Top 5 Australian Mining Stocks This Week: Oil Company 88 Energy Soars 73 Percent

Market and commodities price round-up

The S&P/ASX 200 (INDEXASX:XJO) opened at 8,604.7 on Monday (March 9) and closed at 8,629 on Thursday (March 12), reflecting a 0.28 percent increase over the period.

The gold price dipped this week. The US dollar gold price decreased 0.48 percent, falling from US$5,172.80 per ounce on Monday to US$5,147.96 by the close of Australian markets on Thursday.

It dropped 1.76 percent in Australian dollars, moving from AU$7,358.24 to AU$7,228.81.

As for silver, the price rose 0.53 percent in US dollars, going from US$84.51 per ounce on Monday to US$84.96 on Thursday. In Australian dollars, the metal pulled back 0.75 percent, from AU$120.21 to AU$119.31.

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 4:10 p.m. AEDT 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. 88 Energy (ASX:88E)

Weekly gain: 72.73 percent
Market cap: AU$34.72 million
Share price: AU$0.038

88 Energy is a Subiaco-based oil and gas exploration company focused on projects in Alaska and Namibia. The company’s portfolio includes the 77 percent owned Project Phoenix and the wholly owned South Prudhoe and Kad River East projects, all located near existing petroleum infrastructure in Alaska.

Project Phoenix is the company’s most advanced asset, holding a gross 2C contingent resource estimate of approximately 378 million barrels of oil equivalent. A production test is planned in the second half of 2026.

88 Energy welcomed the week by releasing its March corporate presentation on Monday, in which it outlined catalysts for 2026. The company also shared a response to an ASX price query on the same day, saying it was not aware of any undisclosed information that could explain its recent trading activity.

After closing at AU$0.022 last week, shares of the company climbed to AU$0.04 by the end of trading Monday on the back of a massive boost in daily trading volume, which rose from about 450,000 to over 62.5 million.

On Tuesday (March 10), the company shared an update on its small holding share sale facility, which closed in July of last year. Its broker has completed sales of all 46,139,641 shares held by 6,049 shareholders with holdings under AU$500, referred to as less than marketable parcels. Proceeds are expected to be distributed around March 20.

2. Aguia Resources (ASX:AGR)

Weekly gain: 42.86 percent
Market cap: AU$28.82 million
Share price: AU$0.02

Aguia Resources is focused on developing phosphate and gold assets in South America.

The company’s flagship development project is Três Estradas, which is expected to produce phosphate concentrate for the Brazilian fertilizer market starting this year. Its portfolio also includes the Santa Barbara gold project in Colombia, at which Aguia is batch processing material from the veins with a pilot plant.

On Monday, Aguia reported continued improvements in gold production and recoveries at Santa Barbara following a corporate restructuring in November. February was recorded to have the strongest production to date at 470 grams, while batch recoveries consistently exceeded 85 percent.

Later in the week, on Wednesday, the company provided a licencing and operational update for its Três Estradas phosphate project. Aguia reported that Brazil’s National Mining Agency granted a mining concession licence for the project, and the next step is obtaining its operations licence. The company said it remains on schedule to commission the processing plant by the end of April, with first production planned for early May.

Shares of Aguia closed last Friday at AU$0.013, and rose to reach a peak of AU$0.02 on Thursday.

3. Zinc of Ireland (ASX:ZMI)

Weekly gain: 35.71 percent
Market cap: AU$11.06 million
Share price: AU$0.019

Also headquartered in Perth is Zinc of Ireland, a company focused on exploring high-grade Irish-type zinc deposits in Ireland along with base metals in Western Australia.

The company’s flagship asset is the Rathdowney Trend zinc-lead project, which hosts the Kildare deposit, in Ireland’s Midlands Orefield. The project sits within a significant zinc region where more than 25 deposits containing over 20 million tonnes of zinc metal have historically been discovered, according to the company.

Zinc of Ireland is also exploring its Mount Clere project in Western Australia for base metals, including copper.

While the company did not release any news as of Thursday this week, its quarterly update, published in late January, outlines ongoing exploration work across its Irish projects, including geological modelling and targeting programs designed to identify new zinc-lead mineralisation along the Rathdowney Trend.

Global interest in zinc projects has remained strong since prices started to climb in 2026, given its use in steel for infrastructure and construction. Supply constraints from aging mines have also been drawing attention to new exploration opportunities.

After closing at AU$0.014 last week, shares of the company peaked at AU$0.02 on Tuesday.

4. Lodestar Minerals (ASX:LSR)

Weekly gain: 33.33 percent
Market cap: AU$13.8 million
Share price: AU$0.016

Lodestar Minerals is a Fremantle-based exploration company focused on gold, base metals and critical metals discoveries across projects in Western Australia, Chile and the United States.

Its portfolio includes its Ned’s Creek gold project in Western Australia, the Los Loros and Three Saints copper projects in Chile and the Virgin Mountain rare earths project in Arizona, US.

On Monday, Lodestar announced it had executed a drilling contract for a minimum 10,000 metre reverse circulation drill program at Ned’s Creek’s Gidgee Flat, Contessa and Central Park gold prospects.

The campaign is expected to begin in late March and will focus on infill and step-out drilling designed to support a maiden mineral resource estimate targeted for completion within this calendar year.

Following this, on Thursday the company reported visible copper sulphide mineralisation in multiple intervals of its maiden diamond drill hole at the Three Saints project in Chile. Assay results are expected in the second quarter of 2026.

Shares of Lodestar closed last week at AU$0.012, and rose to close at a high of AU$0.016 on Thursday.

5. Torque Metals (ASX:TOR)

Weekly gain: 32.43 percent
Market cap: AU$299.01 million
Share price: AU$0.490

Torque Metals is an exploration company focused on gold discoveries in Western Australia. Its flagship asset is the Paris gold project in the historic 5.5 million ounce past-producing Norseman gold district near Kalgoorlie.

On Monday (March 9), Torque requested a pause in trading, pending an announcement regarding a proposed corporate update. Later in the week, on Wednesday, the company announced it has brought on three members of the team from Spartan Resources, which merged with Ramelius Resources (ASX:RMS,OTCPL:RMLRF) last year, to advance its activities at the Paris gold project through exploration and towards development and production.

The team members were part of the discovery of the Dalgaranga gold project and its Never Never and Pepper deposits. Torque appointed Craig Jones CEO and Managing Director elect, while Simon Lawson and David Coyne will serve as non-executive chairman and director, respectively.

"We see substantial potential at the Paris Gold Project and across Torque's 1,200 square kilometre land holding,” Lawson shared. “(Paris’ location and geology) provides the team with a powerful exploration advantage as we commence a focussed and systematic exploration program aimed at delivering high-impact drilling results.”

The company also highlighted a pro forma cash position of AU$19 million to accelerate exploration in 2026.

After closing at AU$0.37 last week, Torque peaked at AU$0.50 after trading recommenced Wednesday.