Huge cash holdings in the exploration sector mean there’ll be plenty of drinks shouted in Kalgoorlie this week. But experts say the good times are cooling - a bit.
High cash levels in the exploration sector will underwrite an upbeat mood at this week’s DiggersDealers conference, countering concerns about a tougher environment for fundraising early-stage metals and critical minerals prospects.
Mr Andrawes’ team have kept close tabs on cash flows marked for exploration over the past decade, and BDO’s data shows the sector is still swimming in the cash that poured in during the pandemic years, when low interest rates and a focus on decarbonisation convinced investors to chase the thrill of the drill.
“They are all sub-$10 million and mainly in the energy transition space, that’s where the money is going. Lithium is part of that mix.” “We’ve recently advised on a number of raisings for ASX-listed companies with assets located both locally and overseas, including a recent uptick in North American companies seeking to list on the ASX and take advantage of investors willingness to fund exploration assets,” he said.
BDO’s data shows that 153 explorers joined the ASX between September 2020 and March 2023, with almost 800 explorers now populating the local bourse.
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