Shame file: 200+ stand alone placements with no SPP

5G Networks (5GN), 2020: $30 million placement at $1.85 with CEO Joe Demase also selling 3m shares or 15% of his stake for $5.5 million. Stock had crashed to 14c by September 2025 so this was a good one for retail to avoid. Sydney based company ran a virtual AGM in November 2024 and is now only capitalised at $40m in August 2025. Shareholders have contributed $195m so has destroyed a lot of capital.

Acrow Ltd (ACF), 2020: As announced to the ASX, the company raised $10.5 million in a placement priced at 38c, an 11% discount to the prevailing market price. Retail missed out on the upside as the stock was above $1 in June 2025. Market cap was $317m by August 2025. Ran a virtual AGM in November 2024.

Adriatic Metals (ADT), 2023: the dual listed silver miner in Bosnia and Serbia raised $US32 million in a placement at $3.30, matching the previous close. Retail missed out on the upside as the stock was above $5 in June 2025. Has now been taken over.

Adriatic Metals (ADT), May 2024: The AFR's Street Talk column was given the scoop over the weekend by the $1.38b UK dual listed company. The details landed on the Monday and it comprised a $75.8m placement at $4.15, a 5.7% discount to the Friday close of $4.40. The funds are needed to pay a nearly $20m termination fee to the previous mining contractor and to ramp up production at its Vares "lead, zinc, silver, gold, copper, barite" and kitchen sinks project in Bosnia. No sign of an SPP for retail holders and the guilty party advisers are Macquarie, Canaccord and Morgans. Retail missed out on the upside as the stock was above $5 in June 2025.

Adriatic Metals (ADT), February 2025: announced an $80m placement at $3.90, a 3.7% discount to the previous close of $4.05, through The AFR's Street Talk column at 9.29am on February 19, coinciding with when the ASX was provided the same information. It had earlier gone into a trading halt at 9.11am. It is a two tranche placement with the second tranche of $36.7m subject to shareholder approval at an EGM in March.

Advance Metals (AVM), October 2025: $13m placement to pursue gold opportunities in Victoria with no SPP.

Adveritus (AV1), June 2025: reckons it received "overwhelming support" for its "over-subscribed" $8.5m big end of town selective placement. Thoroughly underwhelmed by size of the discount and lack of any SPP for retail. Stock has since soared and now capitalised at $147m in September 2025. Ran a physical AGM in Sydney on November 18, 2024.

Alligator Energy (AGE), June 2025: $17.5m two-tranche placement at 3.1c with no follow on SPP. Bell Potter and Taylor Collinson shared a 6% fee. Asked about a lack of any SPP at this 2025 EGM.

Alpha HPA (A4N), November 2023: joined the placement only shame file with a $40 million placement at 73c in November 2023 with no follow up SPP. Market cap was almost $1 billion in June 2025 with the stock at 85c so retail have missed out on the upside. Also refuses to run hybrid AGMs where this issue could be raised. Ran a physical AGM on November 27, 2024 in Sydney.

Alterity Therapeutics (ATH), September 2025: $20m placement at 12c, a 7.7% discount to the 10 day VWAP. MST Financial pocketed an excessive 5% fee. The stock had settled at 11c by September 19, giving it a market cap of $120m. No SPP so they've been added to this “placement only shame file”.

Alumina (AWC), 2013: placed a 15% stake to Chinese company CITIC at a 3% premium of $1.235 with no follow on SPP or access to any institutional investor either. This was particularly controversial given the corporate control issues.

Amaero (3DA), September 2024: the US-focused additives producer did a $25m two tranche placement at 35c, a 4% discount to the previous close. Stock was at 28c in June 2025 so retail have avoided the downside.

Amaero International (3DA), February 2025: completed a $22m placement at 30c, a 10.4% discount to the previous close, with no follow on SPP for retail. Two of the institutional investors, Regal and IFM, were identified in the announcement, which is unusual.

Andean Silver (ASL), September 2024: $25m placement at $1.05, a 10% discount to the last close of $1.17, with no follow up SPP for retail shareholders. Stock was at $1.08 in June 2025. Lodged this board nomination for the November 2025 AGM objecting to it being a serial offender when it comes to doing placements without an SPP.

Andean Silver (ASL), July 2025: $30m placement at $1.20, a 13.4% discount to the last close of $1.385. Cannacord, Euroz and SCP Resource Finance shared the exorbitant 4% fee although at least this excluded "the chair's list". No SPP so they've been added to this “placement only shame file”. They gloated that the raise was heavily over-subscribed which is no surprise given the size of the discount. Why can't they do a competitive bookbuild to determine the price and minimise the discount? The stock resumed at around $1.29. Lodged this board nomination for the November 2025 AGM objecting to it being a serial offender when it comes to doing placements without an SPP.

Anteris Technologies (AVR), July 2024: the heart medtech launched a $30 million placement through The AFR's Street Talk column which was priced at $16, a 6.2% discount to the last close of $17.05. Cannacord, Evolution Capital and Bell Potter shared an excessive 6% fee and there was no SPP for retail investors. The stock had crashed to below $7 by June 2025 so good for retail that they avoided the raise.

Antipa Minerals (AZY), December 2024: did a $16m placement at 25c with no SPP. The stock has since soared to around 65c in June 2025 so retail missed out on a lot of upside.

Antipa Minerals (AZY), July 2025: went into a trading halt at 9.05am on July 3 and then someone selectively briefed The AFR's Street Talk column which reported news of a $30m raising at 10am on July 3. Market cap was $397m before the raise with the stock at 68.5c. The pricing was 60c, a 12.4% discount but no initial mention if the placement would be accompanied by an SPP. The 4 brokers clipping the ticket for a fat 5% cash fee were Euroz Hartleys, Canaccord Genuity, Shaw and Hannam. The formal announcement of a $40m placement to fund its copper-gold projected dropped at 9.16am on July 7, when the stock resumed trading and tumbled to 59c that night. No SPP so they've been added to this “placement only shame file”.

Aquila Resources (AQA), 2009: Chinese steel giant Baosteel invested up to $286 million for a 15% stake in the company through a placement at $6.50 a share which shafted retail and impacted future control battles. Baosteel teamed up with Aurizon to privatise the company at $3.40 a share in 2014 so it overpaid in the placement.

Arafura Resources (ARU), June 2020: raised $7m though a placement at 6.2c with no SPP but subsequently did a $40 million placement the following year which did have an SPP component but it was restricted to $5.5m despite $16m coming through the door.

Arizona Lithium (AZL), March 2022: $32.5 million placement at 12.5c with no SPP for retail shareholders. Previous close was 15c but stock rose to 16c on the morning after the raise, so placement participants were initially well in front whilst the 7,500 retail shareholders were diluted. The stock subsequently tumbled so retail dodged a bullet avoiding this one.

Artrya (AYA), February 2025: $15m two stage placement at 73c with no follow on SPP. Was priced at a hefty discount to the previous close of 82c. Petra Capital ran the offer and was issued stock as part payment. Market cap was $82m with the stock at 70c by June 2025.

Asara Resources (AS1), July 2025: $25m placement at 5c, a 7% discount to the previous close of 5.4c with Cannacord and Argonaut running the offer. No SPP so they've been added to this “placement only shame file”.

Astral Resources (AAR), September 2024: The Perth-based company is pursuing two separate gold projects south of Kalgoorlie and completed a $25m two-stage placement at 9.5c with no follow on SPP for the 2,100 retail holders. The first tranche was $21m with the second $4m tranche subject to shareholder approval at the November 20 AGM. Euroz Hartleys and Cannacaord Genuity were brokers to the offer, shafting retail investors yet again. The stock had doubled to 18c by June 2025.

Ausgold (AUC), June 2024: the Perth-based gold miner completed the $14 million first component of a 2-stage $38 million placement on June 14, 2024. The pricing was 30c, a 14.3% discount to the previous close of 35c, and the remaining $24 million was approved at an EGM in July. No sign of any SPP for retail investors. The stock had soared to 69c by June 2025.

Austral Resources (AR1), October 2025: announced a $40m placement at 5c to get its mothballed Rocklands copper mine in Queensland going again and come out of two year trading suspension on October 28. No SPP for retail so they've been added to this “placement only shame file”

Australian Strategic Materials (ASM), October 2025: The AFR's Street Talk column broke the news of a $50m placement on October 19 reporting that "the $363m market cap company sent its stockbroker, Canaccord Genuity, out to canvass shareholder interest at $1.20 per share – a 26% discount to the last trading price." The official announcement dropped on October 20 and it involved an expanded $55m placement at $1.20. Canaccord pocketed a 4.5% cash fee. No SPP for retail so they've been added to this “placement only shame file”. Market cap was $267.5m on October 24 with the stock at $1.05, so the placement recipients are underwater.

