Since its inception in 2014, BDO’s Explorer Quarterly Cash Update has become a trusted barometer of the financial health of Australia’s exploration sector. Over the past decade, BDO’s natural resources and energy team has tracked the evolving dynamics of capital flows, investor sentiment, and exploration activity across the ASX-listed junior mining landscape.
In the video below, Global Natural Resources & Energy Leader, Sherif Andrawes, provides an overview of the June 2025 quarter. Watch now.
With inflation easing and interest rates potentially peaking, investor confidence is building, especially in gold, copper-gold, and critical minerals. The resurgence in exploration expenditure and the increase in financing inflows suggests that the sector is beginning to turn a corner, albeit gradually.
Our latest report for the June 2025 quarter reveals a number of trends, including:
Financing cash inflows surged to $1.93 billion, marking a 22 per cent increase from the previous quarter, which was one of the quietest observed in recent years. This growth was partially offset by a 16 per cent increase in financing cash outflows, which reached $528.68 million, up from $456.12 million in the previous quarter. Consequently, net financing cash flows increased by 25 per cent from the March 2025 quarter, rising to $1.40 billion and aligning with the historical trend of strong net financing inflows during the June quarter.
Figure 1: ASX explorers' financing cash flows ($M)
Source: ASX Appendix 5B's of the companies and BDO analysis
Gold topped the leaderboard once again with a combined raising of $646.91 million, maintaining strong investor appetite for precious metals amidst persistent inflation and geopolitical tension. Copper-gold retained second place, appealing to investors seeking exposure to gold prices. The continued presence of oil and gas on the podium highlights its role as a ‘transition fuel’ needed in the medium-term during the clean energy transition.
Figure 2: Financing inflow by commodity - Top 42 explorers - June quarter 2025
Source: ASX Appendix 5B's of the companies and BDO analysis
Each quarter, BDO reports on the exploration companies that have raised funds of $10 million or more (which we have termed ‘Fund Finders’). The top ten largest fundraisers for the June 2025 quarter are listed below:
Gold
$219.67 million in proceeds from the issue of equity securities
Gold
$156.46 million in proceeds from the issue of equity securities
Oil & Gas
$73.91 million in proceeds from borrowings
Copper-Gold
$70.16 million in proceeds from the issue of equity securities
Copper
$60.5 million in proceeds from the issue of equity securities, and
$0.44 million in proceeds from the exercise of options
Gold
$59.66 million in proceeds from the issue of equity securities, and
$2,000 in proceeds from the exercise of performance rights / options
Gold
$40 million in proceeds from the issue of equity securities, and
$1.03 million in proceeds from the exercise of options
Graphite
$39.94 million in proceeds from the issue of equity securities
Oil & Gas
$34.76 million in proceeds from the issue of equity securities, and
$2.57 million in proceeds from borrowings
Coal
$33.54 million in proceeds from borrowings
Foreign-currency-denominated inflows have been converted using the prevailing exchange rate as at 30 June 2025
Since 2014, BDO has proudly published our Quarterly Explorer Report, providing insights into the performance and trends shaping Australia’s exploration sector. If you’d like to discuss this quarter’s findings or find out how BDO can support your needs in the natural resources sector, contact us.
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