Australian Securities Exchange-listed mining technology company IMDEX climbed past A$2 billion market value today on the back of a strong first-half financial performance which saw FY2026 first-half revenue climb 16% year-on-year and net profit up 32% on the previous corresponding period.
The Western Australia-based company reported H1 revenue of A$247 million with “sensors, services and SaaS revenue” contributing 68%, up from 66% in the same period last year, and 20% year-on-year growth in the Americas region (51% of total revenue) ahead of forecast strengthening of US mineral exploration expenditure.
This month’s RIU Explorers conference in WA heard from S&P Global commodities head Jarra Smith that Latin America (US$3.28 billion) and Canada ($2.32 billion) accounted for 45% of the world’s $12.4 billion 2025 mineral exploration budget. US spend was down 11% yoy, but “we expect to see a strong rebound … tied to the US Federal government’s push for critical mineral energy dominance”, Smith said.
A general undercurrent at the conference that featured more than 90 exploration company presentations was that, despite lower overall exploration spending, technology was playing a bigger role in helping companies deploy budgets more effectively.
IMDEX said its “share of wallet” at more than 1000 sites using its products worldwide increased to $2.30 per $100 of exploration spend in the latest six-month period compared with $2.10 in 1H25 and $2.20 in the 12 months to June 30, 2025.
The company has completed a series of international and domestic acquisitions to build its drilling and “digital earth knowledge” tech stacks over the past few years. “IMDEX now has a broader product offering, and a scalable digital platform that strengthens our competitive position,” CEO Paul House said.
Net profit for the latest half was $34 million; EBITDA was up 22% yoy at $78 million. IMDEX’s net debt increased to $27 million from $14 million at the end of June last year on the back of its latest acquisition. The company declared a 1.7c-a-share dividend.
“Looking forward we see significant opportunities ahead of us with junior capital raisings yet to be deployed, major producers anticipated to increase their exploration budgets and global government policy prioritising critical metals which are yet to translate into material increased demand in the field,” House said.
