3 ASX Small Caps Trading Lower Today With Capital Raisings in Focus

Sonal Goyal

23 October 2026 02:46 PM AEDT

3 ASX Small Caps Trading Lower Today With Capital Raisings in Focus

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Key Highlights

BOA Resources Ltd (ASX:BOA) was trading at A$0.11, down 12.00%, during the 23 October 2026 session after announcing a A$9.245 million Placement on 22 October 2026.
Mamba Exploration Ltd (ASX:M24) was trading at A$0.052, down 10.35%, following its A$6.0 million placement announcement of 2 October 2026.
ZOONO Group Ltd (ASX:ZNO) was trading at A$0.044, down 12.00%, on the day it announced a rights issue and a A$250,000 placement.

Three small-cap names with recent funding announcements were among the decliners on the ASX during the 23 October 2026 trading session. BOA Resources Ltd (ASX:BOA) was trading at A$0.11, down 12.00%, Mamba Exploration Ltd (ASX:M24) was at A$0.052, down 10.35%, and ZOONO Group Ltd (ASX:ZNO) was at A$0.044, down 12.00%. By comparison, the S&P/ASX 200 (XJO) was at 8,760.50, down 0.37% (32.70 points) at 1:16 pm AEDT, so each of the three stocks fell by a much wider Margin than the benchmark. Two of the companies are copper-focused explorers in Western Australia, while the third is a New Zealand-headquartered biotech business. What links them in this article is that each has published a Capital raising update, with release dates ranging from 2 October to 23 October 2026.

BOA Resources Ltd (ASX:BOA)

BOA was trading at A$0.11 during the 23 October 2026 session, down 12.00%. The company is an ASX-listed explorer focused on copper in Western Australia's Murchison region, and it has a 100% interest in the Neds Creek Copper Project, a 1,378 square kilometre tenement package.

On 22 October 2026, BOA announced it had received firm commitments for a A$9.245 million share placement before costs. According to the announcement, the placement comprises two tranches priced at A$0.105 per share: Tranche 1 of 66,666,667 shares to raise A$7 million, and Tranche 2 of 21,380,953 shares to raise A$2.245 million, subject to Shareholder approval. The company said proceeds would principally fund drilling at the Ricci Lee, Thaduna and Rooneys targets. Settlement of Tranche 1 is expected on 28 October 2026, and shareholder approval for Tranche 2 will be sought at the Annual General Meeting on 30 November 2026. The company also said drilling is planned to resume in three to four weeks.

Mamba Exploration Ltd (ASX:M24)

Mamba was trading at A$0.052 during the session, down 10.35%. The company is a Perth-based explorer with projects in the Murchison region of Western Australia, including the Meeka East Gold Project and the Copper Hills and Lady Alma prospects.

On 2 October 2026, Mamba announced firm commitments to raise A$6.0 million before costs at A$0.038 per share through a two-tranche placement. The announcement said the placement includes A$500,000 from New Murchison Gold Limited (ASX:NMG) and A$165,000 from directors, which is subject to shareholder approval at the November 2026 annual general meeting. The same announcement said Peter Cook, founder of Westgold Resources, had joined as Strategic Adviser and that Mamba had entered a binding earn-in agreement over the Poison Hills Project (E51/1957). The company said it intends to use the funds to build its technical team and step up exploration across Meeka East, Copper Hills and Poison Hills.

ZOONO Group Ltd (ASX:ZNO)

ZOONO was trading at A$0.044 during the session, down 12.00%. The company describes itself as a global biotech Business that develops, manufactures and distributes antiviral and antibacterial products, including sprays, wipes and foams, and it is headquartered in New Zealand.

On 23 October 2026, the same day as today's trading session, ZOONO announced a non-renounceable pro-rata rights issue of one new share for every ten held, at A$0.039 per share, to raise up to A$1,609,226 before costs. The company said funds will go towards its shelf-life extension project, including in China and India, patents and IP protection, directors' fees, overheads, corporate costs and working capital. It also said it completed a placement of 6,410,256 shares at A$0.039 to an existing shareholder, raising A$250,000. The Record Date for the rights issue is 29 October 2026.

Related Sector Context

The three companies sit in different corners of the small-cap market. BOA and Mamba are mineral explorers, a segment of the ASX in which companies commonly fund exploration programs through share placements before generating revenue. ZOONO operates in the health and hygiene products space and is using a rights issue, which is offered to existing shareholders in proportion to their holdings. The S&P/ASX 200 benchmark was down 0.37% at 1:16 pm AEDT on 23 October 2026.

Risks to Weigh In

BOA and Mamba are exploration-stage companies, and their announcements note that drilling results and project outcomes are not guaranteed.
BOA's Tranche 2 and Mamba's Tranche 2 and director participation depend on shareholder approval at upcoming annual general meetings.
Mamba's proposed technical services arrangement with New Murchison is still to be negotiated, and the company said there is no certainty a binding agreement will be reached.
ZOONO's rights issue timetable is described as indicative and subject to change, and the company reserves the right to extend the offer period.
Placements and Rights Issues increase the number of shares on issue, for example ZOONO's 412,622,020 shares would rise to 453,884,222 if the offer is fully taken up.

Catalysts on Watch

BOA: settlement of Tranche 1 expected on 28 October 2026, the resumption of drilling planned within three to four weeks of 22 October 2026, and pending assays from 12 Ricci Lee holes and 92 aircore holes.
BOA: the annual general meeting on 30 November 2026.
Mamba: a 6,000 metre RC program at Meeka East that the company described as imminent, and the November 2026 annual general meeting.
ZOONO: the record date of 29 October 2026, offer documents due on 3 November 2026, and announcement of results by 24 November 2026.

Where Things Stand

All three stocks were trading well below the benchmark's decline during the 23 October 2026 session, and each company has outlined how it plans to use newly raised funds. BOA and Mamba are directing proceeds mainly to copper exploration in Western Australia, while ZOONO is directing its raising towards its shelf-life extension project and corporate needs. The company announcements are dated 22 October, 2 October and 23 October 2026 respectively.

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