Closing Bell: ASX falters at Friday finish line; gold chills but tech bounces along

Competition was unusually fierce at the kindy's Father's Day sack race this year. Pic: Getty Images

ASX 200 closes 0.13% lower on Friday, despite eight of 11 sectors higher
Tech sector leads gains while resource stocks weigh heavily
Trigg Minerals continues to progress its proposed US Nasdaq listing

The ASX 200 ended the week lower after a volatile Friday, falling 0.13% to 8,958.30 points as strength in tech stocks was offset by weakness in the materials sector.

A retreat in gold prices after a strong rally in 2025 – along with some likely profit-taking in gold stocks – weighed on the sector, despite news that the world’s largest rare earths producer, China, is widening its export controls on critical minerals.

Having zeroed in on rare earths yesterday, Beijing’s latest move targets graphite and lithium, extending to lithium-ion battery cells and cathode materials.

And while China tightens its grip on the clean energy supply chain, back home Queensland is charting a different course.

Despite a surge in renewable investment, the state government today confirmed it will keep burning coal for electricity until at least 2046.

Treasurer and Energy Minister David Janetzki, unveiling the LNP government’s five-year energy roadmap, said the former Labor plan to phase out coal generation by 2035 had been scrapped – a move he said would have cost Queensland $26 billion by 2035, or about $1035 per household.

Here’s how the ASX’s 11 sectors ended Friday:

US stocks fell overnight

In the US, the S&P 500 fell 0.3% following a fresh intraday record, while the tech-heavy Nasdaq Composite closed 0.1% lower, despite chip maker Nvidia hitting a new all-time high after the US approved its chip export deal with the UAE. The blue-chip Dow Jones Industrial Average dropped 243 points, or 0.5%.

US Federal Reserve Governor Michael Barr has provided insights into the central bank’s cautious approach to interest rate adjustments.

In remarks prepared for an address to the Economic Club of Minnesota, Barr warned that US tariffs could result in persistent inflation with a cautious approach suitable in the face of increased uncertainties.

In cryptocurrency markets, Bitcoin eased slightly and is hovering around US$121,200, while the Aussie dollar is trading near US66 cents.

ASX Leaders

Today’s best performing stocks (including small caps):

Code	Description	Last	%	Volume	MktCap
NVX	Novonix Limited	0.7625	26%	47,543,224	$437,980,808
SYR	Syrah Resources	0.4225	17%	29,264,256	$472,153,946
ATR	Astron Ltd	0.62	17%	226,752	$221,941,479
ARR	American Rare Earths	0.515	16%	6,243,279	$250,333,993
EUR	European Lithium Ltd	0.225	15%	34,368,140	$282,545,279
SRL	Sunrise	4.48	15%	904,916	$481,594,946
LDX	Lumos Diagnostics	0.18	13%	6,696,799	$125,737,187
TMG	Trigg Minerals Ltd	0.225	13%	31,985,837	$242,778,325
B4P	Beforepay Group	2.31	12%	153,614	$102,473,363
IFN	Infragreen Group Ltd	0.97	11%	8,635	$118,246,688
TRE	Toubani Res Ltd	0.47	11%	2,168,969	$149,175,691
PTR	Petratherm Ltd	0.32	10%	604,195	$100,518,283
ATH	Alterity Therapeutics	0.011	10%	51,098,229	$108,754,163
TOK	Tolu Minerals	1.595	9%	94,828	$215,315,954
TVN	Tivan Limited	0.125	9%	3,510,970	$256,486,841
GLN	Galan Lithium Ltd	0.1625	8%	8,009,471	$158,678,949
OIL	Optiscan Imaging	0.13	8%	200,049	$125,301,196
RNU	Renascor Res Ltd	0.091	8%	20,720,036	$213,624,966
IXR	Ionic Rare Earths	0.0215	8%	14,662,045	$114,371,357
WC8	Wildcat Resources	0.22	7%	8,744,039	$274,705,909
OCC	Orthocell Limited	1.54	7%	1,892,315	$356,923,116
FND	Findi Limited	2.78	7%	883,145	$160,683,175
BNZ	Benz Mining	1.555	7%	931,862	$298,854,119
IVZ	Invictus Energy Ltd	0.165	6%	2,508,163	$248,540,127
DAI	Decidr Ai Industries	0.775	6%	1,386,268	$169,821,385

In the news…

Novonix (ASX:NVX) surged 26% on no news with the lithium-ion battery tech company directly benefiting from China’s critical mineral lock down. At the end of September Novonix announced delivery of its first mass production, commercial-grade sample of synthetic graphite for industrial applications to one of North America’s largest value-added carbon processors with a global market reach.

