Since its inception in 2013, BDO’s Explorer Quarterly Cash Update has become a trusted barometer of Australia’s exploration sector. In the latest report, BDO’s natural resources & energy team highlights a sector entering 2026 from a position of strength, with record cash balances and resilient activity. The report also introduces a new focus on the top 50 explorers by market capitalisation to reflect the sector’s ongoing maturity.
In the video below, Global Natural Resources & Energy Leader, Sherif Andrawes, shares key insights from the March 2026 quarter. Watch now.
The record cash balances this quarter tell a powerful story, the sector is well capitalised, but increasingly selective. What we’re now seeing is a clear divide emerging, with capital, activity and momentum concentrated among the top 50 explorers as the sector continues to mature.
Our latest report for the March 2026 quarter highlights a sector entering the year from a position of strength, with record liquidity and resilient underlying activity despite moderating financing conditions:
These results point to a maturing exploration sector, where strong balance sheets are being maintained alongside more disciplined capital allocation. The growing concentration of funding and activity among larger, more advanced explorers signals an increasingly selective market environment heading into 2026.
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The March 2026 quarter saw financing inflows moderate from December highs, declining to $3.15 billion and signalling a more cautious investor environment after a period of exceptional fundraising. Despite this, funding levels remained well above prior-year levels, with continued access to capital for quality assets. A total of 65 ‘Fund Finder’ companies raised $2.61 billion, reflecting a shift toward smaller, more selective raisings. Gold maintained its position as the dominant commodity, while investment remained diversified across energy transition and critical minerals, including copper, rare earths and oil & gas.
Figure 1: ASX explorers' financing cash flows ($M)
Source: ASX Appendix 5B's of the companies and BDO analysis
Exploration expenditure moderated slightly, declining 4 per cent to $877.31 million following four consecutive quarters of growth. Despite the easing, activity remained well above prior-year levels, with spend 36 per cent higher year-on-year. Gold continued to drive exploration, supported by strong prices, while rare earths and oil & gas also featured among the top spenders, reflecting a broader spread of activity across commodities and sustained investment in development-ready projects.
Figure 2: ASX explorers' total exploration expenditure ($M)
Source: ASX Appendix 5B's of the companies and BDO analysis
Cash balances strengthened further, reaching a record $13.04 billion in the March 2026 quarter. Average cash per explorer rose to $17.39 million, the highest level recorded since reporting began, reflecting a sustained uplift in sector liquidity. While balance sheets remain strong, cash continues to be concentrated among larger, more advanced explorers. This reinforces a growing divide within the sector as well-capitalised companies retain flexibility to fund development and navigate a more selective capital markets environment.
Figure 3: ASX explorers' cash balance
Source: ASX Appendix 5B's of the companies and BDO analysis
The March 2026 quarter introduces a new focus on the top 50 explorers by market capitalisation, highlighting increased concentration across the sector. These companies accounted for 53 per cent of total cash balances and 15 per cent of financing inflows, despite representing a small share of the market. Notably, 13 of the top 50 were also Fund Finders, reinforcing a growing divide as capital and activity concentrate among larger, more advanced explorers.
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 March 2026 quarter are listed below:
Copper-Gold
$160.94 million raised via borrowings,
$192.50 million raised via equity issue, and
$1.20 million raised from exercise of options
Diamonds
$123.4 million raised via borrowings
Gold
$118.26 million raised via equity issue, and
$0.38 million raised from exercise of options
Oil & Gas
$91.91 million raised via borrowings, and
$4.17 million raised via equity issue
Uranium
$6.89 million raised via borrowings, and
$79.25 million raised via equity issue
Gold-Rare Earths
$73.85 million raised via equity issue, and
$3.58 million raised from exercise of options
Gold
$1.00 million raised via borrowings, and
$75.00 million raised via equity issue
Lithium
$73.53 million raised via equity issue
Scandium
$59.16 million raised via equity issue, and
$12.39 million raised from exercise of options
Platinum-Group Elements
$64.16 million raised via equity issue, and
$0.59 million raised from exercise of options
Foreign-currency-denominated inflows have been converted using the prevailing exchange rate as at 31 March 2026.
Since 2013, 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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