Top 5 Australian Mining Stocks This Week: Nelson Resources Soars on Deal to Advance Yarri Project

Market and commodities price round-up

The S&P/ASX 200 (INDEXASX:XJO) opened at 8,787.7 on Monday (September 29) and closed at 8,945.9 on Thursday (October 2), reflecting a 1.8 percent increase over the period.

Gold rose 2.76 percent in US dollars this week, going from US$3,760.42 on Monday to US$3,864.11 by Thursday. In Australian dollars, the yellow metal moved from AU$5,747.07 to AU$5,838.13, a 1.58 percent increase.

Silver also posted significant gains. It climbed 2.65 percent in US dollars, starting the week at US$46.11 and closing at US$47.33. In Australian dollars, silver rose 1.46 percent, going from AU$70.47 to AU$71.50.

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. Nelson Resources (ASX:NES)

Weekly gain: 233.33 percent
Market cap: AU$13.03 million
Share price: AU$0.01

Nelson Resources is a gold exploration company with assets in Western Australia.

It believes its flagship Woodline project, located in Western Australia, southeast of Kalgoorlie, has the potential for Tropicana-style gold discovery. Nelson also holds three other gold projects in Western Australia, namely Fortnum, Tempest and Yarri. All assets are wholly owned and occupy about 1,641 square kilometres.

This week, shares of the company soared over 200 percent, gaining the attention of the ASX.

On Tuesday (September 30), Nelson requested a trading halt with respect to the release of an announcement.

The next day, the company responded to an ASX query, saying that it was “in confidential and incomplete discussions in relation to a Right to Mine contract.” The contract was announced that day, with Nelson detailing that the right-to-mine agreement is with MEGA Resources for the Yarri project.

Under the deal, MEGA will provide drilling, technical studies, mining and haulage services at Yarri.

Shares of the company peaked a day after the release, reaching a 52 week high of AU$0.012 on Thursday.

2. Focus Minerals (ASX:FML)

Weekly gain: 74.05 percent
Market cap: AU$305.18 million
Share price: AU$1.61

Focus Minerals is a Western Australian gold producer with operations centred on the Three Mile Hill processing plant, as well as a portfolio of projects within the Coolgardie region. The company completed the refurbishment of Three Mile Hill in 2023, with nameplate capacity being restated to 1.2 tonnes per annum at that time. In May, Focus Minerals sold its Laverton gold project to Genesis Minerals (ASX:GMD,OTC Pink:GSISF) for AU$250 million.

On September 19, shares of the company went from AU$0.69 to AU$1.35, leading to an ASX query. Focus Minerals responded on the same day, saying it had no new developments to share with the market.

Company shares rose 74.05 percent this week, although Focus Minerals did not release any news.

3. Megado Minerals (ASX:MEG)

Weekly gain: 68.18 percent
Market cap: AU$20.66 million
Share price: AU$0.037

Megado Minerals is a critical minerals explorer and developer focusing on projects in North America and Northern Spain. Like Focus Minerals, Megado was a quiet climber this week, with no recent announcements.

Its last update was a half-year report published on August 18.

In terms of projects, in June the company completed the acquisition of the Iberian copper project in Aragón and Navarra, Spain. Drilling at Iberian is scheduled to commence within the last quarter of 2025.

Shares of Megado started to rise this week on Wednesday (October 1), closing at AU$0.037 that day and on Thursday.

4. Alchemy Resources (ASX:ALY)

Weekly gain: 57.14 percent
Market cap: AU$10.6 million
Share price: AU$0.011

Alchemy Resources is a gold, base metals and nickel-cobalt exploration company with an Australian portfolio.

Its assets are located in Western Australia and New South Wales, with two gold projects, Karonie and Lake Rebecca, being wholly owned. Exploration activities at the two projects are ongoing.

Alchemy is also focusing on its Lachlan project portfolio in New South Wales, in which it holds an 80 percent interest.

On Tuesday, the company announced a trading halt pending an announcement.

The following day, it released copper assays from a recent reverse-circulation drill program at the Yellow Mountain project, which forms part of the company's Lachlan portfolio.

Results include 113 metres at 1.17 percent copper equivalent and 31 metres at 1.54 percent copper equivalent.

“These results are a major step forward for the Yellow Mountain Project. Not only do the new results confirm and build upon historic drilling from the 1970s, but they also give us great confidence in using historic data to guide exploration,” commented CEO James Wilson in the firm's Wednesday release.

Planning for follow-up drilling at the project is currently underway.

Shares of Alchemy closed at AU$0.01 on Wednesday and AU$0.011 on Thursday.

5. GoldArc Resources (ASX:GA8)

Weekly gain: 52 percent
Market cap: AU$17.03 million
Share price: AU$0.038

GoldArc Resources is a gold explorer centred on the world-class Eastern Goldfields, Western Australia.

Formerly known as Asra Minerals, the firm previously traded under the ticker symbol ASR; it changed its name and started trading under the symbol GA8 effective on September 17.

The company said that the rebrand reflects its renewed focus on gold.

The Leonora North and South projects in the Eastern Goldfields are still its main focus, and GoldArc received commitments to raise AU$3.25 million at AU$0.02 per share in September. The majority of the funds will go to planned drilling programs at Leonora North and South.

This week, the company requested a pause in trading on Wednesday, pending the release of news. The recommencement of trading is scheduled for Friday (October 3), or when the announcement is made.

Shares of the company closed at AU$0.038 following the trading halt.