Top 5 Australian Mining Stocks This Week: Raiden Resources Rises 33 Percent on Copper Deal

Market and commodities price round-up

The S&P/ASX 200 (INDEXASX:XJO) opened at 9,016.3 on Monday (November 9) and closed at 9,142.9 on Thursday (November 12), ending the period up 1.4 percent.

The gold price was down this week as of the close of Australian stock markets on Thursday. It fell 2.25 percent in US dollars, from US$4,066.74 per ounce on Monday to US$3,975.43 on Thursday. Meanwhile, a 2 percent decrease was seen in Australian dollars, with gold moving from AU$5,930.00 to AU$5,811.38.

The silver price ended the period down 0.69 percent in US dollars, falling from US$51.83 per ounce to US$51.47; in Australian dollars, the metal decreased 0.79 percent from AU$75.82 to AU$75.22.

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. Raiden Resources (ASX:RDN)

Weekly gain: 33.33 percent
Market cap: AU$13.8 million
Share price: AU$0.004

Raiden Resources is an exploration company with a portfolio of base metal and gold projects in Australia, Bulgaria and Brazil, and is now optioning a copper project in Zambia.

On Wednesday (November 11), Raiden announced a binding option and earn-in agreement with Lobito Resources for up to 80 percent of the Zambia Copper Domes project. Under the terms of the agreement, Raiden can earn its first 51 percent interest by funding 6,500 metres of drilling, with further stakes tied to an additional 7,000 metres of drilling, a prefeasibility study and a decision to mine.

The project is located within the Central African Copperbelt. A single exploration licence covers a land package of 507 square kilometres. Additionally, the route for the planned Zambia-Lobito rail link is set to pass through the southern boundaries of the property.

“No drilling is recorded in the available historical data, leaving considerable scope for us to systematically test the Project’s interpreted copper potential, including across 22km strike of Lower Roan sub-crop,” Managing Director Dusko Ljubojevic said.

Ljubojevic also noted that the company is progressing permitting work at the Crixas gold tailings project in Brazil, pointing to the potential for near term production.

Raiden also said on Monday (November 9) that all conditions had been met for the sale of its Majdanpek West project in Serbia. The company will maintain a 1 percent net smelter return, preserving future returns from the project. Raiden has been working to monetise non-core assets, while reducing cost and expenditure commitments.

2. Infini Resources (ASX:I88)

Weekly gain: 31.82 percent
Market cap: AU$15.15 million
Share price: AU$0.145

Infini Resources is an exploration company advancing uranium projects in Canada and Western Australia.

Its main focus has been on its Portland Creek project in Newfoundland, Canada, which covers 328 square kilometres. The company also owns the 36.25 square kilometre Des Herbiers project in Québec, the Reynolds Lake and Reitenbach Lake projects in Saskatchewan, which cover a collective area of 677 square kilometres, and the 329 square kilometre Yeelirrie North Uranium project in Western Australia.

In its September quarterly report released on October 30, Infini said it had started an expanded Phase 3 diamond drill program of about 5,000 metres at Portland Creek, along with up to 1,000 metres of trenching. According to the company, modelling of airborne magnetic data points to a large hydrothermal system along the project’s fault network. Drilling is targeting areas where those structures overlap with surface uranium anomalies.

Infini also noted that it completed its first drill program at Reynolds Lake and Reitenbach Lake, with 16 holes for 3,314 metres. Assays were expected in the third quarter of 2026, but have been delayed due to congestion at the laboratory.

3. Metal Hawk (ASX:MHK)

Weekly gain: 30 percent
Market cap: AU$14.24 million
Share price: AU$0.13

Metal Hawk is a gold exploration company advancing its wholly owned Leinster South project in Western Australia.

The project is located in the Agnew-Lawlers region and covers more than 430 square kilometres over multiple tenements, one of which is on the Agnew-Wiluna Greenstone Belt. The company has identified several gold prospects on that tenement, including Siberian Tiger, Thylacine and Tysons.

On November 6, Metal Hawk announced it had started a diamond drill program of about 1,200 metres at the Thylacine south zone. The program will test the Numbat lode, discovered in August, where one hole returned 9 metres grading 12.3 grams per tonne (g/t) gold, as well as gold found in the surrounding shear zone.

The company said drilling will help define the geometry and plunge of the high-grade gold at Numbat. Three holes in the new program will be co-funded with up to AU$175,000 covered under the Western Australian government’s Exploration Incentive Scheme.

Additionally, assays from a 10 hole reverse circulation program completed in October are expected in mid-November.

4. Stelar Metals (ASX:SLB)

Weekly gain: 30 percent
Market cap: AU$17.97 million
Share price: AU$0.26

Stelar Metals is an exploration company focused on the Hill of Leaders tungsten project in Australia’s Northern Territory.

The project is located in the Tennant Creek mining region and consists of a single exploration licence covering 456 square kilometres. Stelar signed an earn-in agreement in May, giving it the option to wholly acquire the project in exchange for payments of cash and shares as well as meeting exploration milestones.

In July, Stelar announced that surface sampling identified high-grade tungsten across the property as well as wolframite and scheelite tungsten mineralisation over a broad area.

On Monday (November 9), Stelar says it completed its first drill program at Hill of Leaders, totalling 26 holes for about 3,300 metres, and is expanding the program to evaluate more targets. The program is the first bedrock drilling beneath the project’s surface veins since tungsten was found there in 1951.

The company said it used ultraviolet light to observe fluorescent responses, and the geologist noted responses consistent with scheelite mineralisation in every hole in the program. First laboratory assays are expected in late November.

“Mineralisation remains open along strike and at depth and appears to continue further east and west. The initial drill observations are exciting, but we haven’t found the edges. We simply don’t know how big it is,” Executive Chairman Stephen Biggins said.

5. Sheffield Resources (ASX:SFX)

Weekly gain: 29.73 percent
Market cap: AU$19.6 million
Share price: AU$0.048

Sheffield Resources is a mineral sands company whose core asset is the producing Thunderbird mine in Western Australia. The mine produces non-magnetic zircon and rutile concentrates, magnetic ilmenite concentrate and a paramagnetic concentrate.

Thunderbird is located on the Dampier Peninsula in the Kimberley region. Sheffield and Chinese steelmaker Yansteel operate it as a 50/50 joint venture under the Kimberley Mineral Sands (KMS) banner.

On Tuesday (November 10), Sheffield released fiscal 2027 guidance for Thunderbird of 12.5 million to 13.5 million tonnes of ore mined and output of 670,000 to 720,000 tonnes of ilmenite concentrate and 190,000 to 210,000 tonnes of zircon concentrate.

The partners also laid out a new a business improvement plan as well as an updated base case financial model (BCFM) that would apply if the plan's changes are implemented. The model forecasts an increase to 16 million tonnes per year and AU$3.4 billion in free cash flow over the mine’s remaining lifespan, before debt and equity payments.

“The BCFM demonstrates that Thunderbird can generate significant surplus cash to service and repay its outstanding debt,” Executive Chair Bruce Griffin said.

In early October, the company announced that it is negotiating a standstill agreement that, if successful, would allow KMS to defer its obligations until June 30, 2027. An extension would allow the company to stabilise operational performance and support debt restructuring.

The new BCFM model will be used to support the negotiations; however, the company notes there is no guarantee that amendments will be completed.