Top Australian Mining Stocks This Week: Solstice Minerals Soars on Strong Copper Drill Results

Market and commodities price round-up

The S&P/ASX 200 (INDEXASX:XJO) opened at 8,821.1 on Monday (February 2) and closed at 8,889.2 on Thursday (February 5), reflecting a 0.77 percent increase over the period.

After plummeting to end last week, gold and silver prices had moved further down this week by Thursday's close.

The gold price decreased 0.8 percent in both US and Australian dollars. In US dollars, gold moved from US$4,891.32 per ounce on Monday to US$4,852.05 on Thursday; in Australian dollars, it fell from AU$7,024.37 to AU$6,967.29.

The silver price posted much larger decreases. The white metal dropped from US$85.38 per ounce on Monday to US$75.88 on Thursday, and from AU$122.61 to AU$108.96 over the period.

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. Solstice Minerals (ASX:SLS)

Weekly gain: 148.35 percent
Market cap: AU$109.1 million
Share price: AU$1.130

Solstice Minerals is an explorer with headquarters in Subiaco, Western Australia. Its four core projects are the Yarri, Nanadie, Kalgoorlie and Ponton projects, which collectively host gold, copper, base metals and uranium.

This week, Solstice shared results from the first reverse-circulation (RC) drilling at the wholly owned Nanadie project, which is located 95 kilometres southeast of Meekatharra in the Murchison District.

The company reported that the first five holes demonstrate wide zones of mineralisation and high-grade mineralisation extending outside the current mineral resource estimate (MRE). It highlighted an interval of 62 metres grading 1.55 percent copper and 0.66 grams per tonne (g/t) gold that ran from 256 metres until the end of the drill hole.

Nanadie has an existing JORC-compliant inferred MRE of 40.4 million tonnes at 0.4 percent copper and 0.1 g/t gold for 162,000 tonnes of contained copper and 130,000 ounces of gold.

“The system is clearly wide open at depth, and drill chip logging in the remaining holes has opened new geological targets and confirmed our belief that the MRE can be materially increased,” CEO and Managing Director Nick Castleden said in a Tuesday (February 3) release. “We’ve made a cracking first step toward growing this asset and look forward to reporting the balance of our Phase 1 drilling results, and our future plans.”

Solstice said the second phase of the RC program is now in design, with drilling scheduled to commence as soon as possible. It has AU$13.4 million in cash on hand to fund its work at the project.

Shares of Solstice soared from the prior week’s close of AU$0.455 to AU$1.13 by Thursday.

2. MEC Resources (ASX:MMR)

Weekly gain: 75 percent
Market cap: AU$11.23 million
Share price: AU$0.007

MEC Resources operates as an investor in mineral and energy companies, setting it apart from other companies on this list. The business positions itself as a platform that provides carefully selected companies that are looking to advance their projects and list on the ASX with development and exploration funding.

MEC’s principal investment is a 37.95 percent interest in the unlisted gas and hydrogen company Advert Energy, alongside BPH Energy (ASX:BPH), which holds a 35.8 percent interest in Advent. Advent itself is focused on the PEP 11 joint venture, an offshore gas project in Australia’s Sydney Basin in which it holds an 85 percent stake.

The joint venture’s application to renew the PEP 11 permit was rejected in January 2025. It is now awaiting a review of the decision in mid-February, seeking to have it declared void and the permit renewal applications reconsidered.

On January 29, MEC released its operational update for the quarter ended December 31, which includes an update on Clean Hydrogen Technology, in which Advent holds a 4.3 percent interest. The hydrogen company has a pilot plant in India that has produced turquoise hydrogen and a carbon composite from natural gas hydrocarbon feedstock. It is currently seeking US$2.5 million in funding to build its initial Stage 1 plant in India, followed by one in the US.

Looking forward, the two day court hearing for the PEP 11 permit is set to take place on February 20 and 23.

Shares of MEC went from a close of AU$0.004 last week to a Thursday peak of AU$0.007.

