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 & 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 2026 quarter. Watch now.
What stands out from the June quarter is the willingness of explorers to put capital to work. Despite ongoing geopolitical and economic uncertainty, exploration expenditure and investment activity both strengthened, suggesting confidence in project pipelines and the long-term outlook for the sector.
Our latest report for the June 2026 quarter reveals a number of trends, including:
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Financing cash inflows moderated for a second consecutive quarter, declining 10 per cent from $3.15 billion to $2.85 billion as fundraising activity continued to normalise following the record December 2025 quarter. Financing cash outflows also fell 9 per cent to $544.66 million, resulting in net financing cash flows of $2.30 billion. Despite the softer headline figures, average financing inflows remained broadly in line with the two-year average, suggesting capital markets continued to support quality exploration and development opportunities.
Figure 1: ASX explorers' financing cash flows ($M)
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Source: ASX Appendix 5B's of the companies and BDO analysis
Exploration expenditure surged to $1.05 billion, exceeding $1 billion for the first time since December 2023 and reaching its highest level in more than two years. The increase was driven by greater spending intensity across the sector, with a growing number of explorers undertaking large-scale exploration and development programs. Gold continued to dominate activity, while rare earths maintained a strong presence among the top spenders, highlighting ongoing investor support for both established and strategically significant commodities.
Figure 2: ASX explorers' total exploration expenditure ($M)
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Source: ASX Appendix 5B's of the companies and BDO analysis
Cash balances remained at record levels in the June 2026 quarter, holding steady at $13.04 billion despite exploration expenditure and net investing cash outflows both exceeding $1 billion. Average cash per explorer rose to a new high of $17.48 million, underscoring the sector's continued liquidity strength. While cash remains concentrated among larger explorers, the ability to sustain record funding levels while increasing capital deployment suggests the sector remains well positioned to advance growth and development opportunities.
Figure 3: ASX explorers' cash balance
Source: ASX Appendix 5B's of the companies and BDO analysis
The June 2026 quarter reinforced the growing concentration of capital and activity among the sector's largest explorers. The Top 50 explorers by market capitalisation accounted for 52 per cent of total sector cash balances and 27 per cent of exploration expenditure, despite representing only a small proportion of reporting companies. While the composition of the group remained relatively stable, continued corporate activity and consolidation highlighted the increasing influence of larger, well-capitalised explorers in shaping sector investment and development trends.
Figure 4: Top 50 ASX explorers' cash balance
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 2026 quarter are listed below:
Rare Earths
$175.53 million raised via equity issue
Gold
$120.04 million raised via equity issue
Graphite
$106.62 million raised via equity issue
Lithium
$67.27 million raised via equity issue, and
$37.03 million via issue of convertible debt securities
Rare Earths
$100 million raised via equity issue, and
$1.01 million raised via exercise of options
Gold
$92 million raised via equity issue
Oil & Gas
$71.74 million raised via equity issue,
$2.50 million raised via borrowings, and $0.56 million raised via exercise of options
Gold
$70.51 million raised via equity issue
Gold-Antimony
$60.20 million raised via borrowings
Oil & Gas
$60 million raised via equity issue
Foreign-currency-denominated inflows have been converted using the prevailing exchange rate as at 30 June 2026.
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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