Global miners rely on ASX launch pad

Wed 24 June 2026
10 MIN READ

Alexandra Cain

Freelance finance journalist

Thorough market education, local investor relations (IR) support, and ongoing contact with the investor community are the three factors that are likely to lead to a successful ASX listing by an offshore mining company.

Open-cut mining site with haul truck overlaid by rising and falling stock market charts, representing resource sector performance.

Having hosted 319 metals and mining IPOs over the past 10 years to 31 December 2025 - almost three times more than all the other major exchanges combined - representing US$4.6 billion in capital raised, ASX stands above the rest of the world when it comes to bringing resources companies to the bourse. This is in addition to the globally leading 5,184 capital raising transactions representing US$58.8 billion in follow-on capital in the metals and mining sector.

“The ASX resources sector and in particular metals and mining has been open for business throughout the cycle. This can certainly be seen not only in the globally leading IPO activity, but also through the on-going Australian investor support for follow-on capital raisings in the sector. The over 5,000 follow-on transactions for almost US$60 billion capital raised in the past ten years shows how well the ASX capital raise settings work to help companies come back to market for capital and how deep, sophisticated and well covered the investor base is in Australia for the sector,” says Sasha Conoplia, Senior Manager, Listings, ASX.

With 32 per cent of its A$3.7 trillion market cap comprising resources entities, ASX includes more than 860 resource companies with projects operating across 85-plus countries. The ASX is a particularly popular home for ambitious Canadian and US mining companies with 12 having enjoyed a successful listing or dual listing in Australia over the past 18 months.

"The over 5,000 follow-on transactions for almost US$60 billion capital raised in the past ten years shows how well the ASX capital raise settings work to help companies come back to market for capital."

With so many mining giants born and launched from this market (think BHP and Fortescue Metals) Australia has a competitive advantage helping to build and fund successful resources stocks.

"Global fund managers looking for exposure to resources can't ignore ASX."

“Global fund managers looking for exposure to resources can't ignore ASX,” says RBC Capital Markets’ head of equity capital markets, Australia and managing director, Andrew Batmanian.

Alongside the country’s rich mineral ore bodies sits an investor community that inherently understands the mining sector and emerging mining companies around the world benefit from this.

“Australia has the fifth-largest, and one of the fastest growing, pension pools globally. When you compare the A$4.5 trillion Australian pension pool with the market capitalisation of stocks listed on ASX, which ranks about 14th in the world, that creates a material supply and demand imbalance, which has been favourable in market dynamics,” says Batmanian.

“This long-term, sticky, capital feeds a vibrant, broad, diverse funds management community that has proliferated into a very dynamic institutional funds management pool from which the market draws. The quantum of material, monthly inflows that need to find a home in equities is a reason why ASX has been so active in terms of capital raising and has been a leader through the cycle.”

The RBC Capital Markets team has extensive experience working cross border with Canadian, local and global firms. The team completed a US$200 million equity raising in April 2026 for natural gas firm, Tamboran Resources. They also executed two block trades in Capstone Copper in November 2025 and January 2026 using global demand across ASX and the Toronto Stock Exchange, having seeded Capstone Copper’s ASX dual listing through a A$593 million block trade on ASX in 2024, as well successfully running many other transactions for ASX dual listed mining vehicles.

Index inclusion is an important driver of demand for dual listed mining stocks.

“An ASX listing can provide benchmark index access at an earlier date, which can be very helpful in driving passive demand or in capital raising activity, diversifying the pools of capital available for ASX-listed stocks. There is a broader group of investors looking at metals and mining stocks on ASX with a very significant understanding of the sector. That investor support and knowledge extends across the full spectrum of companies from very small, junior explorers, all the way up to the very large, mega-cap stocks,” says Batmanian.

Cases in point

Two now-ASX-listed businesses with roots in North America are minerals exploration firm BMC Minerals (ASX:BMC) and Marimaca Copper (ASX:MC2). Both tapped Australian investors for their expertise in companies at their stage of development.

BMC’s main operations are in Canada but having a primary listing on ASX in December 2025 gives it significant access to capital. The polymetallic profile of its major Kudz Ze Kayah (KZK) project in south-central Yukon in Canada, including silver, gold, copper, zinc and lead, maps the commodity exposures Australian institutional and retail investors seek.

“ASX offers a deep pool of Australian-based investors with a long-track record supporting resources companies. The CDI structure also made the mechanics straightforward, allowing us to maintain our Canadian corporate structure, while providing Australian investors direct exposure to the project on a one-for-one basis,” says BMC’s managing director and CEO, Michael McClelland.

“BMC's listing was seen as showcasing Australia's depth of capital for high-quality international mining assets. The oversubscribed IPO, raising A$100 million at A$2.00 per CDI and giving BMC a market cap of approximately A$550 million on listing, validated that decision.”

"ASX offers a deep pool of Australian-based investors with a long-track record supporting resources companies."

Australian investors’ strong financial literacy around mining and resource development mean fund managers, analysts and sophisticated retail investors are well-versed in reading JORC resource estimates and understand development timelines and permitting risk.

"Australian investors are sophisticated at pricing risk, so consistent, transparent communication remains just as important here as in any other market."

