Fund Manager Summary
The fund managers believe that the outlook for Imdex Ltd presents significant opportunities for growth, particularly following the recent acquisition of Devico, a leading mining technology firm. In their opinion, this strategic move is value accretive and will help accelerate the company's global growth strategy. The market's positive response to the $224 million capital raise further underscores confidence in Imdex's trajectory. With the launch of what is anticipated to be the industry’s best suite of new and improved products, fund managers are optimistic that Imdex is well-positioned for long-term success.
Source: Trading View
Commentary From The Managers
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L1 Capital
31 July 2025
$3.04
Summary
- Imdex (Long +12%) showed strong performance in July as market conditions improved.
- Junior miner equity raising activity increased by 65% YoY in H1 CY25, the highest since 2021.
- This trend is expected to provide a positive tailwind for Imdex as exploration activity rises.
- Imdex continues to execute effectively, reporting increased market share and resilient margins.
- The company benefits from a leading product offering and strong cost management.
- Positive tailwinds are anticipated from further market share gains, margin expansion, and digital penetration.
- L1 Capital continues to hold due to these favorable conditions being within the company’s control.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
L1 Capital
31 July 2025
$3.04
- Imdex (Long +12%) showed strong performance in July as market conditions improved.
- Junior miner equity raising activity increased by 65% YoY in H1 CY25, the highest since 2021.
- This trend is expected to provide a positive tailwind for Imdex as exploration activity rises.
- Imdex continues to execute effectively, reporting increased market share and resilient margins.
- The company benefits from a leading product offering and strong cost management.
- Positive tailwinds are anticipated from further market share gains, margin expansion, and digital penetration.
- L1 Capital continues to hold due to these favorable conditions being within the company’s control.
Summary
Ellerston Capital
30 June 2025
$2.72
- Imdex (IMD AU) was a key detractor, giving up around 8% in the quarter.
- IMD provides technology and consumables to resource drilling companies and leads in market share and technology.
- The market is optimistic about the rising gold price and its potential to boost gold exploration drilling, which accounts for approximately 50% of IMD's revenue.
- Early signs show increased drilling activity, with gold junior equity raisings rising significantly.
- There is a time lag before funds translate into actual drilling operations.
- IMD reported a 3Q revenue number in early May that was 3% below market expectations.
- The company tempered expectations for a rapid cyclical upswing in 4Q.
- Ellerston Capital continues to hold IMD and believes it will gain market share through the cycle.
- There is confidence that a cyclical upswing in drilling volumes is forthcoming.
Summary
Yarra Capital Management
13 June 2025
$2.79
- Yarra Capital Management considers Imdex to be a compelling buy.
- Imdex shows potential for cyclical earnings upside.
- Exploration markets have been weak in the last two years, with volumes down over 30%.
- Lead indicators suggest a cyclical recovery with higher gold and copper prices.
- Imdex has compelling technology across their sensors and consumables.
- This technology supports a strong market share opportunity globally.
- There is potential for upside earnings as margins are currently cyclically depressed.
- Higher value technology products offer margin upside.
- The business operates in a capital light model, generating strong free cash flow.
- Imdex is expected to become net cash within the next six months.
Summary
Datt Capital
13 June 2025
$2.79
- Imdex is a well-established company with a long history.
- Mining technology is crucial due to increasing depth and difficulty of mineral deposits.
- The company is recognized as a market leader in this sector.
- Imdex's current pricing reflects a modest multiple considering its industry significance.
- Datt Capital has initiated a position in Imdex as it is viewed as a buy.
Summary
Ausbil Investment Management
31 May 2025
$2.81
- Ausbil notes that Imdex (IMD) experienced a decline of -3.7% in May.
- This decline follows a robust return of +28.5% in the first four months of the year.
- The strong performance was driven by higher gold and copper prices.
- There was also significant capital raising activity during this period.
- At the Macquarie Conference, IMD provided a trading update.
- The update was slightly below market expectations but remains directionally positive.
- Ausbil continues to hold its position in IMD based on these factors.
Summary
Ausbil Investment Management
30 Apr 2025
$2.96
- Imdex (IMD) fell -9.9% over the month
- IMD's products are focused on the exploration phase
- Higher commodity prices in gold and copper indicate improving upstream exploration
- Current trading activity anticipated to remain subdued
- Exploration cycle expected to hit an upward inflection point in the next 12 months
- This presents an opportune time for IMD to refocus on productivity-improving technology
Summary
PM Capital
31 Mar 2025
$2.96
- Imdex Limited showed a strong performance with a +15% reaction to its solid results announcement.
- The company demonstrated outperformance compared to the broader drilling market, particularly in gold and copper exploration.
- Notable for its strong EBITDA performance and cash flow conversion, both exceeding expectations.
- Management commentary did not suggest an imminent inflection in core end markets.
