Explorer Quarterly Cash Update: March 2025 quarter

Since its inception in 2014, BDO’s Explorer Quarterly Cash Update has become a trusted barometer of Australia’s exploration sector's financial health. 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 March 2025 quarter. Watch now.

Explorer Quarterly Cash Update YouTube thumbnail

With capital raising and exploration activity in decline, the sector faces mounting pressure, yet gold’s safe-haven appeal and financing strength remain a stabilising force in an otherwise cautious landscape.

Key findings

Our latest report for the March 2025 quarter reveals a number of trends, including:

  • A 45 per cent decline in fundraising compared to the December 2024 quarter, with total funds raised by Australian-listed explorers falling from $2.88 billion to $1.57 billion. This reflects a more cautious capital environment, particularly impacting smaller explorers
  • Gold explorers continue to lead Fund Finder activity, maintaining their position as the top commodity of interest due to strong investor demand for safe-haven assets. Copper also gained traction, driven by its critical role in energy transition technologies
  • Exploration expenditure fell to $643.52 million, down from $792 million in the previous quarter, representing the lowest quarter of exploration expenditure since the June 2021 quarter
  • 747 companies lodged an Appendix 5B in March 2025, 16 fewer than the previous quarter. Notably, there were no IPOs, and no companies lodged an Appendix 5B for the first time.

Download the report

Performance overview

Financing cash flows

Financing cash inflows dropped to $1.57 billion in the March 2025 quarter, a 45 per cent decline from the previous quarter. Average inflows per company also fell below the two-year trend. Even after adjusting for a one-off reclassification, the quarter recorded the lowest financing inflows since June 2019 and the weakest net inflows since March 2020.

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

ASX explorers' financing cash flows ($M) - March quarter 2025

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

Financing inflow by commodity

Gold reasserted its dominance in the March 2025 quarter, attracting $621.22 million in financing, more than double the previous year, highlighting its continued appeal as a safe-haven asset amid uncertainty. In contrast, commodities like uranium, lithium, and oil and gas saw sharp declines in funding, reflecting shifting investor sentiment and broader macroeconomic and policy pressures.

Figure 2: Financing inflow by commodity - Top 26 explorers - March quarter 2025

Financing inflow by commodity - March quarter 2025

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

March 2025 quarter Fund Finders

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 March 2025 quarter are listed below:

*Foreign-currency denominated inflows converted using the prevailing exchange rate as of 31 March 2025


How BDO can help 

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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Authors

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