Our At-The-Market (ATM) offering allows publicly listed companies to raise capital efficiently and cost-effectively.
10
ATM Facilities Established
$27.5M
Standby Equity Capital
$7.5M
Largest Facility Established
2023
Our Market Entry
Alternative Equity Finance
A strategic way to raise capital while reducing unnecessary dilution.
ATM facilities have been widely utilised in North American markets by some of the world's leading companies to raise funds. They are designed to prioritise shareholder value by providing flexible access to capital while reducing unnecessary dilution.
At-The-Market Facility - Dolphin Corporate
Low and transparent fee structure. No trading halt. No deep share price discount. Company retains full control over timing, amount and raise price.
Traditional Placement
Typically includes a 6% commission fee plus options issued to the broker. Shares are issued at a significant discount to encourage uptake. Trading halt required. Share price momentum impacted. Large one-off issuance of shares can overwhelm secondary market demand and place downward pressure on the company's share price.
Rights Issues / SPPs
Exposed to market risk during offer open period. Shares issued at a discount to incentivise uptake. If market price falls below the offer price - investor uptake suffers significantly and impacts company's ability to raise funds.
Why Dolphin Corporate
The most transparent and cost-effective ATM offering in the Australian market.
01
Lower Cost of Capital
Commissions are lower and more transparent than traditional broker placements. Total cost of capital with traditional placements can exceed 25% - Dolphin's ATM facility is substantially more cost effective.
02
Full Management Control
Company management retains full control over timing, amount and raise price. No intermediary dictating the schedule or terms of your capital raise.
03
No Share Price Disruption
There is no need for the stock to enter a trading halt. Placements occur at market price and aimed at protecting shareholder value and maintaining share price momentum.
04
Speed & Efficiency
Raise funds promptly on an as-needed basis. Reduced dependency on investor roadshows and minimal management distraction - freeing leadership to focus on operations.
Recent Activity
Recent Transactions
Last Updated: May 2026
ASX: NWM
Norwest Minerals Ltd
$3M
ATM Facility
Jan 2026Mining & Exploration
Norwest Minerals Limited is engaged in business seeking to exploit and mine natural resources.
"Norwest is pleased to put this stand-by facility in place. It provides an efficient tool to assist in managing financial commitments for our key assets, including the Bulgera Heap Leach Study, while we continue to unlock value for shareholders. We view Dolphin Corporate Investments as an excellent partner for this type of facility."
Vita Resources NL (VTA, formerly Bastion Minerals Limited), is an ASX-listed early-stage explorer focused on copper, gold and green metals.
"The Board believes this ATM facility from DCI is well-suited to the Company because it offers flexibility, efficiency, and greater operational control, which we expect will help reduce our cost of capital. It is incumbent upon the Company to use such a tool responsibly."
- Gavin Rutherford, Non-Executive Chairman - Vita Resources NL
Australian mineral exploration company with 100% owned tenements in northeast Tasmania (highly prospective for gold and tin/tungsten) plus a portfolio of gold and lithium assets across the Pilbara region of Western Australia.
"We are delighted to have established this At-The-Market facility with Dolphin Corporate Investments, which provides Flynn with up to $2 million of standby equity capital over the next 3 years. This ATM facility provides the Company with additional flexibility when it comes to raising funds in the future to support the Company's exciting exploration activities."
- Neil Marston, Managing Director & CEO - Flynn Gold
Securing capital for companies on favourable terms.
Managing Director
Evan Vassos
Bachelor of Commerce (B.COM) - Monash University
Master of Business Administration (MBA) with Distinction - RMIT University
Practitioner Member - Stockbrokers & Investment Advisers Association (MeSIAA)
Evan commenced his career in 2018 with Dolphin Partners. Since then, he has accumulated valuable experience in financial services and provides in depth analysis of macro trends, listed equities and initial public offering (IPO) opportunities.
