Top 5 Australian Mining Stocks This Week: Middle Island Soars on Konstantin Acquisition News

Market and commodities price round-up

The S&P/ASX 200 (INDEXASX:XJO) posted a 0.3 percent decrease this week, opening at 8,927.7 on Monday (September 1) and closing at 8,900.6 on Friday (September 5).

Gold showed a 3.07 percent increase in US dollars, going from US$3,447.32 per ounce on Monday to US$3,553.18 by the close of Australian trading on Friday. The metal saw a slightly bigger increase in Australian dollars, going up 3.25 percent over the same period, from AU$5,267.39 to AU$5,438.65.

Silver also rose in US dollars, starting the week at US$39.75 per ounce and closing at US$40.80 with growth of 2.64 percent. The metal saw a larger increase of 3.01 percent in Australian dollars, going from AU$60.74 to AU$62.57.

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 (September 4) 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. Middle Island Resources (ASX:MDI)

Weekly gain: 100 percent
Market cap: AU$10.56 million
Share price: AU$0.04

Middle Island Resources is an explorer focused on tier-one copper and gold assets in Australia.

Its flagship property is the Barkly copper-gold super project in the Northern Territory. According to a July exploration update, the company has established a pipeline of targets and has moved to refining activities and drill testing in specific areas. Middle Island also has five pending project applications in Queensland.

Following its acquisition of Konstantin Resources, announced Tuesday, the company's portfolio will expand to Serbia. Konstantin holds 14 exploration and mining licences, with three main project areas: Bobija, Priboj and Timok.

“We are now poised to accelerate the exploration program of Konstantin these exciting targets, with Serbia and the Balkan region being a world-class geological setting containing numerous large scale, high grade and tier-1 mines,” commented Middle Island Non-executive Director Daniel Raihani. He extended the company’s gratitude to Cygnet Capital, which managed a AU$3.4 million placement that the company will use to fast track exploration.

Middle Island requested a trading halt on August 29 prior to the announcement of the Konstantin acquisition. Shares rose significantly throughout the week, closing at a weekly high of AU$0.046 on Friday.

2. ABx Group (ASX:ABX)

Weekly gain: 81.4 percent
Market cap: AU$18.89 million
Share price: AU$0.078

ABx Group is an explorer and developer focusing on rare earths, bauxite and aluminum fluoride production.

Its long-term goal is to supply light and heavy rare earths to western supply chains. ABx states on its website that it was the first company to discover rare earths in Tasmania, where its flagship Deep Leads asset is located.

On Wednesday (September 3), the company said that diagnostic leach tests on sub-samples of a 100 kilogram sample of ionic adsorption clay rare earth material from Deep Leads have been completed.

ABx described the results as "excellent," saying that they confirm high extractions of crucial heavy rare earths. The firm also said it remains on track to deliver a mixed rare earth carbonate sample toward the end of 2025.

Following the leach test news, ABx provided an update on Thursday regarding government assistance for its 83 percent owned subsidiary, ALCORE. The update includes approval of an overseas R&D finding by AusIndustry, participation in the Industry Growth Program and the repayment of unused Modern Manufacturing Initiative grant funds.

With both news releases within the week, shares of the company peaked at AU$0.079 on Thursday.

3. Future Battery Minerals (ASX:FBM)

Weekly gain: 66.67 percent
Market cap: AU$25.64 million
Share price: AU$0.04

Future Battery Minerals is a lithium- and gold-focused exploration company.

Its portfolio includes its flagship Kangaroo Hills lithium project and Miriam lithium-gold project, which are part of its Coolgardie lithium projects in Western Australia's Goldfields region.

The firm is also exploring its Coolgardie gold projects: Kal North, Burbanks East and Nepean South.

Future Battery shared an update on a Phase 1 reverse-circulation drill program at Miriam on Tuesday (September 2), with results including 33 metres at 1.57 grams per tonne gold from 35 metres downhole.

“(Our) primary goal is to swiftly and methodically build on these Phase 1 results, which will inform future exploration drilling at Miriam,” said Managing Director and CEO Nick Rathjen.

“Once all phase one assays are received, the team will be preparing to commence the second phase, targeting further extensions at Forrest, along with regional targets including Canyon, Jungle and Forrest South.”

Future Battery also shared a company presentation a day after the drilling update, highlighting that it is currently assessing various regional development opportunities, including mergers and acquisitions.

Shares of the company were the highest this week on Thursday, closing at AU$0.04.

4. TMK Energy (ASX:TMK)

Weekly gain: 50 percent
Market cap: AU$25.56 million
Share price: AU$0.003

TMK Energy is an oil and gas exploration company. Its flagship project is the Gurvantes XXXV project, an approximately 8,400 square kilometre coal seam gas exploration initiative in Mongolia’s South Gobi Basin.

The LF-07 pilot production well at Gurvantes XXXV commenced gas production on August 30. On Thursday, TMK provided an update saying it has continued to increase its gas flows to over 100 cubic metres.

The company also noted in the release that gas production from all seven pilot wells has doubled since the completion of drilling and workover operations two weeks ago.

“The Pilot Well Project is now producing at some of the highest rates we have seen to date and is expected to further increase over the coming weeks as the pumps are sped up in some of the wells,” said CEO Dougal Ferguson.

“Based on current rates and trends of gas production, we expect this to lead to new record monthly gas production numbers in the near future.”

Shares of the company jumped from AU$0.002 on Wednesday to AU$0.003 on Thursday.

5. Finder Energy Holdings (ASX:FDR)

Weekly gain: 47.83 percent
Market cap: AU$63.11 million
Share price: AU$0.17

Finder Energy Holdings is an oil and gas exploration company headquartered in Perth.

It is currently focused on fast tracking the development of its Kuda Tasi and Jahal oil fields — known as the KTJ project — in Timor Leste. KTJ has a production forecast of 10 million barrels for its first 18 months.

On Monday, Finder Energy released a corporate presentation focusing on the development of its assets and overall performance. Looking at H2 catalysts, the company highlighted “powerful cash flow,” alongside an initial forecast production rate of 25,000 to 40,000 barrels per day. KTJ has reportedly completed FEED across technical domains, including subsurface, well construction, reservoir, SPS and SURF ahead of schedule.

Finder Energy ended the week on a high note, closing at AU$0.170 on Friday.