Since its inception in 2013, 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 September 2025 quarter.
The surge in funding this quarter marks a turning point, signalling that the race for strategic resources is accelerating at a pace the market has not seen in years. The scale of these raisings tells you exactly where global priorities are shifting with investors backing assets that matter to energy security, electrification and industrial capability.
Our latest report for the September 2025 quarter reveals a sector in transition, with several indicators pointing to renewed momentum and a more resilient outlook:
These results underscore a decisive shift in sector dynamics, with capital allocation, exploration activity, and investor appetite all strengthening in tandem. The September quarter’s performance suggests the sector is not only recovering but is also better positioned to support Australia’s role in the global energy transition and supply chain resilience.
The September 2025 quarter marked a clear break from recent fundraising cycles, with financing inflows surging 81 per cent – the highest since December 2021 – driven by a wave of large-scale raisings from 78 ‘Fund Finder’ companies. Gold retained its lead as the dominant commodity, while lithium financing rebounded, rare earth explorers returned to the market after six months of dormancy, and copper-gold projects attracted strong investor support.
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 strengthened, rising 16 per cent to $843.66 million. The average spend per explorer climbed to $1.14 million, with more companies moving into higher spending brackets. Gold and copper explorers led the charge, supported by strong commodity prices and structural demand for critical minerals. Notably, rare earth explorers, having secured significant new funding, are expected to ramp up activity in the coming quarters, further diversifying the sector’s growth drivers.
Figure 2: ASX explorers' total exploration expenditure ($M)
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Source: ASX Appendix 5B's of the companies and BDO analysis
Average cash balances rose 20 per cent to $11.02 million, breaking a year-long downtrend and reinforcing liquidity across mid-tier explorers. The proportion of companies holding over $2 million in cash increased from 51 per cent to 53 per cent, positioning them to advance aggressive drilling programs and feasibility studies without short term funding pressure. This strengthening of balance sheets is a positive sign for the sector’s ability to weather volatility and capitalise on emerging opportunities.
Figure 3: ASX explorers' cash balance
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 September 2025 quarter are listed below:
Lithium
$371.50 million in proceeds from the issue of equity securities
Copper-Zinc
$180 million in proceeds from the issue of equity securities
Niobium
$100 million in proceeds from the issue of equity securities, and
$200,000 raised from the exercise of options
Rare earths
$91.5 million in proceeds from the issue of equity securities, and
$1.7 million from exercise of options
Oil & Gas
$87.67 million in proceeds from the issue of equity securities
Uranium
$85 million in proceeds from the issue of equity securities
Graphite
$69.3 million in proceeds from the issue of equity securities, and
$9.9 million raised in proceeds from borrowings
Uranium
$58.45 in proceeds from the issue of equity securities, and
$15.22 raised in proceeds from borrowings
Rare earths
$70.58 million in proceeds from the issue of equity securities
Antimony
$69.77 million in proceeds from the issue of equity securities
Foreign-currency-denominated inflows have been converted using the prevailing exchange rate as at 30 September 2025
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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