Top Australian Mining Stocks This Week: Australian Strategic Materials Climbs on Energy Fuels Acquisition

Market and commodities price round-up

The S&P/ASX 200 (INDEXASX:XJO) ended the week largely flat, opening at 8,885.50 on Monday (January 19) and closing at 8,848.70 on Thursday (January 22), reflecting a 0.41 percent decrease over the period.

The gold price continued to shine this week, reaching new all-time high prices. In US dollars, gold showed a strong 4.38 percent increase from US$4,596.52 on Monday to US$4,797.86 by Thursday's close of Australian markets. In Australian dollars, the yellow metal increased 2.57 percent, moving from AU$6,877.77 to AU$7,054.44.

Silver also posted significant gains and set new all-time highs. The silver price climbed 3.41 percent in US dollars, starting the week at US$90.16 and closing at US$93.23. In Australian dollars, the metal demonstrated a smaller 1.61 percent increase, rising from AU$134.90 to AU$137.07.

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. Australian Strategy Materials (ASX:ASM)

Weekly gain: 130.77 percent
Market cap: AU$194.34 million
Share price: AU$1.65

Australian Strategic Materials is a West Perth-based critical minerals company focused on its cornerstone Dubbo rare earths project in New South Wales.

It also holds the Korean metals plant in South Korea, its flagship plant responsible for the production of rare earth metals and alloys since it opened in May 2022.

The company made headlines this week following the Wednesday (January 21) announcement that Energy Fuels will be acquiring Australian Strategic Materials for a total implied value of AU$1.60 per ASM share through a recommended scheme of arrangement.

A meeting to vote on the scheme is expected to be held in the second quarter of calendar 2026. Subject to ASM shareholders and court approvals, implementation of the scheme is expected before June 30 of this year.

Currently listed in Canada and the US, Energy Fuels has agreed to list on the ASX so shareholders can still trade shares via CHESS depositary interests.

“Following the transaction, ASM will have access to enhanced funding capacity and reduced execution risk through participation in a larger, better capitalised group,” the announcement read.

The Dubbo project has already secured all necessary permits and is currently waiting on a final investment decision and commencement of construction. Its reserves support an initial mine life of 20 years.

Shares of ASM moved from a previous close of AU$0.725 to AU$1.650 following the announcement.

2. Antilles Gold (ASX:AAU)

Weekly gain: 70 percent
Market cap: AU$46.61 million
Share price: AU$0.017

Headquartered in New South Wales, Antilles Gold is a gold-copper-antimony developer in Cuba, with a 50 percent interest in Minera La Victoria alongside state-owned Cuban mining company GeoMinera.

The joint venture’s portfolio is formed by major projects such as the advanced-stage Nueva Sabana copper-gold and La Demajagua gold-silver-antimony projects, which are being developed as open pit mines.

The resource of the Nueva Sabana project amounts to a total of 106,400 ounces of gold and 52.44 million pounds of copper, while La Demajagua holds an estimate of 905,000 ounces of gold equivalent.

Antilles announced on January 20 (Tuesday) plans for a team that will perform drilling programs at both projects, as well as “a number of identified copper porphyry deposits,” over the coming years

The first program, expected to begin in April or May, will consist of 15,000 metres of infill drilling at La Demajagua. Its goal is to define the antimony resource and upgrade the mineral resource estimate as it works towards a definitive feasibility study.

Earlier this month, Antilles Gold announced it issued a notice to proceed with construction of the first stage of the Nueva Sabana mine. The notice was issued to builder Yantai Xinhai Mining Technology & Equipment through a contract with a fixed price of US$29.5 million, covering approximately 85 percent of the remaining US$35 million of development costs.

Additionally, Xinhai Mining agreed to provide a US$17.1 million credit facility that will allow Antilles to pay a large portion of the cost up to 18 months after construction is completed. First gold production is anticipated in January 2027 and will help fund the company’s other workings.

Shares of Antilles rose 70 percent to a Thursday peak of AU$0.017 this week.

