Closing Bell: Steady progress for ASX on resources gains

• ASX lifts 22 points, back within striking distance of 9000-point mark
• Resources lead gains, with support from 7 of 11 sectors
• Copper stocks get another kick after major mine downgrades guidance

Copper and gold and rare earths, oh my!

It’s a commodity extravaganza on the ASX today, with resources stocks of all kinds making moves and driving the broader market higher.

The ASX 200 lifted 22.2 points or 0.25% today, handily making up for yesterday’s profit taking and approaching the vaunted 9000-point mark.

While 7 of 11 sectors were in the green, most of the momentum came from the materials sector, with a little support from consumer staples and telecoms. The banks were nowhere to be seen.

Gold futures hit another record high overnight, touching US$4063 per ounce before a tentative ceasefire agreement between Hamas and Israel drove prices down 0.38% to US$4055 an ounce.

Meteoric Resources (ASX:MEI) surged 14%. Chalice Mining (ASX:CHN) climbed 10.29% and Turaco Gold (ASX:TCG) 8.91%.

Rare earths are also drawing attention today.

China just announced a new set of export controls on the critical minerals, aimed in particular at defence and semiconductor applications.

It’s a pretty big deal, as China still produces more than 90% of the world’s processed rare earths, which are a vital component of permanent magnets.

Brazilian Rare Earths (ASX:BRE) jumped 9.91% and Arafura Rare Earths (ASX:ARU) 8.77%.

Iluka Resources (ASX:ILU) climbed 2.51%. Lynas (ASX:LYC) added 5.37%, having entered a supply MoU with Noveon Magnetics, a US-based manufacturer of rare earth magnets.

Copper market heats as supply pressure rises

While copper prices retreated 0.8% overnight to US$10,669 a tonne, the supply squeeze is far from over.

Yesterday, Teck Resources cut copper production guidance numbers for its flagship Quebrada Blanca mine in Chile.

Teck reckons it’ll be pulling about 40,000 tonnes less of the red metal out of the ground this year.

With three of the world’s copper mines now out of commission – Cobre Panama in 2023, Grasberg and Kamoa-Kakula this year – something like 1.6 million tonnes of copper has been taken out of supply chains.

The result? ASX copper stocks are finally getting their moment in the sun.

We’ll start with the bigger end of town. BHP (ASX:BHP) jumped 2.76%, while Rio Tinto (ASX:RIO) ticked up 1.3%.

Sandfire Resources (ASX:SFR) climbed 5.95%, while Capstone Copper (ASX:CSC) added 6.72%.

Finally, amongst our smaller copper producers; 29Metals (ASX:29M) surged 9.69%, while Aeris Resources (ASX:AIS) climbed 4.72% and Bougainville Copper (ASX:BOC) 6.59%.

The ASX 200 Resources index is now approaching all-time highs set in December last year, having gained 20% over the year to date.

ASX Leaders

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

In the news…

Infini Resources’ (ASX:I88) first drill holes at the Portland Creek uranium project have produced excellent results, sketching out a large zone of elevated uranium and validating I88’s exploration model. Assays are due Q4 2025.

The company has only hit two of 12 targets so far over a 6-km-long corridor. Infini has noted uranium grades up to a whopping 74,997 parts per million within the uranium-in-soil anomaly.

Marmota (ASX:MEU) is rubbing its hands together over some stellar gold grades in first-pass drilling at the Greenewood gold project. As gold flirts with all-time highs, MEU hit multiple bonanza-grade intersections, including 4m at 43g/t gold within 28m at 6.5g/t from 44m.

Just 35km from its flagship Aurora Tank gold deposit, Greenewood offers high potential in terms of economies of scope and scale.

Strickland Metals (ASX:STK) is riding higher after a gravity survey over its Rogozna gold and base metals project in Serbia highlighted several new anomalies.

STK has combined the gravity data with existing induced polarisation results and its own geological modelling to identify a compelling structural control on mineralisation.

The company will now turn its attention to multiple prospect-scale porphyry targets, well-funded to pursue exploration with $52.4 million in the bank.

Catalina Resources (ASX:CTN) is also looking at the bigger picture, advancing a systematic, district-scale exploration strategy across its Central Yilgarn gold project.

CTN is attacking on multiple fronts – an independent data review has highlighted several targets, while systemic sampling continues across multiple prospects ahead of air core and reverse circulation drilling.

Catalina’s next steps will include a 10,000-metre air core program target untested zones and open mineralisation at the Viper, Leghorn, T1B, Chicken Little, and Snowflake prospects.

ASX Laggards

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

In Case You Missed It

Astral Resources’ (ASX:AAR) gold hits of up to 1m at 49.2g/t confirm the high exploration potential of Spargoville project in WA.

Nunavut explorer White Cliff Minerals (ASX:WCN) continues to intersect high-grade, broad copper mineralisation at its Rae project.

The drills are spinning in Botswana’s copper country as Belararox (ASX:BRX) makes steady progress on its debut Kalahari project campaign.

NSW-based miner Broken Hill Mines (ASX:BHM) is seizing the opportunity of high silver prices as it unlocks new mining opportunities.

Altech Batteries’ (ASX:ATC) Silumina Anodes boost lithium-ion battery energy density and lifespan, marking a major step toward longer-lasting EV power.

DFS tests have highlighted the optimal throughput rate for Investigator Resources’ (ASX:IVR) Paris silver project in South Australia.

Trading halts

ClearVue Technologies (ASX:CPV) – cap raise
Clime Investment Management (ASX:CIW) – cap raise
Eclipse Metals (ASX:EPM) – cap raise
Green Technology Metals (ASX:GT1) – cap raise
INOVIQ (ASX:IIQ) – cap raise
Magnum Mining & Exploration (ASX:MGU) – cap raise
St George Mining (ASX:SGQ) – cap raise
Sultan Resources (ASX:SLZ) – cap raise
Verity Resources (ASX:VRL) – Botswana JV expansion

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