trade. Street Talk understands the $966m dual-listed company was seeking to raise up to $68.4 million via an institutional placement on Monday afternoon. New shares were priced at 59c per new CDI, a 9.2% discount to the last traded price". The official announcement was very Canadian. Work it out for yourselves. The stock was at 54c by March 2, giving it a market cap of $939m and leaving participants 10% under water. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

February 9, 2026: PC Gold (PC2): announced a $24m single tranche placement with Macquarie corner-stoning for $5m. The pricing was 65c, a 9.7% discount to previous close. Wallabi, Canaccord and Euroz shared the excessive 6% fee. The stock was at 89c by March 2, giving it a market cap around $285m and placement participants a a paper profit of 37% so a real shafting for the . Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and are in the frame for a board tilt this year. They ran a dinosaur physical AGM in Perth's swanky Peppermint Grove last November after only floating earlier in the year.

February 4, 2026: Bellavista Resources (BVR): the WA-focused base metals explorer announced a $35m two tranche placement with $16m subject to shareholder approval an an EGM in April. The pricing was 75c, a 5% discount to the previous close of 79c. Canaccord, Argonaut and Euroz shared the 5% fee. The stock was at 81.5c by March 2, giving it a market cap of $104m and leaving participants almost 10% in front. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and are in the frame for a board tilt this year.

February 4, 2026: Hot Chili (HCH): is dual listed in Canada and announced a $40m placement to advance its copper-gold project in Chile. The pricing was $1.65, a 15% discount to the previous close. The excessive 6% fee, plus some options, was shared by 4 Canadian brokers. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”. The stock fell to $1.69 by March 2, giving it a market cap of $337m and leaving participants only marginally in front.

February 4, 2026: Strickland Metals (STK): announced a $55m placement at 16c, a hefty discount to the previous close of 21.5c. Macquarie and Jett Capital shared an excessive 5% fee. There will be an EGM on March 18 to approve director participation. Thesettled at 23c by March 2, giving it a market cap of $631m and amplifying the dilution suffered by the 4,241 retail shareholders. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and are in the frame for a board tilt this year.

January: 17 raisings including a disappointing 11 standalone placements and just 4 SPPs

January 30, 2026: Energy Transition Minerals (ETM): went into a trading halt at 9.45am on January 28 and then The AFR's Street Talk column reported at 2.39pm on the same day that the "ASX-listed rare earths tiddler that has tripled in size over the past year as US President Donald Trump seeks to annex Greenland, was asking investors for $20 million on Wednesday to get cracking on its Nasdaq ambitions." The official announcement dropped at 9.51am on January 30 detailing a $24.7m placement at 13c. Canaccord and Evolution Capital shared the 5% fee. The stock settled at 13.5c by February 2 giving it a market cap of $267m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and are in the frame for a board tilt this year.

January 29, 2026: Ioneer (INR): went into a trading halt at 9.55am on January 29 and then The AFR's Street Talk column reported at 10.48am on the same day that "Bell Potter and Canaccord Genuity were offering new shares at 18c per share – a 14.3% discount to the last traded price". The official announcement dropped at 9.53am on January 30 detailing a $72m placement as reported. The lithium boron wannabe paid the ticket clippers a 4% fee. It was capitalised at $562 million going into the raise but the stock tumbled to 15c by February 2, leaving it well out of the money. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and are in the frame for a board tilt this year.

January 27, 2026: Linq Minerals (LNQ): announced a $15.4m placement at 55c, a 14.7% discount to the previous close. Bell Potter and Alpine Capital shared the excessive 6% cash fee. The stock had crashed to 41c by February 2, reducing its post-raising market cap back below $100m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and are in the frame for a board tilt this year.

