Exploration spend of ASX resource companies reaches record high – report
New data by independent researcher Austex into the cash flow of 733 ASX-listed resource companies has shown that total exploration expenditure reached a record A$974-million in the fourth quarter of 2021,
up from A$845-million in the third quarter of last year, and A$563-million a year ago.
“Austex’s analysis of Appendix 5B reports illustrates the industry’s commitment to finding new mines to create jobs, royalties and benefits to the local community,” said Association of Mining and Exploration Companies CEO Warren Pearce.
In the fourth quarter of 2021, 733 ASX resource companies submitted cash flow reports, up from 693 companies in the third quarter of 2021. Total capital raisings increased to a record A$3.17-billion, a 37% increase from the A$2.312-billion raised in the third quarter of 2021 and A$1.823-billion in the fourth quarter of 2020.
Seven of the companies raised more than A$100-million, with 63 raising more than A$10-million, and 229 companies raising more than A$1-million.
Austex Resource Opportunities founder Rob Murdoch said that the significant growth in capital raisings was a promising indicator of the ongoing strength of the resources sector, investors’ confidence in future discoveries being made, and is in response to a rising string of demand for resources of all types.
The 733 ASX-listed companies earned total revenue of A$1.2-billion in the quarter. Total production costs incurred were A$736-million, resulting in a total cash flow gain from revenue-producing activities of A$542-million.
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