Happy Monday. We’re seeing more and more over subscriptions perhaps the long awaited bull market is back. Here are the highlights from Fridays market.
Vanadium Resources delivered oversubscribed A$1.2M placement triggering epic +46.43% surge - debt eliminated as production transition accelerates.
Mount Burgess Mining exploded +75% on dramatic debt restructure - A$4.7M debt 95% forgiven, remainder converted to equity.
Larvotto Resources locked massive A$60M funding at 6.2% discount - Hillgrove Antimony-Gold Mine fully funded for Q2 2026 production.
ASX Capital Signal
July 28, 2025
📊 A$135.35M+ raised across 13 deals | 3 sectors | Market sentiment: Mixed | Guidance changes: Mixed
Profit Guidance Updates
Supply Network Limited (SNL)
First Guidance
$39.7M NPAT
Market Cap: $1.72B -1.66% ●
$39.7M NPAT
Market Cap: $1.72B -1.66% ●
FY25 Revenue: $348.8M
FY25 NPAT: ~$39.7M
Dividend: Final dividend increased 5 cents to 38 cents per share
FY25 NPAT: ~$39.7M
Dividend: Final dividend increased 5 cents to 38 cents per share
Source: Unaudited management accounts showing strong performance
Standout Metric: Final dividend increased 5 cents to 38 cents per share
Regal Partners Limited (RPL)
Guidance Upgrade
$40M+ Performance Fees
Market Cap: $901M +0.38% ●
$40M+ Performance Fees
Market Cap: $901M +0.38% ●
1H25 Performance Fees: At least $40M (upgraded from $35M)
1H25 NPAT: At least $40M
Previous Period: $35M performance fees
1H25 NPAT: At least $40M
Previous Period: $35M performance fees
Key Drivers: Strong performance across strategies
Standout Metric: FUM rose 7.0% to $17.7 billion
Mastermyne Group Limited (MYE)
Guidance Downgrade
$11.0-13.0M EBITDA
Market Cap: $49M 0.0% ●
$11.0-13.0M EBITDA
Market Cap: $49M 0.0% ●
FY25 Revenue: $212-216M (down from $294M)
FY25 EBITDA: $11.0-13.0M (down from $27.5M)
Reason: Mine suspensions following safety events
FY25 EBITDA: $11.0-13.0M (down from $27.5M)
Reason: Mine suspensions following safety events
Key Issue: Suspension of production at Grosvenor mine following safety event
Standout Metric: Net cash improved to $29.0M from $21.8M despite challenges
Major Capital Raisings
Larvotto Resources (LRV)
Two-tranche placement + SPP
A$60M + A$5M SPP
Market Cap: $299M -7.05% ●
A$60M + A$5M SPP
Market Cap: $299M -7.05% ●
Lead Managers: Aitken Mount Capital Partners and Blue Ocean Equities
Issue Price: A$0.68 per share (6.2% discount to close)
Premium/Discount: 13.5% discount to 5-day VWAP
Issue Price: A$0.68 per share (6.2% discount to close)
Premium/Discount: 13.5% discount to 5-day VWAP
Use of Funds: Capital expenditure and working capital for Hillgrove Antimony-Gold Mine operations (Q2 2026 target)
Key Metric: Combined with US$105M bond issue for full project funding (70% debt, 30% equity)
Titomic (TTT)
Non-underwritten placement
A$50.35M
Market Cap: $344.7M -1.89% ●
A$50.35M
Market Cap: $344.7M -1.89% ●
Joint Lead Managers: Barrenjoey Markets and Bell Potter Securities
Issue Price: A$0.250 per share (3.8% discount to close)
Settlement: July 30, trading July 31
Issue Price: A$0.250 per share (3.8% discount to close)
Settlement: July 30, trading July 31
Use of Funds: Accelerate Titomic's expansion and global footprint
Key Metric: 201.4M new shares issued
Mithril Silver & Gold (MTH)
Brokered private placement
C$11.5M
Market Cap: $77.4M 0.0% ●
C$11.5M
Market Cap: $77.4M 0.0% ●
Lead Agent: Ventum Financial Corp
Issue Price: C$0.36 per share
Shares: 31.9M shares + agents' option fully exercised
Issue Price: C$0.36 per share
Shares: 31.9M shares + agents' option fully exercised
Use of Funds: Copalquin district project advancement in Mexico, working capital
Key Terms: Statutory hold period until November 25, 2025
Strategic Investments & Smaller Rounds
St George Mining (SGQ)
Strategic placement
A$5M
Market Cap: $104.2M +2.63% ●
A$5M
Market Cap: $104.2M +2.63% ●
Investors: European strategic investors
Issue Price: A$0.038 per share
Premium: 13.1% PREMIUM to 30-day VWAP
Issue Price: A$0.038 per share
Premium: 13.1% PREMIUM to 30-day VWAP
Use of Funds: Upscale diamond drilling at Araxá Project (3 rigs, 9,000m+ drilling)
Standout Metric: Rare premium pricing - recognition of world-class rare earths resource
Vanadium Resources (VR8)
Oversubscribed placement
A$1.2M
Market Cap: $23.1M +46.43% ●
A$1.2M
Market Cap: $23.1M +46.43% ●
Lead Manager: Alpine Capital
Issue Price: A$0.033 per share
Terms: 36.4M shares + 18.2M free options
Issue Price: A$0.033 per share
Terms: 36.4M shares + 18.2M free options
Use of Funds: Near-term production transition, CPAL offtake conditions
Standout Metric: Oversubscribed and eliminates debt, 71.92x volume spike
WhiteHawk (WHK)
Placement
A$2M
Market Cap: $10.0M -3.57% ●
A$2M
Market Cap: $10.0M -3.57% ●
Lead Manager: PEAK Asset Management
Issue Price: A$0.0115 per share
Terms: Two tranches, 173.9M shares + attaching options
Issue Price: A$0.0115 per share
Terms: Two tranches, 173.9M shares + attaching options
Use of Funds: AI/ML automation advancement, working capital
Discount: 11.41% discount to 15-day VWAP
Thanks for reading Capital Signal
ASX Capital Raising Analysis - July 28, 2025
ASX Capital Raising Analysis - July 28, 2025