Welcome to the Investing News Network’s weekly round-up of the top-performing mining stocks listed on the ASX, starting with news in Australia’s resource sector.
Companies focused on rare earths, coal and magnesium took the lead this week.
Australia and the US penned a rare earths and critical minerals deal during a Monday (October 20) meeting at the White House between US President Donald Trump and Australian Prime Minister Anthony Albanese.
They each committed to investing US$1 billion in projects over the next six months.
As a result of the collaboration, three out of five companies in this week’s list received financial support and commitment from at least one of Export Finance Australia (EFA) and the Export-Import Bank of the US (EXIM).
Market and commodities price round-up
The S&P/ASX 200 (INDEXASX:XJO) opened at 8,986.9 on Monday and closed at 9,032.8 on Thursday (October 23), reflecting a 0.51 percent increase over the period.
Precious metals prices took quite a dip this week. Gold decreased 3.26 percent from US$4,252.69 per ounce on Monday to US$4,113.86 by the close of Australia’s trading day on Thursday. In Australian dollars, the yellow metal’s drop was nearly identical, moving down 3.27 percent from AU$6,542.05 to AU$6,328.05.
The silver price decreased 5.08 percent in US dollars, starting the week at US$51.76 per ounce and closing at US$49.13 Thursday, while its Australian price dropped 5.09 percent from AU$79.62 to AU$75.57.
Top ASX mining stocks this week
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Australian mining stocks below as the Investing News Network breaks down their operations and why these companies are up this week.
Stocks data for this article was retrieved at 4:00 p.m. AEST on Thursday using TradingView’s stock screener, and reflects price movements between Monday and Thursday. Only companies trading on the ASX with market capitalisations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
Weekly gain: 67.44 percent
Market cap: AU$450.16 million
Share price: AU$1.08
Founded in 1893, Astron is a Melbourne-based company currently focused on the development of its flagship Donald rare earths and mineral sands project.
Donald is located approximately 300 kilometres northwest of Melbourne in Minyip, Victoria, Australia and is a 51/49 joint venture between Astron and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU).
It is regarded as “one of the world’s most significant rare earths resources outside China,” with a current total mineral resource of 1.81 billion tonnes grading 4.6 percent heavy minerals.
Donald has a planned mine life of 58 years, with expected annual output of 9,000 tonnes of rare earths concentrate in Phase 1 that will be processed at Energy Fuels’ White Mesa uranium and rare earths mill in Utah, US.
Donald also has planned Phase 1 production of 250,000 tonnes of heavy mineral concentrate that will be processed into zircon and limenite, a source of titanium.
A final investment decision is expected in 2025, with production planned for 2027.
The project received significant government support this week.
On Monday, the Australian government granted major project status to Donald. Astron said the designation will streamline its engagement with federal agencies and accelerate its pathway to development.
Following this, partner Energy Fuels announced EFA expressed support for the project through a conditional, non-binding letter of support for up to AU$80 million in senior debt financing for Donald’s development.
Shares of Astron started to climb on Monday, closing at AU$1.04 on Wednesday (October 22) then AU$1.08 on Thursday.
Weekly gain: 64.71 percent
Market cap: AU$158.09 million
Share price: AU$0.70
VHM is a Melbourne-based critical minerals-focused explorer and developer. Its flagship asset is the Goschen heavy mineral sands project in Northwest Victoria. As of a mid-October resource update, the project holds a 890 million tonne mineral resource estimate containing 630,000 tonnes of in-situ total rare earth oxides.
Goschen is set to produce both light and heavy rare earth elements, as well as zircon and titanium minerals.
On Tuesday (October 21), VHM announced it had secured double financial support from EFA and EXIM through the single point of entry framework. EFA provided a non-binding, conditional letter of support for up to AU$75 million and EXIM’s refreshed letter of interest indicated AU$304 million financing over a period of 15 years.
“Together with the EXIM LOI, (the EFA support) represents a significant milestone in our financing strategy and underscores the strategic value of the Goschen Project to both Australian and international stakeholders. We look forward to progressing these partnerships as we advance toward final investment decision,” said CEO Andrew King.
Shares of the company peaked on Thursday, closing at AU$0.70.
3. Yari Minerals (ASX:YAR)
Weekly gain: 50 percent
Market cap: AU$10.07 million
Share price: AU$0.015
Yari Minerals is a coal and lithium explorer with headquarters in West Perth. Its flagship asset is the Rolleston South coal project in Bowen Basin, Queensland, which has a 190 million tonne JORC inferred resource.
It also holds two lithium exploration licenses in South Wodgina and three in Marble Bar, both in Pilbara.
This week, Yari Minerals announced the start of inaugural reverse-circulation and diamond drilling at Rolleston.
The drilling program’s goals include confirming the presence of a high-quality semi-soft metallurgical coal resource and upgrading a portion of its inferred resource to the indicated category.
According to the Tuesday release, completion of the drill program is expected in December with results due in Q1 2026. The company plans to use the findings for scoping study in 2026.
Shares of Yari reached their highest close of the week at AU$0.015 on Thursday, jumping from its previous AU$0.012 close.
Weekly gain: 46.15 percent
Market cap: AU$117.57 million
Share price: AU$0.190
Another coal company in this week’s list of top gainers is MC Mining, a Melbourne-based coal company focused on South Africa. MC Mining operates the Uitkomst metallurgical and thermal coal colliery, reporting production of 390,788 tonnes of run of mine coal in its 2025 fiscal year results, released on September 29.
The company also has several projects in the country’s Limpopo province. MC Mining’s most advanced asset is the Makhado project, set to be the only significant hard coking coal mine in the country, according to the company.
First coal production is anticipated in Q1 2026.
Through its joint venture MbeuYashu, it also holds a 74 percent stake in the Greater Soutpansberg projects, which are four coal exploration assets located adjacent to the Makhado project.
While no project updates were shared by MC Mining this week, the company announced a corporate rearrangement on October 13, with a resignation from its non-executive director Brian He Zhen and the appointment of Jianheng Deng in his place. The change is related to a phased investment by Kinetic Development Group, wherein Kinetic is investing US$77 million to reach a 51 percent stake in MC Mining. Under the deal, Kinetic gains more board seats as its stake increases, with up to five out of nine seats once it reaches 51 percent.
This week, shares of MC Mining climbed from a Monday close of AU$0.13 to a Thursday close of AU$0.19.
5. Latrobe Magnesium (ASX:LMG)
Weekly gain: 44 percent
Market cap: AU$95.54 million
Share price: AU$0.036
Latrobe Magnesium is a magnesium developer known for its patented magnesium extraction process that extracts magnesium metal from waste feedstock such as industrial ash from brown coal power plants and ferro nickel slag.
Latrobe’s Stage 1 demonstration plant, located in Latrobe Valley, Victoria, began operations in September. It is developing its Stage 2 commercial plant, which would have a capacity of 10,000 tonnes per year.
Like VHM, Latrobe also received a letter of interest from EXIM this week, wherein it was stated that EXIM would be prepared to finance up to AU$200 million towards the commercial plant.
According to the Tuesday announcement, the bank offered a maximum repayment term of 15 years.
“We thank EXIM for supporting our project and our ability to supply magnesium to the United States within the short term,” Latrobe Managing Director David Paterson commented. “The United States does not currently have a local primary magnesium producer and LMG is ideally situated to fill this gap in the short and medium term.”
Shares of the company climbed to an AU$0.034 close on Wednesday, followed by an AU$0.036 close on Thursday.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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