Top Australian Mining Stocks This Week: Lithium Valley Results Boost Gold Mountain

Market and commodities price round-up

The S&P/ASX 200 (INDEXASX:XJO) opened at 8,953 on Monday (February 16) and closed at 9,086.2 on Thursday (February 19), reflecting a 1.49 percent increase over the period.

The gold price decreased 1.07 percent in US dollars, falling from US$5,043.28 per ounce on Monday to US$4,989.10 by Thursday, and 0.7 percent in Australian dollars, moving from AU$7,130.13 to AU$7,080.55.

Silver posted a small increase, rising 0.84 percent in US dollars.

The metal went from US$77.36 per ounce on Monday to US$78.01 on Thursday. In Australian dollars, the metal saw a larger 1.23 percent increase, rising from AU$109.37 to AU$110.71.

Top ASX mining stocks this week

How did ASX mining stocks perform against this backdrop?

Take a look at this week’s 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. ADST 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. Gold Mountain (ASX:GMN)

Weekly gain: 73.68 percent
Market cap: AU$27.21 million
Share price: AU$0.165

Gold Mountain is focused on developing Brazil-based rare earths, lithium and copper projects.

Its flagship asset is the Down Under rare earths project, which has returned peak of values of 4,346 parts per million total rare earth oxide. Gold Mountain also holds the Araxá rare earths-niobium project, as well as the Lithium Valley project, which is made up of 49 tenements in Brazil’s Lithium Valley.

This week, the company shared results from stream sediment samples taken from Lithium Valley, saying that it has defined extensive lithium and gold anomalies at the Salinas South prospect.

Managing Director David Evans commented in a release that the program further validates Lithium Valley's "strong potential," adding that Gold Mountain is anticipating the development of drill targets at the project’s Salinas South and Coroaci prospects following work at the Irajuba prospect at Down Under.

“The structural location of the known zones of pegmatites and lithium anomalies, in zones of interpreted NE trending and NS trending structures is highly encouraging," he commented. “Our Lithium portfolio remains an important asset to the Company despite our current major focus on the Rare Earths at Irajuba.”

Shares of Gold Mountain went from an AU$0.105 close on Monday to a week’s high of AU$0.165 on Thursday.

2. Empire Resources (ASX:ERL)

Weekly gain: 70 percent
Market cap: AU$22.17 million
Share price: AU$0.017

Empire Resources is an exploration company focused on Australian copper-gold assets.

The company owns 100 percent of two projects it believes are highly prospective: the Yuinmery copper-gold project, 470 kilometres northeast of Perth, and the Penny’s gold project, 45 kilometres northeast of Kalgoorlie.

The company requested a trading halt on February 9, pending the release of an announcement.

On February 11, it said it had received firm commitments for a AU$5 million placement in two tranches. The first tranche was completed on Tuesday (February 17), with Empire confirming it had issued 363,478,311 fully paid ordinary shares at an issue price of $0.008 per share, raising approximately A$2.908 million (before costs).

The company saw its shares rise from a Tuesday close of AU$0.012 to AU$0.016 on Thursday.

3. Cosmos Exploration (ASX:C1X)

Weekly gain: 66.67 percent
Market cap: AU$13.56 million
Share price: AU$0.135

Cosmos Exploration is a lithium explorer with an option to merge with EAU Lithium, which is focused on developing Bolivian lithium reserves in a strategic partnership with Vulcan Energy Resources (ASX:VUL,OTCPL:VULNF).

On Monday, EAU shared that it had executed a non-binding negotiation agreement for potential future contracts related to lithium production with Bolivian state-owned lithium company YLB. The framework specifically focuses on using Vulcan Energy's VULSORB A-DLE technology, as the company recently completed a major financing round to fund the construction of its integrated lithium-geothermal project using the technology.

With this week’s activity, shares of Cosmos went from AU$0.082 on Monday to AU$0.135 on Thursday.

4. New Age Exploration (ASX:NAE)

Weekly gain: 50 percent
Market cap: AU$16.82 million
Share price: AU$0.003

New Age Exploration is a gold- and lithium-focused exploration and development company. Its flagship asset is the Wagyu gold project, located in the Central Pilbara region of Western Australia. The project lies within the Mallina Basin, just 5 kilometres west of Northern Star Resources' (ASX:NST,OTCPL:NESRF) 11.2 million ounce Hemi gold deposit.

Last week, the company published the first round of assay results from a reverse-circulation drill program at Wagyu, saying that results from the second half of the program are expected in the coming weeks. While no further updates have been made, the company traded at a high of AU$0.0045 on Tuesday, gaining the attention of the ASX.

In response to a query, it said it was not aware of any information that could explain the trading activity.

Shares of New Age closed at AU$0.003 on Thursday.

5. Hamelin Gold (ASX:HMG)

Weekly gain: 53.85 percent
Market cap: AU$17.85 million
Share price: AU$0.12

Hamelin Gold is an explorer focused on unlocking underexplored gold provinces in Australia. The company’s portfolio includes the West Tanami gold project and the Day Dawn project, both in Western Australia.

Hamelin shared its latest update on February 9, reporting on a review of historical drilling datasets. It said compilation and validation of historical drilling has defined the high-grade Aurora lode at Day Dawn.

On Tuesday, the company posted its presentation from the RIU Explorers Conference, saying that drilling at Day Dawn will commence in the May to June period. Meanwhile, Hamelin said 2026 programs at West Tanami will search for high-grade gold shoots within deposit-scale gold footprints.

Shares of Hamelin went from a Monday close of AU$0.078 to a Thursday close of AU$0.12.