Auteco Minerals (AUT), 2022: did a $20 million placement at 8c to advance its Canadian gold project but failed to offer retail shareholders the same opportunity. Was priced at a hefty 13% discount to the previous close. The offending brokers were Cannacord Genuity and Shaw. Changed it name to Firely Metals (FFM) in 2023 and was capitalised at $612m in June 2025 when the stock was trading at $1.07. It did a 15-for-1 consolidation in 2023 so would need to get to $1.20 for the placement recipients to be in front.

Arovella Therapeutics (ALA), January 2025: $20m placement at 17c with $15m going to one private investor. Previous close was 17.5c and no SPP for retail so have been added to this “placement only shame file”. Market cap around $200m after placement. Stock had tumbled to 7.7c by June 2025 so was a good raise for retail to avoid.

Avita Medical (AVH), August 2025: the dual listed California-based wound healing company announced a $23m placement via its CDIs priced at $1.32, an 11% discount to the previous close of $1.48. MST pocketed the fat 5.5% cash management fee. No SPP so they've been added to this “placement only shame file”.

AVZ Minerals (AVZ), December 2021: Perth-based African lithium aspirant did a $75 million placement at 50c with no follow-through SPP for retail. Was broke and delisted by 2024 after various commercial disputes and controversies. The last balance sheet showed accumulated losses of $67m and claimed net assets of $189m so investors dropped around $250m overall.

Ballard Mining (BM1), October 2025: announced a $20.6m placement to Aurenne, a neighboring gold miner. The pricing was 55c, an 11% premium to the previous close and Aurenne will emerge with 9.6%. This is the sort of thing placements should be used for.

Bannerman Resources (BMN), June 2024: The AFR got the drop on the proposed $76m placement at $3.30, a 7.6% discount to the last close of $3.58. It finished up being expanded to $85m with $9.3m subject to shareholder approval. No sign of any SPP for retail investors. JP Morgan and Euro Hartleys were responsible. The stock tumbled as much as 10% on resuming when it hit a low of $3.23.

Bannerman Energy (BMN), June 2025: went into a trading halt at 9.50am on June 24, 2025 and then The AFR's Street Talk column reported news of an $85m placement with no SPP at 11.36am on June 24. The pricing was reportedly $3.20, a 9% discount to the previous close. The formal announcement came at 9.21am on June 26.

Becton Property Group (BEC), September 2007: floated in July 2005 (see prospectus) with Rich Lister founder and executive chair Max Beck retaining a controlling 51% stake (see 2005 annual report). The float price was 50c and it initially had 362 million shares although this expanded with subsequent capital raisings. Did a Macquarie advised stapling restructure in 2006, which raised another $173 million at $2.55. Raised a further $68m in a placement at $4.25 in September 2007, which was not accompanied by an SPP for retail investors. Mack Beck retired as chair in April 2008. It limped through the GFC and then did a capital restructure with its listed notes in June 2011 and then collapsed in 2013 with the final balance sheet as of June 30, 2012, showing it had accumulated losses of $430 million and negative equity of $15.3m.

Bellevue Gold (BGL), April 2025: Completed a $156.5m placement at 85c, a massive 25.8% discount to the previous close of $1.145, after dumping this profit warning and strategic review on investors. Was jointly under-written by Canaccord, UBS and Argonaut. The share price fell to 90c on the resumption of trade but recovered to 99c by Easter, giving it a market cap of $1.24 billion. No SPP so they've been added to this “placement only shame file”.

Black Canyon (BCA), September 2025: $10m placement with no SPP.

Black Cat Syndicate (BC8), March 2025: went into a trading halt at 9.11am and then The AFR's Street Talk column revealed some details at 12.12pm on March 12. The $65m at 76c, an 11% discount to the previous close of 86c, was right but didn't even say what the structure was. Ended up informing the ASX at 9.26am on March 13 that it was a two-stage placement with the residual $12m needing shareholder approval at an EGM on May 6. No SPP for retail so they've been added to this “placement only shame file”. Petra Capital managed the offer for an excessive 6% fee.

Blackcat Syndicate (BC8), October 2024: launched an $80m two stage placement at 52c to accelerate both gold production and exploration at a time of record high prices. The first unconditional tranche was $53m and the second tranche for $27m required shareholder approval at an EGM held on December 11. Petra Capital and Jett Capital ran the deal and the original announcement did not disclose the discount to the prevailing price. The stock was at 70c by mid-December giving it a market cap of $380m and meaning the 4,400 retail shareholders were shafted by the lack of any SPP.

Black Cat Syndicate (BC8): June 2024: announced a two-stage $36m placement at 27c to fund the restart of its Paulsens gold mine in WA. The pricing was a hefty 21.7% discount to the previous close of 34.5c, something the ASX announcement didn't even mention. The first stage raised $20.4m and the $15.6m second stage requires shareholder approval at an EGM on July 23, 2024. The directors have also got their hand out for cheap placement stock but no sign of an SPP for retail investors. The shares resumed trading on June 4 at around 30c, providing an instant 10% windfall to the lucky placement recipients.

Black Cat Syndicate (BC8): April 2022: completed a $35 million two stage placement at 55c, a steep discount to the previous close of 68c, to fund a gold acquisition but no sign of any SPP for retail even though some directors are topping up their investments.

Bluebet (BBT), April 2024: completed a $20m placement at 21c ahead of merger with Betr. Insider Matt Tripp took 10% of the placement, which is partly subject to an EGM in late May. No sign of any SPP for long suffering retail holders.

Bluebet (BBT), February 2025: selectively briefed The AFR's Street Talk in a piece that went live at 11.22am on February 4 and then the ASX was finally informed at 9.59am on February 5 about a $15 million placement to fund a Queensland acquisition which only required a $7m up-front cash payment. The pricing was 34c, a 1c premium to the previous close of 33c and the stock resumed trading at 35c suggesting the market liked the deal. There was no follow on SPP for retail shareholders.

Boab Metals (BML), October 2025: The AFR's Street Talk column got the scoop on its $50m placement to advance its WA Sorby Hills silver-lead project and the official announcement dropped at 9.20am on October 14 revealing a two tranche placement at 40c, being $5 million unconditional and the remaining $45m subject to shareholder approval. Petra and Shaw shared the excessive 6% cash fee. Market cap was $112.3m on October 24 with the stock at 37.5c. No SPP so they've been added to this “placement only shame file”.

Botanix Pharmaceuticals (BOT), April 2025: a Philadelphia-based listed developer of treatments for skin infections and diseases, announced a $40m placement at 33c at 9.50am on April 15. The AFR's Street Talk column broke the story at 11.03am the previous day, after it went into a trading halt citing a capital raising at 9.49am that day. The previous close was 35c so the pricing was a 7% discount. No SPP so they've been added to this “placement only shame file”. The market cap was more than $600m after the raise. There were big rem protests at the 2024 AGM, a physical affair in Perth which included approval for a previous placement.

Brazilian Rare Earths (BRE), June 2024: The AFR's Street Talk column got the drop on the $66m placement at $3.30, a 9.6% discount to the last close of $3.65. The company then expanded the raising to $80m and the stock tumbled 31c to $3.34 when trading resumed on June 13. No sign of any SPP for retail investors.

Brazilian Rare Earths (BRE), October 2025: The AFR's Street Talk column got the scoop saying the $564m market cap company backed by Gina Rinehart was seeking to raise about $120 million on Monday morning. The official announcement dropped at 9.03am on Tuesday October 14 revealing a single tranche $120m placement at $4.68, a 6.4% discount to the previous close of $5. Petra and Canaccord shared the 3.5% cash fee. Market cap was $1.5 billion on October 24 with the stock at $5.34, so the 2,238 retail shareholders detailed in the latest annual report have been shafted and diluted without compensation. Given the failure to offer an SPP, they've been added to this “placement only shame file”.

Brightstar Resources (BTR), August 2024: completed a $24m placement at 1.5c as part of a takeover of minnow Alto Metals to consolidate its expansion prospects around its existing gold mining project. No sign of an SPP for retail holders.

Canyon Resources (CAY), September 2025: announced a $215m funding package for its Minim Martap bauxite project in Cameroon comprising a $205m two-tranche placement at 26c, a 5.5% discount to the previous close of 27.5c, and a $10m options exercise at 7c by existing major shareholder Eagle Eye Asset Holdings. The $36m first tranche will be focused on institutional shareholders and the second tranche will see Afriland, which is part of Cameroon's biggest bank, inject up to $70m. Eagle Eye will inject around $110m overall to maintain its 56.5% stake and Afriland will emerge with around 10%. The second tranche is subject to shareholder approval at the upcoming November AGM in Perth. The stock resumed at 25c giving it a post-raising market cap of more than $600m. No SPP so they've been added to this “placement only shame file”.

