The Australian Securities Exchange (ASX) is witnessing a surge in interest from Canadian mining companies looking to establish dual listings. While this trend initially began in 2018, it gained momentum after NexGen Energy, a Canadian uranium developer, obtained an Australian listing in 2021. The floodgates opened further when Capstone Copper secured a listing on the ASX in February 2024, prompting four more Canadian mining firms to start the listing process.

The ASX has strategically leveraged the challenging market conditions in Canada by actively engaging in roadshows to attract new listings. According to Adam Myers, a partner at BDO deal advisory, Canadian resource companies have faced difficulties in raising capital, making the ASX an attractive alternative. The ASX’s senior manager, Sasha Conoplia, highlighted the growing Canadian interest in dual listings, emphasizing the benefits of tapping into the ASX’s extensive investor base and well-established capital markets ecosystem.

Noteworthy is the ASX’s dominance in market capitalization, IPOs, and capital raisings for metals and mining companies globally. Companies like BHP and Rio Tinto, two of the world’s largest mining corporations, have made strategic decisions regarding their listings, with BHP opting for an exclusive listing in Sydney to streamline its corporate structure. Rio Tinto is also considering changes to its dual-listing status, reflecting the evolving landscape of mining listings.

The success story of Capstone, which saw significant growth in its CHESS depositary interests (CDIs) following its ASX listing, underscores the appeal of the Australian market for mining companies. Michael Slifirski, Capstone’s director of investor relations, emphasized the importance of a compelling investment case and committed team for a successful listing. Following Capstone’s lead, other Canadian mining players like Marimaca Copper Corp and Pampa Metals have pursued ASX listings to access a broader capital pool and enhance investor engagement.

Moreover, the ASX’s attractiveness extends beyond Canadian miners, with African-focused gold producers like Orezone Gold Corporation and Robex Resources considering secondary listings on the ASX. The ASX’s appeal to international companies is further exemplified by Ivanhoe Atlantic, a Guinea-focused iron ore developer, choosing the ASX for its IPO to capitalize on the market’s expertise in the iron ore sector and African mining projects.

As mining companies increasingly pivot towards the ASX for listings, exchanges like the London Stock Exchange (LSE) are witnessing a decline in mining listings. Greatland Gold and SolGold are among the companies eyeing ASX listings to benefit from enhanced market visibility and institutional participation. This shift in mining listings underscores the ASX’s growing prominence as a preferred destination for global mining companies seeking capital and market opportunities.