Trigg Minerals (ASX:TMG) rose 13% today after announcing it continues to progress its proposed US Nasdaq listing and is evaluating several potential pathways, including a dual listing with the ASX as its primary exchange, a full redomiciliation to establish a Nasdaq primary listing, or a potential de-SPAC transaction via merger with an existing US-listed entity.

Trigg said it’s received a number of preliminary, non-binding and early-stage indicative proposals, and one or more conditional term sheets or letters of intent from US-based SPACs exploring a potential business-combination pathway via merger through the asset sale of the Antimony Canyon Project. Trigg said it has also received significant interest in its Tennessee Mountain Tungsten project.

Toubani Resources (ASX:TRE) finished Friday 11% higher after announcing its Kobada Gold Project in Mali had secured an funding package worth ~$395 million to support construction. The package comprises three components including $242m via an 11.1% gold stream with existing major shareholder Eagle Eye Asset Holdings (EEA), $26m through accelerated exercise of existing options held by EEA, and $125m via a multi-tranche placement to institutional, sophisticated, and professional investors at 40 cents per share.

The placement includes a $45m commitment from EEA, roughly equal to their pro-rata entitlement, and remains subject to shareholder and FIRB approvals among other conditions. The gold stream is also conditional on shareholder and regulatory approval.

ASX Laggards

Today’s worst performing stocks (including small caps):

Code	Name	Price	% Change	Volume	Market Cap
PCK	Painchek Ltd	0.066	-12%	12,775,639	$154,884,493
CYM	Cyprium Metals Ltd	0.043	-10%	6,977,297	$134,142,152
BOT	Botanix Pharma Ltd	0.145	-9%	13,551,435	$315,305,596
UOS	United Overseas Aust	0.66	-8%	1,893	$250,573,907
A1N	Arn Media Limited	0.515	-8%	4,328	$175,308,209
IPD	Impedimed Limited	0.048	-8%	1,619,264	$105,879,668
AZY	Antipa Minerals Ltd	0.66	-8%	2,850,855	$464,657,968
ORE	Orezone Gold Corp	1.585	-7%	43,489	$126,886,790
AMI	Aurelia Metals Ltd	0.255	-7%	6,216,135	$465,457,476
DRE	Dreadnought Resources Ltd	0.039	-7%	34,901,898	$213,339,000
GML	Gateway Mining	0.08	-7%	10,444,148	$197,142,987
HCH	Hot Chili Ltd	1.015	-7%	582,213	$193,324,377
POL	Polymetals Resources	1.23	-7%	1,328,056	$353,514,054
MYG	Mayfield Group Ltd	1.715	-7%	38,480	$175,114,708
BM1	Ballard Mining	0.625	-7%	950,343	$123,071,701
WTM	Waratah Minerals Ltd	0.71	-7%	704,407	$209,990,990
TBN	Tamboran	0.215	-7%	4,702,111	$345,777,078
CRS	Caprice Resources	0.145	-6%	1,825,484	$106,116,351
KSN	Kingston Resources	0.145	-6%	3,982,168	$130,206,259
IMU	Imugene Limited	0.4175	-6%	4,739,395	$131,645,660
SS1	Sun Silver Limited	1.01	-6%	1,774,915	$142,454,616
MPK	Many Peaks Minerals	0.795	-6%	552,240	$107,545,048
TM1	Terra Metals Limited	0.16	-6%	2,032,539	$106,321,532
AUC	Ausgold Limited	0.895	-6%	5,205,749	$411,802,991
A1G	African Gold Ltd.	0.3675	-6%	954,547	$207,237,409

In Case You Missed It

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Dimerix (ASX:DXB) managing director Nina Webster talks data that has been released from the company’s recent collaboration with PARASOL, reinforcing the endpoints in their Phase III ACTION3 trial of DMX 200 in rare kidney disease.

Locksley Resources (ASX:LKY/OTCQB:LKYRF) has quadrupled the extent of strike of the Desert Antimony mine, with structural mapping at the Mojave project in the US.