Top 5 Australian Mining Stocks This Week: Canadian Phosphate Soars on Exploration Permit

Market and commodities price round-up

The S&P/ASX 200 (INDEXASX:XJO) opened at 8,723.80 on Monday (May 4) and closed at 8,878.10 on Thursday (May 7), reflecting a 1.77 percent increase over the period.

Gold and silver prices rose this week as of the close of Australian markets Thursday. In US dollars, gold rose 1.77 percent from US$4,614.34 on Monday to US$4,696.08 by Thursday, and in Australian dollars saw a smaller, 1.13 percent increase, with gold moving from AU$6,406.35 to AU$6,478.82.

Silver saw larger increases, rising 3.39 percent in US dollars from US$75.27 on Monday to US$77.75 on Thursday. In Australian dollars, the metal recorded a 2.64 percent increase, moving from AU$104.50 to AU$107.26.

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. Canadian Phosphate (ASX:CP8)

Weekly gain: 62.5 percent
Market cap: AU$57.22 million
Share price: AU$0.195

Canadian Phosphate is a phosphate development company focused on advancing its mine-to-market strategy and acquiring high-grade, low-impurity phosphate projects in Canada.

The company’s flagship operations are centred on the Wapiti and Fernie sedimentary rock phosphate projects in British Columbia, located near Tumbler Ridge and Sparwood respectively.

Canadian Phosphate is preparing for a 10,000 tonne bulk sample from Fernie expected in Q3, and performing early-stage work for a potential phosphate plant.

On Monday, the company announced that it has secured a five-year exploration permit from the British Columbia Ministry of Mines and Critical Minerals for the Wapiti project.

The permit application was made in 2025 as part of Canadian Phosphate’s strategy to advance exploration across the Wapiti tenures, which are located in the province’s northeast.

"The timing of this granting is fortunate and allows us to commence drilling in the northern summer, with final preparations for this program underway," CEO Daniel Gleeson stated in the release.

Exploration is scheduled to begin shortly, with drilling set to focus on the exploration target area testing the lateral extension, along strike extension and depth of the phosphate seam.

The company added that it will use the results from the drilling program to update Wapiti’s JORC resource estimate, expected towards the end of 2026.

Canadian Phosphate took second place on this top Australian stocks list two weeks ago at a share price of AU$0.115. After they closed last week at AU$0.12, this week’s upwards momentum following the Monday announcement drove its shares to a peak of AU$0.195 on Thursday.

2. Caprice Resources (ASX:CRS)

Weekly gain: 55.84 percent
Market cap: AU$107.73 million
Share price: AU$0.120

Caprice Resources is a Western Australian gold exploration company focused on three gold projects in the Murchison region of Western Australia, including its flagship Island gold project.

Island hosts the emerging high-grade Vadrians gold system, where ongoing drilling has outlined mineralisation over more than 1 kilometre of strike and to depths exceeding 400 metres.

On Wednesday (May 6), the company reported that its 50,000 metre drill program at the project identified a new, shallow zone with high-grade gold mineralisation located roughly 120 metres parallel to Vadrians.

The company highlighted results from one hole that intersected 22 metres grading an average of 66.2 grams per tonne (g/t) gold, including 8 metres at 181 g/t gold, both starting at 42 metres downhole.

“The combination of grade, thickness, shallow depth, and proximity to the main Vadrians mineralisation reinforces our view that Island is evolving into a multi-lode system with significant scale potential,” Managing Director Luke Cox commented.

Caprice also published its RIU Sydney Resources Round-up presentation on Thursday, outlining upcoming catalysts in May, including further assay results and additional drilling at Vadrians North and the new zone. The company is currently working towards defining a maiden mineral resource estimate for the project.

After closing Tuesday at AU$0.074, shares of Caprice Resources surged to AU$0.120 the next day on the gold discovery news.