Capricorn Metals: (CMM), 2020: $32.3m placement at $1.90, a 7.8% discount to the previous close with the placement comprising 4.9% of issued capitals. Funds needed for gold project expansion. Mayor shareholder Hawke's Point also sold down from 16.7% to 10% at the same price. No accompanying SPP so retail badly shafted.

Capricorn Metals (CMM), 2024: $200m placement at $6 a share, a 4.9% discount to the previous close of $6.39, with no follow-on SPP so have been added to this “placement only shame file”.

Carnarvon Petroleum (CVN), 2022: $70 million insto placement at 30c with no follow through SPP for retail investors. Previous close was 33c and this was close to maximum 15% allowable under the placement cap.

Carnaby Resources (CNB), 2024: did a two stage $17m placement in November 2024 with no SPP for retail.

Carnaby Resources (CNB): October 2025: announced a $12.5m placement with no SPP. Market cap was $101.3m on October 24 with the stock at 42.5c.

Catalyst Metals (CYL), May 2025: The AFR's Street Talk column flagged a $130m equity raising at 9.22am on May 21, shortly after it went into a trading halt at 9.06am. The stock was at $6.64 on May 23, giving it a market cap of $1.5 billion. The $150m placement at $6 was finally announced at 9.23am on May 23. The stock fell 29c to $6.35 when trading resumed on May 23. Cannacord, Argonaut and Taylor Collinson were named brokers on the deal. No SPP so they've been added to this “placement only shame file”.

Centuria Industrial REIT (CIP), 2020: announced a $125 million placement at $3.06 to fund some cold storage assets but failed to offer retail shareholders an SPP.

Challenger Gold (CEL), October 2025: went into a trading halt at 9.06am on October 23 and then at 1.07pm it announced a $25m placement via The AFR's Street Talk column which reported that "Evolution Capital and Sternship Advisers were canvassing interest at 13c per share – a 7.1% discount to the last close" of 14c. The 4 ticket clippers - Henslow Partners and Euroz Hartleys weren't named by The AFR - shared in an excessive 6% cash fee, plus 20 million free options to buy shares at 19.5c. It later informed the wider market on October 27 that it has raised $30m at 13c. Market cap was $304.7m on October 24 with the stock at 14c but it dropped to the placement price of 13c when trading resumed. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

Chalice Gold, 2020: announced a $30 million placement with no follow on SPP.

Clarity Pharmaceuticals (CU6), July 2025: $203m placement at $4.20 which was a 2.2% premium to the previous close. No SPP so they've been added to this “placement only shame file”.

COG Financial Services (COG), October 2025: announced a $20m placement at $2, a 4.8% discount to the previous close of $2.10, to increase its stake in a salary packaging business. Morgans pocketed a 3% fee and Geoff Wilson's stable subsequently announced an increased stake and the 1,628 retail holders were were left in the dust with no SPP so they've been added to this “placement only shame file”. Market cap was $498m on October 24 with the stock at $2.38 so the lucky placement recipients are 19% in front.

Commonwealth Bank (CBA), 2008: $2 billion raised through institutional placement at $38 a share in October 2008 to fund BankWest acquisition with no accompanying SPP.

Core Lithium (CXO), 2022: announced a $100m selective placement but no sign of any SPP for retail shareholders to participate on the same terms. Was priced at $1.03, a 6.8% discount to the previous close of $1.105.

Dateline Resources (DTR): announced a $25m placement at 21.5c to pursue its US government-backed gold and rare earths project in California. The stock settled at 25c by September 2, giving it a post-raising market cap of $765m. Disclosed the 6% cash fee payable to Shaw and Partners in the announcement but not the discount. No SPP so they've been added to this “placement only shame file”. Is chaired by Mark Johnston AO, the co-founder of Macquarie Group who turns 85 on November 8, 2025 and should know better than to stiff his 1,310 retail shareholders like this. He's done well as the largest shareholder as his 293m shares were worth $73m in September. CEO Stephen Baghdad is the second largest holder with 13.4% or $200m shares worth $50m. Ran a dinosaur physical AGM in Sydney in November 2024.

Decidr (DAI), March 2025: announced a $10m placement to support partnership with AWS, but no SPP for retail. Priced at 76c, a 14.6% discount to the previous close of 90c. Was then upsized to $11m with strong support from both non-shareholders and senior management. Why didn't this need shareholder approval? Barrenjoey and MST shared an excessive 6% fee. Stock resumed at 82c on March 25, giving it a market cap of around $140m.

Decidr AI (DAI), September 2025: $20m placement at 90c, a 4.3% discount to the previous close. Morgans was the sole ticket clipper for a tasty 4.5% cash fee. The stock had fallen to 85c by September 29, giving it a post-raise market cap of $168m.

De Grey Mining (DEG) September 2020: $100 million placement at $1.20 in September 2020, a 16.4% discount to the previous close, with no SPP offered for retail holders.

De Grey Mining (DEG): April 2020: $31.2 million placement at 28c on April 28, 2020, which also offered no SPP. Two separate placements with no SPP in 5 months. This is deliberate dilution of retail holders.

De Grey Mining (DEG), September 2023: $300m two stage placement at $1.05, a 5.8% discount to the previous close of $1.115 with no sign of any retail offer.

Develop Global (DVP), June 2025: the emerging gold miner went into a trading halt at 9.47am on June 24 and then The AFR's Street Talk column reported news of a $180m placement at 10.57am on June 24. The formal announcement came at 10.14am on June 25. The pricing was $4.50, a 6.1% discount to the previous close. Argonaut and Aitkin Mount ran the raising. They've been added to this “placement only shame file”.

DigitalX (DCC), July 2025: announced a $20.7m placement to some colourful strategic investors to pursue its "Bitcoin first" strategy. The pricing was 7.4c, a 1.5% discount to the 15 day VWAP. Will require an EGM for shareholder approval of director participation. No SPP so they've been added to this “placement only shame file”.

Dimerix (DXB), March 2024: the Melbourne-based kidney disease remedy company completed a $20m placement to the big end of town at a zero discount of 30c but failed to follow through with an SPP for retail holders to participate on the same terms.

Dominion Income Trust (DN1), June 2025: launched a placement at $101 to raise $45 million. The pricing was at a tiny discount to the prevailing price of $101.57.

Dreadnought Resources (DRE), October 2025: announced an $18m placement placement at 3.5c under the headline "finding more gold, faster". Petra Capital pocketed the excessive 6% cash fee. On seeing this and the company's record of holding a last possible day physical AGM in Perth on November 28 last year, I lobbed this speculative board nomination letter not knowing when the 2025 AGM would be or whether the nominations deadline had passed, because they had failed to make the required announcement. Turns out it was past time. Given the failure to offer an SPP, at least they've been added to this “placement only shame file”. Market cap was $190.2m on October 24 with the stock at 3.4c, so placement recipients are marginally underwater.

Droneshield (DRO), August 2024: The AFR's Street Talk column was leaked details of a $120m raising on Wednesday morning and the details dropped on the ASX on the morning of Thursday, August 1. The pricing was $1.15, a circa 17.5% discount to the last close of $1.40, and the stock promptly tumbled to $1.16. It peaked at $2.50 in July 2024. There is no SPP for retail.

DUET (DUE): July 2006: Macquarie arranged a $166m placement at $2.60 with no accompanying SPP.

Echo IQ (EIQ): unveiled a $17.3m placement at 30c in May 2025. The AFR's Street Talk column earlier reported that "Ord Minnett is approaching investors with another capital raising for Echo IQ – a $200 million market-capped business focused on artificial intelligence and data science to improve the detection of structural heart disease...to raise between $10 million and $15 million". No SPP.

EcoGraf (EGR), February 2021: The AFR's Street Talk broke the story that it "was readying a $50 million-odd capital raising on Wednesday to help fund the development of its Kwinana graphite processing facility in WA. Shares in the placement were being offered to funds at 60¢ each, which represented a 40 per cent discount to EcoGraf's last close". The official announcement dropped at 9.51am on February 12 and detailed a $54.6m placement at 60c with Canaccord paid an excessive 5.5% fee. No SPP with this raising so they were added to this “placement only shame file”. There was $2.1m SPP the previous year following a small placement.

Elevate Uranium (EL8), October 2025: announced a $25m placement at 35c, a 12.5% discount to the previous close of 40c, to advance its Australian and Namibian uranium projects. Wallabi, Discovery Capital Partners and Canaccord 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”.

Elsight (ELS), July 2025: $70m single tranche placement at $1.70, a hefty 11.7% discount to the previous close of $1.925. Bell Potter was the sole arranger. No SPP so they've been added to this “placement only shame file”. The stock was at $1.78 on July 28, capitalising the company at $349 million.