“KZK’s silver and zinc focus, combined with its scale, is a natural match for ASX, where there is high investor appetite for large-scale, polymetallic ventures with a strong silver component. That said, Australian investors are sophisticated at pricing risk, so consistent, transparent communication remains just as important here as in any other market,” says McClelland.

With its primary operations in Chile, Marimaca Copper dual listed on ASX in April 2025 to access the largest source of capital for mining globally over the last five years and especially for early-stage resources ventures.

“The average size of capital raisings (on ASX) was interesting for us. This indicated smaller, earlier-stage projects were being funded in significantly greater numbers than any other market globally,” says Hayden Locke, CEO and Director at Marimaca.

“You need investors who understand and can price the risk at the milestones you are approaching. The Australian market has specialist mining investors and generalists managing large pools of discretionary capital. The capital available in Australia for the junior and mid-cap end of mining exceeds the rest of the world through the cycle.”

Locke says giving Australian investors enough time to conduct due diligence on Marimaca’s projects, strategy and on Chile as an investment jurisdiction, has helped the business’s success.

 “The dual listing has significantly broadened our investor audience and allowed Australian investors who can only invest in ASX-traded equities an opportunity to consider our story. This will become more important as we approach our construction commencement milestone and the capital requirements that come with that transition.”

"The capital available in Australia for the junior and mid-cap end of mining exceeds the rest of the world through the cycle."

Success secrets

For overseas miners looking to explore an ASX listing or dual listing, showing investors a genuine commitment to the listing is a good place to start.

“The most successful listings have common attributes. These include a period of market and investor engagement prior to listing, where investors have the opportunity to build rapport or trust with management teams, follow the equity story and achievement of milestones or catalysts. They also need to feel a sense of commitment from the company to the listing in terms of ensuring and prioritising its success,” says Batmanian.

After listing, an on-the-ground IR person who is familiar with market participants or well respected by the market, helps secure ongoing investor support.

"A regular cadence of management visits from offshore – a minimum expectation would be twice a year off the back of results – but also around relevant conferences, is well received."

After listing, an on-the-ground IR person who is familiar with market participants or well respected by the market, helps secure ongoing investor support.

“A regular cadence of management visits from offshore – a minimum expectation would be twice a year off the back of results – but also around relevant conferences, is well received,” says Batmanian.

Ensuring a pathway to the right level of free float and liquidity is key. “That's equally relevant for an IPO or a dual listing. For an IPO, what’s key is a free float of a sufficient size, that generates reasonable aftermarket trading activity, while for a dual listing only it’s all about strategies to drive the ASX float and liquidity,” says Batmanian.

It’s still possible to have a successful dual listing without a shareholder selling down stock, such as Australian investors transferring stock from the foreign exchange to ASX. But a capital raising around the time of the dual listing to feed the stock and underwrite its free float and liquidity can accelerate the growth of the listing.

“A shareholder who could look to sell down on ASX at around the same time as listing or post listing can help underwrite the success of the float. We've seen successful examples of that, for example Capstone Copper,” says Batmanian.

An overseas shareholder moving their stock to ASX can also support liquidity in a dual listing. This helps with free float and having stock available to borrow for market making and liquidity. For overseas businesses considering listing on ASX, be assured the process is streamlined and efficient.

“The obligations for listing are less onerous compared to a number of North American exchanges. An IPO can happen in as little as four months. The key is due diligence. The regulatory review of the prospectus is short when compared with other jurisdictions and generally less intrusive,” says Batmanian.

The process for dual listing is also simple.

"The obligations for listing are less onerous compared to a number of North American exchanges. An IPO can happen in as little as four months."

“ASX provides a range of waivers to recognise home exchange rules. Companies with a market cap of A$2 billion and above can undergo a foreign exempt listing, which waives the requirements for a prospectus entirely for a dual listing if no capital is being raised. An entity can list after completing a relatively simple application form with the whole process taking only a four- to six-week period using home exchange filings. That's certainly something worth calling out for larger listed companies. Irrespective of the path to ASX, the fees compare favourably. I wouldn't see the fees or the process being an impediment for exploring an ASX listing,” says Batmanian.

"Successful companies have come to meet Australian institutional investors well ahead of an ASX primary or dual listing. Investors then understand the company story and management ahead of the ASX listing event."

“Successful companies have come to meet Australian institutional investors well ahead of an ASX primary or dual listing. Investors then understand the company story and management ahead of the ASX listing event,” he says.

“I’ve also seen some internationally listed companies raise capital on their existing listed line but allocate a fair part of that to Australian institutional investors to get them on the register ahead of an ASX listing.”

This can help to get a well-known Australian investor name on a share register ahead of ASX listing.

“Those investors can then transfer the shares to the ASX line on listing to help support trading and index inclusion, noting ASX index inclusion for internationally listed companies is based on their quoted market capitalisation on ASX and domicile doesn’t matter.”

Conoplia agrees a local Australian investor relations presence is vital.

“This is important for on-going, on-the-ground investor access and company profile. For smaller companies this can be outsourced and at the right time and size, the skill can be brought in-house.”