3. Alma Metals (ASX:ALM)

Weekly gain: 72.73 percent
Market cap: AU$31.57 million
Share price: AU$0.019

Alma Metals is an Australian copper explorer focused on the development of its flagship Briggs copper project in Queensland, Australia. The project covers 245 square kilometres across three exploration permits.

The Briggs copper deposit contains a JORC-compliant inferred MRE of 415 million tonnes at 0.25 percent copper and 31 parts per million molybdenum for 1.03 million tonnes of contained copper and 28.6 million pounds of molybdenum.

The latest update on Briggs came on January 27, when the company shared assay results for a 2025 drill program. Results include an interval of 620 metres grading 0.25 percent copper, the longest recorded in Briggs’ history, and aligned with the company’s geological model.

“We look forward to building on this momentum as we move into a significant year of drilling and PFS advancement during 2026,” Managing Director Frazer Tabeart said. “Drilling is expected to recommence within two months, providing continuous news flow throughout the remainder of the year.”

On January 29, Alma released a quarterly update, noting that the company is commencing prefeasibility studies and that the recent results support extending the current indicated MRE.

No further project updates were shared by Alma this week.

Shares of the company rose from an AU$0.011 close last week to an AU$0.019 peak on Thursday.

4. FirstAU (ASX:FAU)

Weekly gain: 63.64 percent
Market cap: AU$42.78 million
Share price: AU$0.018

FirstAU is an exploration company exploring its flagship Gimlet gold project near Kalgoorlie, Western Australia. Gimlet hosts an inferred resource of 120,000 ounces of gold from 1.17 million tonnes of ore grading 3.2 g/t gold.

On January 29, FirstAU announced a strategic refocus to its Western Australia projects, including Gimlet. As part of the change, it plans to exit the Nimba gold project joint venture in Liberia, receiving a 2 percent net smelter royalty for its 35 percent interest. It optioned out its Eastern Victorian Goldfield project last October.

On Monday, the firm completed an AU$5.6 million capital raising to advance its Western Australian gold strategy. Proceeds will be used to advance exploration programs at Gimlet and for general working capital.

“The funds received from this raising will allow us to consider expanding our project portfolio,” Chairman Danil Raihani stated, adding that in the meantime FirstAU will focus on Gimlet as a "single, high-quality opportunity."

Shares of First AU saw a rising slope following the announcement, going from an AU$0.011 the prior week’s close to a weekly high of AU$0.018 on Thursday.

5. BMG Resources (ASX:BMG)

Weekly gain: 41.67 percent
Market cap: AU$35.33 million
Share price: AU$0.034

BMG Resources is another Western Australia-focused exploration company.

The firm is currently developing its portfolio of fully owned projects: Abercromby, Invincible, Bullabulling and South Boddington, mainly focusing on gold and lithium.

Abercromby currently holds a maiden MRE of 11.12 million tonnes at 1.45 g/t gold for 518,000 ounces gold.

Its Bullabing project is adjacent to Minerals 260’s (ASX:MI6,OTCPL:MTSZF) Bullabulling gold mine, at which the contained gold resource recently doubled from 2.3 million ounces to 4.5 million ounces. According to the company, “gold lodes from the Bullabulling Gold Mine (are) interpreted to extend into the BMG tenure.”

On Tuesday, BMG announced firm commitments to raise AU$2.5 million via a placement of fully paid ordinary shares at AU$0.021 per share, which will be used for drilling at Abercromby and Bullabulling.

Cornerstone commitments were reportedly made by international investment company Tribeca Investment Partners, alongside European strategic investors.

Additionally, BMG appointed Ben Pollard, who has a long history in Western Australia’s gold sector, as its new CEO.

“With new funding secured, we are ready to hit the ground running in 2026,” Pollard stated.

“Expansion and resource definition at Abercromby will commence shortly, while at Bullabulling we will do work to refine targets ahead of a major drill campaign in Q2.”

Following the news, BMG shares jumped to a AU$0.034 close on Tuesday from AU$0.024 the prior trading day.