Ready for Takeoff:
Australian ECM Review 2024
Download
7 Apr 2025
Insight
Australia
It gives us great pleasure to bring you a concise overview of The Australian ECM Review 2024 covering significant developments in the market tailored specifically for our energy and resources clients.
The highlights:
 |
IPO DynamicsDespite overall subdued IPO activity, the resources sector continued to be a major contributor of listings on the ASX, hosting approximately 54% of all IPOs. Critical minerals again dominated the IPOs in this sector, and with continued strong gold prices, 7 IPOs included gold as a focus of their exploration efforts. The vast majority (13 out of the 14) of the resources IPOs were by exploration companies, which we predicted in last year’s ECM Review. The standout resources listing for 2024 was the IPO of Metal Acquisition Corp, the owner of the operating CSA Copper Mine in NSW, which was to provide a secondary listing on the ASX and raised $325 million. |
 |
Secondary Raisings RecapApproximately half of all secondary raisings over $10 million were by companies in the resources sector and those secondary raisings contributed to approximately 32% of the total capital raised. The most common secondary raising offer structures were: a placement alone (58%); a placement with an accelerated non-renounceable entitlement offer (20%); and a placement with a share purchase plan (18%). |
 |
Purpose for Secondary RaisingsConsistent with previous years, the vast majority of secondary raises were to provide companies with further liquidity and general working capital to expand their business, including for the exploration and/or development of existing projects. A number of secondary raisings by resources companies were to support the development of near-term gold opportunities such as Spartan Resources Ltd, De Grey Mining Ltd and Meeka Metals Ltd. |
 |
Mandatory Climate Reporting2024 marked the passage of legislation which will require many large Australian businesses to prepare an annual “Sustainability Report” containing mandatory climate-related financial disclosures. While this applies to both listed and non-listed entities, as with any reporting, we expect that there will be increased attention on listed companies. Separately, for companies relying on a prospectus to issue securities, ASIC has taken the view that where disclosure of climate related information is needed to comply with prospectus disclosure requirements, any such climate information should comply with the newly created climate accounting standards. Issuers relying on a prospectus will also need to consider including ‘an overarching narrative and analysis’ which explains the significance of this sustainability-related financial information within the broader context of the issuer’s corporate strategy, business model and prospects. |
 |
2025 OutlookIn 2023, we predicted continued IPO activity for small-cap exploration companies across all commodities as well as further capital raisings targeted at a specific purpose by critical minerals focused companies in particular. These predictions largely eventuated in 2024, and we expect to see more of the same in 2025 with continued IPO activity in the resources sector across a broad range of commodities and continued secondary raisings by gold focused companies and critical and strategic minerals companies. |
Chapters
- Ready for Takeoff: The Australian ECM Review 2024
- 2024: Key themes
- 2024: IPOs by the numbers
- 2024: Secondary raisings by the numbers
- Innovative solutions in challenging markets
- Regulatory developments
- 2024: Resources deals
- Governance issues and ESG
- Key US securities developments
- 2025: Predictions
- ECM Review Snapshot: Key trends for Energy and Resources
- ECM Review Snapshot: Key trends for Private Equity
Legal Notice
The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills Kramer 2026
Stay in the know
Receive timely insights and briefings from HSF Kramer, tailored to keep you informed and ahead
Subscribe now