Digital Transformation Success

Aspermont has shifted from traditional publishing to a scalable, subscription-driven digital media and events platform, with subscriptions now making up 52% of revenue.

Strong Financial Momentum

In the trailing twelve months to March 2025, revenue reached AU$17.49 million with a gross margin of 52%, while subscription and event revenues grew sharply year-on-year.

Insider Confidence

Recent insider transactions, including major share issuances and purchases by executives, signal strong belief in Aspermont’s growth strategy.

Competitive Advantage

Aspermont’s specialised focus, proprietary data, and regional content strategies deliver customer retention rates up to 60% higher than generalist media peers.

Multiple Growth Catalysts

Expansion of premium subscriptions, hybrid events, data monetisation, and targeted digital advertising are expected to drive future earnings growth.

Founded in 1835, Aspermont Limited is headquartered in Perth, Western Australia, and is led by CEO Alex Kent. The company operates through a diversified business model that combines subscription-based content services, targeted advertising, and industry-focused events. Its flagship brand, Mining Journal, remains the most authoritative publication in the mining sector, complemented by a suite of titles serving the broader energy and agricultural industries. Aspermont’s media offerings extend beyond traditional news to include premium intelligence services, custom content development and hosted industry conferences that facilitate networking and information exchange across global resource markets. This multi-channel strategy has enabled Aspermont to develop multiple recurring revenue streams while positioning itself as a central node for information flows.

Aspermont has executed a multi-year digital transformation to future-proof its business, highlighted by the AU$3.2 million cloud migration completed in early 2025. This upgrade enables real-time content localisation in 12 languages, AI-powered churn prediction, and scalable hybrid event delivery for 5,000+ participants.

Its proprietary 19-year mining project database underpins high-value analytics offerings like Mining Journal Intelligence (US$2,500/month), which generated AU$1.1 million in Q1 FY2025 alone.

With a vertically integrated model and deep industry specialisation, Aspermont outperforms generalist peers on retention—Mining Journal reports a 78% renewal rate among Tier-1 clients, ~60% above industry average.

Regionally tailored content strategies further reinforce its position across resource-rich jurisdictions, bolstering relevance and competitive defensibility.

Aspermont’s growth strategy focuses on four key vectors:

1. Digital Subscriptions Targeting senior decision-makers in mining, energy, and agriculture, with initiatives like premium tiers, cross-brand bundling, and AI-driven content personalisation aimed at boosting ARPU.

2. Events Expansion Scaling its high-margin hybrid events business across high-growth regions (Southeast Asia, Africa, Latin America) to increase volume and market penetration.

3. Data Monetisation Leveraging its proprietary datasets to launch premium intelligence products, trend forecasts, and bespoke research services—positioned for premium pricing and revenue diversification.

4. Digital Advertising Accelerating programmatic, sector-specific ad sales, which are already achieving 34% higher CPMs than industry norms due to Aspermont’s niche, high-intent audience base.

While resource sector exposure inherently introduces cyclical risk, Aspermont’s business model is structured to mitigate volatility through multiple mechanisms. Geographically, the company’s revenue is diversified across the Americas (42%), Asia-Pacific (33%), and Europe, the Middle East, and Africa (25%) (EMEA), insulating it from downturns in any single region.

Sectorally, the focus across mining, energy and agriculture provides a natural hedge against commodity-specific cycles. Financially, the company maintains a conservative balance sheet with AU$2.1 million in undrawn credit facilities and a share price beta of 0.97, indicating lower volatility relative to the broader media sector. Aspermont’s counter-cyclical product offerings, such as cost-optimisation toolkits during mining downturns, also provide additional revenue stability during periods of lower sector investment. Furthermore, the growing proportion of recurring subscription revenue enhances predictability and cushions the business from swings in discretionary advertising budgets.

Disclaimer | | This document has been prepared by the Sales, Trading and Investment Advisory department and not by a Research department. Liquidity Technology Pty Ltd seeks to and does business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this as only a single factor in making their investment decisions. The company featured in this document should be considered speculative in nature and carry a high degree of investment risk. Please consider if investments in these types of companies are appropriate for your personal circumstance.

This document accurately expresses the personal view of the Author at the time of writing. Liquidity Technology Pty, Corporate Authorised Representative (CAR: 001293556) of Mac Equity Partners Pty Ltd (AFSL 338731, ABN 32 126 369 640), its directors, associates and employees advise that they may hold securities, may have an interest in and/or earn brokerage and other benefits or advantages, either directly or indirectly from client transactions arising from any advice mentioned in publications to clients. Directors, associates and employees of Liquidity Technology Pty Ltd from time to time may hold shares in the security/securities mentioned in this Research document and, therefore, may benefit from any increase in the price of those securities. This research note has been prepared for and is intended for Wholesale Investors only as defined by Section 761G of the Corporations Act, 2001. In accordance with Section 949A of the Corporations Act 2001, this document contains unsolicited general financial information only. In preparing this document Liquidity Technology Pty Ltd did not consider the investment objectives, financial situation and particular needs (‘financial circumstances’) of any particular person and no recommendation (whether express or implied) contained in this document should be considered reliable. Accordingly, before acting on any information contained in this document, you should assess whether the information is appropriate in light of your own financial circumstances or contact your Liquidity Technology Pty Ltd adviser. Liquidity Technology Pty Ltd believe that the information herein is accurate however no warranty of accuracy or reliability is given in relation to any information or information contained in this publication and no responsibility for any loss or damage whatsoever arising in any way for any representation, act or omission, whether express or implied (including responsibility to any persons by reason of negligence), is accepted by Liquidity Technology Pty Ltd or any officer, agent or employee of Liquidity Technology Pty Ltd.

© 2025. No part of this report may be reproduced or distributed in any manner without permission of Liquidity Technology Pty Ltd.