Historically, Australian companies in the resources sector have one dream for engaging with local investors: listing on the Australian Securities Exchange (ASX).
More recently, two different listing options are gaining traction in Australia, the second being a listing on the National Stock Exchange of Australia (NSX).
As of 26 May 2026, the ASX has 1,840 companies listed on the exchange, with 781 of those companies operating within the materials sector.
While mining giants such as BHP Group (ASX:BHP), Newmont (ASX:NEM), and Rio Tinto (ASX:RIO) are often seen taking leading positions on the ASX, the market can be oversaturated for junior explorers looking to stand out.
This is where the NSX comes into the picture.
As a much smaller trading platform, the NSX only has 46 companies listed as of late May — and is focused on creating a “vigorous exchange competition” after last year’s international merger.
In mid-August, CNSX Market shareholders approved the Canadian Securities Exchange’s (CSE) proposed all-cash offer to acquire the NSX.
The deal was finalised in October 2025 and was focused on expanding the CSE’s geographic footprint by partnering with an exchange that has a similar focus and culture.
CNSX Markets, which is the operator of the CSE, has been an investor in the NSX since 7 May 2025 and entered into a scheme implementation deed to acquire the 88-year-old Australian bourse, as reported by Mining.com.au.
Danakali (NSX:DNK) is one of the precious metals and critical minerals explorers that moved to the NSX, listing on 19 December 2024, after being removed from the ASX’s official list on 18 December.
The company had been suspended from trading on the ASX from 3 April 2023, right until its delisting over a year and a half later, which Executive Chairman Seamus Cornelius says fuelled the company’s change in trading platform.
“We chose the NSX because, at the time, we were suspended on the ASX and couldn’t satisfy their requirements,” Cornelius tells Mining.com.au.
“The NSX was very welcoming and made the listing transfer process very simple, fast, and not expensive.”
General listing conditions for the NSX include a minimum of 50 security holders, 25% of issued capital held in the hands of the public, a market capitalisation of at least $500,000, and a nominated adviser from the NSX’s list.
“The listing process and ongoing listing requirements are simpler and less expensive than on the ASX,” Cornelius explains.
“This means more money and time available for the real work of trying to generate opportunities for shareholders to make money.”
The platform also offers no minimum capital raising requirement upon listing, in comparison to the ASX, which requires a minimum $15 million in market capitalisation or $4 million in net tangible assets.
The NSX advises companies looking to list that it can discuss alternative arrangements with the bourse for the requirement that companies have at least two years of audited accounts on a consolidated basis.
This motif of offering support to those in need is reflected in feedback provided by listed companies.
“They are easy to talk to and willing to engage in a healthy conversation to reach a solution when any issue arises,” Cornelius adds.
“The NSX is definitely on the up and focused on attracting new listings.”
As of 27 May 2026, Danakali has a reported market capitalisation of $16.35 million and is trading at $0.045 per share.
Danakali has assets in Australia, Eritrea, and Saudi Arabia, focused on its multi-jurisdictional expansion plan, emerging with a whole set of new projects, as reported by Mining.com.au.
The company was initially established in 2001 as South Boulder Mines, concentrating on Western Australian projects, until reaching a turning point at the Colluli Potash Project in Eritrea, which became one of the ‘highest grade’ potash deposits globally.
Danakali advanced Colluli through multiple stages of development and funding initiatives, before exiting the project in 2023 and returning $164 million to shareholders with $30 million in cash left for new exploration and development projects.
Most recently, Danakali’s attention has been on Western Australia, with the company applying for 23 tenement applications, covering eight projects across 1,433km2 in the Murchison and Gascoyne regions, as reported by Mining.com.au.
Running into ASX trouble
Similar to Danakali’s ASX troubles, Province Resources (NSX:PRL) is another resources company that made the jump to the NSX on 24 March 2025, following a suspension from trading.
Speaking to Mining.com.au, CEO David Frances explains that the shift in trading platform was solely driven by the company’s inability to maintain an ASX listing, looking to give shareholders a means to trade its shares.
“The company was under voluntary suspension and at an impasse with the ASX on retaining its listing with the green energy asset and could not meet the re-compliance requirements of the ASX,” Frances tells this news service.
Speaking on the matter, Frances agrees that Australia needs a stronger secondary exchange ecosystem to support junior exploration and innovation in the resources sector.
“The ASX is becoming less attractive for this purpose because its rules are becoming too prescriptive and interpretation is a large element to the rules, which makes them very difficult to navigate,” Frances says.
“The ASX retains large discretion in interpretation and there are no real avenues to appeal a decision by the ASX.”
Frances explains that he sees a future where the NSX becomes more popular amongst explorers and developers, describing the platform as “noticeably easier and more flexible” for a company to operate.
“I strongly believe that there is an opportunity for the NSX to become a strong competitor to the ASX if it keeps on its current path,” Frances says.
“It is still lagging as a competitor to the ASX for capital raising and liquidity but is improving.
“[The NSX is suitable for] public companies that are not looking to raise capital often and/or are operating in challenging circumstances and need more flexibility to undertake transactions and restructure the company as needed.”
On the NSX, companies hold an average capital raising of $8.3 million with a total market capitalisation of $2.4 billion.
Province Resources is focused on becoming a ‘significant’ producer and exporter of 100% renewable green hydrogen and ammonia in Western Australia.
The company is focused on continuing to advance the high-voltage direct current link to the east coast and a potential data centre in Carnarvon.
Write to Maddison Elliott at Mining.com.au
Images: Mining.com.au & NSX
