Resources Top 5: Aussie explorers dealt Trump card as US deal fuels new era for critical minerals

• Australia’s resources sector gears up for a boom as US alliance lights a fire under critical minerals players
• Donald REE partners Astron and Energy Fuels secure EFA support, while Latrobe Magnesium lands US EXIM backing
• Mount Hope Mining hits high-grade gold as Dart Mining intersects antimony in Central Queensland

Your standout small cap resources stocks for Tuesday, October 21, 2025. 

Astron (ASX:ATR)

As interest in the Donald REE and mineral sands JV in western Victoria grows, partners Astron (ASX:ATR) and Energy Fuels have received a conditional letter of support from Export Finance Australia for up to A$80m in senior debt.

This interest coincides with Australia’s push to become a serious supplier of critical minerals to Western allies and follows the pact reached overnight between Australia and the US. 

The LOI marks the first public sign that government-backed financiers are prepared to step in behind what is shaping up as one of Australia’s most advanced, build-ready REE projects.

It’s an important milestone in the broader A$520m funding stack being stitched together. 

Donald is fully permitted with offtake-backed for life-of-mine concentrate and tied into Energy Fuels’ White Mesa Mill in Utah, giving the West a new non-Chinese source of light and heavy REEs from as early as H2 2027.

Latrobe Magnesium (ASX:LMG)

A Letter of Interest from the US Export-Import Bank (EXIM) for potential funding has been welcomed by Latrobe Magnesium (ASX:LMG) and its investors with shares hitting a 12-month high of 3.8c, a lift of 46.16% on the previous close.

EXIM states that it would be prepared to finance up to US$122 million (A$200 million) for the company’s Stage 2 Commercial Plant in the Latrobe Valley of Victoria. 

The show of support positions LMG as a key link in the western supply chain for a critical mineral facing surging demand but whose output is dominated by China. 

The US no longer has any domestic primary magnesium metal producers and LMG is a leading candidate to supply this vital metal into that market.

Magnesium has the best strength-to-weight ratio of all common structural metals and is used to lighten alloys used in cars, planes and drones. It’s also used in a wide range of other products from defence hardware to cans, clean energy and electronics.

Dart Mining (ASX:DTM)

Intersecting visible antimony in the second and third holes of a drilling campaign at the Coonambula project has further validated the June 2025 decision of Dart Mining (ASX:DTM) to farm into the Central Queensland project.

One hole returned a 1.4m intersection with an estimated 5% stibnite from 134.5m. This included a 0.3m interval at an estimated 80% stibnite as well as a 1.8m hydrothermal breccia zone from 170.2m with stibnite in the matrix.

Another hole returned 1.1m at 25% stibnite from 131.3m including 0.2m at 95% stibnite from 131.6m.

These follow DTM’s first hole intersecting 0.6m of massive sulphide observed to about 70% stibnite from 42m and a second zone of stibnite massive sulphide veining from a depth of 70m.

The results highlight the project as a potential candidate to deliver on the critical minerals pact reached by PM Albanese and President Trump that could see the US invest up to $4.6bn over the next six months into mining and processing projects.

Mount Hope Mining (ASX:MHM)

The Cobar Super Basin in central NSW is one of the nation’s premier base metals addresses and has been for more than 100 years.

The southern part of the basin is also rich in precious metals with past and current producing gold and gold-silver operations.

One of the companies seeking to maintain the gold tradition of this region around 150km south of Cobar is Mount Hope Mining (ASX:MHM) , which struck gold in maiden drilling at Mt Solitary prospect within its namesake project, pulling 19m at 4.5g/t from shallow depths including 1m at 50g/t.

Confirmation of a high-grade system that remains open and with more drilling to come sent MHM soaring to a record 35c, a lift of 75% on Monday’s close. Shares closed at 23.5c, an increase of 17.5%.

Ten holes for 1236m were drilled across two parallel fences and high-grade gold was returned in multiple holes, reinforcing Mt Solitary as a high-potential target.

Results include 19m at 4.5g/t gold from 39m with internal zones running 8m at 9.5g/t, 3m at 23g/t and even 1m at 50g/t.

Another hole returned 5m at 4.3g/t from 13m, including 1m at 16g/t, while another delivered 4m at 4.7g/t from 32m with a 1m at 13g/t spike.

The drilling also lit up a structural trend that ties into historical numbers – such as 10m at 12g/t from surface, 21m at 4.7g/t from 63m and 8m at 9g/t from 140m – with every one of the holes still open down plunge.

With the maiden program in the bag, Mount Hope turned to the historical dataset to refine its structural model.

That review highlighted several older holes down-plunge of the new drilling, including 21m at 4.7g/t from 63m, 10m at 12g/t from surface and 8m at 9g/t from 145m.

The company believes these deeper positions could be the logical next step in advancing Mt Solitary and unlocking additional high-grade zones along strike and at depth.

Phase 2 drilling is mapped out, with as many as 24 holes permitted for immediate follow-up.

Emu (ASX:EMU)

Following a turbulent 12 months, Emu (ASX:EMU) has narrowed its focus to the key electrification metal of copper and is concentrating on the Yataga project in the Georgetown Mining District of Far North Queensland.

The renewed focus has been welcomed by investors with shares hitting a 2-year high of 4.9c, an increase of 53.13% on the previous close. Since September 15, EMU has risen from 1.7c.  

After acknowledging the turbulence, a new-look board consisting of executive chairman Adrian Griffin and non-exec directors John Anderson and Ian Davies completed an initial review of the company’s strategy and its key corporate arrangements.

Before these changes, proposed contracts required to implement maiden drilling at Yataga were placed on hold pending the anticipated review. 

On completing the review all contracts have now been entered into to begin the drilling.

The host to mineralisation is the Yataga Igneous Complex which has strong geological affinities with some of the world’s porphyry related copper deposits.

This complex has a footprint of around 70km2 which includes extensive copper mineralisation and is part of the Georgetown JV in which EMU holds 83% and Rugby Mining has a 17% interest.

EMU expects to see its equity in the JV increase further as it incurs cost on the maiden drilling and subsequently.

Within the Yataga Igneous Complex copper is associated with anomalous molybdenum in the granite core and locally silver, bismuth and tellurium in the shear zones. 

This metal distribution, and other metals including gold, lead, zinc and antimony, broadly display zonation patterns outward from the granite core. 

The best copper mineralisation at surface is associated with the veins, shears and aplite dyke swarms at Fiery Creek and Yataga Valley prospects.

The recent sale of EMU’s WA assets and partial completion of a non-renounceable rights issue has left the company in the financial position that will enable the maiden drilling to proceed.

Drilling will target Fiery Creek and the advance field crew was dispatched on Tuesday, October 21 with the drill rig to follow in early November.

The program will comprise about 2500m of RC drilling focusing on areas below surface mineralisation or geochemical anomalies with the highest priority given to targets with coincident IP anomalies. 

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Astron Corporation is a Stockhead advertiser, it did not sponsor this article.