Welcome to the Investing News Network’s weekly round-up of the top-performing mining stocks listed on the ASX, starting with news in Australia’s resource sector.
This week’s top ASX stocks follow a diverse set of resources: an oil and gas company takes the lead, followed by gold, tungsten, lithium and titanium companies.
In mining sector news this week, Gina Rinehart, owner and CEO of private Australian mining company Hancock Prospecting, has become the largest shareholder of rare earths company MP Materials (NYSE:MP).
Rinehart’s stake in MP, which she owns via Hancock, now stands at 8.4 percent following a purchase of a further 1 million shares of MP Materials during the third quarter.
Also this week, Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) signed a joint development agreement with environmental technology company Calix (NYSE:CALX,ASX:CXL) to support construction of a green iron demonstration plant using Calix’s Zero Emissions Steel Technology, which it calls Zesty, in Western Australia.
Larvotto Resources (ASX:LRV,OTC Pink:LRVTF) released diamond drilling results from its ongoing maiden drill program at the Freehold prospect within its past-producing Hillgrove antimony-gold project in New South Wales.
Additionally, Sunrise Energy Metals (ASX:SRL,OTCQX:SREMF) received AU$45.6 million in commitments to fund pre-construction activities at its Syerston scandium project, which it calls “the world’s largest and highest-grade primary scandium mine development.”
Market and commodities price round-up
The S&P/ASX 200 (INDEXASX:XJO) opened at 8,606.50 on Monday (November 17) and closed at 8,552.70 on Thursday (November 20) at 4:00 p.m. AEST, reflecting a 0.41 percent decrease over the period.
As for gold and silver prices, both climbed midweek but ended the period with varied results. In US dollars, the gold price dipped 0.51 percent from US$4,082.75 on Monday to US$4,060.09 by the close of Australian trading Thursday. In Australian dollars, the yellow metal saw an increase of 0.44 percent over the period, moving from AU$6,242.31 to AU$6,269.78.
On the other hand, the silver price saw significant gains. It climbed 0.87 percent in US dollars, starting the week at US$50.56 and closing at US$51.00. In Australian dollars, the metal demonstrated a larger 1.89 percent increase, rising from AU$77.30 to AU$78.76.
Top ASX mining stocks this week
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Australian mining stocks below as the Investing News Network breaks down their operations and why these companies are up this week.
Stocks data for this article was retrieved at 4:00 p.m. AEST on Thursday using TradingView’s stock screener and reflects price movements between Monday and Thursday. Only companies trading on the ASX with market capitalisations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. 3D Energi (ASX:TDO)
Weekly gain: 69.57 percent
Market cap: AU$75.39 million
Share price: AU$0.195
Incorporated in 2003, 3D Energi is an Australian oil and gas explorer with a portfolio of projects across Victoria, Western Australia and South Australia.
It is currently working on its offshore permits in the Otway and Gippsland Basins of Southeast Australia.
This week, 3D Energi announced significant progress at its Essington-1 exploration well in the Otway Basin.
On Monday, the company reported that drilling intersected two gas-bearing intervals in the Waarre A and Waarre C reservoir targets, both of which had high ratios of productive rock.
The interval in the Waarre C sandstone totalled about 33 metres of gas-bearing rock, with 31.5 metres considered productive rock.
The Waarre A interval is relatively larger, with around 63 metres of gas-bearing rock, including 58.5 metres of economic rock.
A few days later, 3D Energi also confirmed natural gas discovery at both reservoirs on Thursday after modular formation dynamics testing results confirmed hydrocarbons.
“Preliminary rig-based compositional analysis of MDT gas samples indicates low CO2 concentrations,” the release read, reporting a range of 2 to 4.5 percent.
Shares of the company peaked on Thursday with an AU$0.195 close.
2. Zuleika Gold (ASX:ZAG)
Weekly gain: 56.67 percent
Market cap: AU$39.8 million
Share price: AU$0.047
Zuleika Gold is an Australian gold explorer focused on projects near Kalgoorlie, Western Australia. Its portfolio includes the Zuleika project and Credo Well projects, both joint ventures.
The Zuleika project is located in the Zuleika Shear, which has produced 20 million ounces of gold, while Credo hosts a high-grade gold resource at the Credo Well prospect.
The company has also been engaged in litigation in the Supreme Court of Western Australia “related to Zuleika’s right to earn up to a 50% Joint Venture Interest in parts of Catalyst’s Plutonic Gold Mine.”
