Lunch Wrap: ASX drifts as critical mineral stocks shine, energy sparkles
Critical minerals are smelling sweet while lithium and energy stocks are in bloom today. Pic: Getty Images
- ASX slips as oil roars and lithium lights up
- Critical minerals rally while coal burns cash
- And see who reported their quarterlies today
The ASX edged down about 0.1% by Friday lunchtime in the east.
Wall Street managed a rebound overnight, but it felt more like a short-covering bounce than a genuine risk-on revival.
The S&P 500 gained 0.7%, and the Nasdaq jumped 1% as traders chased the same AI dream they’ve been chasing all year.
Gold clawed back 1% to around US$4,132 an ounce, recovering from its recent meltdown.
Oil, meanwhile, went full adrenaline.
WTI ripped 6% higher past US$61 a barrel last night after Washington blacklisted Russia’s Rosneft and Lukoil.
The White House wants to strangle Moscow’s revenue while begging OPEC not to spike prices before election season.
Back on home soil, energy stocks soaked up the chaos. Beach and Woodside both climbed around 1.6%, feeding off the oil rally.
Tech also caught a tailwind from the Nasdaq’s overnight revival, as investors rotated back into growth.
The ASX was also helped by a solid showing from the critical minerals crew.
Mineral Resources (ASX:MIN) and IGO (ASX:IGO) rallied about 6% as investors doubled down on the rare earths narrative, supercharged by the freshly inked US-Australia critical-minerals pact.
Pilbara Minerals (ASX:PLS) added some meat to the story, also rising 6% after posting a 30% jump in quarterly revenue to $251 million as production ticked up and costs fell. The company’s unit costs dropped 13% to $540 a tonne
In other large cap news, Whitehaven Coal (ASX:WHC) fell 2% after revealing it incinerated $200 million in the September quarter.
Management blamed “cyclically low inflows,” but the market heard “we’re spending faster than we’re earning.” Net debt ballooned to $800 million, up from $600 million in July.
Nick Scali (ASX:NCK) inched lower by 0.5% after chairman John Ingram called time on a 20-year run.
Zip Co (ASX:ZIP) , meanwhile, said its US arm struck a deal with Stripe to integrate Zip payments directly into checkout systems. Shares rose 2%.
ASX LEADERS
Today’s best performing stocks (including small caps) intraday:
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| HWK | Hawk Resources. | 0.042 | 40% | 5,726,368 | $10,159,854 |
| C7A | Clara Resources | 0.004 | 33% | 1,175,000 | $2,229,885 |
| PKY | Pathkey.Ai Ltd | 0.020 | 33% | 1,842,391 | $4,541,236 |
| PIM | Pinnacleminerals | 0.215 | 26% | 1,626,330 | $17,078,780 |
| GGE | Grand Gulf Energy | 0.003 | 25% | 18,131 | $5,640,850 |
| PIL | Peppermint Inv Ltd | 0.005 | 25% | 2,246,213 | $10,036,083 |
| EVG | Evion Group NL | 0.031 | 24% | 10,399,415 | $10,979,417 |
| VHL | Vitasora Health Ltd | 0.032 | 23% | 33,770,868 | $45,093,807 |
| TAS | Tasman Resources Ltd | 0.028 | 22% | 337,289 | $6,425,113 |
| VBS | Vectus Biosystems | 0.170 | 21% | 286,308 | $7,466,666 |
| VHM | Vhmlimited | 0.845 | 21% | 2,208,924 | $181,419,996 |
| UNT | Unith Ltd | 0.012 | 20% | 2,436,094 | $15,191,087 |
| NTI | Neurotech Intl | 0.019 | 19% | 2,042,558 | $16,793,951 |
| 4DS | 4Ds Memory Limited | 0.013 | 18% | 10,761,482 | $22,669,886 |
| INF | Infinity Metals Ltd | 0.020 | 18% | 445,731 | $8,150,887 |
| RBX | Resource B | 0.054 | 17% | 40,000 | $5,298,486 |
| PFT | Pure Foods Tas Ltd | 0.035 | 17% | 195,545 | $4,212,769 |
| AVE | Avecho Biotech Ltd | 0.007 | 17% | 510,000 | $19,040,782 |
| CHM | Chimeric Therapeutic | 0.004 | 17% | 2,320,000 | $10,926,409 |
| M2R | Miramar | 0.004 | 17% | 28,925 | $3,584,770 |
| MPR | MPR Australia Ltd | 0.007 | 17% | 385,536 | $2,062,220 |
| WBE | Whitebark Energy | 0.007 | 17% | 11,200,450 | $4,221,076 |
| FLG | Flagship Min Ltd | 0.180 | 16% | 600,112 | $44,372,981 |
Evion Group (ASX:EVG) has locked in $2.3 million through a placement led by US-based Atlas Strategic Assets, whose advisory team includes a former US Attorney-General and a retired four-star general. Atlas will invest about $1.84 million for a 15.9% stake, backing Evion’s plan to expand its graphite production in India and explore a new plant in the US to support allied industrial and defence supply chains.
