Lunch Wrap: ASX finds its groove; gold runs hot and Dart Mining strikes stibnite

• ASX rallies, up 1pc at lunch
• Gold hits record miners surge

• REA makes Canadian play; BlueScope reshuffles

The ASX rallied strongly by 1% at Thursday lunch in the east, looking every bit like a market that had finally found its mojo again.

Wall Street had done its bit overnight – the S&P 500 closed above 6700 for the first time, while Nvidia powered on to fresh records.

Back home, the leaders were the miners, healthcare and real estate.

The mining sector was up more than 2% as gold hit another all-time high, brushing US$3897 an ounce on safe-haven buying amid Uncle Sam’s government shutdown.

That meant the ASX gold pack was off to the races: Northern Star Resources (ASX:NST) by 3%, Evolution Mining (ASX:EVN) by 2%.

Not bad for a Thursday when the August household spending data limped to a 0.1% rise versus the 0.3% economists had baked in.

In the large caps space, Bluescope Steel (ASX:BSL) announced that director Peter Alexander will step down, while company lifer John Nowlan – nearly 50 years in steelmaking trenches – is up for a board seat.

Management says he’ll help preserve “institutional memory”.

ASX LEADERS

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

Dart Mining (ASX:DTM) has kicked off drilling at the Coonambula antimony-gold project in central Queensland, part of a farm-in joint venture with Great Divide Mining where it can earn up to 51% across six tenements. The first hole has already intersected visible stibnite mineralisation, including a 0.6m zone at 42m depth with an estimated 70% stibnite, and another zone at 70m, with assays due in early November. Backed by Queensland government CEI funding, an IP survey is also underway to refine further drill targets

Tambourah Metals (ASX:TMB) has secured $3 million from Tribeca Investment Partners in a strategic placement, bringing total funds on hand to about $4.5 million. The raise gives Tambourah the firepower to ramp up drilling at Beatty Park South, where results keep pointing to an emerging gold discovery. Shares will be issued at 8.5c with settlement due on October 9, while proceeds will go toward expanding exploration across the surface anomaly and other targets.

Race Oncology (ASX:RAC) has discovered that its lead drug, (E,E)-bisantrene (RCDS1), works by binding to G4-DNA and RNA structures rather than acting like a traditional doxorubicin-style chemotherapy. By stabilising these G4 structures, RCDS1 reduces the activity of cancer-driving genes such as MYC, while also inhibiting topoisomerase 2 and telomerase and lifting m6A levels in RNA. CEO Dr Daniel Tillett said the breakthrough fundamentally changes how the drug should be used clinically, and carries major implications for both treatment strategy and commercial potential.

ASX LAGGARDS

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

IN CASE YOU MISSED IT

Chariot Corporation (ASX:CC9) is preparing to drill at its Resurgent lithium project near the famed Thacker Pass in Nevada.

Carnavale Resources’ (ASX:CAV) updated scoping study has more than doubled the value of the Kookynie gold project near Leonora, WA, with free cash flow estimated at $237m – a 126% increase.

Terrain Minerals (ASX:TMX) has boots on the ground in its initial exploration at the Carlindie lithium project in WA’s Pilbara with a reconnaissance soil sampling program.

Buxton Resources (ASX:BUX) is closing in on the mineralisation prize with latest drilling returning encouraging pathfinder elements.

Locksley Resources (ASX:LKY) has advanced its DeepSolv technology collaboration with Rice University and is seeking to expand trials to address growing commercial interest.

Metallium (ASX:MTM) has signed an MoU with a Glencore subsidiary, partnering for the potential supply of electronic scrap.

LAST ORDERS

QMines (ASX:QML) is launching a $1.5 million share purchase plan, managed by Canaccord Genuity and fully underwritten by Global ESG Investments.

The funds, alongside those expected from a recently announced $7.5 million placement, will support exploration at the Mt Mackenzie gold and silver project.

Alterity Therapeutics (ASX:ATH) is preparing to deliver multiple presentations at the 2025 International Congress of Parkinson’s disease and movement disorders, featuring data from its ATH434-201 randomised, double-blind Phase 2 clinical trial in Multiple System Atrophy.

European Lithium (ASX:EUR) has welcomed a move by Critical Metals Corp (an entity EUR spun out onto the Nasdaq) to acquire a controlling interest in the Tanbreez Rare Earth Mine in Greenland.

Subject to Greenland governmental approval, Critical Metals intends to increase its ownership stake from 42% to 92.5% in return for 14.5 million shares. The company expects the transaction to occur in either October or November 2025.

At Stockhead, we tell it like it is. While QMines, Alterity Therapeutics, Race Oncology and European 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.