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 list shows a diverse mix of commodities, led by scandium, nickel and gold developer Australian Mines as the top gainer.
The top five standout companies of the week hold assets spanning lithium, copper, gold and vanadium. The variety comes amid current market conditions, including firmer oil and gas prices that have helped bolster sentiment toward energy-linked and critical mineral plays.
Read on to discover this week's top gaining Australian mining stocks on the ASX and what drove their share prices.
Market and commodities price round-up
The S&P/ASX 200 (INDEXASX:XJO) opened at 8,741.80 on Monday (April 27) and closed at 8,665.80 on Thursday (April 30), a 0.87 percent decrease over the period.
Gold and silver prices declined this week as of the close of Australian markets Thursday. In US dollars, gold decreased 3.31 percent, moving from US$4,709.75 on Monday to US$4,553.84 Thursday, and in Australian dollars it pulled back 2.95 percent from AU$6,590.47 to AU$6,396.25.
Silver saw larger dips, declining 5.03 percent in US dollars, with the metal falling from US$75.70 on Monday to US$71.89 on Thursday. In Australian dollars, the metal recorded a 4.67 percent decrease from AU$105.92 to AU$100.97.
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 using TradingView's stock screener and reflects price movements between the first trading day of the week 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. Australian Mines (ASX:AUZ)
Weekly gain: 50 percent
Market cap: AU$47.16 million
Share price: AU$0.027
Australian Mines has a wide portfolio of projects across a range of metals, including nickel, scandium and gold.
Australian Mines is currently focused on advancing its Flemington scandium-nickel-cobalt project in New South Wales, Australia, and the Boa Vista gold project in Brazil. The company can earn up to an 80 percent stake in the gold project from GoldMining (TSX:GOLD,NYSEAMERICAN:GLDG).
The company’s most advanced project is the feasibility-stage Sconi nickel-cobalt-scandium project in Queensland, Australia, which it has been maintaining in good standing awaiting a turnaround in nickel markets.
It has a binding offtake agreement with LG Chem (KRX:051910) subsidiary LG Energy Solution (KRX:373220) for 100 percent of production over at least six years.
On Tuesday (April 28), the company announced the results of a scoping study at its Flemington scandium project evaluating a 28 year mine life with annual production capacity of 60 tonnes of scandium oxide. It has a mineral resource of 6.3 million tonnes grading 446 parts per million scandium.
The study shows an after tax net present value of US$270 million at a scandium price of US$1,500 per kilogram, which the mine design is based on. Adjusting for current market prices of US$3,000, its net present value is raised to US$860 million.
“Based on a cautious mine design case and substantial upside to market-aligned pricing scenarios, Flemington is well positioned to benefit from the increasing strategic importance of scandium and the growing demand for secure Western supply,” CEO Andrew Nesbitt said.
The company added that the project holds scope for staged expansion as scandium demand develops.
Australian Mines shared its quarterly report on Thursday with previously unreported results for final holes from drilling at Boa Vista and Flemington, and exploration updates from two other projects.
Looking forward, the report revealed its plans for Q2, including progressing work for a maiden JORC mineral resource estimate for its Boa Vista gold project.
The company also said that it will progress discussions with potential partners on project development for Sconi.
After closing last week at AU$0.018, shares of Australian Mines surged to AU$0.026 following the Tuesday announcement and reached a weekly peak of AU$0.027 on Thursday.
2. European Lithium (ASX:EUR)
Weekly gain: 38.6 percent
Market cap: AU$626.42 million
Share price: AU$0.395
Headquartered in Western Australia, European Lithium is a mining explorer and developer that aims to be “the first local lithium supplier into an integrated European battery supply chain.”
The company’s lithium portfolio includes projects in Austria, Ireland and Ukraine.
In early 2024, European Lithium spun out its Wolfsberg lithium project in Austria into the public company Critical Metals (NASDAQ:CRML), in which European Lithium currently holds a 34 percent stake.
The spun-out company has since added a substantial interest in the Tanbreez rare earth project in Greenland to its portfolio, with the remaining 7.5 percent owned by European Lithium.
European Lithium made headlines on Tuesday when it announced plans to merge with Critical Metals, consolidating full ownership of the Tanbreez project under one company.
The agreement would see Critical Metals acquire European Lithium’s shares through a “share scheme of arrangement at an exchange ratio of 0.035 CRML shares for each EUR share,” equivalent to a AU$0.58 price per share of European Lithium, a 137 percent premium. Existing European Lithium shareholders would own about 45 percent of the new company.
The merger was recommended to shareholders by an independent board committee (IBC) established to evaluate the agreement due to board member overlap between the firms.
