Dilution Watch: the week's biggest junior raises, and what the warrants say about who had the leverage

Mining companies on the TSX Venture and CSE closed or launched more than a dozen financings in the week to September 29. We read the releases for the largest. The headline numbers are big. The terms underneath them say more about who needed whom.

The closed deals

Company	Raised	Price	Warrant	Broker paid
Goldgroup (TSXV: GORO)	US$121.8M	US$3.65	Half, at US$5.10	Non-brokered
Avanti Gold (CSE: AGC)	C$51.75M	C$0.50	Half, at C$0.65	6% cash plus 6.21M broker warrants
South Pacific Metals (TSXV: SPMC)	C$20.0M	C$0.83	Full, at C$1.40	C$1.2M commission
Allied Critical Metals (CSE: ACM)	US$15M second tranche	C$2.05	None	5% cash plus 5% broker warrants
Japan Gold (TSXV: JG)	C$10.5M	C$0.12	Units to Solidcore	Strategic, at a 50% premium
Carlin Gold (TSXV: CGD)	C$9.8M	C$1.30	Full, at C$1.50	5% cash plus 451,153 compensation warrants

Reading the warrants

A warrant is the sweetener a company adds when it needs the money more than the buyer needs the shares. This week split cleanly.

Allied Critical Metals sold straight common shares at C$2.05 to Tribeca Investment Partners with no warrant attached. Scottie Resources is marketing up to C$10 million of shares at C$2.90, also with no warrant. Buyers paid full price for the stock alone.

South Pacific Metals and Carlin Gold gave a full warrant with every share. South Pacific's warrant is struck at C$1.40, 69% above the issue price, and can be accelerated if the stock holds above C$1.80 for 20 trading days after the first year. Carlin's is struck at C$1.50, only 15% above its C$1.30 issue price, which makes it far more likely to be exercised.

Japan Gold went the other way. Solidcore Resources and Equinox Partners bought at C$0.12, which the company describes as a 50% premium to its market price. Premiums are rare in junior finance. They usually come with strings, and this one does: a joint venture that lets Solidcore earn up to 80% of five project areas. We cover that deal separately.

The fees

Brokers were well paid. Avanti's underwriters took 6% in cash, about C$3.1 million on C$51.75 million, plus 6.21 million broker warrants at the C$0.50 issue price. South Pacific's agents received C$1,200,528.60, exactly 6% of gross proceeds. Goldgroup raised the largest amount of the week without a broker at all.

Still to close

• Scottie Resources (TSXV: SCOT): up to C$10 million brokered at C$2.90, alongside a non-brokered placement upsized to C$17 million. Up to C$29 million in total if the agents' option is exercised.
• Independence Gold (TSXV: IGO): up to $6 million at $0.16, split between flow-through shares and units with a half warrant at $0.22.
• ATERRA Metals (CSE: ATC): a brokered LIFE offering of $4 million to $6 million at $0.06. LIFE shares are free trading the day the deal closes.

Why it matters

When the same week produces both no-warrant deals and full-warrant deals, the difference is bargaining power. Companies with projects buyers want are raising on their own terms. The rest are paying for it in future dilution.

Sources: company news releases distributed by Newsfile between September 22 and 29, 2026, for Goldgroup, Avanti Gold, South Pacific Metals, Allied Critical Metals, Carlin Gold, Scottie Resources, Japan Gold, Independence Gold and ATERRA Metals.