January 27, 2025: Galan Lithium (GLN): went into a trading halt at 9.44am on January 27 and then The AFR's Street Talk column reported at 1.09pm on the same day that the Argentinian lithium explore "had mandated Canaccord Genuity to raise $40 million via an institutional placement, priced at 41c per share or a 12.8% discount to the previous close of 47c". The official announcement dropped at 9.32am on January 29 and detailed a $1m allocation to directors which will need to be approved at an EGM. Canaccord were paid an excessive 6% fee. It was capitalised at $541 million going into the raise. The stock had tumbled to 36.5c by February 2, reducing its post-raising market cap back below $450m. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and are in the frame for a board tilt this year.

January 27, 2026: Tungsten Mining (TGN): went into a trading halt at 9.48am on January 23 and then The AFR's Street Talk column reported at 12.23pm on January 23 that it was seeking to raise $50m at 19c, a 15.6% discount to the last close. Canaccord and Euroz were the ticket clippers paid an excessive 6% cash fee. The official announcement didn't land until 9.30am on January 27 and the offer was expanded to $53m. The stock soared to 35c after the raise, giving it a market cap approaching $400m including the placement. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and are in the frame for a board tilt this year.

January 23/January 5, 2026: Talga (TLG): did a $14.5m placement at 41c, accompanied by a $5m SPP with a first come first served approach. On January 5, they extended the SPP closing date until January 23, 2026, given it was 3c underwater. Euroz Hartleys and Bell Potter shared a juicy 6% fee. The market cap was $199m with the stock down to 39c by February 2. The latest annual report discloses 10,924 shareholders so the theoretical maximum in SPP applications is $327 million. Wrote to them on January 22 requesting maximum transparency in the outcome announcement which they delivered when announcing that 518 of the eligible 9,500 shareholders stumped up $7.3m, all of which was accepted. Bravo. Unfortunately, it's now marginally under water.

January 23, 2026: Dateline Resources (DTR): went into a trading halt at 10.27am on January 21 and then The AFR's Street Talk column reported at 4.51pm on January 22 that it was seeking to raise $30m. The official announcement of a $35m placement dropped at 10.01am on January 23. The pricing was 31c, a hefty discount to the last close of 42c, which gave it a pre-raising market cap of $1.31 billion. Shaw & Partners clipped the ticket for an excessive 6% fee, plus 2 million options at 47c. The stock had tumbled back to 32c by February 2, reducing its post-raising market cap back to $1.16 billion. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and are in the frame for a board tilt this year.

January 21, 2026: Ballard Mining (BM1): went into a trading halt at 9.28am on January 21 and the official ASX presentation dropped at 1.13pm, before the deal was completed. Commendably, it was shortly after The AFR's well-briefed Street Talk column reported at 1.38pm that "Argonaut Securities was asking fund managers to bid for $50 million worth of shares at 80c each or a 14% discount to the last close". The market cap was $352m with the stock at 93c before the raise although it was back to 86c by February 2 reducing its post-raising market cap to $325 million. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and are in the frame for a board tilt this year, particularly as this placement remains in the money.

January 21, 2026: Metallium (MTM): announced a $75m placement at 84c, a 8.7% discount to the last close, to advance its US operations, processing and heating technology. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and are in the frame for a board tilt this year. The stock slipped to 81c by February 2 giving it a market cap of $591m post settlement and leaving participants slightly under water. Petra Capital was paid an excessive 6% fee to clip the ticket.

January 21, 2026: Anteris Technologies (AVR): announced a $US200m placement at $US5.75 twinned with a strategic $US90m investment by Medtronic which will finish with up to 20%. The stock soared to $9.69 on the back of the announcement before settling at $8.35 by February 2 giving it a post raising market cap of $812 million. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” for the third time. A serial offender.

January 21, 2026: Neurizon (NUZ): raising up to $24m through a $7.1m placement at 8c and a 2-for-5 non-renounceable entitlement offer with unlimited overs at the same price to raise up to a further $17m. Morgans pocketed an excessive 6% fee for participants in their selling network. The stock was at 9.2c on February 2, giving it a market cap of $62m. See excessive 106 page offer document which dropped on January 5. Wrote on them on January 26 requesting best practice transparency in the outcome announcement and was reasonably pleased with this outcome as $5.88m came through the door. At least they split the overs out, although head count participation numbers would have been better.

