Closing Bell: ASX pulls off soft landing after US markets plummet

• ASX ends flat, overcoming difficult trading session
• Gold stocks lead gains with index up 3.57pc
• Info tech and financials slide on US market losses

ASX sticks the landing

Although all indicators were pointing to a down day on the ASX to start the week, the Aussie bourse has managed to finish just about flat, adding 1.7 points to lift 0.02%.

US markets crashed out overnight in response to the full imposition of Liberation Day tariffs (though most are far lower than originally threatened) and some abysmally weak employment data.

The S&P 500 sank 1.6%, the Nasdaq lost 2.2% and the Dow shed more than 500 points after one of the worst US jobs reports since 2010.

Weakening sentiment hit our banks and info tech sectors hard, with similar losses in energy and industrials.

Block Inc (ASX:XYZ) shed 4.3%, billing management software company Gentrack (ASX:GTK) slid 4.6% and aluminium giant Alcoa (ASX:AAI) fell 3.7%.

Lucky for the ASX, the sharp lift in market uncertainty also drove gold prices 2% higher, lifting to US$3399.80 per ounce before retreating marginally to US$3355.95 an ounce today.

The ASX All Ords Gold index responded with a 3.57% surge, pulling the ASX 200 Resources with it (+0.97%).

Today’s biggest movers are unsurprisingly dominated by gold stocks. Kingsgate (ASX:KCN) jumped 13%, Pantoro Gold (ASX:PNR) added 6.7% and Northern Star Resources (ASX:NST) lifted 6%.

In small caps, Catalyst Metals (ASX:CYL) added 9%, and Meteoric Resources (ASX:MEI) 8% and Vault Minerals (ASX:VAU) 7.4%.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

In the news…

Tambourah Metals (ASX:TMB) has struck bonanza gold up to 1m at 126 g/t gold from 30m at the Beatty Park South project, part of a larger intersection of 6m at 25.8 g/t gold.

The results confirm gold mineralisation stretches over at least 120m of a 400m gold-in-soil anomaly. TMB intends to extend air core drilling over the wider anomaly and nearby areas to drum up targets for a follow-up reverse circulation drilling program.

Rhythm Biosciences (ASX:RHY) has established that its second-generation ColoSTAT blood test kit is equally effective at detecting colorectal cancer across all stages (I to IV).

While RHY is still awaiting results from the final validation tests for the kits, the company expects to begin the commercial launch sometime in the 2025 calendar year.

Locksley Resources (ASX:LKY) is expanding an antimony drilling program to four targets at the Mojave project, California, with an eye to formulating a JORC-compliant exploration target.

LKY expects to have approvals in hand by September, with drilling to begin shortly after. The project sits just 1.4 km from MP Materials’ Mountain Pass Mine, placing Locksley squarely in the US critical minerals corridor.

Waratah Minerals (ASX:WTM) has extended multiple gold zones at the Spur Gold Corridor project with very broad intersections up to 208.7m at 1.17 g/t gold from 514m.

Management says the hit is a pivotal result, demonstrating the presence of a new mineralised zone and a major extension of the Spur Gold Corridor, while also representing the best mineralised intersection at the project to date.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

IN CASE YOU MISSED IT

TG Metals (ASX:TG6) is doubling down on its strategic gold opportunity at Van Uden in WA, receiving strong support from investors to raise $2.6 million.

Heavy Rare Earths (ASX:HRE) have entered a new deal with Havilah Resources, securing rights to all minerals at the Prospect Hill tin project.

Miramar Resources (ASX:M2R) has intersected multiple gold zones in the first RC drill hole at 8 Mile prospect within the Gidji JV in WA.

Waratah Minerals’ (ASX:WTM) latest drilling has bolstered confidence that the Spur corridor could host a large-scale, high-grade epithermal gold system.

Medallion Metals (ASX:MM8) is acquiring IGO’s Forrestania Nickel Operation for a 1.5% NSR on future gold without any upfront or deferred cash consideration.

Magmatic Resources (ASX:MAG) has kicked off soil sampling, guided by strong rock chip results, at its Weebo gold project in Western Australia.

Future Battery Minerals (ASX:FBM) has just uncovered seven broad gold targets at its Burbanks East project in WA.

Loyal Metals (ASX:LLM) is preparing to leverage next-gen exploration techniques at the Highway Reward project after raising $2m.

Nimy Resources’ (ASX:NIM) newly identified Sneaky Squirrel gossan prospect draws parallels to the third-party Gossan Hill VMS discovery in WA.

Aldoro Resources (ASX:ARN) delivers standout maiden inferred rare earths and niobium resource at Kameelburg, showcasing Tier-1 critical minerals potential.

Western Gold Resources (ASX:WGR) has scored a $3m non-dilutive loan facility to advance its Gold Duke project into production this year.

Firetail Resources (ASX:FTL) to raise $5 million in a strategic placement to advance its copper and gold portfolio.

RC drilling at OzAurum’s (ASX:OZM) Mulgabbie North project has confirmed multiple gold-bearing zones in fresh rock across a 400m strike.

High-grade gallium has been identified at Western Yilgarn’s (ASX:WYX) Ida Holmes Junction project through a helicopter-borne reconnaissance program.

West Wits Mining’s (ASX:WWI) is moving stockpiled Qala Shallows ore to Ezulwini processing plant as it prepares for gold production.

Nova Minerals (ASX:NVA) has taken another major step towards production at its flagship 9.9Moz Estelle Gold and Critical Minerals Project, unveiling a conceptual flowsheet for the pivotal RPM deposit in Alaska.

LAST ORDERS

ClearVue Technologies (ASX:CPV) will be saying goodbye to founder and non-executive chair Victor Rosenberg after the next annual general meeting in November as he retires from the role. Board member Gerd Hoenicke has resigned from the executive team, effective immediately.

QPM Energy (ASX:QPM) has successfully commissioned the Townsville Power Station, activating the dispatch agreement between QPM and Ratch Australia Corporation. The agreement gives QPM the right to manage dispatch of electricity generated by TPS into the National Electricity Market.

Arizona Lithium (ASX:AZL) has offloaded the Big Sandy lithium project and lithium research center in return for US$5m in cash. The company is now focused on developing the Prairie lithium project, having recently raised $4.25m in an oversubscribed share purchase plan.

Trading halts

Babylon Pump & Power (ASX:BPP) – potential acquisition and debt funding
BMG Resources (ASX:BMG) – cap raise
Caprice Resources (ASX:CPR) – exploration results
Corazon Mining (ASX:CZN) – acquisition, MD appointment and cap raise
Critical Resources (ASX:CRR) – proposed acquisition
Resolution Minerals (ASX:RML) – potential project sale

At Stockhead, we tell it like it is. While ClearVue Technologies, QPM Energy, Locksley Resources, Rhythm Biosciences and Arizona Lithium are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.