Encounter Resources (ENR), October 2025: announced a $25m placement at 45c, an 11.7% discount to the 5-day VWAP, in order to advance its WA Niobium rare earths project. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

EQ Resources (EQR): the Australian and Spanish tungsten outfit announced a $22.5m placement at 3.2c, a hefty discount to the previous close of 4.1c, with US hedge fund Oaktree in the thick of the action, which explains why the placement was in the money and stock resumed at 3.7c. They don't lose many. The ticket clippers Cannacord and Henslow Pty Ltd (who's that?) got the usual excessive 6% fee, plus will be issued options as part of the two-tranche placement that will require shareholder approval. No SPP so they've been added to this “placement only shame file”. The Melbourne-based company ran a last day of the season virtual AGM on November 29, 2024.

Falcon Metals (FAL), August 2025: announced a $20m placement at 57c, a 9.5% discount to the last close of 63c, to advance its gold aspirations. Cannacord, Bell Potter and Morgans shared the excessive 5% management fee. They failed to propose a follow on SPP for their 4,007 retail shareholders so they've been added to this “placement only shame file”. Rich Lister Tim Goyder is the largest shareholder with 7.95%, followed by Franklin Resources with 7.2% and Goldman Sachs with 7.1%.

FBR (FBR): August 2024: the robotic technology company completed a $12.5m selective placement at a 20% discount and failed to offer retail investors the same deal through an SPP. Typical Perth-based cowboys.

Fortescue Metals (FMG), 2009: placed 17.4% of the company with the Chinese Government at $2.48 a share raising $645 million in March 2009 but still hasn't offered the same deal to its loyal but unloved retail shareholders.

Frontier Energy (FHE), September 2024: announced firm commitments for a $40m placement at 25c with no plans for a follow-on SPP from the Perth-based Mark McGowan chaired aspiring renewables company. The first $16.8m tranche is unconditional whilst the second $23.2m tranche requires shareholder approval at an EGM scheduled for October. The pricing was a massive discount to the 46c closing price referenced in this AFR Street Talk column leaked ahead of time. The stock had crashed to 23c by September 4, partly due to this disappointing last day of the season $3.3m half year loss.

Galan Lithium (GLN), June 2025: $20m two-stage placement to a clean energy fund at 11c, a 22% premium to the previous close of 9.1c. The bulk of it is subject to due diligence and shareholder approval. Funds are needed to advance its Argentinian lithium project. They've been added to this “placement only shame file” although strategic placements at a premium are the most acceptable form of placement.

GBM Resources (GBZ), June 2025: went into a trading halt at 9.50am on June 20 and then announced the $13m two-tranche placement at 9.50am on June 24. The pricing was 0.6c, the same price as the previous close. No SPP so they've been added to this “placement only shame file”.

GBM Resources (GBZ), October 2025: announced a $40m two tranche placement at 5.3c, a 3.6% discount to the last close. Canaccord and Argonaut shared the excessive 5% cash fee. Market cap was $189m on October 24 with the stock at 4.2c, so participants are underwater. That said, given the failure to offer an SPP, they've been added to this “placement only shame file”.

GenusPlus Group (GNP), 2022: raised $20 million in a placement at $1.21, a 10 per cent discount to the previous close, but failed to offer retail an SPP. The offending brokers were Bell Potters and Hartleys.

Global Uranium (GUE), March 2025: $10m placement at 6.5c with no SPP for retail shareholders.

Golden Horse Minerals (GHM), June 2025: announced a discounted two tranche $15m placement to the big end of town, arranged by brokers Euroz and Cannacord. The pricing was a 16.7% discount to the previous close of 48c. The second tranche of $8.1m will require shareholder approval at a meeting in July. No SPP so they've been added to this “placement only shame file”.

Golden Horse Minerals (GHM), October 2025: announced a $35m two tranche placement at 66c, a hefty 13.4% discount to the last close of 78c, to advance its flagship Southern Cross gold project and other gold exploration opportunities. Euroz and Shaw clipped the ticket for an excessive 6% cash fee. The second tranche is subject to shareholder approval at the upcoming December AGM. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

Gorilla Gold (GG8), March 2025: $25m placement at 38c, a 5% discount to the previous close of 40c, with no SPP for its 1,777 retail shareholders. T

Gorilla Gold (GG8), November 2024: did a $19.5m placement with no SPP in November 2024 when they were still trading as Labyrinth Resources before an AGM name change.

Gorilla Gold Mines (GG8), October 2025: The AFR's Street Talk column broke the news of a $30m placement on October 20 at a hefty 15.8% discount. Euroz Hartleys, Sternship Advisers and Canaccord are sharing the 4.5% cash fee with potential for an additional 0.5% bonus. The official announcement dropped on October 22 detailing a $31.7m placement at 40c. Had already nominated for the board - see nomination letter - complaining about earlier stand alone placements ahead of this latest shafting of retail shareholders. They are now a repeat offender on this “placement only shame file”. Market cap was $268m on October 24 with the stock at 40.5c.

Great Boulder (GBM), June 2025: $12.5m two-tranche placement at 6.1c, a 16.4% discount to the previous close of 7.3c, with no follow on SPP, so they've been added to this “placement only shame file”.

Haranga Resources (HAR), October 2025: $14m placement with no SPP. Market cap was $59m on October 24 with the stock at 15c.

Hastings Technology Metals (HAS), 2022: $40 million placement to fund manager L1 Capital at 25c with no follow through SPP for retail investors. This lifts L1's stake to 15.5%. The previous close was 26c, so the discount was 5.7%.

HMC Capital (HMC), October 2024: completed a $300m placement at $8.75, a 5% discount to the previous close of $9.21, to support its new data centres fund after it paid almost $2 billion for a single site in Sydney. No follow-on SPP so have been added to this “placement only shame file”.

Horizon Minerals (HRN), May 2025: The AFR's Street Talk column reported about a $30m placement at 4.3c at 7.15pm on Sunday, May 25, 2025. Stock was at 5c going into the raise. The company announced the details at 8.45am the next morning. The first tranche is $11.2m with the balance of $18.2m subject to shareholder approval with each of the directors coming in for 20k. The pricing was a 12% discount to the previous close. Petra Capital was solo manager. No SPP so they've been added to this “placement only shame file”.

Iluka Resources, (ILU), 2009: did a $114 million placement at $3 a share in May 2009 but failed to deliver retail investors an SPP.

Imricor Medical Systems (IMR), July 2024: raised $35 million through a two-stage placement at 52c to see it through to US FDA approvals for its drug which helps treat irregular heart beats. Was priced at an 11.9% discount to the last close of as structured as a placement priced at 52¢ per share, an 11.9 per cent discount to the last close of 59c. The first tranche of $26.4 million is done with the balance of $8.6m to be approved at an EGM. No sign of an SPP so have been added to this “placement only shame file”.

Imricor Medical Systems (IMR), March 2025: Did a $70m placement at $1.41, which was bang on the previous close. See full 45 page capital raising presentation. No SPP for retail so they've been added to this “placement only shame file”. Morgans collected a 4% fee although it was slightly reduced for certain cornerstone shareholders. The stock soared to $1.49 on resuming trade.

Intelligent Monitoring Group (IMB), 2024: joins the "no SPP shame file" with a $19.3m placement to the big end of town to fund 2 acquisitions. No surprise they are based in Perth, the epi-centre of poor governance and retail shareholder rip-offs.

IperionX (IPX), November 2023: the aspiring US titanium producer completed a $26.3m placement at $1.25 with no follow-up SPP for retail holders.

IperionX (IPX), May 2024: completed a $50m placement at $1.91 with no follow up SPP for retail holders. Bell Potter and Cannacord assisted.

IperionX (IPX), October 2024: $100m placement at $3.20 with no SPP for retail. The pricing was a 7.2% discount to the previous close of $3.45 and the brokers were Bell Potter and Petra Capital. They held an EGM in Perth on December 11 to approve the overall placement and an issue to executive chair Todd Hannigan. The stock was at $4.52 by December 11 meaning the 2,300 shareholders missed out from the lack of an SPP. Have been added to this “placement only shame file”.

IperionX (IPX), July 2025: $70m placement at $5, a 6% discount to the last close of $5.30, to advance its development of titanium products for the US department of Defence.

Investigator Resources (IVR), October 2025: $10m placement to expedite a silver project with no SPP for retail.

Kairos Minerals (KAI), October 2025: announced a $27m placement at 4c, the same price as the previous close, to advance WA gold projects. Petra Capital pocketed the entire excessive 6% cash fee. No SPP so they've been added to this “placement only shame file”. Market cap was $134.7m on October 24 with the stock at 3.9c, so at least retail shareholders haven't missed out on any upside so far.