Zuleika announced on Monday that it had reached a settlement with Catalyst Metals’ (ASX:CYL,OTC Pink:CTYMF) subsidiary Vango Mining and Dampier (Plutonic) regarding the long-running legal proceedings.
Under the agreement, Zuleika will no longer have interest in the Plutonic tenements, while Catalyst will pay Zuleika a total of AU$48 million, including AU$31 million in shares, AU$15 million in cash upon deed execution and the remaining AU$2 million in cash by May 13, 2026.
“Successfully ending this five-year litigation has required considerable resolve and an unwavering commitment to protecting Zuleika’s rights,” Executive Chair Annie Guo said.
“Zuleika can now turn its undivided attention to progressing our strategic priorities of advancing our portfolio of exciting gold assets and pursuing further growth opportunities.”
Shares of the company closed at AU$0.047 on Monday and Thursday.
3. Tungsten Mining (ASX:TGN)
Weekly gain: 45.45 percent
Market cap: AU$166.42 million
Share price: AU$0.160
Tungsten Mining is focused on developing tungsten assets in Australia, specifically Mount Mulgine in Western Australia, Watershed in Northeast Queensland and Hatches Creek in the Northern Territory.
Tungsten Mining is currently advancing development of the Mount Mulgine tungsten-molybdenum project in Western Australia.
On Monday, the company published an invite for a Wednesday investor webinar regarding the scoping study for Mount Mulgine it released on November 6.
The presentation and supplementary financial information were later made public on Wednesday (November 19). The releases did not contain new material information.
The study highlighted the project as a long-life, low-cost mine with one of the largest tungsten deposits outside of China.
According to the study, Mount Mulgine’s Mulgine Trench deposit hosts an indicated and inferred resource of 247 million tonnes of ore hosting 270,000 tonnes of tungsten trioxide.
Shares of Tungsten Mining rose from an AU$0.120 close on Monday to AU$0.160 on Thursday.
4. Argosy Minerals (ASX:AGY)
Weekly gain: 44.64 percent
Market cap: AU$110.59 million
Share price: AU$0.081
Established in 2010, Argosy Minerals (ASX:AGY) is a Perth-based lithium producer that currently holds a 77.5 percent interest in the Rincon lithium project in Argentina’s Salta Province.
Argosy states on its website that it has the right to move to a 90 percent ownership for Rincon.
Rincon sits within the world-renowned Lithium Triangle, spanning 2,794 hectares. It is focused on producing battery-grade lithium carbonate, with a 2,000-tonne-per-year operation underway and a 12,000-tonne-per-year expansion in progress.
On Thursday, Argosy executed a spot sales contract for lithium carbonate produced at Rincon.
The deal is with Chengdu Chemphys Chemical Industry Co. and covers 16.1 tonnes of carbonate.
“We are pleased to realise the sale of our lithium carbonate product, with strong interest received following the recent uplift in lithium market sentiment and prices,” Managing Director Jerko Zuvela said.
“This significant milestone further confirms Argosy’s ambitions and near-term growth phase to fully develop our Rincon lithium project.”
Following the announcement, shares of the company closed at a peak of AU$0.081 on Thursday.
5. McLaren Minerals (ASX:MML)
Weekly gain: 43.48 percent
Market cap: AU$13.51 million
Share price: AU$0.033
McLaren Minerals is an exploration company focused on the future development of its flagship McLaren titanium project in the Eucla Basin of Western Australia. It also holds a portfolio of silica sands projects in the state.
On Tuesday (November 18), the company announced a significant resource upgrade at the McLaren titanium project, showing a 90 percent uplift in contained heavy minerals from its 2022 estimate.
The indicated resource alone increased from 79 million to 249 million tonnes of ore.
The project now holds a total indicated and inferred mineral resource of 529 million tonnes at 4.5 percent heavy minerals.
“The scale of this upgrade has gone well beyond what we had anticipated,” Managing Director Simon Finnis stated.
“The drilling program was designed to complement the pre-feasibility study and support the company’s ambition to develop a 10 million tonne per annum mining operation, and it has achieved that comfortably.”
McLaren said the prefeasibility study is underway, and it plans to rapidly move the McLaren project towards near-term production.
Shares of the company peaked at a close of AU$0.036 on Wednesday.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
