GBC AG re-initiates coverage on Aspermont Ltd. – subscription-led platform model and Mining IQ offer attractive margin upside

Augsburg, 24.03.2026 – GBC AG, the Augsburg-based research house specialised in listed small and mid caps, has recently re-initiated research coverage on Aspermont Ltd. (ISIN: AU000000ASP3). The basis for this is the reinitiation study published on 5 March 2026. Aspermont is a specialist B2B provider of information, data and intelligence solutions focused on the global mining and resources sector and has transformed over recent years from a traditional trade publisher into a digital, subscription-led information platform.

With roots dating back to 1835, Aspermont owns well-established brands such as Mining Journal and Mining Magazine and serves decision-makers across mining corporates, financial institutions, governments and service providers worldwide. Its business model is built on recurring subscription revenues, a broad proprietary content archive and an expanding portfolio of data- and AI-enabled intelligence products, particularly through the Mining IQ platform. Complementary events and marketing services further strengthen customer engagement and create additional cross-selling opportunities.

In FY2025, Aspermont generated revenue of AUD 15.41m. From GBC’s perspective, the improved quality of revenue is particularly noteworthy: subscription revenue increased to AUD 10.2m, subscriptions accounted for 66% of total revenue, and the company achieved its 37th consecutive quarter of subscription revenue growth.

“Aspermont has built a notably robust and scalable business model over recent years. In our view, the combination of recurring subscription revenues, strong sector brands and the continued expansion of Mining IQ provides a compelling foundation for the company’s next growth phase. With the re-initiation of coverage, we see the company as very well positioned to further accelerate its operational development in the years ahead.”
– Matthias Greiffenberger, Analyst at GBC AG

For FY2026 to FY2028, GBC expects a gradual acceleration in growth and a step-by-step improvement in profitability. Revenue is forecast to increase from AUD 16.90m in FY2026 to AUD 21.30m in FY2028, while EBITDA is expected to improve from AUD 0.15m to AUD 2.93m. Based on a DCF model, GBC rates the shares BUY with a target price of AUD 5.00 per share (EUR 3.03).

The full research report is available via the following link:
https://eqs-cockpit.com/c/fncls.ssp?u=2624e589ca5095ed430764535b453a41

About Aspermont Ltd.
Aspermont Ltd. is an international B2B provider of information, data and intelligence solutions focused on the global resources sector. Headquartered in Perth, Australia, the company operates a low-capital-intensity, scalable platform model and is increasingly expanding its traditional subscription business into higher-value data-driven enterprise solutions.

Risk notice:
This announcement neither constitutes financial analysis within the meaning of section 34b WpHG nor investment advice or a recommendation. Investments in shares are generally associated with risks, including the possible total loss of the capital invested.

Notice on potential conflicts of interest pursuant to section 85 WpHG and Art. 20 MAR:
GBC AG and the responsible analyst note that the following potential conflicts of interest may exist at the time of publication: 5a,11. Further details can be found in the full research report and at: www.gbc-ag.de/de/Offenlegung.

Press contact:
GBC AG
Phone: +49 821 241133 0
Email: research@gbc-ag.de