Kaiser Reef (KAU), March 2025: $30m placement to fund acquisition of Henty Goldmine in Victoria. Priced at 14c, a hefty discount to the last close of 17c, and comprises two tranches, with the first $9.1m being unconditional under the existing placement capacity and the remaining $20.9m subject to shareholder approval at an EGM in May. Has already held a capital raising EGM in Perth on Jan 17 this year. The stock only dropped 0.5c to 16.5c on resuming so investors liked the deal. Given the lack of any SPP for the 1,114 retail shareholders, they've been to this added to this “placement only shame file”.

Latin Resources (LRS), April 2022: aspiring Perth-based Brazilian lithium player joined the retail rip off club with a $35m insto placement at 16c but no opportunity for mums and dads to participate through a Share Purchase Plan.

Larvotto Resources (LRV), December 2024: went into a trading halt on December 2 and then The AFR's Street Talk column reported on December 4 that the gold and antinomy explorer capitalised at $207m wanted to raise $20m for its Hillgrove Gold and Antimony mine via a two-tranche deal, priced at 52c. The lead managers were Aitken Mount, Canaccord and Blue Ocean. They released these updated drilling results at 10.03am on December 3 before finally announcing the capital raising details to the ASX at 9.39am on December 5. It was expanded to $30m with around $17m to be approved at an EGM in late January. The pricing was 52c and the discount was 12.6% to the last close of 59.5c.

Lend Lease (LLC), 2009: completed a $300 million institutional placement on February 4, 2009 at $6.05 a share to strengthen the balance sheet but the shares then tanked to a 20-year low of $5.50 so they abandoned the SPP for retail investors because there was no VWAP pricing alternative.

Lindian Resources (LIN), 2023: $35m selective placement at 33c to help fund its rare earths project in Malawi. No sign of a Share Purchase Plan for its loyal but neglected retail shareholders who should be able to participate on the same terms. Was managed by Perth-based Euroz Hartley and announcement made reference to $15m being allocated via a "chairman's list". Stock last traded at 41.5c before the trading halt so executive chairman Asimwe Kabunga was dishing out plenty of value whilst shafting retail shareholders.

Lindian Resources (LIN), August 2025: the rare earths and bauxite explorer tapped Petra Capital for an $80 million two tranche placement with The AFR's Street Talk reporting the scoop at 10.39am on August 18. The pricing is reportedly 21c, a 6.7% discount to the last close. It had earlier gone into a trading halt at 9.30am that morning and had a market cap of $266m before the raise. The formal announcement dropped at 9.13am on August 20, by which time the placement had expanded to $91.5. A dinosaur physical EGM in Perth has been called for September 8 to approve both tranches, with the contingent component being 295.9m shares costing $62.1 million. Petra Capital is being paid a ridiculous 6% cash fee. The stock closed at 24c on August 22. The last annual report says it had 2,352 shareholders. No SPP so they've been added to this “placement only shame file”.

Lotus Resources (LOT), September 2025: The AFR reported at 8.19pm on September 2 that the uranium miner had hired Barrenjoey to raise as much as $70m to ramp up production at its 85 per cent-owned Kayelekera mine in Malawi. At 9.24am on September 4 it confirmed a $65m placement 19c, a 15.6% discount to the last close of 22.5c and the stock quickly dipped to a low of 18c when trading resumed. Market cap was $533m before the placement. There was a massive 5 ticket clippers who shared in the 5% fee. No SPP so they've been added to this “placement only shame file”.

LTR Pharma (LTP), December 2024: the aspiring nasal spray provider to sort erectile dysfunction went into a trading halt at 8.52am on Friday December 6 and then The AFR's Street column revealed the details of the $20m raise at 10.01am claiming it was priced at 92c, a hefty discount to the previous close of $1.05. The official details finally dropped on the ASX at 9.10am on December 10 and it was expanded to a $25m placement at 92c with NO SPP for retail holders. The pricing was a 12.4% discount to the previous close of $1.05 and the stock fell 7c to 98c on the day trading resumed. The brokers were Bell Potter and Alpine Capital.

MA Credit Income Trust (MA1), June 2025: raised $49.7m in a placement at $2, a 1% discount to the previous close. Had 5 different financial houses on the selling job. No SPP so they've been added to this “placement only shame file”.

Macquarie Technology Group (MAQ), April 2024: $100m two-stage placement at $72.50 to fund data centre acquisitions, priced at a 6.1% discount to the previous close of $77.21. No sign of any SPP for the disregarded 4000 retail shareholders. EGM for the majority of the placement scheduled for May.

Magnetic Resources (MAU), August 2025: went into a trading halt at 9.45am on August 18 and then The AFR's Street Talk column reported at 2.51pm that day that it had "launched a capital raising on Monday morning to raise $30 million from investors". Stock was $1.37 before the raise giving it a market cap of $367m. Before the ASX knew anything, The AFR explained that "Argonaut Securities was the global co-ordinator and joint lead manager and bookrunner alongside Shaw and Partners on the raising. New shares were being offered at $1.30 – a 5.1% discount to the last close." The formal announcement dropped at 10.01am on August 19 and the placement had been lifted to $35m. No SPP so they've been added to this “placement only shame file”.

Magnum Mining & Exploration (MGU): $7m placement to pursue US rare earths strategy with no SPP for retail.

Many Peaks Minerals (MPK), July 2025: $13.5m placement at 72c with an EGM to come but no SPP for retail.

Manuka Resources (MKR), October 2025: announced a $15m two tranche placement at 7.5c, a hefty 19.4% discount to the last close, to pursue its NSW silver and gold prospects. Bell Potter pocketed the excessive 6% cash fee. Market cap was $68.3m on October 24 with the stock at 6.2c, so participants are underwater. The second tranche will be approved at the November 27 AGM. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

Marimaca Copper (MC2), June 2025: the Canadian-based company announced a $US17.7m placement at $C4.60 to further its copper project in Northern Chile with no follow-on SPP.

Marimaca Copper (MC2), September 2025: the emerging Chilean copper miner went into a trading halt at 10.09am on September 5 and then The AFR's Street talk column reported at 10.21am that "lead managers and book runners Macquarie Capital, Euroz Hartleys and Beacon Securities were rounding up investors at $9.70 per share – a 13.6 per cent discount to the currency-adjusted last traded price of its Toronto Stock Exchange shares – to raise $80 million via an institutional placement". The official announcement dropped 4 minutes earlier at 10.18am. No SPP so they've been added to this “placement only shame file”.

Mayur Resources (MRL), February 2025: $101m placement at 28c, with $29.8m unconditional and the balance requiring shareholder approval. Was initially pitched as an $80m raise. The virtual EGM will be held at 2pm Brisbane time on March 25. See notice of meeting.

Medallion Metals (MM8), May 2025: the aspiring copper-gold miner announced a $27.5m two-stage placement at 21c. The first tranche is $6m and the second tranche of $21.5m will need to be approved at an EGM in June. The announcement failed to detail the discount and the offer was managed by Cannacord Genuity. The stock was at 27c by May 22. No SPP.

Meeka Metals (MEK), November 2024: $35m placement at 7c with no SPP to advance its Murchison gold project. Have been added to this “placement only shame file”. Stock was at 7c on December 16, giving it a market of $174m.

Meeka Metals (MEK), June 2025: went into a trading halt at 9.28am and then The AFR's Street Talk column reported at 10.31am on June 17 that the WA gold and rare earths explorer was "in front of investors with a $40 million placement to boost its Murchison gold project". The pricing was 15c, a hefty discount to the last close of 17.5c, which gave it a market cap of $440m. Emailed them on the morning of June 18 requesting an SPP and best practice placement participation data. The announcement of a $60m placement dropped at 9.08am on June 18 and they failed to add an SPP despite adding $20m to what The AFR reported the placement would be. They've been added to this “placement only shame file”.

Megaport, 2019: In December 2019 it did a $62m placement at $8.70 (a 4.8% discount) with no follow on SPP at all.

Mesoblast (MSB), January 2025: $260m placement at $2.50 with no SPP for retail. Market cap around $3.1 billion after placement when stock tumbled from $2.81 to $2.55 in the first day after the placement.

Mesoblast (MSB), 2023: $US42.8 million placement at 85c, a hefty discount to the previous close of 99c, with no follow on SPP for retail holders. The main ASX announcement failed to mention the discount or the $US2.8m in costs which were disclosed in this ASX pro-forma. Stock crashed to 88c the next day.

Mesoblast (MSB), August 2022: did another $65m placement at 75c with no SPP for retail.

Mesoblast (MSB), March 2021: completed a $138 million placement at $3.20 a share, a 7% discount, on May 13 2020 but no sign of any follow-on SPP.