Evan has and continues to regularly attend and represent Dolphin Partners at ASX company meetings and presentations with senior management to evaluate investment opportunities. He is an active investor in financial markets and has continued to identify unique investment opportunities for Dolphin Partners.
Evan is responsible for the creation of the At-The-Market offering and will assist ASX listed counterparties to navigate the process.
Evan holds a Bachelor of Commerce and a Master of Business Administration with Distinction from Monash University and RMIT University respectively.
Diploma of Applied Finance - Securities Institute of Australia (SIA)
Professional Diploma of Stockbroking - SIAA
RG 146 Compliant
Accredited: Margin Lending - Deakin Prime / SAA
Accredited: Superannuation - RMIT University
Practitioner Member - Stockbrokers & Investment Advisers Association (MeSIAA)
Lewis commenced his stockbroking career in 1982 as an operator on the floor of the Melbourne Stock Exchange. Lewis specializes in high-net-worth clients, covering mining and industrial sectors. His experience also spans superannuation and wealth creating strategies as well as corporate placements, new issues and IPO opportunities.
Lewis is a practitioner member of the Stockbrokers and Investment Advisers Association (SIAA). He is also authorized to provide personal advice after completing the Financial adviser exam.
Lewis also holds the position of Managing Director at Dolphin Partners (Australian Financial Services Licence - 364512).
His extensive experience in stockbroking will help ensure the best possible outcome can be achieved when dealing with an ASX listed counterparty.
Dolphin Corporate Investments utilises Dolphin Partners Pty Ltd as its broker. Dolphin Partners holds an execution and settlements agreement with CMC Markets Australia Ltd (participant member of the Australian Stock Exchange) and was established in 2010.
Every growing business requires funding to accelerate operations. The key advantage of being publicly listed is the ability to raise funds through capital markets - an ATM facility makes that process faster, more cost effective and fully within management's control.
The Benefits
Four key advantages over traditional raising methods.
01
Lower Costs
The typical commissions payable to DCI are lower and more transparent than fees associated with traditional placements. The general market consensus is that the cost of capital can exceed 25% with traditional placements (share price discount + issue of options).
02
Share Price Matters
There is no need for the stock to cease trading and enter a trading halt. Shares are placed at market price - not at a deep discount that immediately erodes existing shareholder value.
03
Full Control Retained
The company retains full control over timing, amount and the raise/floor price. There is also a reduced dependency on investor roadshows and minimal management involvement.
04
Speed & Efficiency
An ATM facility can assist in raising funds promptly and cost-effectively on an as-needed basis.
How the ATM Process Works
Establishment + Announce to the ASX
The ASX company enters into an ATM Subscription Agreement with DCI utilising its LR7.1/7.1A capacity.
ASX Company Management Controls the Process
ASX company management requests DCI to raise funds at nominated price and specified timeframe.
Dolphin Corporate Investments provides the company with capital. No trading halt, no deep discount, no attaching options. The proceeds raised are announced and disclosed to the ASX.
Facility Remains Available
The facility can be drawn upon or triggered at a later date by the ASX company.
Comparison
ATM vs Alternative Methods
Traditional Placement
Broker Placement
Placement fee (typically 6%)
Options often issued to the broker
Shares typically issued at a discount to encourage uptake
Trading halt required
Broker can influence/determine pricing of new shares
DCI At-The-Market
ATM Facility
ASX Company is the Price Maker
With Dolphin's ATM facility, the ASX company determines the price at which shares are placed. Management sets the floor price - giving full control over dilution and timing. The company is the Price Maker, not the broker.
Low & transparent fee structure
No options issued
Shares placed at market price
No trading halt required
Share price momentum not impacted
Full management control over pricing & timing
Rights Issues / SPPs
Entitlement Offers
Exposed to market risk during open period
Shares issued at discount to encourage uptake
Uptake risk if market price falls below stated offer price
Extended open offer period
Significant administration burden
Underwriting costs (if applicable)
Global Precedent
Proven on the world stage.
