Key takeaways
Proven market for mining capital
AIM provides repeat access to growth and follow on funding.
Strong specialist adviser ecosystem
Deep pool of mining focused advisers, analysts and investors.
Flexible regulation for growth companies
Lighter regulatory and ESG burden than other junior markets.
AIM continues to serve as a vital platform for junior mining and oil and gas companies seeking growth capital. Despite a sharp slowdown in overall AIM admissions since 2021, natural resources companies continue to feature disproportionately among new listings. Currently, well over 100 AIM-listed companies operate across the mining and oil and gas sectors underlining the market’s ongoing relevance for early-stage exploration and development businesses.
This steady flow of IPOs and reverse takeovers highlights AIM’s role as a dynamic venue for capital formation in the natural resources space. The consistent listing activity reflects strong investor appetite for resource-focused growth stories and AIM’s ability to accommodate companies at various stages of development, from early exploration through to production and further development.
In this article we explore some key considerations for natural resources companies evaluating AIM as a platform for raising growth capital. In particular we consider AIM’s depth of follow-on funding, the strength of its specialist adviser and investor ecosystem, the market’s regulatory flexibility and the practical ESG reporting expectations facing mining and oil and gas issuers.
AIM’s track record in supporting growth and follow-on funding
A key consideration for natural resources companies considering AIM is the market’s strong track record in providing not just IPO funding but repeat access to growth capital through follow-on transactions. Since its inception, AIM has facilitated over £135 billion in capital raising, with £87 billion generated through secondary and follow-on fundraisings.
Natural resources companies consistently rank among the top sectors for capital raised, benefiting from sustained investor interest in commodities, energy transition and global supply chain security. These figures demonstrate AIM’s ability to support companies well beyond initial admission. Importantly, AIM enables flexible and timely access to funding as companies progress from exploration to development and production. This staged approach to capital raising makes AIM particularly attractive for natural resources businesses with evolving funding requirements over the lifecycle of their projects.
The importance of specialist adviser and analyst support on AIM
Access to specialist advisers and informed analyst coverage is a significant advantage of AIM for natural resources companies raising capital and building long-term investor engagement. London’s sophisticated advisory ecosystem is a key differentiator for AIM.
Many NOMADs (Nominated Advisers) and brokers maintain dedicated natural resources teams, offering sector-specific expertise that supports companies in navigating capital markets, regulatory requirements, fundraising strategy and investor engagement.
Across leading NOMAD and broker firms active in the sector, at least ten have specialist mining and oil and gas teams, collectively employing more than 30 analysts and corporate finance professionals. This is in addition to other teams that have experience in these sectors but not dedicated teams.
This breadth of technical knowledge, combined with regular research, coverage and targeted investor outreach helps junior companies raise capital and build visibility. Such informed coverage and targeted engagement promotes liquidity, supports valuations and enhances credibility for AIM-listed natural resources companies.
Key considerations when choosing AIM over other junior markets
When evaluating AIM alongside other junior markets such as the ASX and TSX Venture Exchange, natural resources companies often prioritise access to capital, regulatory flexibility and depth of specialist investor support.
A core advantage of AIM is access to UK and European capital markets. London hosts a deep pool of institutional and retail investors familiar with the natural resources sector and actively investing in exploration and development-stage companies. The presence of specialist brokers and NOMADs further strengthens this access.
AIM’s regulatory framework is designed for growth companies and is generally less prescriptive than that of the ASX or TSX. This flexibility allows earlier stage businesses to raise capital efficiently and respond quickly to project and market developments.
Follow-on funding is another key differentiator. Approximately two-thirds of capital raised on AIM comes from secondary issues, enabling companies to access additional capital without the need for a full re-listing. This is particularly valuable for natural resources companies that require incremental funding as projects advance.
AIM also supports international operations and cross-border listings. Many AIM-listed natural resources companies operate globally, and the market’s infrastructure accommodates dual listings and international investor participation.
Regulatory flexibility and ESG reporting considerations on AIM
Regulatory flexibility is an important consideration for natural resources companies on AIM, particularly in relation to ESG and climate-related reporting obligations. Unlike companies on the Main Market, AIM-listed issuers are not required to make TCFD-aligned climate-related disclosures in their annual reports, nor will they be required to comply with the ISSB-based UK Sustainability Reporting Standards (UK SRS) when they apply in full.
This results in a significantly lower compliance burden for AIM-listed issuers. However, some larger issuers have chosen to adopt enhanced ESG and climate reporting voluntarily in order to meet institutional investor expectations and broaden their shareholder base.
How experienced legal advisers support AIM fundraisings
Experienced legal advisers play a central role in supporting natural resources companies throughout the AIM lifecycle, from initial admission through to follow‑on capital raisings, acquisitions and corporate governance matters. Given the sector’s technical, jurisdictional and regulatory complexity, practical and commercially focused legal advice is essential to delivering efficient transactions and maintaining ongoing compliance.
Hill Dickinson LLP is a leading international commercial law firm with a strong reputation in equity capital markets and corporate advisory work. According to the latest CARG rankings, the firm advises more companies listed on UK stock markets than any other law firm.
The firm’s equity capital markets team advises on IPOs, secondary fundraisings and other equity transactions across AIM, the Main Market and Aquis, including placings, open offers, rights issues, reverse takeovers and fast‑track admissions. Hill Dickinson has particular strength in the natural resources sector, advising a significant number of AIM‑listed mining and oil and gas companies and acting on domestic and cross‑border transactions throughout the sector lifecycle.
Clients benefit from the team’s sector knowledge, pragmatic approach and experience working closely with NOMADs, brokers and other advisers to deliver transactions efficiently and with minimal disruption to management.
Key takeaways for natural resources companies raising capital on AIM
AIM remains a premier venue for junior natural resources companies seeking growth capital. With a strong track record of capital raising, a deep pool of sector-focused advisers and investors, and a flexible regulatory environment designed to support growth businesses, AIM offers a compelling alternative to other junior markets.
For exploration and development-stage companies, AIM provides not just a listing venue but a platform for long-term growth supported by a sophisticated community of analysts, advisers, and investors who understand the unique dynamics of the natural resources sector.
