Ann: Capital Raising Completed-STX.AX, page-18

Mrdin,
You do realise that exploration companies are generally funded with equity, and for very good reason?
Perhaps if you are so averse to dilution, you are better off investing in a leveraged, producer.
This is just the reality of this end of the market. The only question that matters is whether the potential resource is worth the ongoing risks, both of dilution and of outright failure of the underlying exploration asset.
In this case, the potential return on STX's cooper asset is extremely high, justifying the risk...and yes, even another round of equity raising down the track.