Top 10 at 11: ASX opens week higher; Terra up 41pc on expanded US critical minerals deal

Morning, and welcome to Stockhead’s Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.

With the market opening at 10am sharp eastern time, the data is taken at 10.15am in the east, once trading kicks off in earnest.

In brief, this is what the market has been up to this morning.

ASX opens higher to start week

The ASX has opened its last week of August 2025 trade in good form, up 0.71% to 9030.70 and setting a new 100-day high. Seven of the 11 ASX sectors are in the green with materials leading the gainers, up 2.36%, followed by energy up 1.13% and healthcare rising 1.07%.

Utilities leads the laggards down 0.39% in opening trade, while telecommunications is down 0.20% and staples has fallen 0.18%.

Wall Street ended Friday on a strong note, with the Dow jumping 1.89% higher to a fresh record – the S&P 500 was up 1.52%, and the tech-heavy Nasdaq rose 1.88%.

US 10-year bond yields have settled near 4.26% after outgoing Fed Chair Jerome Powell’s Jackson Hole remarks boosted bets on a September rate cut.

“The baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” Powell said.

In commodities, Brent crude is ~$US67 a barrel, WTI around $US64. Gold is slipping slightly to ~$US3365 an ounce, along with iron ore down $US101.42 a tonne.

Meanwhile Bitcoin is trading at ~$US112,800, while the Aussie dollar is around US64.83c.

Small cap winners

Terra Uranium (ASX:T92) shares have climbed 41% after the company expanded its agreement with Axiom Group to source rare earth elements  (REE) and antimony assets across the US. Axiom has a strong footprint in North America and expertise in REE and antimony, providing geological and mineral exploration services across all stages of development.

The move comes as US President Donald Trump’s administration proposes nearly US$1 billion in funding to accelerate US critical minerals and materials projects. The program aims to support mining, processing, and manufacturing technologies – aligning with T92’s strategy to advance its position in the critical minerals supply chain.

Locksley Resources (ASX:LKY) is also up 27% after formally initiated its US-focused downstream innovation strategy to maximise potential of its high-grade antimony at the Mojave Project. The company has entered into a strategic collaboration with Rice University, a global leader in materials science, nanotechnology and energy innovation.

The dual initiative will focus on fast-track antimony processing and deployment, supporting a sovereign  and independent US supply chain. Rice’s proven capability in critical minerals programs was most recently demonstrated through its collaboration with MTM Critical Metals (ASX:MTM) on Flash Joule Heating technology.

Bayan Mining and Minerals (ASX:BMM) has risen 24% in opening trade after announcing a $3.27 million capital raise at 20 cents per share, a 47.8% premium to its 15-day VWAP. The placement received strong backing from both new and existing investors.Funds will accelerate exploration at BMM’s Desert Star and Desert Star North projects, where extensive sampling and geophysical work are underway.

BMM has submitted 65 rock chip and 30 heavy mineral concentrate samples from Desert Star, and 21 rock chip and 46 heavy mineral concentrate samples from Desert Star North for REE analysis. Assay results from Desert Star are due imminently, with Desert Star North results expected in September.

Small cap laggards

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

At Stockhead we tell it like it is. While MTM Critical Metals and Locksley Resources are Stockhead advertisers, the companies did not sponsor this article.