Closing Bell: ASX cops body shot, down 0.92pc as Trump swings tariff bat

While we may have avoided higher import taxes today, the ASX still took a beating from the tariff bat. Pic: Getty Images.

Trump rolls out tariffs to dozens of countries
ASX retreats 0.92pc in response
Utilities stays the course, lifting 0.7pc

You get a tariff… You get a tariff… You get a tariff!

Reminiscent of Oprah on a particularly bad hair day, Trump was handing out tariffs like they were Volkswagens today.

With the tariff pause deadline finally expiring, US President Trump gleefully began swinging the tariff club, smacking Canada with a 10% hike to bring their total tariff rate to 35%.

Dozens of countries were walloped with new import taxes, coming in at anywhere from 10% to 50%.

Brazil, India, Taiwan, Switzerland, South Africa, Laos, Vietnam… It might genuinely be easier to list who isn’t affected.

While Australia was spared anything beyond the current 10% tariff we’re operating under (so far), the ASX was a bit like a poorly treated dog spotting a rolled newspaper in hand.

The bourse retreated 0.92% in a sea of red, with 10 of 11 sectors in the negative.

Utilities was the only sector to stand its ground, rising 0.70% as investors piled into the defensive industry.

Carbon credit and landfill gas management firm LGI (ASX:LGI) soared 14% in trade on no fresh news. They were joined by small caps Energy World (ASX:EWC), up 4%, and Frontier Energy (ASX:FHE), up 5%.

In the bigger stocks, Origin Energy (AX:ORG) gained 0.7%, while APA Group (ASX:APA) added 0.7% and AGL Energy (ASX:AGL) lifted 0.4%.

Taking a peek at our indices, the ASX 200 Resources recovered a little of its pep to inch up 0.08%, mostly on gains in rare earth stocks, before reversing course and sliding by the same percentage.

Dateline Resources (ASX:DTR) jumped 17%, while Northern Minerals (ASX:NTU) added 3.2% and Lynas Rare Earths (ASX:LYC) 3.6%. Lithium and iron ore miner Mineral Resources (ASX:MIN) joined the party, climbing 4.6%.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Code	Name	Last	% Change	Volume	Market Cap
DMG	Dragon Mountain Gold	0.013	117%	1130675	$2,368,030
CYQ	Cycliq Group Ltd	0.004	100%	16315854	$921,033
1AE	Aurora Energy Metals	0.077	54%	2184444	$8,953,187
ECT	Env Clean Tech Ltd.	0.003	50%	311236	$8,030,871
EEL	Enrg Elements Ltd	0.0015	50%	250000	$3,253,779
MEL	Metgasco Ltd	0.003	50%	128627	$3,674,173
RDS	Redstone Resources	0.004	33%	2000000	$3,102,802
RLG	Roolife Group Ltd	0.004	33%	70872	$4,778,344
LKY	Locksley Resources	0.14	33%	34589399	$19,250,000
PNN	Power Minerals Ltd	0.078	32%	2760510	$8,517,795
AON	Apollo Minerals Ltd	0.009	29%	150000	$6,499,198
MGU	Magnum Mining & Exp	0.009	29%	4108571	$16,226,260
PIL	Peppermint Inv Ltd	0.0025	25%	200090	$4,602,180
VRC	Volt Resources Ltd	0.005	25%	4040000	$18,739,398
GBE	Globe Metals &Mining	0.055	25%	995968	$30,564,732
JLL	Jindalee Lithium Ltd	0.485	23%	80701	$31,548,984
RR1	Reach Resources Ltd	0.011	22%	1316637	$7,869,882
IR1	Irismetals	0.11	22%	980610	$16,016,344
CBL	Control Bionics	0.045	22%	148156	$10,900,611
SPG	Spc Global Holdings	0.4	21%	116060	$63,684,021
SRI	Sipa Resources Ltd	0.018	20%	787615	$7,807,469
ADG	Adelong Gold Limited	0.006	20%	4221257	$11,243,383
BNL	Blue Star Helium Ltd	0.006	20%	661184	$13,474,426
DTM	Dart Mining NL	0.003	20%	8039329	$2,995,139
PXX	Polarx Limited	0.012	20%	11153225	$23,755,010

In the news…

Dragon Mountain Gold (ASX:DMG) has wiped out a convertible loan from October 2024 with a new loan provided by an unrelated major shareholder, ticking off the interest at the same time.