“The combination will enable EUR shareholders to directly own interests in Critical Metals Corp. which will be strategically positioned as the sole owner of the Tanbreez rare earth project in Greenland and will benefit from substantial cash balances and a portfolio of critical minerals development opportunities,” said Michael Carte, chair of the IBC and independent director of European Lithium.
The companies have agreed to exclusively negotiate, targeting to execute a binding scheme implementation deed by May 7, 2026.
Shares of the European Lithium closed at AU$0.285 last week, then jumped to a peak of AU$0.415 on Tuesday following the announcement.
3. White Energy Company (ASX:WEC)
Weekly gain: 37.5 percent
Market cap: AU$20.75 million
Share price: AU$0.055
White Energy Company is a mining exploration and coal technology company with five projects in Australia spread across the Northern Territory, Queensland and South Australia.
Its most advanced asset is the Specimen Hill copper-gold project in Queensland in which it currently holds a 51 percent stake as part of a farm-in agreement. While no updates were published by the company this week, its recent announcements marked significant mining milestones for the flagship project.
On Thursday, White Energy shared that the central area of Specimen Hill could contain a large metasomatic iron and alkali-calcic system, based on preliminary geological observations from its recent diamond drilling program at Specimen Hill. Assays for the holes are pending.
The same day, White Energy shared in its quarterly report that further geophysical survey work is being planned at Specimen Hill to improve understanding of the prospective central zone.
It also noted that its work at the project has now satisfied the farm-in agreement’s requirements for an additional 25 percent interest in the project, although it is still awaiting formal notice.
Shares of the company closed last week and opened this week at AU$0.040 before rising to a close of AU$0.055 on Thursday.
4. Prodigy Gold (ASX:PRX)
Weekly gain: 36.36 percent
Market cap: AU$24.94 million
Share price: AU$0.075
Prodigy Gold is a gold exploration company focused on advancing projects in the Tanami region of the Northern Territory of Australia.
Among its key assets is the Tanami North project, located 150 kilometres to the south of Lajamanu and 470 kilometres west of Tennant Creek.
It also holds Tanami West, the Twin Bonanza project and operates two joint ventures with Newmont (NYSE:NEM,ASX:NEM).
On Thursday, the company released its quarterly activities report, highlighting an updated resource at the Hyperion gold deposit at its Tanami project that increased indicated resources by 70 percent. The deposit now holds a total indicated resource of 212,000 ounces of gold from 4.1 million tonnes at a grade of 1.6 g/t gold, and an inferred resource of 242,000 ounces of gold from 5.7 million tonnes at 1.3 g/t.
“The team has also continued efforts to obtain all the approvals required to potentially recommence mining at the Old Pirate Deposit, which is part of the Twin Bonanza project,” Managing Director Mark Edwards said. “The team has also significantly progressed obtaining an Environmental Mining Licence for the project which is planned to be submitted for assessment in the June 2026 quarter.”
Shares of Prodigy Gold closed at AU$0.055 last week and opened at AU$0.064 this week before rising to this week’s peak of AU$0.075.
5. Vanadium Resources (ASX:VR8)
Weekly gain: 35.29 percent
Market cap: AU$14.37 million
Share price: AU$0.023
Vanadium Resources is a critical minerals company focused on developing its Steelpoortdrift vanadium project in South Africa.
Steelpoortdrift is regarded as one of the largest undeveloped vanadium deposits globally and is positioned to supply vanadium for steel production and emerging energy storage markets.
Vanadium Resources released multiple updates during the week, beginning with the appointment of Rand Merchant Bank, a division of FirstRand Bank, as its exclusive financial adviser and capital sourcing agent. This move, announced Tuesday, is focused on securing funding for constructing of processing infrastructure at Steelpoortdrift.
The same day, the company announced a non-binding offtake term sheet with U.S. Vanadium for 100 percent of the vanadium-bearing slag from the project.
“Our engagement with a U.S. offtaker opens the door for VR8 to transform our fully permitted, tier-1, multi-generational Steelpoortdrift Project from a world-class resource into a cornerstone critical mineral supplier of vanadium to Western markets,” Executive Chairman Jurie Wessels said.
In its quarterly report published on Thursday, the company highlighted ongoing work to advance the Steelpoortdrift, including development studies and strategic initiatives aimed at bringing the project closer to production.
Vanadium Resources ended the week with a pause in trading, pending a further announcement. The halt is expected to last until the start of normal trading on May 4, or earlier if an announcement is released.
Shares of Vanadium Resources closed last week and opened this week at AU$0.017. Following the Tuesday announcements, it rose to AU$0.025 before settling at AU$0.023 on Thursday.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
