From Canada to Australia: The ASX’s Rise as a Mining Investment Hub

Canadian mining companies are increasingly turning to the ASX for dual listings, seeking stronger investor interest, better valuations, and greater access to global capital.

Editorial Team (ET)July 27, 2025

The Australian Securities Exchange (ASX) is experiencing an influx of Canadian mining companies seeking dual listings. What began as a slow trickle of Canadian firms entering the ASX in 2018 has now turned into a surge, fueled by the success of companies like NexGen Energy and Capstone Copper. As financial conditions in Canada remain challenging, mining companies are increasingly looking to Australia’s well-developed capital markets for new growth opportunities.

Why Canadian Miners Are Moving to the ASX

One of the key drivers behind this trend is the difficult financing environment in Canada. Mining companies have struggled to attract capital, forcing them to look elsewhere. The ASX, with its deep institutional and retail investor base, offers a compelling alternative. Australian investors are well-versed in the mining sector, and the ASX ranks first globally in market capitalization, IPOs, and capital raisings for metals and mining companies.

According to Sasha Conoplia, senior manager of listings at ASX, the Australian market provides competitive valuations and easier access to global institutional capital. Companies that list on the ASX benefit from earlier index inclusion compared to other global exchanges, increasing their visibility and liquidity.

Capstone Copper: A Case Study in ASX Success

Capstone Copper’s entry into the ASX in February 2024 marked a turning point. Initially listing with just two million CHESS depositary interests (CDIs), the company saw its CDIs grow to 185.1 million by the end of the month, thanks to strong investor demand and a major block trade by Orion.

Capstone’s director of investor relations for the Asia Pacific region, Michael Slifirski, noted that a lack of high-quality copper companies on the ASX created an opportunity. The departure of OZ Minerals following its acquisition by BHP in 2023 left a gap that Capstone was eager to fill.

Unlike SSR Mining, which delisted from the ASX due to low liquidity, Capstone has successfully expanded its Australian investor base. However, Slifirski emphasized that a dual listing is not a guaranteed success. Companies must present a compelling investment case and remain committed to engaging with the Australian market.

More Canadian Miners Following Suit

Following Capstone’s success, several other Canadian miners have initiated the ASX listing process. Marimaca Copper Corp, a company focused on South American copper projects, plans to list on the ASX on March 13 after raising A$600 million to meet listing requirements. CEO Hayden Locke, an Australian himself, highlighted the importance of accessing a broader capital pool as the company moves closer to making a construction decision on its Marimaca oxide deposit.

Vancouver-based junior miner Pampa Metals has also announced plans to acquire Rugby Resources and dual list on the ASX. Pampa’s investor relations advisor Jordan Webster pointed out that liquidity in Canada has been weak, while Australia’s mining-focused investment community remains strong. The company’s Australian CEO, Joseph van den Elsen, understands the local market well and believes Pampa can stand out in Australia’s mining sector.

African Miners Also Eyeing the ASX

The appeal of the ASX is not limited to Canadian miners. African-focused mining companies are also looking to Australia for expansion. Orezone Gold Corporation, which operates the Bomboré mine in Burkina Faso, has announced a secondary listing on the ASX to attract mining-focused funds restricted to Australian-listed issuers.

Robex Resources is taking it a step further, planning to delist from the TSX entirely and migrate to the ASX. The company is shifting its focus from Mali to Guinea, aiming to replicate the success of Predictive Discovery, which owns the neighboring Bankan deposit.

Robert Friedland’s private iron ore company, Ivanhoe Atlantic, has chosen the ASX for its IPO, with plans to raise up to A$300 million. CEO Bronwyn Barnes stated that Australia’s strong knowledge of the iron ore market and familiarity with African mining projects made the ASX the natural choice.

London Also Seeing an Exodus

The trend of mining companies leaving their home exchanges is not unique to Canada. The London Stock Exchange (LSE) has also witnessed several high-profile departures. Greatland Gold, a significant Australian gold-copper producer, has confirmed that it will pursue a cross-listing on the ASX in the June quarter.

Ecuador-focused SolGold is also considering an ASX listing. Originally formed in Australia but now based in London, the company sees the ASX as a more suitable home for its copper and gold portfolio. CEO Dan Vujcic, who previously worked for ASX-listed MAC Copper, emphasized that the Australian market offers better opportunities for companies in the mining sector.

Conclusion

The ASX has positioned itself as a premier destination for mining companies seeking capital, and Canadian miners are taking notice. With weaker market conditions in Canada and increased investor appetite in Australia, the trend of dual listings is expected to continue. Companies looking to succeed on the ASX must remain committed, actively engage with investors, and present a strong investment case. As more mining firms shift their focus to Australia, the ASX is set to reinforce its position as a global leader in mining investment.

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