Murray Ward

August 27, 2026 — 9:55am

If the August 5–20 capital raising fortnight proved anything, it was that Australia’s capital markets have lost none of their appetite for writing sizeable cheques.

Across the ASX, the cash calls came thick and fast as companies and funds chased fresh cash for everything from building gold mines and drilling copper projects to acquisitions, artificial intelligence infrastructure and simply putting more money to work in investment portfolios.

Broking desks were humming too.

Canaccord appeared repeatedly, while Euroz Hartleys and Taylor Collison landed some useful mandates. Argonaut may not have matched some rivals on transaction count but landed the senior global coordinator role on one of the biggest operating-company placements of the fortnight – Wia Gold’s monster $125 million raise.

Petra Capital also chalked up two joint lead manager and bookrunner mandates, while CPS Capital was busy clipping tickets at the smaller end with four deals.

But the size of the cheque only tells part of the story. The real action was in the price companies paid for capital, the discounts brokers extracted for their investing clients and what happened once everyone walked away from the bookbuild.

Three transactions in particular show just how differently the market can price fresh money.

WAM Leaders (ASX: WLE)

Raised: $225 million placement, plus an SPP
Price: $1.32.5
Discount: 5.0 per cent to the pre-raise close

Current Price: $1.33

WAM Leaders produced the biggest completed placement of the fortnight, raising $225 million at $1.325 per share after demand exceeded the original target.

The book closed early, allocations were scaled back and the placement was upsized – three pretty good indications that finding homes for the stock wasn’t keeping anyone awake at night.

The price represented a modest five per cent discount to WLE’s $1.395 pre-raise close and was almost bang on its July 31 pre-tax net tangible asset (NTA) backing of $1.3231.

It was also quite a gathering around the broking table.

Commonwealth Securities, Morgans Financial, Ord Minnett and Taylor Collison acted as joint lead arrangers, while those four joined Bell Potter Securities, Canaccord Genuity, E&P Capital and Shaw and Partners as joint lead managers.

Existing shareholders can also join the party through an SPP priced at the lower of $1.325 or the five-day VWAP immediately before the September 4 issue date.

Getting $225 million of cash in the tin at only five per cent below the prevailing share price after scaling back investors suggests the capital markets were hardly giving WAM a hard time.

Wia Gold (ASX: WIA)

Raised: $125 million
Price: $0.425
Discount: Nil to the pre-raise close
Current price: $0.51 – up 20 per cent

If WAM demonstrated the sheer amount of money available, Wia Gold showed what happens when institutions really want a piece of the action.

Wia put away $125 million at 42.5 cents – exactly where its stock had last traded and only two per cent below its five-day VWAP.

No double-digit sweetener. No bargain-basement entry point.

Argonaut Securities landed the senior role as global coordinator, joint lead manager and joint bookrunner, while Tamesis Partners and Stifel Nicolaus Canada acted as joint lead managers and joint bookrunners.

Together with Wia’s existing cash and proposed US$360 (A$500) million Sprott debt facility, the placement fully funds its Kokoseb gold project in Namibia through construction to targeted first gold production in the fourth quarter of 2028.

At 51 cents, Wia is already trading 20 per cent above the placement price – a pretty emphatic endorsement from the aftermarket.

Medallion Metals (ASX: MM8)

Raised: $60 million
Price: $0.48
Discount: 7.7 per cent to the pre-raise close
Current price: $0.57.5 – up 20 per cent

Medallion Metals took a more conventional route, putting away $60 million at 48 cents against a 52-cent pre-halt close.

That handed incoming investors a 7.7 per cent discount while lifting Medallion’s available liquidity to about $175 million – enough to fully fund the remaining development and ramp-up of its Ravensthorpe gold project through to commercial gold-copper production.

Unified Capital Partners, Sternship Advisers and Canaccord Genuity acted as joint lead managers and bookrunners.

At 57.5 cents, placement investors are 20 per cent ahead and the stock has pushed beyond its pre-raise price.

These three deals neatly framed the fortnight. WAM raised $225 million at a tight discount and scaled back demand, Wia found $125 million without discounting its last trade at all and Medallion offered 7.7 per cent before delivering another 20 per cent in aftermarket gains.

There wasn’t much evidence of the equity window closing.

PM Capital Global Opportunities Fund (PGF) added another heavyweight transaction, putting away $221 million at $3.07 after initially seeking up to about $175 million.

The price equalled its estimated pre-tax NTA but represented a chunky 10.8 per cent discount to its previous $3.44 close, with another $20 million targeted from an SPP.

E&P Capital and Morgans Financial were joint arrangers, while those firms joined Commonwealth Securities, Ord Minnett, Shaw and Partners, Taylor Collison, Bell Potter Securities and Canaccord Genuity as joint lead managers.

Interestingly, PM Capital’s parent, Regal Partners, picked up all placement and SPP costs, meaning PGF shareholders won’t bear them through the fund’s NTA.

True North Copper paid a little more for its money.

Morgans Corporate and Petra Capital acted as joint lead managers and joint bookrunners on an $18 million placement at 37 cents, upsized from $15 million after strong demand and priced at a 14 per cent discount.

Major shareholder Tembo Capital cornerstoned the book with $2 million, while chairman Paul Cronin committed another $500,000. About $7.5 million is earmarked for the final deferred payment on the Mt Oxide acquisition, with further funds supporting Mt Oxide and Cloncurry work.

At 37.5 cents, the new money has its nose in front for now.

Argonaut’s clients had another reason to smile through Hamelin Gold.

Chieftain Corporate and Argonaut Securities acted as joint lead managers and joint bookrunners on its roughly $8 million placement at 16 cents, a 13.5 per cent discount. At 24 cents, Hamelin has since motored 50 per cent above the placement price.