ATM offerings are not a new concept. They have been utilised in North American markets by some of the world's leading companies to raise funds. They are now available to be strategically utilised by ASX-listed companies through Dolphin Corporate Investments.
TSLA.NASDAQ
Tesla
US$5B
ATM Raise - 2020
Technology / EV
Raised US$5 billion via ATM offering in 2020 - representing approximately 1% of their entire market capitalisation at the time, demonstrating how even the world's largest companies use ATM structures.
Read more
GME.NYSE
GameStop
US$1.13B
ATM Raise - 2021
Technology
Utilised an ATM offering to raise US$1.13 billion in 2021, capitalising on favourable short-term market conditions with no need for a discounted placement or trading halt.
Read more
MSTR.NASDAQ
MicroStrategy / Strategy
US$6.6B+
ATM Raises - 2025
Technology / Bitcoin
Has repeatedly used ATM offerings to fund its Bitcoin treasury strategy, including raising approximately US$4.4 billion in net proceeds through its common stock ATM program during Q1 2025, with a further US$2.2 billion raised shortly after quarter-end.
Read more
ORCL.NYSE
Oracle Corporation
US$20B
ATM Program - 2026
Technology
Announced a US$20 billion ATM equity program in 2026 as part of a broader US$45-50 billion financing plan, demonstrating how even mega-cap technology companies can use ATM structures to access equity capital flexibly over time to support major growth investment.
Read more
NEE.NYSE
NextEra Energy
US$4B
ATM Program
Energy
Established a US$4 billion ATM equity program, showing how major energy and infrastructure companies can use ATM facilities as a flexible tool to raise equity capital progressively, rather than through one large discounted placement.
Read more
DLR.NYSE
Digital Realty
US$7.5B+
ATM Program - 2026
Data Centres / REIT
A major data centre REIT, Digital Realty raised approximately US$1.3 billion in net proceeds under its ATM program in Q1 2026 and later filed for a new US$7.5 billion ATM equity offering, supporting capital-intensive data centre and AI infrastructure growth.
Read more
PLD.NYSE
Prologis
US$750M
ATM Program
Logistics / REIT
Established a US$750 million ATM equity program, giving the global logistics real estate group flexibility to issue shares over time for general corporate purposes, acquisitions, investments and debt repayment.
Read more
VRNA.NASDAQ
Verona Pharma
US$97.5M
ATM Raise - 2024
Biotech
Raised approximately US$97.5 million in net proceeds during 2024 through its ATM program, issuing ADSs at an average price of US$39.35 per ADS. The ATM provided flexible equity funding ahead of Verona's later acquisition by Merck for approximately US$10 billion.
Read more
FNV.NYSE / FNV.TSX
Franco-Nevada
US$200M
ATM Program
Mining / Resources
A leading global mining royalty and streaming company with a market capitalisation of approximately US$65 billion, Franco-Nevada established a US$200 million ATM equity program, demonstrating the use of ATM facilities by major listed resources companies to access equity capital progressively at prevailing market prices.
Read more
+ many more examples globally
Transactions
Our At-The-Market Counterparts.
Dolphin Corporate Investments has established At-The-Market facilities with a growing number of ASX-listed companies across a range of sectors. Our facilities provide companies with efficient and flexible access to equity capital, allowing company management to determine when and how capital is raised.
10
Facilities Established
$27.5M
Standby Equity Capital
$7.5M
Largest Facility Established
2023
Our Market Entry
All Transactions
Last Updated: May 2026
ASX: NWM
Norwest Minerals Ltd
$3M
ATM Facility
Jan 2026Mining & Exploration
Norwest Minerals Limited is engaged in business seeking to exploit and mine natural resources.
"Norwest is pleased to put this stand-by facility in place. It provides an efficient tool to assist in managing financial commitments for our key assets, including the Bulgera Heap Leach Study, while we continue to unlock value for shareholders. We view Dolphin Corporate Investments as an excellent partner for this type of facility."