Mesoblast (MSB), 2019: The company's 13,000 retail shareholders were excluded from a $75 million placement in 2019.

Mesoblast (MSB), March 2013: did another private institutional placement raising $170m from institutions at $6.30 a share with no follow on SPP for retail shareholders.

Mesoblast (MSB), February 2011: raised $139m after shareholders approved placing 24.7m shares to Cephalon Inc at $4.35, lifting its stake to 19.9%. No equivalent opportunity offered to retail shareholders.

Mesoblast (MSB), May 2010: raised $37m in a placement at $1.70 with no retail component as part of a deal to buy Angioblast which also involved issuing 94.6m new shares to the vendors.

Mesoblast (MSB), March 2009: raised $10.81m in a placement at 72c, which was a 10% discount to market at the time. March 2009 was the post-GFC low and there was no SPP for retail.

Mesoblast (MSB), December 2007: $13.4m placement at $1.28 in December 2007 managed by "specialist institutional house Lodge Corporate" with no follow-on SPP for retail shareholders.

Metal Powder Works (MPW), September 2025: $15m placement at $3.50, a 5.1% discount to the previous close of $3.66. Cannacord clipped the ticket for a hefty 6% cash fee. Market cap $621m with the stock having risen to $4.21 by September 15. No SPP so they've been added to this “placement only shame file”.

Metals Acquisition Ltd (MAC), Oct 2024: the dual listed US focused copper miner did a $140m placement of CDIs at $18, a 13% discount to the previous close of $20.70 with no sign of any SPP for retail holders. Barrenjoey was the sole under-writer. The raising was to reduce debt which peaked at $US455m after an earlier acquisition.

Meteoric Resources (MEI), July 2025: $42.5m placement at 14c, a 9.7% discount to the last close of 15.5c, to advance its Caldeira rare earths project. No SPP so they've been added to this “placement only shame file”.

Metrics Income Opportunities Trust (MOT), May 2024: The AFR's Street Talk column got the drop on this credit fund which had hired a big broker syndicate (Taylor Collinson, E&P, Ord Minnett, Morgans and Cannacord Genuity) to raise up to $92 million, making the most of its annual placement capacity. The figure ended up being $92.4 million and it was priced at $2.14. No sign of any SPP for retail investors. Market cap now exceeds $700 million and with more than 7,000 holders, it's time this outfit started holding AGMs, where the lack of any SPP could be raised.

Metrics (MXT), May 2025: the private credit provider did a whopping $315m placement at $2 with no sign of any SPP for retail investors.

Minrex (MRR), April 2022: Perth-based lithium wannabe raised $13.5m in a selective placement from various un-named mining executives and other big end of town types but there was no SPP for retail investors.

Mithril Silver & Gold (MTH), July 2025: announced a $C10m placement with no SPP.

Murray Cod Australia (MCA), September 2025: announced a $17m placement to expand processing and in-house marketing capacity. See presentation. The pricing was 95c, an 8.7% discount to the previous close of $1.04. Ord Minnett and Stralis Capital shared the excessive 5% fee. The stock traded up to $1.08 on the resumption, giving it a post-placement market-cap of around $130m. No SPP so they've been added to this “placement only shame file”.

Native Mineral Resources (NMR), July 2025: $10m placement at 16c, a hefty 12.3% discount to the previous close of 18.25c, with under-writer Blue Ocean Equities pocketing a 6% cash fee, except where the directors sourced placement participants. Funds are for ramp up of its Blackjack gold project at Charters Towers in Queensland. No SPP so they've been added to this “placement only shame file”. Market cap was $167m going into the raise.

New Murchison Gold (NMG), March 2025: launched a $16.5m placement at 1.3c with no SPP for their 3,616 retail shareholders so have been to this added to this “placement only shame file”. Stock settled at 1.7c, giving it a market cap of $133m. Time for a share consolidation.

NexGen (NXG), October 2025: the dual listed Canadian uranium miner completed a $1 billion placement with $600m of this coming through Australian CDI investors organised by Aitken Mount and Canaccord. The pricing was $13.10 per CDI. Market cap was $8.06 billion on October 24 with the stock at $12.95. No SPP so they've been added to this “placement only shame file”.

Northern Minerals (NTU), October 2025: went into a trading halt on October 23 and announced a $60m placement via The AFR's Street Talk column which wasn't publicly confirmed as a $61.5m placement at 5.1c until Monday, October 27, when the stock plunged from 6.3c to 4.9c on the resumption of trade, giving it a pre-placement market cap of $527m as it pursues its Browns Range rare earths project in WA. This is the company which almost had a hostile Chinese director elected at its 2024 AGM and then saw Federal Treasurer Jim Chalmer take court action to force certain Chinese investors to sell their shares. Given the failure to offer retail investors an SPP, they've been added to this “placement only shame file”.

Nyrada (NYR), August 2025: raised $8.25m through a placement to "sophisticated investors" from the big end of town with no follow up SPP to allow retail shareholders to participate on the same terms.

Omega Oil & Gas (OMA), September 2025: the aspiring Bowen Basin oil and gas producer announced a $46m two tranche placement at 41c after what it excitedly called "huge investor demand". The previous close was 49.5c and the stock settled at 42c by September 29 giving it a post-raise market cap of $182m. The first tranche of $26m completed on September 26 and the second tranche of $18m is subject to shareholder approval at the upcoming AGM. Bell Potter and MST Financial shared the excessive 6% fee, excluding any investors on "the chair's list".

Open Pay (OPY), 2020: $33.7 million placement at $2.40, a 9.8% premium to the previous close. No SPP offer for retail investors but at least the placement was a premium. Stock finished the year at $2.26 so investors are slightly underwater.

Orthocell (OCC), October 2025: announced a $30m placement at $1.30, a 9.1% discount to the last close of $1.43, to advance the rollout of its nerve repair product Remplir. Canaccord was the sold underwriter pocketing a 5% cash fee plus some options upside to be approved at the upcoming AGM. Market cap was $342.6m on October 24 with the stock at $1.255, so participants are underwater. Even so, given the failure to offer its 8,653 retail shareholders an SPP, they've been added to this “placement only shame file”.

PainCheck (PCL), July 2025: $7.5m placement with no follow on SPP for retail.

Patriot Battery Metals (PMT), May 2024: The AFR broke the story of the $44m raise, which amounted to a $C75m placement at $C14.54, which it claimed was a 51% premium to the last close. Funds will be used to advance its Canadian lithium project and raising is tapping into Canadian investment credits for exploration companies. The complicated multi-jurisdiction raise is priced at A85c in Australian terms, when the last trade was 90c giving it a market cap of $665m. No sign of any SPP for Australian investors.

Polymetals Resources (POL), July 2025: announced a $15m placement at 80c, a slight premium to the previous close of 77c. No SPP so they've been added to this “placement only shame file”. Stock fell to 73.5c when trading resumed on July 7, giving it a market cap of $192m.

Predictive Discovery (PDI), May 2024: $50m placement at 19c, a 9.5% discount to the previous close of 21c. Cash is needed for its Bankan Gold Project in the West African country of Guinea. No sign of any SPP for retail investors.

Predictive Discovery (PDI), February 2025: $69m placement to two strategic investors with no SPP for retail. The Lundin family put in $45m for 6.5% and HK listed Zijin Mining injected $24.1 for 3.5%. The pricing matched the previous close of 26.5c and the funding is to advance its Bankan Gold prospect in Guinea. Have been added to this “placement only shame file”. The stock quickly popped to 36c on February 10, 2025, giving it a market cap of $823m.

Primary Healthcare, 2007: raised $184.5 million through an institutional placement at $11.90 a pop on November 9, 2007 with no SPP for retail.

PSC Insurance (PSI): raised $55 million through a placement at $3 in October 2017 with no follow-up SPP for retail. Was managed by Bell Potter.

Qoria Ltd (QOR), September 2024: the emerging tech company did a $30m placement at 37.2c, a 4.6% discount to the previous close of 39c, to fund an acquisition and is now capitalised at almost $500. No sign of an SPP.

Rapid Critical Minerals (RCM), September 2025: announced a $14m two-tranche placement at 3.5c to fund the acquisition of a silver prospect but there was no accompanying SPP.

Red 5 Mining (RED), 2020: The Perth-based gold miner did a $125 million placement at 18c with no SPP for retail shareholders. This comprised 55.8% of pre-raising capital and therefore needed shareholder approval. Was priced at a 23.4% discount to the last price and the stock was at 21c in mid May so the existing 4800 retail shareholders have been diluted without compensation. Stock finished the year at 26c so investors are well in front.