3. Latitude 66 (ASX:LAT)

Weekly gain: 64.63 percent
Market cap: AU$24.47 million
Share price: AU$0.135

Another West Perth-based company in this week’s list is developer and explorer Latitude 66, which is focused on gold and critical minerals in Finland and Australia.

Included in its portfolio is the Laverton gold project in the Yilgarn Craton of Western Australia.

Latitude 66 penned two binding options and joint venture agreements in November 2025 that gave it the option to acquire an 80 percent stake in Laverton.

The project includes the Red Dog historic open pit mine, which currently hosts an indicated and inferred mineral resource of 231,000 tonnes of ore grading 1.82 grams per tonne (g/t) gold for 13,500 ounces at a cut-off grade of 0.5 g/t gold.

On Tuesday (January 20), the company shared results from December drilling at the Red Dog and Tin Dog prospects within Laverton, which it said “confirm wide high-grade gold mineralisation across multiple lodes.”

Red Dog’s results include 11 meters at 4.6 g/t gold from 10 meters, while Tin Dog’s include 2 meters at 12.5 g/t gold from 83 meters.

Follow-up drilling at Laverton is scheduled in February of this year.

Shares of Latitude 66 rose from an AU$0.084 Monday close to an AU$0.150 peak on Wednesday.

4. Riversgold (ASX:RGL)

Weekly gain: 63.64 percent
Market cap: AU$33.34 million
Share price: AU$0.018

Riversgold is a Subiaco-based Australian explorer with projects in Australia and Canada. It is focused on copper and gold resources and also holds assets with lithium, uranium and iron ore.

Its flagship projects, located in Western Australia, are the Tambourah and Kalgoorlie gold projects. Riversgold holds an 80 percent interest in the Northern Zone gold project, which is part of the larger Kalgoorlie project.

Mining contractor MEGA Resources is currently advancing the Northern Zone gold project towards production in the first half of 2026. MEGA is fully funding the endeavour, including mining and haulage, and will split profits half and half between itself and the project owners.

On January 15, the company announced a trading halt, pending an important announcement.

The announcement was made on Monday, revealing drilling results from 21 holes at the Kalgoorlie project's Northern Zone and a capital raise.

The company reported shallow gold mineralisation, with results including one hole that intersected 8 meters at 5.81 g/t gold from 46 meters.

Results from a further 16 drillholes are due to be received in two batches over the coming weeks. Exploration Director Ed Mead said that the next phase of expansion drilling due at Northern Zone is targeted to start on February 10.

On another note, the capital raise amounts to AU$2.15 million at AU$0.01 per share, with MEGA Resources subscribing for 100 million shares. Proceeds will go towards developing the Northern Zone and advancing the Tambourah project.

Shares of Riversgold went from a Monday close of AU$0.014 to this week’s high of AU$0.022 on Wednesday.

5. Javelin Minerals (ASX:JAV)

Weekly gain: 50 percent
Market cap: AU$26 million
Share price: AU$0.135

Javelin Minerals is another West Perth-based gold producer, positioned in Western Australia’s Goldfields.

It owns the Eureka project, located 50 kilometres north of Kalgoorlie and currently positioned for near-term production. Eureka currently holds an indicated resource of 1.36 million tonnes at 1.8 g/t gold for 78,678 contained ounces.

Javelin also holds the Coogee gold-copper-nickel project to the south-east of Kalgoorlie. The company plans to drill the site in the first quarter of the year.

The company’s latest update on Eureka was made in December, revealing that the project is on track for production in 2026.

Mining is targeted to commence early in the June quarter under MEGA Resources, which is also providing AU$25 million in project funding.

In preparation for mining, drilling contractor TopDrill completed a 1,100 metre diamond drilling program around the Eureka gold pit. Next month Javelin plans to perform a reverse circulation drill program to test extensions of mineralisation.

While no further updates have been shared by Javelin, anticipation on the project is potentially driving investor interest.

Shares of the company peaked this week at AU$0.135 on Thursday.