Vitasora Health (ASX:VHL) rose over 20% after expanding its Chronic Care and Remote Patient Monitoring services across the US mainland after a successful pilot in Hawaii. The rollout will target 20,000 to 30,000 patients in 2026, focusing on rural communities under Medicare’s MSSP and FFS programs, and is expected to deliver between US$12–18 million in annual recurring revenue.
Miramar Resources (ASX:M2R) has exercised its option to acquire 100% of Exploration Licence Application E25/654, a key step required to complete the sale of its Randalls Project to Future Battery Minerals. The licence is being acquired from Debnal, as first announced in May 2024.
ASX LAGGARDS
Today’s worst performing stocks (including small caps) intraday:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| EEL | Enrg Elements Ltd | 0.001 | -33% | 195,577,595 | $4,880,668 |
| MGX | Mount Gibson Iron | 0.345 | -27% | 10,853,919 | $554,801,505 |
| CCO | The Calmer Co Int | 0.003 | -25% | 490,800 | $12,233,413 |
| MOM | Moab Minerals Ltd | 0.002 | -25% | 119,659 | $3,749,332 |
| TR2 | Tali Resources Ltd | 0.555 | -21% | 42,093 | $26,253,500 |
| 1AD | Adalta Limited | 0.004 | -20% | 1,214,667 | $8,452,646 |
| AQX | Alice Queen Ltd | 0.004 | -20% | 100,645 | $6,923,481 |
| PVT | Pivotal Metals Ltd | 0.016 | -20% | 9,417,052 | $18,144,518 |
| TMK | TMK Energy Limited | 0.002 | -20% | 41,700 | $29,743,458 |
| PTL | Prestal Holdings Ltd | 0.042 | -19% | 195,469 | $8,863,894 |
| MNC | Merino and Co | 0.140 | -18% | 2,900 | $9,023,017 |
| AIV | Activex Limited | 0.019 | -17% | 196,202 | $6,106,559 |
| BLU | Blue Energy Limited | 0.005 | -17% | 3,536,491 | $14,945,842 |
| CR9 | Corellares | 0.005 | -17% | 722,486 | $6,045,419 |
| OVT | Ovanti Limited | 0.005 | -17% | 3,044,453 | $33,094,738 |
| SIS | Simble Solutions | 0.005 | -17% | 30,000 | $6,529,982 |
| A8G | Australasian Metals | 0.110 | -15% | 27,831 | $7,525,664 |
| MDR | Medadvisor Limited | 0.023 | -15% | 3,555,271 | $17,073,143 |
| EXT | Excite Technology | 0.012 | -14% | 10,465,783 | $29,016,987 |
| JAV | Javelin Minerals Ltd | 0.003 | -14% | 4,306,198 | $26,495,787 |
| PRM | Prominence Energy | 0.003 | -14% | 10,000 | $3,112,117 |
| RDN | Raiden Resources Ltd | 0.006 | -14% | 4,250,903 | $24,156,240 |
| YAR | Yari Minerals Ltd | 0.013 | -13% | 2,375,731 | $12,591,957 |
Mount Gibson Iron (ASX:MGX) dropped over 20% after confirming it will not restart mining at its Koolan Island operation after an October rockfall made remediation unsafe and uneconomic, given the site’s short remaining life. Processing will continue using existing stockpiles, but about 450 jobs will be cut as the company shifts focus to site rehabilitation. Net closure costs are expected to reach $30–40 million, while cash reserves remain strong at $473 million and debt-free. The move effectively ends production at Koolan and speeds the company’s transition toward becoming a gold developer through its 50% stake in the Central Tanami Gold Project.
IN CASE YOU MISSED IT
Bayan Mining and Minerals (ASX:BMM) has launched a CSAMT geophysics survey at Bayan Springs South in Nevada to sharpen drill targeting.
Ariana Resources (ASX:AA2) is honing its geological model at the 1.1moz Dokwe Gold Project in Zimbabwe.
A heavily oversubscribed $5.4m raise gives Pivotal Metals (ASX:PVT) the firepower to accelerate drilling at Belleterre in Canada.
LAST ORDERS
Caprice Resources (ASX:CRS) has tapped current CEO Luke Cox as managing director, effective today October 24. In his expanded role Cox will lead the execution of CRS’ growth strategy, focused on the Island and Comet gold projects.
Black Rock Mining (ASX:BKT) has closed out an oversubscribed share purchase plan, raising $4 million. BKT received applications for up to $6 million in shares, having targeted a raise of just $2 million. The funds will go to developing the Mahenge graphite project.
At Stockhead, we tell it like it is. While Caprice Resources and Black Rock Mining 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.
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