With its books in better shape, DMG has more flexibility to pursue fund raising efforts and look at new opportunities for acquisitions.

Aurora Energy Metals (ASX:1AE) is rubbing its hands together over a potential US$16 million payout of Eagle Energy Metals’ shares, as Eagle moves to list on the Nasdaq via a SPAC merger with Spring Valley Acquisition Corp.

Eagle holds an option over 1AE’s Aurora uranium project in Oregon – if the deal goes through, 1AE will be entitled to a 1% royalty on future uranium production with some milestone payments on the table to boot.

Locksley Resources (ASX:LKY) added $5.3m to the war chest after closing out a heavily oversubscribed share placement, featuring Tribeca Investment Partners as a cornerstone player.

Management says it’s a tick of approval for its US critical minerals strategy, with a dozen new institutional investors joining the ledger. The funding will go to drilling high-grade antimony and rare earths at its Mojave project in California, and advancing downstream permitting in the US.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Last	% Change	Volume	Market Cap
1TT	Thrive Tribe Tech	0.006	-40%	6494637	$1,015,864
EDEDA	Eden Inv Ltd	0.022	-27%	158486	$6,164,822
PLG	Pearlgullironlimited	0.011	-27%	5182	$3,068,127
SFG	Seafarms Group Ltd	0.0015	-25%	85632	$9,673,198
GMN	Gold Mountain Ltd	0.057	-25%	735124	$9,280,558
NAG	Nagambie Resources	0.013	-24%	708816	$13,656,140
AIV	Activex Limited	0.01	-23%	509846	$2,801,534
GGE	Grand Gulf Energy	0.002	-20%	27966263	$7,051,062
MOH	Moho Resources	0.004	-20%	200000	$3,727,070
OEL	Otto Energy Limited	0.004	-20%	3181510	$23,975,049
TMK	TMK Energy Limited	0.002	-20%	75548	$25,555,958
TMX	Terrain Minerals	0.002	-20%	611996	$6,329,536
BDM	Burgundy D Mines Ltd	0.027	-18%	2120163	$46,903,965
OKJ	Oakajee Corp Ltd	0.048	-17%	359273	$5,303,870
ADY	Admiralty Resources.	0.005	-17%	250000	$15,776,876
ALM	Alma Metals Ltd	0.005	-17%	2150809	$11,104,423
FAU	First Au Ltd	0.005	-17%	2100000	$12,457,748
PRM	Prominence Energy	0.0025	-17%	84000	$1,459,411
SLZ	Sultan Resources Ltd	0.005	-17%	169954	$1,566,501
CHR	Charger Metals	0.05	-15%	171504	$4,567,795
IRD	Iron Road Ltd	0.028	-15%	47500	$27,412,862
DKM	Duketon Mining	0.125	-14%	230177	$17,749,679
RPG	Raptis Group Limited	0.165	-13%	543861	$66,630,122
AQX	Alice Queen Ltd	0.0035	-13%	50000	$5,538,785
KRR	King River Resources	0.007	-13%	167319	$11,708,696

IN CASE YOU MISSED IT

Phase 1 drilling at Antipa Minerals’ (ASX:AZY) Minyari Project in WA’s Paterson Province has delivered new gold-copper zones and extended several existing deposits.

Asra Minerals (ASX:ASR) has completed a 23-hole reverse circulation drilling program at the Challenge prospect building on previous shallow gold hits.

Everest Metals Corporation (ASX:EMC) has validated the presence of further gold mineralisation beyond the established resource at its Mt Dimer Taipan project northeast of Kalgoorlie.

Aura Energy (ASX:AEE) has signed two key agreements for the future sale of uranium from its Tiris project in Mauritania.

Magmatic Resources (ASX:MAG) have locked in a $3.5 million exploration budget with joint venture partner Fortescue (ASX:FMG).

MoneyMe closed FY25 strong and heads into FY26 with strong operating cash flows, steady growth and AI firepower.

Redcastle Resources’ (ASX:RC1) scoping study has indicated a two-stage open pit at Queen Alexandra could generate early cash flow of up to $15m.

Zenith Minerals (ASX:ZNC) has started more drilling at its consolidated Dulcie project in Western Australia to grow gold resources.

DigitalX (ASX:DCC) has delivered a strong June quarter and made a decisive strategic pivot, doubling down on Bitcoin as a core treasury asset.