In a week where global markets continued to exhibit extreme volatility, the Australian Securities Exchange saw standout performances from several mining companies. Geopolitical tensions, unpredictable policy shifts from the United States, and surging demand for strategic commodities created a perfect storm, propelling select ASX-listed stocks to significant gains.
Market Turbulence Fuels Safe-Haven Rush
The trading week was dominated by heightened uncertainty, largely stemming from US President Donald Trump's unpredictable policy maneuvers and his apparent indifference towards a weakening US dollar. This, combined with escalating threats between the US and Iran, sent shockwaves through financial markets. The resulting geopolitical pressure cooker drove oil prices up by more than 6 percent, while gold experienced a dramatic intra-week surge, peaking at an unprecedented high of nearly US$5,600 per ounce before some profit-taking tempered the rally.
Despite settling slightly lower by Friday's close, the precious metal still recorded a monthly increase exceeding 20 percent, marking its most aggressive upward move since the 1980s. Meanwhile, President Trump reignited trade tensions by imposing substantial tariffs—up to 60 percent in certain instances—on Chinese electric vehicles, semiconductors, and solar panels. These actions triggered wild swings in US markets, leaving exporters and importers scrambling as supply chains braced for impact.
In contrast, copper prices remained resilient, climbing to new all-time highs above US$14,000 per tonne. This rally was underpinned by persistent supply constraints from major producers and substantial domestic infrastructure and defence spending initiatives. Against this backdrop, the ASX Runners of the Week were overwhelmingly dominated by companies involved in precious and strategic metals, reflecting a broad investor shift towards hard assets.
Apollo Minerals Leads the Charge with French Tungsten-Gold Project
Apollo Minerals Ltd (ASX: AON) emerged as the top performer, skyrocketing by an impressive 290 percent. This dramatic surge followed the company's announcement that it had successfully reinstated its Couflens tungsten-gold project in southern France for a fresh five-year term. The timing could not have been better, coinciding with soaring prices for both tungsten and gold.
Historic High-Grade Asset
The Couflens licence, spanning 42 square kilometres approximately 130 kilometres south of Toulouse, is centred around the historic Salau tungsten mine. Between 1971 and 1986, Salau processed around 930,000 tonnes of mineralisation, yielding approximately 13,950 tonnes of concentrate at an exceptional grade of 1.5 percent tungsten oxide. Notably, gold mineralisation was present but never commercially extracted during previous operations.
Historical data reveals promising gold values, with tailings samples assaying up to 8.9 grams per tonne gold. Partial core samples have also returned significant intersections, including 8.5 metres at 3.4 grams per tonne gold alongside 2 percent tungsten oxide. Apollo Minerals has confirmed that the deposit remains open at depth, with previous drilling below the old underground workings indicating the mineralised system continues.
Strategic Positioning and Funding
Tungsten prices are currently on a sustained upward trajectory, driven by tight global supply, Chinese export restrictions, and robust demand from defence sectors. In response, Apollo is urgently reassessing historical data, planning exploration programs, and devising strategies to unlock value at Couflens, widely regarded as one of Europe's premier undeveloped tungsten assets.
Capitalising on the renewed permit, the company swiftly moved to secure A$6.5 million through a placement to investors. Demonstrating strong confidence, directors and officers committed an additional A$800,000, subject to approval. This funding injection is strategically aligned with advancing the Couflens project in a market where its gold credits could deliver substantial economic potential.
Terra Metals Unveils Major Platinum Group Metals Discovery
Terra Metals Ltd (ASX: TM1) secured second place with a remarkable 98 percent gain, ignited by assay results from its Dante project in Western Australia's Musgrave region. The results confirmed a major platinum group metals sulphide discovery, drawing comparisons to the significant Chalice Mining find of 2020.
Exceptional Drill Results
The standout drill hole intersected 4 metres at 6.71 grams per tonne PGE3 from 68 metres depth, including a high-grade section of 3 metres at 27.78 grams per tonne PGE3 and an exceptional 1 metre interval assaying 52.97 grams per tonne PGE3. This was nested within a broader 35-metre zone averaging 2.90 grams per tonne PGE3 from 48 metres.
Mineralisation begins near surface, and the hole was terminated at 102 metres, a full 138 metres short of the target depth, suggesting additional mineralised horizons below. Drilling has delineated a high-grade PGM sulphide system at the Southwest prospect, now extending over an area of 850 metres by 450 metres, with an average thickness of approximately 50 metres and remaining open in all directions.
Experienced Management and Regional Potential
Management, which possesses extensive experience with major platinum deposits globally, stated they have never encountered hard-rock PGM grades as high as those in the discovery hole. Comparisons are being drawn to South Africa's historic dunite pipes, with the project's proximity to BHP's previously abandoned Musgrave development—where nearly A$1 billion was invested—sparking discussions about a potential revival in this remote yet mineral-rich region.
Nagambie Resources Partners with Alkane for Antimony-Gold Project
Nagambie Resources Ltd (ASX: NAG) rounded out the top three, climbing 90 percent after executing a binding term sheet with A$2.2 billion gold-antimony producer Alkane Resources. The agreement aims to develop Australia's highest-grade antimony-gold project at Nagambie, located approximately 40 kilometres northeast of Alkane's existing Costerfield operations.
Strategic Joint Venture Terms
Alkane has proposed an earn-in and joint venture arrangement over Nagambie's flagship tenements. The deal commences with a A$1.5 million equity placement at 1.5 cents per share, representing a 50 percent premium to the previous closing price, coupled with funding for exploration to test depth potential. Limited deep drilling to date leaves considerable scope for extending mineralisation below existing workings, which Alkane has identified as a priority.
The terms include an initial 12-month option for sole-funded exploration, followed by a 60 percent earn-in via A$12.5 million in expenditure over three years. This can scale to 80 percent with an additional A$15 million investment, totalling A$27.5 million in exploration over five years. Post-earn-in, Alkane will assume operational control, with access to its 150,000 tonne per annum Costerfield processing plant. This arrangement avoids the need for costly standalone infrastructure at Nagambie, significantly enhancing project economics.
High-Grade Resource with Expansion Potential
The Nagambie resource hosts Australia's highest-grade JORC-compliant antimony deposit, with strong gold credits. It features a Costerfield-style ultra-high-grade system within the same proven geological district. Current resources stand at 539,000 tonnes at an impressive 18.6 grams per tonne gold equivalent, containing 58,000 ounces of gold at 3.3 grams per tonne and 20,800 tonnes of antimony at 3.9 percent.
Drilling has only reached depths of around 250 metres, yet geological similarities to Costerfield suggest potential extensions down to 1,000 metres, indicating substantial resource growth opportunities. The partnership announcement triggered record trading volume, with approximately 152 million shares changing hands for around A$2.5 million, as the market priced in the formidable firepower of the collaboration.
In a week defined by global instability, these three ASX-listed companies demonstrated how strategic project advancements and favourable commodity trends can generate extraordinary shareholder returns, underscoring the dynamic nature of the resources sector.