January 20, 2026: West Wits Mining (WWI): announced a $27.5m placement at 8c with some options upside. Fund manage Tribeca pushed hard for extra allocation so the placement was expanded to $33.74m on January 22 so its $10m contribution could be fully accommodated. The previous close was 9.1c which gave the gold miner a market cap of $354m before the raise, although the stock had slipped back to 7c by February 2, leaving participants under water. Evolution Capital was paid an excessive 6% fee. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file” and are in the frame for a board tilt this year. They're a serial offender.

January 19, 2026: Terracom (TER): the Australian and South African coal miner announced a 5-for-4 entitlement offer at 6c with unlimited overs to raise up to $60m. Gleneagle Securities is being paid a 6% fee although only $41.5m is under-written, with a group called Orbis Marketing Pte Ltd signing up for $40m of the sub-under-writing. Ended up raising $60m with $28m from shareholders and $32m through the under-writing agreement. The stock was at 6.5c on February 2, giving it a market cap of $117m.

January 16/January 28, 2026: Medallion Metals (MM8): Street Talk reported at 11.05am on December 11 that the WA gold and copper miner was seeking to raise $55m from investors, including a placement and a $5 million SPP, which received a waiver from the ASX on December 29. The placement pricing was 33c, a 17.5% discount to the last close. The official announcement dropped 4 days later at 9.30am on December 15 confirming a $60m raising, with the placement component being lifted to $55 million. The raise will see its Ravensthorpe-Forrestania mine and processing facility fully funded through development to the first gold production. Canaccord Genuity and Petra Capital were joint lead managers for an excessive 5% fee. The market cap was $357m with the stock back to 45c by February 2, but the placement was still well in they money. The latest annual report discloses 1,665 shareholders so the theoretical maximum in SPP applications is $50 million. See SPP offer document. On January 14 they announced it would close early on January 16. They failed to lift the $5m cap. This threadbare SPP outcome announcement also failed to say how many shareholders applied or the total size of applications.

January 15, 2026: 4D Medical (4DX): The AFR's Street Talk column reported details of a $150m capital raising at 9.33am on January 13 after the trading halt request came through at 8.38am that morning. At 9.56am on January 15 it confirmed completion of a $79m placement at $3.80, an 11.4% discount to the last close, with no accompanying SPP. A further $71m was re-purposed from an earlier issue as a block trade. There was also an options exercise and sell down play by the CEO and CFO. The stock initially soared but then slipped back to be well out of the money at $3.21 by February 2, giving it a market cap of $1.81 billion. Bell Potter was paid an excessive 4.25% fee with provision for a further 0.75% incentive payment. They've been added to this “placement only shame file” and are in the frame for a board tilt this year.

January 12, 2026: Forrestania Resources (FRS): announced a $34m two tranche placement at 17.5c with two new cornerstone investors coming in. Bell Potter was paid a juicy 6% fee. There was a token follow-on $2m SPP. The stock finished at 45c on February 2 giving it a market cap of $407m. The latest annual report disclosed 1,157 shareholders so the theoretical maximum in SPP applications was $34.7m. Held a Perth physical EGM on January 12, the closing date for the SPP, to approve the placement. After $9m came through the door they lifted the $2m cap to $5m but provided poor detail on the scale back in the outcome announcement, just referring to the offer document.

January 7/January 16, 2026: Boab Metals (BML): announced a $60m two tranche placement at 40c with a $7m fixed price SPP to follow. The pricing was a narrow discount to the 5 day VWAP. The first $40m is unconditional and the final $20m was subject to shareholder approval at a physical EGM in Perth on January 23. Shaw and Petra shared a juicy 6% fee, although 4% is not payable if investors are on the chairman's list or come in through "Debt Partners", whatever that means. The market cap was $251m with the stock at 48c by February 2. The SPP ended up attracting $17m in applications but they stuck with the $7m cap and made no reference to the scale back formula in this threadbare outcome announcement.

Copyright © 2026 The Mayne Report. All rights reserved

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