Red Dirt Metals (RDT), 2022: did a $22 million placement to two offshore specialist resource funds as it pursues a lithium-gold project. The raising was priced at 51c, a 5.6 per cent discount to the previous close, and the broker involved was Cannacord Genuity.

Renergen (RLT), 2022: raised just over $10m at $2.14 in a dual placement to Australian and South African institutions with no accompanying SPP for retail investors. Stock was down at 75c by July 2024.

Rex Minerals (RXM), 2021: announced a $50 million placement at 30c, a 16.6% discount to the previous close, but then failed to follow through with an SPP on the same terms for retail shareholders. Macquarie and Euro Hartley were the overpaid advisers complicit with diluting retail investors.

Rox Resources (RXL), May 2025: $40m placement at 30c, a 16.7% discount to the previous close of 30c, with $4.1m subject to shareholder approval at a June EGM. The $35.9m utilises the full placement capacity, including the extra 10%. Euroz Hartley and Canaccord ran the raising to support its gold mining aspirations. No SPP.

RTG Mining (RTG), April 2025: raised $19.5m in a two stage placement with no accompanying SPP to advance its Mabilo copper-gold project in the Philippines, which has received financing support from Glencore. The first stage of $4.2m used up the 15% placement capacity and the balance of $15.3m requires shareholder approval. The pricing was pitched at 2.5c, a small discount to the previous close of 2.6c. The market cap was only $29m, going into the raise.

Santos (STO), 2010: $500 million placement at $12.55 in December 2010 with no SPP at all, leading to a board tilt by Stephen Mayne, which was strongly supported from the floor of the Adelaide AGM.

Savannah Goldfields (SVG), August 2025: announced a $15m placement at 1.5c (yes, that's 1 billion shares), a small discount to the previous close of 1,6c. Was only capitalised at $17m going into the raise, so will need an EGM in late September to proceed, particularly given the big allocations to insiders. Funds will be used to crank up exploration, pay down secured debt and recommence processing at its Georgetown gold plant. The last annual report said they had 5,076 shareholders. No SPP so they've been added to this “placement only shame file”.

Sayona Mining (SYA), 2023: $200m placement at 18c, a 14.3% discount to the previous close of 21c, to pursue Canadian and WA lithium projects. No SPP for retail and EGM required to approve final $31m of the placement.

Sierra Nevada Gold, September 2025: $9.6m placement with no SPP.

Silver Mines (SVL), December 2024: announced a $25m placement at 9.2c, a hefty discount to the previous close of 11.5c. The stock duly tumbled to 9.3c on December 10, the day the placement was announced. Participants will receive 1 free option for every 3 placement shares purchased exercisable at 11.96c over the 18 months to June 16, 2026. Have been added to this “placement only shame file” given the lack of any SPP.

Spartan Resources (SPR), November 2023: announced a $25m placement at 40c with no SPP.

Spartan Resources (SPR), 2024: announced a trading halt at 9.12am on December 3 2024 and then the the opportunistic Perth-based gold miner capitalised at $1.58 billion announced a $220m placement at $1.32, a 7% discount to the previous close, via The AFR's Street Talk column with Cannacord and Sternship Advisers reportedly running the deal. The slide pack finally hit the ASX at 9.50am on December 5 when it confirmed The AFR's numbers. Ramelius Resources is corner-stoning the placement and creeping up from 17.91% to 19.9% as it backs the mill construction, exploration and mine restart at the company's Dalgaranga Gold Project 475 km north east of Perth. The stock soared 7% to $1.51 on the resumption of trade, delivering a quick profit for institutions and increasing the dilution pain for the 6,700 retail shareholders who are not being offered an SPP on the same terms.

Strandline Resources (STA), April 2022: $50 million placement at 43c with no accompanying SPP for retail shareholders.

St Barbara Mines (SBM), October 2025: announced a $58m placement at 46c, a hefty discount to the previous close of 51c. Argonaut clipped the ticket for 5% with a potential 1% bonus and the 18,885 retail shareholders were shafted with no SPP so they've been added to this “placement only shame file”. Market cap was $695.6m on October 24 with the stock at 56c meaning the lucky placement recipients have made a quick 21.7% paper profit. The upcoming dinosaur physical AGM is being held in Perth on November 20.

St George Mining (SGQ), August 2024: The AFR's Street Talk column got the drop on a $21.5m raise to fund a Brazilian rare earths project near the world's biggest niobium mine. The placement was priced at 2.5c with $2.5m being done up front and the remaining $19m subject to shareholder approval. No sign of any SPP for retail investors. The under-writer GBA Capital is getting a 6% cash fee plus 20m free options to buy shares at 5c over the next 3 years.

St George Mining (SGQ), October 2025: announced a $72.5m placement, including a $22.5m placement to Gina Rinehart, at 10c a share to advance its Brazil rare earths projects. The Rinehart placement is subject to shareholder approval at the upcoming AGM. Given the failure to offer an SPP, they've been added to this “placement only shame file”. Canaccord and Jett Capital clipped the ticket for an excessive 6% cash fee. Lodged this board nomination 5 minutes before the deadline and yet to hear back. Market cap was $425.3m on October 24 with the stock at 12c.

Sun Silver (SS1), July 2025: $30m placement 92c, a 14% discount to the last close of $1.08, to advance its Nevada silver-gold project. No SPP so they've been added to this “placement only shame file”.

Talga Group (TLG), February 2023: the emerging battery materials company raised $40 million through a placement managed by Euroz at $1.55, an 11.5% discount to the previous close of $1.75. Disgracefully there was no follow-up SPP for the company's 12,000 retail holders. There will be a physical only EGM on May 15 to refresh the placement capacity and appoint EY as auditor. See notice of meeting.

Tamboran Resources (TBN), May 2025: Is dual-listed on the NYSE and announced a $US55m placement two stage placement to further its Beetaloo Basin gas aspirations. Was priced at $US17.74, a 15% discount to the previous close, and there is no follow on SPP so has been added to this “placement only shame file”. The ASX listed shares were at 16c on May 23, giving it a market cap of $465m. An EGM is upcoming to approve the second tranche.

Tasmea (TEA), September 2025: went into a trading halt at 10.09am on September 5 and then The AFR's Street talk column reported at 12.10pm that it was doing a $43m placement at $4.30, a 2.9% discount to the previous close. No mention of an SPP so they've been added to this “placement only shame file”. The official announcement dropped at 10.39am on September 8.

Tempest Minerals (TEM), April 2022: another day, another dodgy capital raising from a Perth-based miner. They raised $8.4m in a placement to the big end of town, but there was no SPP for retail investors.

Temple & Webster (TPW), 2020: a $40 million placement at $5.70, a 9.7% discount to the last close of $6.31. No wonder it talked about heavy demand. Very disappointing to not have any form of follow-up SPP for retail investors. Stock was at $7.60 in early July so clear lost value and dilution for retail investors who are still waiting for their SPP. Stock finished the year at $11.07 so a boomer for all placement participants.

Ten Network Holdings, 2009: a $138 million placement at $1.15 with no SPP for retail investors, leading to a board tilt by Stephen Mayne.

Terra Metals (TM1), August 2025: announced a $15m placement at 7c, a 10% discount to the previous close of 7.8c. Petra Capital ran the raise for a 6% cash fee and No SPP so they've been added to this “placement only shame file”. The stock settled at 8.5c on September 1, giving it a market cap of $45m.

Tietto Minerals (TIE), March 2022: Another capital raising shocker out of Perth as aspiring West African gold miner Tietto Minerals announces a two stage $130m placement to the big end of town whilst refusing to let retail investors participate through an SPP. Placement priced at 14.5% discount of 50c and second tranche is subject to shareholder approval.

Titan Metals (TTM), December 2024: went into a trading halt on December 3 and then The AFR's Street Talk column broke the news at 11.48am that it was seeking to raise around $20m via Bell Potter and Cannacord Genuity. Stock at 50c with a $98m market cap before the raise. Then, at 10.07am on December 5, they confirmed to the ASX the details of a $20m placement at 44c, a 12% discount to the previous close. Stock tumbled to close at 40c on December 6.

Titomic (TTT), October 2024: The AFR's Street Talk column produced a half baked "more to come" story at 9.16am on October 14 detailing a $20m raise with Peleton and Gleneagle on the job. It finished up as a two tranche $30m placement at 12c after the official ASX announcement dropped at 9.32am on October 16. The previous close was 13.5c and the first tranche was $17.2m with the balance approved at the November AGM. Market cap was $230m by December 11 with the stock at 19c. The Melbourne metal manufacturing specialist has been added to this “placement only shame file” given the lack of any follow on SPP for its 4,500 retail holders.

