Top 5 Australian Mining Stocks This Week: Carnaby Resources Soars on Acquisition News

Market and commodities price round-up

The S&P/ASX 200 (INDEXASX:XJO) opened at 8,857.9 on Monday (July 27) and closed at 8,967.7 on Thursday (July 30), reflecting a 1.24 percent increase over the period.

Gold and silver both were mostly flat this week as of the close of Australian markets on Thursday. The gold price increased 0.45 percent in US dollars, rising from US$4,086.65 per ounce on Monday to US$4,105.14 on Thursday. A 0.05 percent increase was seen in Australian dollars, with gold going from AU$5,837.82 to AU$5,841.07.

Silver similarly ended the period with little movement, decreasing 0.03 percent in US dollars from US$58.94 per ounce to US$58.92. In Australian dollars, the metal fell by 0.45 percent from AU$84.18 to AU$83.80.

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 using TradingView's stock screener and reflects price movements between the first trading day of the week 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. Carnaby Resources (ASX:CNB)

Weekly gain: 52.08 percent
Market cap: AU$209.85 million
Share price: AU$0.73

Carnaby Resources is a copper and gold explorer with projects in Queensland and Western Australia.

The company’s primary focus has been on its Greater Duchess project, located south of Mount Isa in Queensland. The property sits on a 1,946 square kilometre land package, and hosts the past-producing Duchess copper-gold mine that produced approximately 205,000 tonnes of ore grading 12.5 percent copper between 1900 and 1940.

On March 16, Carnaby released a prefeasibility study and maiden ore reserve for the project that outlines a post-tax net present value of AU$322 million, with an internal rate of return of 281 percent and a payback period of 13 months at a base-case copper price of AU$16,500 per tonne and a gold price of AU$6,000 per ounce.

Shares of Carnaby surged Monday on news of an acquisition by Evolution Mining (ASX:EVN) through a binding scheme implementation deed. Under the terms of the deal, Evolution will acquire 100 percent of Carnaby’s issued shares at an implied value of AU$0.77, for a total value of AU$213 million.

“After carefully assessing the alternatives, including a standalone development scenario, the Carnaby Board has determined the Evolution proposal represents the most compelling risk-adjusted value for Carnaby shareholders,” Carnaby Managing Director Rob Watkins said in a press release.

The company will continue progressing critical workstreams until the deal is complete, expected around mid-November, contingent on court and shareholder approvals.

If the deal closes, Evolution will complete an updated feasibility study assessing integrating Greater Duchess into its own Ernest Henry operations, located about 160 kilometres from the project by road.

2. Hamelin Gold (ASX:HMG)

Weekly gain: 27.59 percent
Market cap: AU$29.75 million
Share price: AU$0.185

Hamelin Gold is an exploration company with projects in Western Australia, including the Day Dawn, Venus and West Tanami gold projects. Its primary focus in 2026 is its Day Dawn project, located in the Paterson Province 10 kilometres northwest of Greatland Resources' (ASX:GGP,LSE:GGP,OTCPL:GRLGF) Telfer gold mine.

Hamelin Phase 1 reverse-circulation drilling focused on testing the Aurora Lode after it received an exploration licence for Day Dawn in May, and announced assay results for the first 15 holes on July 20. Among the highlights was a high-grade, near-surface intercept of 93.4 grams per tonne (g/t) gold over 3 metres from a depth of 9 metres.

“The results support our reinterpretation of historical drilling at the Aurora Lode and highlight the significant high-grade gold potential of the project, with mineralisation remaining open at depth and along strike across parallel lodes,” Hamelin Gold Managing Director Peter Bewick said.

This week, Hamelin released its quarterly report for the June quarter on Thursday, providing an update on work and upcoming plans at its projects. According to the release, it expects to release assays for the final 13 holes of Phase 1 soon, and begin Phase 2 drilling next month designed to quickly advance the project.

The company has AU$2.5 million in cash reserves.

Hamelin's shares spiked following the July 20 release, and jumped even higher Thursday.

