Top 5 Australian Mining Stocks This Week: Sunrise Energy Shines on Scandium, Geothermal News

Market and commodities price round-up

The S&P/ASX 200 (INDEXASX:XJO) opened at 8,515.80 on Monday (November 24) and closed at 8,617.30 on Thursday (November 27), reflecting a 1.19 percent increase over the period.

For gold and silver prices, both showed some climbs this week. The gold price showed a whopping 2.27 percent jump from US$4,065.32 on Monday to US$4,157.66 by Thursday. In Australian dollars, the yellow metal saw an increase of 0.82 percent, moving from AU$6,296.57 to AU$6,347.89.

Silver prices saw significant gains. It climbed 5.88 percent in US dollars, starting the week at US$50.02 and closing at US$52.96. In Australian dollars, the metal demonstrated a 4.63 percent increase, rising from AU$77.48 to AU$81.07.

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.

1. Sunrise Energy Metals (ASX:SRL)

Weekly gain: 44.84 percent
Market cap: AU$647.73 million
Share price: AU$6.17

Melbourne-based Sunrise Energy Metals is currently developing its Syerston scandium project in New South Wales, which hosts one of the world’s largest scandium deposits, according to Sunrise. It also owns the Sunrise nickel-cobalt project.

In October, the company released an updated ore reserve estimate for Syerston, reporting proven and probable reserves of 2.04 million tonnes of ore grading 644 parts per million scandium for 1,311 tonnes of contained scandium.

The company says the reserve supports a 32 year mine life with average scandium oxide production of 60 tonnes per year.

The project’s overall mineral resource estimate currently totals 23,500 tonnes of scandium, with 9,583 tonnes of that classified as measured and indicated.

Sunrise released an update on Syerston on November 17, reporting it received AU$45.6 million in commitments to fund pre-construction activities at the project.

This week, on Wednesday (November 26), Sunrise’s wholly owned subsidiary SRL Hot Rocks entered a farm-in agreement with Greenvale Energy (ASX:GRV,OTC Pink:GVLMY) for the latter’s Millungera Basin geothermal project in Northwest Queensland.

The deal would see Sunrise’s subsidiary invest AU$5 million over two phases, with completion resulting in a joint venture split 80/20 between it and Greenvale.

Shares of the company jumped significantly, from AU$4.90 on Wednesday to AU$6.17 on Thursday.

2. Triton Minerals (ASX:TON)

Weekly gain: 42.86 percent
Market cap: AU$15.68 million
Share price: AU$0.10

Triton Minerals is a graphite-focused explorer and developer based in Perth with projects in Mozambique. Its flagship asset is the Ancuabe graphite project, located in the Cabo Delgado region of Northern Mozambique.

The company is currently engaged in the sale of a 70 percent interest in Ancuabe, with the goal of funding and advancing it.

Additionally, Triton is exploring the Aucu gold-copper project through an earn-in agreement. The company began its initial drilling program at the site on November 21.

On Thursday, the company announced that it has completed its share sale facility for holders of unmarketable parcels, meaning shareholders whose shares total less than AU$500.

The sale totalled 23,623,710 shares, representing 1.5 percent of the company’s issued capital, combined across 54 percent of its total shareholders.

Shares of the company closed at AU$0.10 on both Wednesday and Thursday.

3. Cyclone Metals (ASX:CLE)

Weekly gain: 41.46 percent
Market cap: AU$50.87 million
Share price: AU$0.058

West Perth-based Cyclone Metals is an iron ore company focused on advancing its flagship Iron Bear magnetite project in Québec, Canada.

Vale (NYSE:VALE) agreed to invest $138 million over two stages to earn a 75 percent stake in the project earlier this year.

The project hosts an indicated and inferred resource of 16.6 billion tonnes at a grade of 29.3 percent iron.

Cyclone plans to produce direct reduction pellets with access to export markets due to Iron Bear’s location near Québec’s border with Newfoundland and Labrador and within proximity of open-access heavy haul railway.

On Monday, the company published its project and corporate update presentation for its annual general meeting.

Shares of the company jumped later in the week, rising from a close of AU$0.046 on Wednesday to AU$0.058 on Thursday.

The gains led to a price query from the ASX. Cyclone clarified in its response that it has publicised all necessary information, adding that a report released by East Coast Research on the company could explain the spike in its trading activity.

4. Melbana Energy (ASX:MAY)

Weekly gain: 40 percent
Market cap: AU$45.38 million
Share price: AU$0.014

Melbana Energy is an independent oil and gas company based in Sydney. It currently holds an all-Cuba and Australia portfolio of exploration, appraisal and development stage opportunities.

Its focus is on its 30 percent owned Block 9 onshore project in Cuba at the moment, from which it began production in mid-2025.

While no project updates were made by Melbana this week, the company said in its published chairman’s address and presentation dated November 20 that Block 9 remains its priority, and it plans to drill a new well next to its Alameda-2 production well.

“By the end of September 2025 we had produced more than 36,000 barrels of oil – a good start but a drop in the bucket compared to the estimates of what might exist there,” Executive Chairman Andrew Purcell stated.

Shares of the company peaked this week on Thursday, closing at AU$0.14.

5. True North Copper (ASX:TNC)

Weekly gain: 39.51 percent
Market cap: AU$64.33 million
Share price: AU$0.565

True North Copper is a critical minerals explorer focused on its portfolio of projects in Queensland, primarily its Cloncurry copper-cobalt-gold project and Mount Oxide copper-cobalt-silver project.

The company recently reported assays from Phase 2 drilling at the Mount Oxide project. As of Tuesday, the Aquila discovery in Mount Oxide has reached over 900 metres of strike length. Assay results included a highlight of 32 metres at 1.02 percent copper, 0.17 percent cobalt and 4.4 grams per tonne silver from 109 metre below surface.

“With four drillholes pending at Aquila, the story is still unfolding, and in 2026 we will continue to drill out Aquila North, South and at depth, and look to test additional high-priority targets along strike to further grow Mt Oxide,” Managing Director and CEO Andrew Mooney said.

The company expects to commence follow-up drilling at Aquila in the second quarter of 2026.

Shares of the company started to climb this week following the Mount Oxide update, peaking at AU$0.565 Thursday.