But the best percentage turn among the placements examined by the Crucible came from a deal without a broker.

Mount Hope Mining raised just $1.82 million at 14.5 cents, with Ronin Metals – the investment fund backed by WA gold discovery specialists Simon Lawson, Craig Jones and David Coyne – committing $1.03 million for an 11.9 per cent holding.

The trio were part of the Spartan Resources leadership team associated with the Never Never and Pepper discoveries before Spartan’s $2.5 billion merger with Ramelius Resources.

There were no broker fees and the placement was struck at a 2.8 per cent premium to the 15-day VWAP. At 21cents, the new stock is sitting on a whopping 45 per cent paper gain.

Sometimes the most interesting thing about a capital raise isn’t the size of the cheque. It’s whose signature is at the bottom.

Alligator Energy assembled an $18 million package comprising a $15 million placement and $3 million SPP at 4.5 cents. Canaccord Genuity and Taylor Collison acted as joint lead managers, with Shaw and Partners as co-manager.

The placement came at a 15.1 per cent discount and will support drilling at Samphire and Big Lake and the Samphire feasibility study. At 4.6 cents, investors are 2.2 per cent ahead.

Sports Entertainment Group put away an oversubscribed $14.6 million at 28 cents, an 8.2 per cent discount, with another $2 million sought through an SPP. Bell Potter Securities and PAC Partners Securities acted as joint lead managers and bookrunners, with the money helping fund SEG’s MediaWorks acquisition. At 28 cents, investors are square.

Ionic Rare Earths raised $8 million at 26 cents, a 16.1 per cent discount, with Ord Minnett and Petra Capital acting as joint lead managers and bookrunners. At 28 cents, investors are 8 per cent ahead.

CPS Capital, meanwhile, kept its ticket machine particularly busy at the smaller end of town with Patriot Resources, Future Metals, Yari Resources and Ozz Resources.

CPS acted as lead broker on Patriot’s $3 million placement at 5.5 cents, clipping a disclosed six per cent cash fee. Patriot is now at 5.6cents, putting investors 2 per cent ahead.

CPS and Blue Ocean Equities were joint lead managers and joint bookrunners on Future Metals’ roughly $3.6 million raise at 1.4 cents. Subject to shareholder approval, they will also receive 25 million broker options exercisable at 2.5 cents for 24 months, split 75:25 in CPS’s favour. Future Metals is 7.1 per cent above issue at 1.5 cents.

CPS was also lead manager and bookrunner on Yari Resources’ $2.2 million placement at 0.45 cents and will receive, subject to approval, 44 million broker options exercisable at 0.75 cents for two years. Yari is now 0.4 cents, 11.1 per cent underwater.

Rounding out the four-ticket run, CPS provided lead manager services on Ozz Resources’ $4.81 million public offer at four cents and received 10 million escrowed shares under a Facilitation Offer. At 3.5 cents, Ozz is 12 per cent below issue.

Four deals then for CPS, but a mixed Crucible verdict – two above issue and two below.

Elixir Energy raised $5 million at four cents, with Euroz Hartleys as lead manager and Sternship Advisers, Chieftain Securities and Canaccord Genuity as co-managers. The 20 per cent discounted placement will fund more testing at the company’s Lorelle and potentially Diona appraisal wells in Queensland’s Taroom Trough. At five cents, investors are 25 per cent ahead.

NH3 Clean Energy raised $4 million at eight cents, an 18.4 per cent discount, with Curran & Co as lead manager and bookrunner. At 9.3 cents, the shares are 16 per cent above issue.

Podium Minerals went another way with an underwritten $4 million SPP at 3.4 cents. Leeuwin Wealth is underwriter and corporate adviser, with Leeuwin and Cumulus Wealth as joint lead managers. At 3.4 cents, Podium is level with the offer price.

The IPO market, meanwhile, provided another reminder that getting through the ASX front door is no guarantee of what happens next.

SCX.ai raised a fully underwritten $40 million at 30 cents, with Canaccord Genuity and Henslow as joint lead managers and underwriters. At 21.5 cents, subscribers are nursing a 28 per cent haircut.

Elk Range Mining raised $10 million at 20 cents, with Inyati Capital and Euroz Hartleys as joint lead managers. At 19 cents, it is five per cent underwater.

WhiteRock Lithium provided the counterpoint. Euroz Hartleys acted as lead manager on its $6 million float at $3.25 and the stock has since surged to $4.90 – a cracking 51 per cent gain.

If WhiteRock was standing atop the IPO podium, SCX.ai was left holding the wooden spoon.

Same capital market. Same IPO process. Two very different early verdicts.

And that is why simply counting broker mandates doesn’t tell the whole story.

Canaccord appeared across some of the biggest books, Euroz Hartleys enjoyed a strong run across placements and floats, Argonaut landed senior roles on two of the fortnight’s better performers and Taylor Collison combined its senior WAM Leaders mandate with Alligator. Petra picked up two solid mandates, while CPS was busiest at the smaller end with four deals.

For the brokers, the old soft-shoe shuffle continues, find enough of a discount to convince investing clients to open their wallets while convincing listed companies they haven’t given away the farm.

But the fortnight also showed that the biggest discounts don’t necessarily produce the best trades.

Wia offered no discount to its last trade and is 20 per cent ahead, while Mount Hope’s strategic investors paid above the 15-day VWAP and are sitting on a gain north of 45 per cent.

At the other end, SCX.ai is 20 per cent underwater, with Ozz and Yari another reminder that cash in the tin and a filled book are merely the opening act.

Money talks – we know what walks.

The market always gets the final say.

Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au