3. Southern Palladium (ASX:SPD)

Weekly gain: 23.85 percent
Market cap: AU$193.86 million
Share price: AU$1.61

Southern Palladium is an exploration and development company working to advance its Bengwenyama platinum-group metals (PGMs) project in South Africa. The company holds a 70 percent interest in the asset, with the remainder held by the Bengwenyama-ya-Maswazi community.

The property is located in the Bushveld Complex and lies adjacent to Valterra Platinum's (LSE:VALT,JSE:VAL,OTCPL:AGPPF) Modikwa mine.

According to an October 2024 resource update, Bengwenyama's UG2 and Merensky Reefs host a total contained resource of 40.25 million ounces combined across six PGMs and gold.

In July 2025, Southern Palladium released an optimised prefeasibility study for the project, outlining an economic case with a post-tax net present value of US$857 million and an internal rate of return of 26.4 percent, based on a base-case basket price of US$1,557 per ounce for five PGMs and gold.

The company is currently advancing a definitive feasibility study, and on July 9 released results for a metallurgical study for a PGMs and chromite plant. The study estimates full-plant chromite recovery of 85.6 percent with a grade of 42.2 percent Cr2O3 concentrate. This marks a significant upgrade from the 30 percent recovery used in the prefeasibility study. Additionally, the PGM recovery was estimated at 87.6 percent, with improved concentrate grades.

"These outcomes ... point to potential capital and operating cost advantages through reduced processing volumes, improved chromite recovery, strong PGM recoveries and premium concentrate grades," Managing Director Johan Odendaal said.

4. Minbos Resources (ASX:MNB)

Weekly gain: 23.53 percent
Market cap: AU$29.39 million
Share price: AU$0.021

Minbos Resources is advancing its Cabinda phosphate project to production as a shallow, open-pit mine. The 74 square kilometre property is in the province of Cabinda, an exclave of Angola located to the country's north along Africa's western coast. It is an 85/15 joint venture between Minbos and local partners.

According to an October 2022 definitive feasibility study, the Cacata deposit has a proven and probable ore reserve of 4.7 million tonnes grading 30.1 percent phosphorus pentoxide. The report also outlines a post-tax net present value of US$399.4 million, with an internal rate of return of 61 percent and a payback period of 3.6 years.

On Wednesday (July 29), Minbos announced that construction of the Cabinda phosphate fertiliser plant is underway, and currently on schedule to begin dry commissioning in the second quarter of 2027.

Early mine mobilisation is set to begin during the second half of 2026. Capital for development has been fully allocated, with a focus on mining operations and fertiliser inputs.

5. PolarX (ASX:PXX)

Weekly gain: 23.08 percent
Market cap: AU$43.6 million
Share price: AU$0.016

PolarX is a copper and gold explorer focused on projects in Alaska and Nevada, US. Its broad Alaska Range copper-gold project encompasses the Caribou Dome copper project, the Stellar gold project and the Senator copper project. PolarX also owns the Humboldt Range project, which consists of 400 lode mining claims in Northwest Nevada.

Its most recent attention has been on its Caribou Dome project, which consists of 216 contiguous state mining claims covering a total land package of 116 square kilometres.

The Alaska Range project, including Caribou Dome, is the subject of an August 2025 earn-in agreement with Northern Star Resources (ASX:NST,OTCPL:NESRF) in which Northern Star can earn up to a 70 percent interest in the project through a joint venture in exchange for cash contributions totaling US$39 million. Its ownership currently stands at 30 percent following its second payment, totalling US$6 million, in April.

On June 9, PolarX announced the start of a 10,000 hole diamond drill program at Caribou Dome, part of its 2026 Alaska Range exploration program, which is fully funded by Northern Star's payments. The release also features the final assays from its nine hole, 2,133 metre drilling at the property in 2025, highlighting a 3 metre interval grading 11.23 percent copper and 12.63 g/t silver from a depth of 65.3 metres.

The company released its June quarterly report on Thursday, featuring a round-up of exploration at its portfolio.