Embark on a journey through the dynamic world of ASX-listed mining stocks with our weekly review of top performers. This edition highlights companies at the forefront of critical mineral supply, aligning with global efforts to secure essential resources like copper, cobalt, antimony, and rubidium.
Quick Summary
- Companies focused on critical minerals such as copper, cobalt, antimony, and rubidium are leading the market.
- Verdant Minerals has secured a mining license for its Ammaroo phosphate project.
- The S&P/ASX 200 experienced a notable increase, while gold and silver prices reached new all-time highs.
- Bougainville Copper, Cobalt Blue Holdings, Morella, Nova Minerals, and Resolution Minerals are featured as this week’s top ASX mining stock performers.
- Global geopolitical events and supply chain considerations are influencing the demand and valuation of certain mineral commodities.
In an interesting development for Australia’s resource sector, Verdant Minerals has received approval for a mining license for its flagship Ammaroo phosphate project, located in the Northern Territory. 💡
The stock market saw significant activity, with back-to-back gold mergers and acquisition updates shared early in the week. Forrestania Resources (ASX:FRS) entered a binding implementation deed with Kula Gold (ASX:KGD), set to combine their assets within Western Australia’s Southern Cross Greenstone Belt. 📍 Similarly, Gold Fields’ (NYSE:GFI) AU$3.7 billion acquisition of Gold Road became effective, with Gold Road preparing for delisting from the ASX.
The broader market sentiment also showed positive trends. The S&P/ASX 200 (INDEXASX:XJO) opened at 8,911.30 on Monday, October 13, and closed the week on Thursday, October 16, at 9,068.40, marking a 1.76 percent increase. The index even reached an all-time high of 9,109.70 during Thursday’s trading session. ✅
Precious metals continued their upward trajectory, with both gold and silver setting new record highs this week. The gold price surged by 5.07 percent in US dollars, moving from US$4,018.62 to US$4,222.31. In Australian dollars, gold saw a 4.62 percent jump from AU$6,018.62 to AU$6,294.26. The silver price also posted impressive gains, climbing 5.7 percent in US dollars from US$50.03 to US$52.88. In Australian dollars, silver increased by 5.25 percent, rising from AU$77.27 to AU$81.33. 📊
Top ASX Mining Stocks of the Week
Against this backdrop of market strength and rising commodity prices, several ASX mining stocks have demonstrated exceptional performance. Here’s a closer look at this week’s top five best-performing Australian mining stocks:
1. Bougainville Copper (ASX:BOC)
Weekly gain: 143.16 percent
Market cap: AU$649.72 million
Share price: AU$2.31
Bougainville Copper, an independently managed company, is focused on the idled Panguna copper mine in Papua New Guinea. This historic mine, operational from 1972 to 1989, produced significant quantities of copper, gold, and silver. 📌
The mine’s closure in 1989 led to a civil war, stemming from disputes over economic benefits and environmental damage. Since June 2025, the Autonomous Bougainville Government and its people hold a 72.9 percent stake after the Papua New Guinea government transferred its shares. Rio Tinto, a former majority shareholder, has recently been exploring options to address the mine’s legacy impacts and safety concerns.⚡
Renewed interest in reopening the mine has emerged as Bougainville pursues independence, viewing Panguna as a potential source of wealth. Shares of Bougainville Copper surged this week following an announcement that the company is seeking an international mining partner for the redevelopment of the Panguna project. The company stated it is engaged in discussions with several international mining entities.
Market Index reported that this development excited investors, with expectations that Bougainville could potentially unlock one of the world’s largest copper-gold deposits. The company’s shares closed at AU$2.31 on Thursday.
