Explorer Quarterly Cash Updates
BDO's Natural Resources team compiles a quarterly report that delivers insights on the cash position of ASX-listed exploration companies. Each report is in PDF format and is free to access.
BDO's Explorer Quarterly Cash Updates (EQCU) have been compiled since 2014, detailing activities in the growing field of exploration, and tracking ASX-listed entities. An archive of previous EQCUs is below. They track the cash held by exploration companies at the end of each quarter, together with the cash raised and how cash has been spent during the quarter. The updates provide valuable insights into the health of the exploration industry and the key trends we have observed over the period that the EQCU has been compiled.
Each EQCU has a focus on what we term ‘Fund Finders’, being those explorers who raise more than $10 million in that quarter, allowing us to deep-dive into trends such as commodities that have been successful in that quarter.
What is an Explorer?
The ASX defines certain companies as being mining or oil and gas exploration companies. These are differentiated from mining or oil and gas producing companies which are those whose main activity is extracting minerals or petroleum, as opposed to explorers whose main activity is exploring for minerals or petroleum.
Those companies who are defined by ASX as mining or oil and gas exploration companies are required to provide quarterly reports to ASX (known as an Appendix 5B). An Appendix 5B must be lodged with the ASX within a month of the end of each quarter. It requires each exploration company to provide data in a set format in its cash flows from operating activities, investing activities and financing activities as well as the cash it holds at the end of the quarter and the estimated number of quarters of funding that it has available.
Editions
| Publish date | Title | |
| 11 December 2024 | Explorer Quarterly Cash Update: September 2024 | Download |
| 20 September 2024 | Explorer Quarterly Cash Update: June 2024 | Download |
| 19 June 2024 | Explorer Quarterly Cash Update: March 2024 | Download |
| 27 March 2024 | Explorer Quarterly Cash Update: December 2023 | Download |
| 19 December 2023 | Explorer Quarterly Cash Update: September 2023 | Download |
| 01 November 2023 | Ten years of explorer reports - spotlight on commodity trends | Download |
| 26 September 2023 | Ten-year anniversary special: Explorer cash balances and takeovers | Download |
| 13 September 2023 | Explorer Quarterly Cash Update: June 2023 | Download |
| 02 June 2023 | Explorer Quarterly Cash Update: March 2023 | Download |
| 03 March 2023 | Explorer Quarterly Cash Update: December 2022 | Download |
| 01 December 2022 | Explorer Quarterly Cash Update: September 2022 | Download |
| 02 September 2022 | Explorer Quarterly Cash Update: June 2022 | Download |
| 09 June 2022 | Explorer Quarterly Cash Update: March 2022 | Download |
| 28 February 2022 | Explorer Quarterly Cash Update: December 2021 | Download |
| 08 December 2021 | Explorer Quarterly Cash Update: September 2021 | Download |
| 15 September 2021 | Explorer Quarterly Cash Update: June 2021 | Download |
| 08 June 2021 | Explorer Quarterly Cash Update: March 2021* | Download |
| 11 March 2021 | Explorer Quarterly Cash Update: December 2020 | Download |
| 01 December 2020 | Explorer Quarterly Cash Update: September 2020 | Download |
| 31 August 2020 | Explorer Quarterly Cash Update: June 2020 | Download |
| 26 May 2020 | Explorer Quarterly Cash Update March 2020 | Download |
| 03 March 2020 | Explorer Quarterly Cash Update: December 2019 | Download |
| 21 October 2019 | Explorer Quarterly Cash Update: June 2019 | Download |
| 11 June 2019 | Explorer Quarterly Cash Update: March 2019 | Download |
| 29 March 2019 | Explorer Quarterly Cash Update: December 2018 | Download |
| 12 February 2019 | Explorer Quarterly Cash Update: September 2018 | Download |
| 01 October 2018 | Explorer Quarterly Cash Update: June 2018 | Download |
| 18 July 2018 | Explorer Quarterly Cash Update: March 2018 | Download |
| 30 April 2018 | Explorer Quarterly Cash Update: December 2017 | Download |
| 09 January 2018 | Explorer Quarterly Cash Update: September 2017 | Download |
| 29 June 2017 | Explorer Quarterly Cash Update: March 2017 | Download |
| 21 March 2017 | Explorer Quarterly Cash Update: December 2016 | Download |
| 11 December 2016 | Explorer Quarterly Cash Update: September 2016 | Download |
| 22 September 2016 | Explorer Quarterly Cash Update: June 2016 | Download |
| 31 May 2016 | Explorer Quarterly Cash Update: March 2016 | Download |
| 17 March 2016 | Explorer Quarterly Cash Update: December 2015 | Download |
| 18 December 2015 | Explorer Quarterly Cash Update: September 2015 | Download |
| 29 September 2015 | Explorer Quarterly Cash Update: June 2015 | Download |
| 01 July 2015 | Explorer Quarterly Cash Update: March 2015 | Download |
| 22 December 2014 | Explorer Quarterly Cash Update: September 2014 | Download |
| 30 June 2014 | Explorer Quarterly Cash Update: January-March 2014 | Download |