Explorer Quarterly Cash Update: December 2024 quarter

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Explorer Quarterly Cash Update: December 2024 quarter

Since 2014, BDO’s Natural Resources & Energy team has compiled a quarterly report that delivers insights on the cash position of ASX-listed exploration companies.

In the video below, Global Natural Resources & Energy Leader, Sherif Andrawes, provides an overview of the December 2024 quarter. Watch now.

Ongoing challenges, such as inflationary pressures, selective access to capital, and geopolitical instability will continue to shape the sector, driving consolidation and strategic investments aimed at production growth.

Sherif AndrawesGlobal Natural Resources & Energy Leader

Key findings

Our latest report for the December 2024 quarter reveals a number of trends, including:

A significant rebound in fundraising of 48 per cent comparative to the previous September 2024 quarter, aligning with the trend of December quarter as the strongest fundraising period
Gold explorers continue to dominate as the leading Fund Finder for the third consecutive quarter since March 2024 quarter, underscoring gold’s appeal as a safe-haven asset with an investor preference for developers and near-term producers
Exploration expenditure remains consistent with minimal change in spending – a decrease of $3 million from the September 2024 quarter as explorers continue to face rising inflationary costs and challenges accessing capital.

Download the report

Performance overview

Financing cash inflows grew to $2.88 billion, representing a 48 per cent increase on the $1.95 billion of funds raised in the prior quarter.

Figure 1: ASX explorers' financing cash flows ($M)

ASX explorers' financing cash flows

Source: ASX Appendix 5B's of the companies and BDO analysis

Gold explorers led fundraising efforts once again in the December 2024 quarter, securing a staggering $845 million.

Figure 2: Financing inflow by commodity - Top 57 explorers - December quarter 2024

Financing inflow by commodity - Top 57 explorers - December quarter 2024

Source: ASX Appendix 5B's of the companies and BDO analysis

December 2024 quarter Fund Finders

Each quarter, BDO reports on exploration companies who have raised funds of $10 million or more (which we have termed ‘Fund Finders’). The top ten largest fundraisers of the December 2024 quarter are set out below:

01

Spartan Resources Limited

Gold
$220 million in proceeds from issues of equity securities
02

Capricorn Metals Ltd

Gold
$200 million in proceeds from issues of equity securities
03

Vulcan Energy Resources Limited

Lithium
$157.76 million in proceeds from issues of equity securities*
04

Lotus Resources Limited

Uranium
$132.27 million in proceeds from issues of equity securities
05

Iperionx Limited

Titanium
$106.21 million in proceeds from issues of equity securities*
06

Develop Global Limited

Copper
$102.40 million in proceeds from borrowings*
07

Syrah Resources Limited

Graphite
$85.10 million in proceeds from borrowings*
08

Black Cat Syndicate Limited

Gold
$80.45 million in proceeds from issues of equity securities
09

Firefly Metals Ltd

Copper-Gold
$73 million in proceeds from issues of equity securities
10

Meeka Metals Limited

Gold
$58.68 million in proceeds from issues of equity securities
$2.03 million in proceeds from Other

*Foreign-currency denominated inflows converted using the prevailing exchange rate as of 31 December 2024

Sherif Andrawes

Global Natural Resources & Energy Leader
National Co-Leader, Sustainability
Partner, Deal Advisory

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