2. Cobalt Blue Holdings (ASX:COB)
Weekly gain: 131.82 percent
Market cap: AU$150.83 million
Share price: AU$0.255
Cobalt Blue Holdings is a company dedicated to mineral processing and mining, with a primary focus on cobalt in Australia. The company is progressing its cobalt refinery development in Kwinana, Western Australia, and is nearing a final investment decision. 💡
It also holds the Broken Hill primary cobalt project in New South Wales and the Halls Creek polymetallic project in Western Australia. Broken Hill retained its major project status for an additional three years in July, following its initial designation in March 2022, supporting its ongoing development. 📍
While the company announced its 2025 annual general meeting date, this typically does not explain significant share price movements. Indeed, a recent surge prompted an ASX price query. Cobalt Blue responded that it had no undisclosed information that might have caused the spike. The company suggested that rising cobalt prices, which were nearing a three-year high of around US$19.30/lb and had seen a significant increase of approximately 20% in the past week, might have contributed to the stock’s performance. ✅
This strength in the cobalt market could be linked to recent announcements by the Democratic Republic of Congo, the world’s largest cobalt producer, regarding export controls on cobalt and related products. Cobalt Blue’s shares remained elevated throughout much of the week, with a high close of AU$0.305 on Wednesday. 📊
3. Morella (ASX:1MC)
Weekly gain: 129.17 percent
Market cap: AU$22.11 million
Share price: AU$0.055
Morella, established in 2000, is a West Perth-based company focused on critical mineral projects across Australia and North America. Its primary targets include lithium, rubidium, titanium, and vanadium. 📌
The company’s key Australian assets include the Mount Edon rubidium-lithium project, the Tabba Tabba lithium-tantalum pegmatite project, and the Mallina lithium project, all situated in Western Australia. Morella recently released results from hydrometallurgical test work on its Mount Edon project, achieving up to 89.3 percent rubidium extraction. ⚡
Managing Director James Brown expressed encouragement with the results, stating the company will proceed with variability testing and scoping-level economic inputs to advance the project. Mount Edon is also recognized as one of Australia’s more advanced rubidium-focused exploration projects, forming a crucial part of Morella’s critical minerals portfolio. The news from Mount Edon propelled Morella’s shares to a close of AU$0.068 on Monday, a significant increase from the previous close of AU$0.0245.
4. Nova Minerals (ASX:NVA, NASDAQ:NVA)
Weekly gain: 122.88 percent
Market cap: AU$659.51 million
Share price: AU$1.315
Nova Minerals is an Australian exploration and development company actively working towards fast-tracking antimony production by the 2026/2027 fiscal year from its Estelle gold district in Alaska, USA. The flagship Estelle gold project hosts a global JORC-compliant resource of 9.9 million ounces of gold. 💡
Earlier in October, Nova’s subsidiary secured US$43.4 million in funding from the US Department of Defense for the production of military-grade antimony tri-sulphide. Subsequently, Nova announced it had secured a land-use permit for an antimony refinery at Alaska’s Port Mackenzie, signaling its intent to fast-track offtake agreements for additional refinery feedstock while continuing to progress its gold resource towards feasibility. 📍
This week, Nova was invited to brief the Australian Government in preparation for a meeting between Australian Prime Minister Anthony Albanese and US President Donald Trump regarding critical minerals. The brief was to provide an overview of the Estelle project, key minerals, expansion plans, and engagement with US government agencies. 📌
Furthermore, Nova announced a 5-for-1 forward stock split affecting its American Depositary Receipt (ADS) program on the NASDAQ listing. This aims to increase the number of ADSs and align its share price with industry peers, expected to take effect on October 29. Shares of Nova closed at a weekly high of AU$1.645 on Wednesday. ⚡
5. Resolution Minerals (ASX:RML)
Weekly gain: 119.51 percent
Market cap: AU$165.43 million
Share price: AU$0.09
Resolution Minerals, based in South Australia, is concentrating on the Horse Heaven gold-antimony-tungsten project in Idaho, USA. The company’s objective is to provide an end-to-end solution for domestic critical minerals supply to the US defense industry. 📍
This project was acquired by Resolution Minerals in June as part of its US strategy. At the time of acquisition, Resolution noted that antimony, gold, and tungsten prices were at record highs, influenced by China’s export controls, with antimony particularly gaining attention for its defense applications. ⚡
While no specific project updates were released this week, Resolution Minerals, similar to Nova Minerals, was invited to provide a briefing ahead of the Australia-US meeting on critical minerals. The company shared that its inclusion in the formal briefing reflects the growing recognition of Australian expertise in advancing secure and responsible mineral supply chains. Shares of the company reached a weekly high close of AU$0.094 on Wednesday. ✅
Expert Summary
This week’s review of ASX mining stocks underscores the significant market interest in critical minerals, driven by global supply concerns and geopolitical factors. Companies like Bougainville Copper, Cobalt Blue Holdings, Morella, Nova Minerals, and Resolution Minerals have shown substantial gains by advancing projects crucial for sectors ranging from renewable energy to defense. The strong performance of gold and silver, alongside the positive trend in the broader ASX index, indicates a robust market environment for resource-focused investments.