Tolu Minerals (TOK), October 2024: $22m placement leaked to The AFR's Street Talk column at 11.31am on October 22 after the trading halt announcement earlier that morning at 9.16am. The detail was finally confirmed to the ASX at 9.44am on October 24 and the raising had expanded to $26.7m at 80c, a 21.6% discount to the previous close of $1.02. The aspiring PNG gold miner pointed out that the pricing was at a premium to its 50c float in 2023. Market cap was $143.5m with the stock at 87.5c on December 11. Have been added to this “placement only shame file” given the lack of any follow-on SPP.

Toubani Resources (TRE), October 2025: announced a big $395m funding package to build its Kobada Gold Mine in Mali, anchored by major shareholder Eagle Eye Asset Management. The multi-tranche $125m institutional placement component was priced at 40c with Sternship, Canaccord and Wallabi Group sharing the 4.5% fee. No SPP so they've been added to this “placement only shame file”. Market cap was $224.3m on October 24 with the stock at 44c.

Trigg Minerals (TMG), July 2025: raised $12.5m through a big end of town selective placement to advance its Antimony project in Utah. The pricing was 8.5c, a 13% discount to the previous close of 9.8c and participants are being offered some options upside. No SPP so they've been added to this “placement only shame file”.

Turaco Gold (TCG), May 2024: an $18m placement from Turaco Gold to the big end of town in May 2024 but no Share Purchase Plan for its thousands of retail shareholders to participate on the same terms.

Turaco Gold (TCG), October 2024: completed a $35m placement at 31c, a 13.9% discount to the previous close of 36c, although $12.55m of this will require shareholder approval. Funds will be used to advance its Ivory Coast project. No SPP for retail so they've been added to this “placement only shame file”.

Updater Inc (UPD), 2016: the dual listed US tech stock did a $30m placement in 2016 with no follow on SPP.

Unico Silver (USL), November 2024: $22m placement leaked to The AFR's Street Talk column. Market cap $109m when raising launched and it finished at $22 million at 27c, a hefty discount to the previous close of 31c. No follow-on SPP.

Unico Silver (USL), August 2025: the wannabe Argentinian silver miner announced a $25m placement at 35c, a 10% discount to the previous close of 39c, with Cannacord and SCP Resources clipping the ticket for a fat 6% cash fee. No SPP so they've been added to this “placement only shame file”. Was only last week criticising them at an EGM for last year's placement with no SPP.

Valad Property Group (VPG), August 2006: raised $98.2m at $1.45 per share in a UBS arranged placement which was not followed by an SPP. Later effectively went broke losing shareholder more than $2 billion so a good one for retail to avoid.

Victory Metals (VTM), August 2025: $11.5m placement with no SPP to follow. Was priced at $1.35, a 15% discount to the 15 day VWAP, and Bell Potter is being paid an excessive 6% fee, which includes 1 million options to buy stock at $2.70 any time over the next 3 years. The stock settled at $1.44 on the resumption of trade, giving it a market cap of $177m, including the placement. No SPP so they've been added to this “placement only shame file”.

Viridis Mining & Minerals (VMM), July 2025: $11.5m placement at 91c with no SPP for retail shareholders

Vitasora Health (VHL, the old Respiri): announced an $11m placement at 3c. Chair Nicholas Smedley and the CEO are together going in for 500k, which will require shareholder approval. Bell Potter and MST Financial ran the raise. No follow on SPP for retail investors so they've been added to this “placement only shame file”. The pricing was a hefty discount to the previous close of 3.8c and the stock immediately traded at the 3c placement price when trading resumed on July 2.

Vulcan Energy (VUL), May 2023: announced a $109 million placement at $5.10 but no sign of any SPP for retail shareholders. Typical for a Perth-based resources play. The placement was priced at 17.2% discount to the previous close of $6.16 and the stock settled at $5.15m by May 5 giving the lithium play a market cap of $883 million. Went into the offer with around 33,000 retail shareholders who should have been treated better. Placement was under-written by Cannacord Genuity and Bank of America Merrill Lynch which were paid 1.75% with a bonus 0.3% if all went well. That was a minimum of $1.9 million for minimum risk.

Vulcan Energy Resources (VUL), June 2024: $65m placement to CIMIC, Gina Rinehart and the Smorgon family at $4.08, a hefty 19.7% discount to the last close of $5.08. CIMIC took $41 million, Gina $20 million to give her an overall holding of 7.5% and the Smorgons $4 million. No sign of any SPP for retail shareholders to participate on the same terms to help funds it lithium play in Germany. The stock fell 3.25% to 4.93 on June 4, the day after the raising was announced, giving it a market cap of around $850 million once the placement settles. Ran a physical AGM in Perth on May 24, 2024, which was disappointing from a transparency point of view.

Vulcan Energy (VUL), July 2025: announced a $53.6m placement at $3.40 which was approved at a physical AGM on October 10. Cannacord and BNP shared a circa 3% fee. No SPP so they've been added to this “placement only shame file”. Is Perth-based but dual-listed on Frankfurt Stock Exchange. Stock had soared to $6.92 by October 10 giving it a market cap of $1.62b. Latest annual report says it has 26,818 shareholders. Gina Rinehart is second largest with 6.5%.

Vysarn (VYS), September 2024: The AFR's Street Talk column was given the drop before the water company officially unveiled a $38.2m placement at 40c to fund an engineering acquisition. Was priced at a 15.8% discount to the previous close of 47.5c. There was a slight delay after Vysarn decided to seek shareholder approval for the deferred share component of the acquisition consideration. The stock was at 45c on September 24, giving it a market cap of $235 million.

WA1 Resources (WA1), July 2024: used The AFR's Street Talk column to announce a $50 million placement at $17, a 9.8% discount to the previous close of $18.84, to keep drilling at its promising West Arunta critical minerals project in WA, but then upped it to $60m after strong demand. No sign of an SPP for retail and stock resumed at $17.16 so no quick profit for participants.

WA1 Resources (WA1), August 2025: The AFR's Street Talk column reported details of a $100m placement at $17 at 10.34am on August 14 and the official announcement dropped at 9.39am on August 15. Was priced at a 9.4% discount to the previous close of $19.24. The stock dived to $16.96 when trading resumed, capitalisating the company at $1.42 billion, including the $100m from the placement. Cannacord and Argonaut shared the fat 5% fee, which amounted to $5 million for a couple of days of risk. No SPP so they've been added to this “placement only shame file”.

Wagner (WGN), September 2025: The AFR's Street Talk column broke the news at 6.54pm on Sunday, September 7, about a $30m placement at $2.60. The official announcement dropped at 10.08am on Monday, September 8, confirming the same information. The discount was a skinny 6c to the previous close of $2.66. Morgans and Unified Capital shared a 4% cash fee. The stock settled at $2.64 by September 15 giving it a market cap of $530m. No SPP so they've been added to this “placement only shame file”.

Waratah Minerals (WTM), August 2025: $30m two tranche placement at 57c to advance its gold mining aspirations at a premium to the recent price. Bell Potter was named as pocketing the exorbitant 5% cash management fee. The company was capitalised at $189m on August 15, 2025 with the stock rising to 72c. No SPP so they've been added to this “placement only shame file”. The second tranche of $18.2m is subject to shareholder approval.

West Wits Mining (WWI), June 2025: announced a $14m placement at 2.2c per share with no follow on SPP, but will require shareholder approval at an upcoming EGM. The new shares also come with some options upside. The stock closed at 2c on June 30 giving it a market cap of $68.6 million and leaving placement recipients slightly under water.

West Wits Mining (WWI), September 2025: $17.5m placement at 4c, a 15% discount to the previous close of 4.7c. Canaccord was paid an excessive 6% fee, although it was only 2% for those participants on "the chairman's list". Market cap is around $150m.

WIA Gold (WIA), November 2024: $30m placement leaked to The AFR's Street Talk column and then confirmed to the ASX on November 5. Priced at 15c, a marginal discount to the previous close of 15.5c. Market cap $179m when raising launched.

Wildcat Resources (WC8), November 2023: $100m placement at 76c with no accompanying SPP. Stock was at 61c by mid-January 2024.

Wrkr Ltd (WRK), August 2025: $15m placement at 9c, a modest discount to the previous close of 9.6c. No SPP so they've been added to this “placement only shame file”.

Zeotech (ZEO), September 2025: $13m placement with no SPP.

ZIP (Z1P), 2021: the emerging buy now pay later outfit launched a $120m placement at $9.18, a 4.5% discount to the previous close, in conjunction with a $400m zero coupon convertible note, which was similar to what Afterpay did. The two founders sold 2 million shares into the placement. No sign of any SPP for retail.

Copyright © 2025 The Mayne Report. All rights reserved

• share
  Share
  • 
    Facebook
  • 
    Twitter
  • email
    Email
  • print
    Print
  • link
    Copy Link
  • cancel
    Cancel