Lunch Wrap: ASX fires up on Albo-Trump handshake as BHP flexes iron ore muscle

• Miners roar as Albo and Trump strike rare earths deal

• Gold hits fresh highs; Evolution and Regis ride the wave

• BHP flexes strength, while Cleanaway trims the fat

ASX rallied around +0.6% this Tuesday lunchtime in the East, catching the vibes from Wall Street.

Over in the US, the mood last night was bullish, with the S&P 500 Dow Jones and Nasdaq all popping over 1% higher.

This morning, the miners were the big winners, led by a rare-earths surge that’s got the market doing a double-take.

Why? Because a diplomatic handshake between Anthony Albanese and Donald Trump has translated into cold, hard mineral money.

The two nations signed a critical-minerals framework; Australia and the US will each throw in about US$1 billion over the next six months into projects here, including a gallium plant in WA and a rare earths mine up in the NT.

The sentiment is that Australia, long the “mining nation waiting for something bigger”, might finally be in the right spot at the right time.

Stocks like Arafura Rare Earths (ASX:ARU) jumped as much as 25% on the news, and Alcoa Corporation (ASX:AAI) rallied 7%.

Arafura also announced that it had scored a conditional US$100 million investment from Export Finance Australia, under Canberra’s critical-minerals facility – the same fund now turbo-charged by Albo’s new White House handshake with Trump.

Meanwhile gold is rallying to record highs as traders, despite a mild easing of trade tensions, piled in on Friday’s dip.

Stocks like Evolution Mining (ASX:EVN) and Regis Resources (ASX:RRL) are surfing that wave this morning.

In other large cap news, BHP (ASX:BHP) rose 2% after emphasising that global iron-ore demand remains solid despite concerns about China’s slowdown.

BHP broke a record production number for the September quarter, and guided full-year at 258-269 Mt, unchanged. It also increased sales of higher-value “lump” ore by 5%. The company seems to be signalling operational strength, but provided no commentary on the China iron ore negotiations.

South32 (ASX:S32) maintained its FY26 guidance, ramping up copper equivalent production by 12% at Sierra Gorda, and manganese volumes by 33%. Shares jumped 6%.

Aurelia Metals (ASX:AMI) released its quarterly production figures: gold 10.4koz, copper 0.5 kt, zinc 6.5 kt, lead 3.8 kt. Mining cost improved from $140/t to $121/t. Cash at $88.1m (down from $110.1m in June) due to growth capex of $10.9m.

And elsewhere, Cleanaway (ASX:CWY) dropped 5% despite reaffirming FY26 EBIT guidance of $470-500m, and said it’s kicking off a cost-reduction program.

ASX LEADERS

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

Mount Hope Mining (ASX:MHM) has struck gold at its Mt Solitary prospect in NSW, with maiden drilling confirming shallow, high-grade mineralisation open at depth.

The standout hit was 19 metres at 4.5 grams per tonne gold, including a dazzling 1 metre at 50 grams, showing Mt Solitary’s serious grade potential. It also revealed a new structural trend linking historic high-grade hits across the zone.

With permits in hand for a 2,000-metre follow-up program, MHM’s next phase will target down-plunge extensions and expand the mineralised envelope, all while gold prices sit at record highs.

Freehill Mining (ASX:FHS) has delivered more strong test results from its Yerbas Buenas magnetite project in Chile, with new work producing a concentrate grade of about 72% Fe from a 3mm grind, matching its earlier 6mm results.

The consistent grades reinforce the ore quality at Yerbas Buenas as it advances mine development studies, while Freehill’s aggregates business has entered a growth phase, showing a turnaround in October.

PC2 Gold (ASX:PCG) has hit visible gold in two diamond drill holes at the Lasagne Zone within its 100%-owned Spring Hill gold project in the Northern Territory – right along strike from its existing 821,000oz resource.

The holes, SDH25-006 and SDH25-009, both cut multiple visible gold occurrences in quartz breccia zones, hinting at steeply plunging high-grade shoots.

With lab assays due this quarter, PC2 Gold is now mobilising diamond and RC rigs for a 73-hole infill and extension program, backed by funds from its recent $13.35 million IPO.

ASX LAGGARDS

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

IN CASE YOU MISSED IT

Anson Resources (ASX:ASN) is mobilising a drill rig to re-enter a key well in a move to unlock more lithium at Green River.

Magmatic Resources (ASX:MAG) has secured fresh backing from Andrew Forrest’s FMG as part of a $3m placement, which will help fire up the drill rigs at its Weebo gold project in WA.

Riversgold (ASX:RGL) has swung the rigs back into action 25km east of Kalgoorlie’s Super Pit, kicking off grade control drilling at its Northern Zone gold project in WA.

Auravelle Metals (ASX:AUV) has started its maiden aircore drilling at Crown gold project in WA, following up historical RAB hits.

IT services provider StepChange (ASX:STH) has surged double digits after earning a ‘buy’ recommendation from Ord Minnett.

LAST ORDERS

Redcastle Resources (ASX:RC1) is initiating a capital consolidation at a 10:1 ratio, reducing its shares on offer from 1.18 billion to 118 million. RC1 will also initiate a loyalty option entitlement offer early in December, looking to raise up to $149,000. The company will offer one option for every eight shares held.

At Stockhead, we tell it like it is. While Redcastle Resources is a Stockhead advertiser, it did not sponsor this article. 

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