Vita Resources NL (VTA, formerly Bastion Minerals Limited), is an ASX-listed early-stage explorer focused on copper, gold and green metals.
"The Board believes this ATM facility from DCI is well-suited to the Company because it offers flexibility, efficiency, and greater operational control, which we expect will help reduce our cost of capital. It is incumbent upon the Company to use such a tool responsibly."
- Gavin Rutherford, Non-Executive Chairman - Vita Resources NL
Australian mineral exploration company with 100% owned tenements in northeast Tasmania (highly prospective for gold and tin/tungsten) plus a portfolio of gold and lithium assets across the Pilbara region of Western Australia.
"We are delighted to have established this At-The-Market facility with Dolphin Corporate Investments, which provides Flynn with up to $2 million of standby equity capital over the next 3 years. This ATM facility provides the Company with additional flexibility when it comes to raising funds in the future to support the Company's exciting exploration activities."
- Neil Marston, Managing Director & CEO - Flynn Gold
Developing high-purity helium resources in Tanzania, targeting a critical and increasingly scarce industrial gas with growing demand across semiconductor, medical imaging, and defence applications globally.
"The DCI ATM facility was recommended by significant shareholders and provides an additional fund-raising option and funding flexibility in addition to our traditional funding sources. The agreed discount of 4.4% is considerably less than the fees and discount required for a traditional placement."
- Shaun Scott, Managing Director & CEO - Noble Helium
Pilot Energy Limited (PGY) is an oil and gas exploration and production company that is pursuing the diversification and transition to the development of carbon management projects, production of hydrogen and ammonia for export to APAC Clean Energy markets.
"Pilot is pleased to be putting this stand-by facility in place to assist in managing the financial commitments for the acquisition of the Cliff Head Oil Project assets and the associated ongoing operating costs. One of the significant investors in Pilot recommended Dolphin as being an excellent provider for this type of facility."
- Brad Lingo, Chairman / Executive Director - Pilot Energy
Pure One Corporation Limited is a clean technology company focused on delivering zero-emission mobility and energy solutions. Building on its legacy in hydrogen technologies, Pure One has expanded into battery-electric vehicles and battery-swap solutions, creating commercial and sustainable value for customers across Australia and beyond.
Technology company with a suite of physical, digital, and AI-based product authentication solutions across FMCG, pharmaceuticals, official documents and more. Operating in a sector experiencing rapidly growing demand as global supply chain integrity becomes a priority.
"The Board believes that an ATM facility from DCI is ideal for the Company due to its flexibility, efficiency and Company control of its operation, which we expect will reduce our cost of capital. The benefits of ATMs to issuers sees them as a dominant source of capital in the USA, although they are a relatively new innovation in Australia."
- John Houston, CEO - Codeifai (formerly YPB Group)
QX Resources Limited is a dynamic exploration and development company focused on unlocking the potential of critical minerals that power the clean energy transition. Their diversified portfolio spans multiple continents and commodities, with a strategic emphasis on uranium, gold, and battery minerals.
"The Liberty Lithium Brine Project is of a large-scale in the right location, close to downstream supply chain participants which are integral to the energy transition. We now have the added financial flexibility to ramp up exploration activities across our Pilbara lithium hard rock projects, which are also very exciting prospects."
- Stephen Promnitz, Managing Director - QX Resources
ASX-listed company directors and senior management are invited to contact Dolphin Corporate Investments for a confidential, no-obligation discussion about whether an At-The-Market facility may be suitable for their company.
Suite 301, 130 Little Collins Street, Melbourne VIC 3000
For more information regarding Dolphin Corporate's At-The-Market (ATM) offering, please contact us or complete the enquiry form below for a no obligation discussion.
Pilot Energy Limited (PGY) is an oil and gas exploration and production company that is pursuing the diversification and transition to the development of carbon management projects, production of hydrogen and ammonia for export to APAC Clean Energy markets.