- With current valuations reflecting this at the current share price, PM Capital decided to reduce their position with a view to fully exiting.
Summary
Blackwattle Investment Partners
28 Feb 2025
$3.02
- Blackwattle Investment Partners recognizes Imdex as a global market leader in mining-tech solutions for drilling.
- Shares increased 14.8% in the month following management's 1H25 results, meeting consensus expectations.
- Positive outlook commentary from management suggests potential for growth this year.
- Mineral deposits are becoming deeper and more complex, necessitating advanced analysis for profitable extraction.
- Imdex’s sales are primarily linked to copper and gold exploration, benefiting from rising exploration budgets.
- The increasing demand for copper and gold suggests favorable conditions for future sales.
Summary
L1 Capital
28 Feb 2025
$3.02
- L1 Capital has updated its investment thesis on Imdex as shares gained +15% following strong performance.
- First half 2025 results exceeded market expectations.
- Imdex showed increased market share and maintained resilient margins despite a declining revenue backdrop.
- Strong cost management and industry-leading product offerings were key factors in performance.
- Positive commentary for FY26 highlighted expectations for continued growth.
- Growth is projected to be driven by market share gains, margin expansion, and digital penetration.
- While recent exploration activity has been muted, early signs of improvement are emerging.
Summary
Ellerston Capital
31 Jan 2025
$2.63
- Ellerston Capital notes a 13% increase in Imdex (IMD AU) shares in January.
- The rise in share price is attributed to the strong performance of copper and gold during the month.
- Copper prices increased by 7%, with an intra-month peak of 11%, driven by growing global demand.
- Gold prices also rallied 7%, reaching US$2,800/oz.
- There has been notable strength in junior miners' ability to raise capital over the past four months.
- Historically, TTM raises have shown a strong correlation with IMD's tools on rent.
- With sustained strength in gold and copper prices and recovery in junior mining capital raises, the outlook for Imdex over the next 12 months appears positive.
Summary
Ellerston Capital
31 Oct 2024
$2.60
- IMD saw its share price rally 10.2% during October.
- 1Q25 trading update surprised on the upside with resilient revenue despite significant decline in drilling activity.
- Revenue fell 9% vs 1Q FY24 on a constant currency basis, compared to a 25% decline in holes drilled globally, indicating strong outperformance due to market share gains.
- Market had feared results would be worse, making the year-on-year decline look less concerning.
- October saw strong performance in Gold pricing, up 4.2% and reaching all-time highs, with copper prices also trending positively.
- Expect juniors' exploration activity to pick up in 1H FY26, positioning IMD well to capitalize on increased exploration budgets.
- Ellerston Capital continues to hold IMD as a core position within the fund.
Summary
Endeavor Asset Management
31 Aug 2024
$2.24
- Endeavor Asset Management exited their position in Imdex.
- Decision made over the previous two months.
- Attributed to a stretched valuation.
- Concerns over a weakening commodities outlook.
Summary
Endeavor Asset Management
31 May 2024
$2.22
- Endeavor Asset Management has re-initiated a position in Imdex, a leading provider of drilling technology and services.
- The fund manager has previously traded IMD profitably during varying market conditions.
- Imdex's innovative solutions and robust market presence in the mining sector are seen as key growth drivers.
- The fund manager is particularly interested in Imdex's exposure to key commodities, Copper and Gold, which constitute approximately 75% of their exposure.
Summary
Endeavor Asset Management
30 Apr 2024
$2.10
- Endeavor Asset Management sold their investment in Imdex (IMD) in April.
- The decision followed a 37% cumulative increase in February and March, aligning with their 1H24 financial results.
- The valuation became stretched given the company's weaker outlook.
- They anticipate buying Imdex back at lower levels in the future.
Summary
L1 Capital
31 Mar 2024
$2.37
- Imdex shares up +24% following H1 2024 results.
- Results exceeded consensus expectations, showcasing business resilience.
- Operating in a challenging market with difficult funding availability for junior explorers.
- Strong performance driven by Devico business acquisition in H2 2023.
- Devico has materially beaten expectations and enhanced product cross-selling.
- Exploration activity remains muted, but Imdex is poised for growth.
- L1 Capital believes Imdex is well-positioned to capitalize on improved activity during the recovery cycle.
Summary
L1 Capital
28 Feb 2024
$2.03
- Imdex has seen a strong performance with shares up +25% following H1 2024 results exceeding consensus expectations.
- Demonstrated business resilience in a challenging market with limited funding for junior explorers.
- The acquisition of Devico in H2 2023 significantly boosted results and enhanced product cross-selling.
- Exploration activity remains muted, but Imdex is well-positioned for recovery as market conditions improve.
- L1 Capital continues to hold as they recognize the potential for growth in a recovering cycle.