3. TG Metals (ASX:TG6)

Weekly gain: 46.67 percent
Market cap: AU$23.5 million
Share price: AU$0.220

Headquartered in West Perth, TG Metals is an exploration and development company focused on gold and lithium assets in Western Australia.

Its flagship gold asset is the past-producing Van Uden gold project in the Southern Cross-Forrestania Greenstone Belt, where the company is advancing a growing gold resource alongside studies evaluating a potential heap leach development pathway to restart production.

On Wednesday, TG Metals announced that a desktop study had identified additional laterite gold targets with the potential to double Van Uden’s existing near-surface laterite resource, which currently stands at 17,700 ounces of gold between indicated and inferred.

“The approvals process for the laterite heap leach project has been advanced with a preliminary design created which will form part of the mining proposal submission,” added CEO David Selfe.

TG Metals also revealed that it had completed a preliminary heap leach facility design based on a nominal 250,000 tonne per annum operation, with the layout set to form part of an upcoming mining proposal submission. The design aims to minimise the project disturbance footprint while supporting future production scenarios.

In its RIU Sydney Resources Round-up presentation also published on Wednesday, the company highlighted recent resource growth at Van Uden, where an updated mineral resource estimate released in April increased the project’s total inventory to 270,800 ounces of gold.

It also noted it is working to define a resource at its Lake Johnston lithium project’s Burmeister deposit, and is permitted for drilling.

After closing last week at AU$0.150, shares of TG Metals climbed throughout the week following and reached a weekly high of AU$0.220 on Thursday.

4. Hamelin Gold (ASX:HMG)

Weekly gain: 42.11 percent
Market cap: AU$19.43 million
Share price: AU$0.135

Hamelin Gold is a Subiaco-based explorer focused on its gold projects in Australia. The company’s portfolio includes the West Tanami gold project and the Day Dawn gold project, both located in Western Australia.

On Thursday, the company announced the grant of the Day Dawn exploration licence, which will allow the commencement of exploration activities.

Hamelin also shared that it secured co-funding under Western Australia’s Exploration Incentive Scheme (EIS) for diamond drilling at Day Dawn, which can reach up to AU$180,000. The company said the program will target extensions to known mineralisation as well as potential parallel lodes within the project area.

“Preparations for the first drilling program at the project are well advanced with the confirmation and extension of near-surface, high-grade gold mineralisation at the Aurora Lode to be the primary focus of this drilling,” Managing Director Peter Bewick said, adding that Day Dawn will be a major focus for Hamelin Gold this year.

Shares of Hamelin Gold closed last week at AU$0.095 and held near that level through Wednesday. On Thursday, following the Day Dawn announcement, the company’s shares spiked to a weekly high of AU$0.135.

5. MRG Metals (ASX:MRQ)

Weekly gain: 33.33 percent
Market cap: AU$11.94 million
Share price: AU$0.004

MRG Metals is a Perth-based explorer focused on heavy mineral sands and rare earth opportunities in Mozambique and South Africa.

The company’s portfolio includes the Corridor Sands and Marão titanium dioxide projects, both joint ventures with Sinowin Lithium, as well as MRG’s Adriano and Garies rare earth projects.

On Wednesday, MRG announced that Sinowin will fund drilling at the Marão project in Mozambique to support a mining licence application and advance regulatory approvals. The announcement follows news last Friday that Sinowin would also fund drilling at the Corridor North titanium dioxide project, which Sinowin is advancing towards initial production in early 2027.

In this week’s release, Chairman Andrew Van Der Zwan stated, “Sinowin’s ongoing focus on the growth of the JV allows MRG to focus in parallel on further growth opportunities in Mozambique with Adriano/Fontinho and Olinga and excitingly, to bring the Garies project in South Africa to Mining licence approval, while developing an exploration plan to expand the high-grade resource inventory at Garies.”

Shares of MRG Metals closed last week at AU$0.0035 and rose to AU$0.004 this week following Wednesday’s news.