From breakthrough cancer drugs to clean energy solutions — here’s what stood out at the Australian Microcap Conference 2025.
A New Wave of Innovation in ASX Small Caps
After catching up with dozens of companies as a host of the Australian Microcap Conference, one thing is clear — Australian innovation is alive and well, and it’s being driven by microcaps.
Everywhere I looked, small companies were solving big problems — from biotech breakthroughs and green hydrogen technology to construction materials and drone-based mining services.
The standard has risen dramatically since this event first hosted DroneShield (DRO) and Dicker Data (DDR) — both now billion-dollar success stories.
The conference defines microcaps as companies under $300 million in market cap — right in Under the Radar’s sweet spot — and around 10 have since grown past $1 billion since the conference began 14 years ago. That’s what happens when innovation meets opportunity.
Outside the Index, Inside the Action
Microcaps sit outside the major ASX indices, which means they don’t receive the easy money that flows to index funds and ETFs.
For investors willing to do the research, that’s where asymmetric opportunity lies — higher risk, yes, but potentially far greater rewards.
We’ll be covering some of the standout names from the event in our subscriber-only “Microcap Picks” reports over the next two weeks. If you’ve got a taste for opportunity before the Melbourne Cup, keep an eye out — these could be your runners.
Biotech Breakthroughs: Race Oncology and StarPharma
Two stocks leading the biotech charge are Race Oncology (RAC) and StarPharma (SPL) — both long-time personal favourites of mine and both seeing strong share price momentum.
StarPharma’s dendrimer-based drug delivery platform continues to prove its worth, recently earning a partnership with Roche-owned Genentech — a serious validation from one of the world’s biggest names in pharmaceuticals.
Race Oncology, meanwhile, is making progress reformulating bisantrene, a chemotherapy drug now safer for the heart. It’s early stage, but it’s one of those developments that could shift the needle in cancer treatment.
Together, they show that Australian biotech is building real, sustainable depth.
Hydrogen Energy Rising: Hazer Leads the Charge
If biotech was the first theme, hydrogen is the second.
Hazer (HZR) delivered one of the most impressive presentations of the conference, with its FortisBC project in Canada — a 2,500 tonne-per-year hydrogen facility — and its engineering partnership with KBR, the global firm behind Woodside’s Pluto LNG Train.
We continue to like Hazer’s capital-light, IP-driven model, and our analysts are tracking another emerging hydrogen play that could have even more upside potential. Stay tuned.
Construction & Infrastructure: Big River’s Moment Coming
Big River Industries (BRI), another company we cover, is positioned perfectly for Australia’s upcoming construction cycle.
The housing shortage and the upcoming Brisbane Olympics are setting up long-term demand for the group’s building and infrastructure products.
It’s not flashy, but it’s real value — and that’s where the smart money goes when the growth cycle matures.
Tech & Resources: RocketDNA and Hawk Resources
At the smaller end, RocketDNA (RKN) and Hawk Resources (HWK) represent the speculative edge of the market.
RocketDNA — market cap $16m — provides drone and imaging solutions for mining clients, including Rio Tinto, with real revenue traction already.
Hawk Resources, meanwhile, is drilling into copper prospects in Utah and scandium projects in WA. High risk, but the potential payoff is the kind that excites early-stage investors.
Final Word: Big Value in the Small End of Town
From biotech to hydrogen, construction to drones, this year’s Microcap Conference proved one thing — Australia’s innovation engine is running strong, and it’s happening outside the index.
We’ll continue to highlight the best small caps with big potential in our upcoming Microcap Picks and Best Buys reports.
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