Advisory and accounting firm HLB Mann Judd notes an increase in materials companies listing over the last year, reaching 22 listings in the Australian initial public offering (IPO) market, in its IPO Watch Australia Report for 2025.
This represents a significant increase from the previous year, with 2024 only reaching 13 listings on Australian markets for materials companies.
Materials listings represented 63% of total IPOs in 2025, compared to 45% of the total market in 2024.
The energy sector saw a similar increase with two listings in 2025, following on from one in 2024.
Although resources companies have seen improvements to the IPO market, the watch report says IPOs raised a total of $3.2 billion in Australia last year, which is down from $4.1 billion in 2024.
HLB Mann Judd describes IPO activity to have remained subdued in 2025, with a total of 35 listings below the 20-year historical average of 83 recorded since the firm first began its annual watch report in 2006.
American focus
Ionic Rare Earths (ASX:IXR) is looking to advance its presence on international markets with its application to trade on the OTCQB Venture Market in the US.
The company received approval to begin trading on the platform under the ticker code ‘IXRRF’, and started trading on 21 January 2026.
Managing Director Tim Harrison describes Ionic’s admission to the OTCQB Market as a “strategically important milestone”, extending the company’s reach to US investors while strengthening its North American critical minerals priorities.
“The appetite for our heavy rare earth products and technology within northern hemisphere markets is extremely strong, with this material underpinning trillions of dollars’ worth of value added goods, and growth areas for industry, including defence, advanced manufacturing and renewables,” Harrison says.
Executive Chairman Brett Lynch says the admission reflects growing international interest in the company’s rare earth strategy, marking “another deliberate step towards deeper engagement with US capital markets aligned with critical minerals security”.
“Ionic Rare Earths is building a global industrial business based on rare earth permanent magnet recycling and we see this as a natural next step in opening up further opportunities for US and other international investors to participate in our worldwide expansion,” Lynch says.
Exercising fund reach
High-Tech Metals (ASX:HTM) has obtained $10.7 million through an option exercise, strengthening the company’s funding position ahead of its 2026 workstream.
The company oversaw the exercise of 42.91 million listed options, resulting in the issue of 42.91 million shares and the cash payment of $10.7 million.
On 21 January, 38.32 million options were exercised for a cash proceeds of $9.58 million, following on from 4.58 million options on 13 January for the initial $1.15 million.
High-Tech will deploy its newly found funding to accelerate activities at the Dam-Damsel asset, preparing it for production.
The company will conduct drilling and begin mining lease applications for the asset, anticipating it to be High-Tech’s second producing asset following the completion of mining at the Wagtail deposit.
Mining at Wagtail is solely funded by SSH Mining, which is a subsidiary of SSH Group (ASX:SSH).
High-Tech will also deploy funding toward exploration drilling across brownfields targets.
CEO James Merrillees says the level of options exercised represents a “clear endorsement” of the company’s Wagtail strategy.
“The $10.7 million raised strengthens our funding position and our strategy to continue to advance our gold deposits along a clear development pathway toward production,” Merrillees says.
“Importantly, it also provides flexibility to progress exploration across the broader Mt Fisher-Mt Eureka Project area, where multiple walk-up targets offer the potential to add additional ounces and extend the production pipeline.”
High-Tech Metals is an Australian gold exploration and development company focused on advancing its project portfolio in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Ionic Rare Earths & High-Tech Metals