Summary
L1 Capital
31 Dec 2023
$1.89
- Imdex has strengthened its global leadership position in mining exploration drilling technology through the recent acquisition of Devico.
- Despite the sector's highly cyclical perception, Imdex's superior technology drives enhanced drilling efficiency.
- The company has achieved an EBITDA growth rate of 24% CAGR over the last five years.
- Imdex possesses the best product portfolio in the market, positioning it well for continued strong earnings growth.
Summary
L1 Capital
30 Sept 2023
$1.58
- L1 Capital notes that Imdex (Long -18%) shares fell due to results modestly below consensus expectations.
- Guidance indicates that conditions are expected to remain subdued in the near term.
- L1 Capital believes Imdex will continue to outperform the broader exploration drilling industry due to strong execution.
- The company's roll-out of market-leading new products supports their positive outlook.
- Recent acquisition of Devico, a leading global mining technology company, will accelerate Imdex’s global growth strategy.
- This acquisition will augment Imdex's industry-leading suite of new and improved drilling technology products.
- L1 Capital took advantage of the recent sell-off to add to their position, reflecting a positive long-term outlook for Imdex.
- The fund manager emphasizes Imdex’s strong industry position as a key reason for their investment thesis.
Summary
L1 Capital
31 Aug 2023
$1.62
- L1 Capital notes that Imdex shares fell by 17% due to full year 2023 results being modestly below consensus expectations.
- The company has guided for subdued conditions in the near term.
- Despite this, L1 Capital believes Imdex will outperform the broader exploration drilling industry.
- This confidence stems from Imdex's strong execution and the roll-out of market-leading new products.
- Imdex's recent acquisition of Devico, a global mining technology leader, is expected to accelerate global growth.
- The acquisition will also enhance Imdex's suite of new and improved drilling technology products.
- L1 Capital took advantage of the recent share price sell-off to increase its position in Imdex.
- The fund maintains a very positive view on Imdex's long-term outlook and strong industry position.
Summary
L1 Capital
30 June 2023
$1.89
- Imdex shares fell 16% due to subdued exploration activity impacting junior miners.
- Company updates indicated flat conditions through April and May, leading to a mid-single-digit reduction in consensus earnings estimates for FY23 and a high single-digit impact for FY24.
- Recent acquisition of Devico aims to accelerate global growth strategy and enhance drilling technology offerings.
- L1 Capital continues to hold its position, viewing the sell-off as an opportunity to increase investment.
- Strong long-term outlook for Imdex remains due to its solid industry position.
Summary
L1 Capital
30 Apr 2023
$2.11
- Imdex (Long -8%) was a detractor from portfolio performance in April.
- Shares fell due to subdued exploration activity linked to junior miners' financing challenges.
- Raising capital has been difficult for miners, but L1 Capital believes normalization will occur over time.
- Commodity end markets remain robust, supporting L1 Capital's optimistic outlook.
- Recent acquisition of Devico, a leading global mining technology company, is pivotal.
- Acquisition will enhance Imdex's global growth strategy and improve its drilling technology product suite.
Summary
L1 Capital
31 Jan 2023
$2.50
- Imdex shares rose by 16% following first half results that surpassed market expectations.
- Acquisition of Devico, a leading global mining technology company, is seen as strategic and value accretive.
- Acquisition will accelerate Imdex’s global growth strategy.
- Imdex successfully raised $224 million to fund the acquisition, with strong market support.
- Imdex is positioned for long-term growth and is launching an industry-leading suite of new and improved products.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With strategic moves like the acquisition of Devico, it appears Imdex Ltd is not just riding the wave but shaping the tide of mining technology. Investors should watch closely as this could signal a robust trajectory for long-term growth."
Last Updated: 31 Jul 2025
Query The Data
Frequently Asked Questions
Who is investing in Imdex Ltd (ASX:IMD)?
Fund managers including L1 Capital, Endeavor Asset Management, Blackwattle Investment Partners, Ausbil, Datt Capital, Yarra Capital Management, Ellerston Capital and PM Capital have invested in Imdex Ltd (ASX:IMD).
Why do fund managers invest in Imdex Ltd?
Fund managers are investing in Imdex Ltd due to its strong performance, marked by first-half results that surpassed expectations and a strategic acquisition of Devico, a leading mining technology firm. This acquisition is seen as value accretive, enhancing Imdex's global growth strategy. Additionally, the company has successfully raised $224 million to support this acquisition and is poised for long-term growth with an innovative suite of new products.
What happened to Imdex Ltd (ASX:IMD)?
Fund managers are investing in Imdex Ltd due to its strong performance amid improving market conditions. The significant increase in junior miner equity raising activity signals a rise in exploration spending, which benefits Imdex. The company has reported increased market share and resilient margins, supported by effective cost management and a leading product offering. Positive prospects include further market share gains, margin expansion, and enhanced digital penetration, all of which are within the company's control.