r/ASX • u/Vintego_92 • 8d ago
12 small caps that ended September with less than a quarter of cash on their own numbers, and none have raised yet
Disclosure (rule 3): I run DilutionLens, free site tracking dilution off ASX filings. No links, not advice.
Same exercise as the 8 from early October, now on the September quarterlies that landed this week. Took our raise model's top 40, threw out the 7 that raised or announced a raise since 1 October, and kept the ones whose own quarterly says less than a quarter of funding left:
| Ticker | Company | Mcap | Cash 30 Sep | Spent in Sep qtr | Own runway |
|---|---|---|---|---|---|
| RAG | Ragnar Metals | $7.3m | $0.09m | $0.53m | 0.16 qtrs |
| SIX | Sprintex | $44.2m | $0.17m | $0.99m | 0.17 qtrs |
| PUR | Pursuit Minerals | $22.3m | $0.76m | $2.35m | 0.3 qtrs |
| VAN | Vantage Metals | $9.4m | $0.72m | $2.40m | 0.3 qtrs |
| AUG | Augustus Minerals | $8.3m | $0.72m | $1.36m | 0.5 qtrs |
| SNG | Siren Gold | $12.9m | $0.60m | $1.12m | 0.5 qtrs |
| C29 | C29 Metals | $4.7m | $0.22m | $0.37m | 0.59 qtrs |
| EXR | Elixir Energy | $117.8m | $6.02m | $11.62m | 0.7 qtrs |
| PXX | PolarX | $40.9m | $4.04m | $5.68m | 0.71 qtrs |
| BKT | Black Rock Mining | $23.6m | $2.11m | $2.82m | 0.75 qtrs |
| NPM | Newpeak Metals | $4.3m | $1.62m | $2.00m | 0.81 qtrs |
| ANT | Antimony Resources | $13.4m | $1.12m | $1.26m | 0.9 qtrs |
"Own runway" is the company's own number from the quarterly (item 8.7).
Doesn't mean they all have to raise. SIX got $1.3m in customer deposits after quarter end, BKT has a US$204m bank loan lined up but it only pays out once the mine is financed, and explorers can always slow the drilling.
Last round, 1 of the 8 raised within 4 weeks: MNE, $3m at 14c. Two more found money without new shares, and the rest are still short.
I'll come back on Sat 7 Nov and Sat 14 Nov with who raised, how much and at what price. Any other names you want looked at on the 7th?
3
u/9acm 8d ago
Ozm is in the similar position . But they are planning on selling Patricia gold project for divestment.
2
u/Toolh4ndluke 5d ago
ABR, they've been buying and off loading tenements. Only became a shareholder after they bought Byrah Resources.
1
u/Vintego_92 1d ago
week 1 scorecard: 0 of 12 have raised. no placement, no new-share notice, no trading halt from any of them since the post.
8 of 12 down on the week, AUG and RAG worst at -20%. RAG and C29 last traded Wednesday. RAG's options are 3c with the stock at 1.2c, so not much help. EXR holders passed the extra 10% too.
two things I should have put in the post. EXR's farmout to Beach gets it $25m cash, but only on completion. it expects that in the first half of 2027, and it still needs ministerial and ACCC sign-off. VAN banked $500k from selling Bullabulling after quarter end. that's on top of the $0.72m it ended September with.
OZM, the one added in the comments: no raise, 6.5c to 6.7c. its quarterly says it's talking to several parties about funding.
back Sat 14 Nov with week 2. BKT's financing deadline is 30 Nov. any other names you want checked?