Market and commodities price round-up

The S&P/ASX 200 (INDEXASX:XJO) opened at 9110.1 on Monday (February 23) and closed at 9,175.3 on Thursday (February 26), reflecting a 0.72 percent increase over the period.

Gold prices rose this week as well. In US dollars, gold increased 1.72 percent from US$5,111.89 on Monday to US$5,199.98 by the close of Australian markets Thursday. In Australian dollars, it increased 1.08 percent, moving from AU$7,215.50 to AU$7,293.67.

Silver posted stronger increases than gold over the period. Rising 6.13 percent in US dollars, silver climbed from US$84.65 on Monday to US$89.84 by Thursday. In Australian dollars, the metal increased 5.46 percent, from AU$119.49 to AU$126.02.

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. European Resources (ASX:ERE)

Weekly gain: 82.35 percent
Market cap: AU$13.61 million
Share price: AU$0.031

Headquartered in Sydney, European Resources is an exploration company focused on rare earth element (REE) assets in Finland and Slovakia. The company changed its name from Prospech in December 2025.

On Tuesday (February 24), the company said it has received a strong set of rare earth intersections from two drill holes at its 100 percent owned Korsnäs REE project in Finland, which hosts a historic mine that produced lead and rare earths.

Results from hole KR-316 included 31.5 metres at 4,902 parts per million total rare earth oxides from a depth of 98.5 metres, including an interval of 4.5 metres grading 14,003 parts per million. The target was determined using the horizontal vertical spectral ratio (HSVR) passive seismic survey method.

“KR-316 is a breakthrough result for this program. It is not only the best intersection we have returned so far, but it also validates our targeting approach and opens a new southern growth zone associated with a strong gravity and passive seismic anomaly,” Managing Director Jason Beckton stated.

The company said it has growing confidence that HVSR passive seismic surveys can help map prospective REE-bearing carbonatite and skarn targets at Korsnäs.

European Resources is planning further seismic work and follow-up drilling at the southern target.

Following the release of this news, the company's shares rose from a Monday close of AU$0.018 to a close of AU$0.031 on Tuesday.

2. Cosmos Exploration (ASX:C1X)

Weekly gain: 76.67 percent
Market cap: AU$23.86 million
Share price: AU$0.265

Cosmos Exploration is an Australian lithium explorer with an option to merge with EAU Lithium. The latter company is focused on developing Bolivian lithium reserves in a strategic partnership with Vulcan Energy Resources (ASX:VUL,OTCPL:VULNF).

Cosmos retains its place as a top ASX gainer this week, after ranking third in last week's list.

On February 16, EAU Lithium shared that it executed a non-binding negotiation agreement for potential future contracts related to lithium production with Bolivia's state-owned YLB.

The framework specifically focuses on using Vulcan Energy's VULSORB A-DLE technology, as the company recently completed a major financing round to fund the construction of its integrated lithium-geothermal project using the technology.

Cosmos’ option to acquire EAU aligns its future with the outcomes of these ongoing negotiations.

No further updates were shared by Cosmos and EAU this week.

3. Minerals 260 (ASX:MI6)

Weekly gain: 58.33 percent
Market cap: AU$1.37 billion
Share price: AU$0.665

West Perth-based Minerals 260 aims to be a leading mid-tier gold mining company. It is focused on advancing its Bullabulling gold project, one of Australia’s largest undeveloped gold projects.

Bullabulling is located 65 kilometres from Kalgoorlie and holds a mineral resource estimate (MRE) of 4.5 million ounces gold, which it nearly doubled from 2.3 million in December.

On Monday, the company announced that royalty company Franco-Nevada's (TSX:FNV,NYSE:FNV) wholly owned subsidiary, Franco-Nevada Australia, will pay AU$170 million in exchange for increasing its total royalty over the Bullabulling project to 2.45 percent.

Franco-Nevada Australia previously held a 1 percent royalty over certain tenements at the project. The expanded royalty area now covers the MRE zone and tenements Minerals 260 owns within a 2.5 kilometre zone from the MRE.

Franco-Nevada also invested an additional AU$50 million for 111.11 million shares of Minerals 260 at AU$0.45 per share.

In a presentation a shared on Monday, Minerals 260 highlighted that the AU$220 million investment represents the largest ever investment in Australia by Franco-Nevada.

Funds will be used to accelerate and de-risk Bullabulling, including early site works and the start of definitive feasibility study activities.

Following this week’s updates, shares of Minerals 260 climbed from the previous week's close of AU$0.42 to AU$0.665 by Thursday.

4. Hamelin Gold (ASX:HMG)

Weekly gain: 56.52 percent
Market cap: AU$29.75 billion
Share price: AU$0.180

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.

Hamelin has now made this ASX top gainers list two weeks in a row, after taking fifth place last week.

Hamelin's shared its latest update on February 9, announcing it defined the high-grade Aurora Lode at Day Dawn using data from a compilation and validation of historical drilling. Results from historical drilling include 4 metres at 4.3 grams per tonne gold from surface, and 7 metres at 17.1 g/t gold from a depth of 16 metres.

In the release, the company reported it expects to be granted the licence for Day Dawn as early as April, following which it expects to start planned drilling at Day Dawn between May and June.

On February 17, the company posted its presentation from the RIU Explorers Conference, which highlighted the Aurora news and drill plans. Additionally, Hamelin said that 2026 programs at West Tanami will search for high-grade gold shoots within deposit-scale gold footprints.

As for this week, the ASX issued a price query on Monday, citing an increase in trading volume and its share price beginning February 17, when it closed at AU$0.09.

In Hamelin's response that day, the company said it is not aware of any information that has not been announced to the market, but noted the February 9 Day Dawn update and drilling plans.

Shares of Hamelin Gold rose from a close of AU$0.115 last week to AU$0.180 by Thursday.