Welcome to the Investing News Network’s weekly round-up of the top-performing mining stocks on the ASX.
Companies focused on metals including gold, copper, scandium and nickel landed in the top five this week.
Read on to discover this week’s top gaining Australian mining stocks on the ASX and what drove their share prices.
Market and commodities price round-up
The S&P/ASX 200 (INDEXASX:XJO) opened at 9,065.6 on Monday (August 30) and closed at 9,020.1 on Thursday (September 3), ending the period down 0.5 percent.
After several weeks of gains, gold and silver were both slightly in the red this week. The gold price rose 0.28 percent in US dollars, from US$4,458.50 per ounce on Monday to US$4,471.08 on Thursday. Meanwhile, a 0.3 percent decrease was seen in Australian dollars, with gold moving from AU$6,227.73 to AU$6,6209.05.
The silver price ended the period with a rise of 0.74 percent in US dollars, from US$66.40 per ounce to US$66.89. In Australian dollars, the metal fell 0.14 percent from AU$92.75 to AU$92.88.
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. Kaoko Metals (ASX:KAO)
Weekly gain: 233.33 percent
Market cap: AU$112.14 million
Share price: AU$2.50
Kaoko Metals is a copper exploration company advancing two projects in Namibia. Its current focus is the Chalkos copper-silver project located within the Kaoko Copper Belt. The property hosts two primary targets, Donkey Hill and Otniel; however, the belt remains largely unexplored, with mineralisation identified across the project area.
On Wednesday (September 2), the company announced it had encountered visible copper in the first two holes at the Otniel prospect. Visible mineralisation occurred across a 60.25 metre intersection of one hole and 51.83 metres of another, with both holes starting at depths under 40 metres.
“This is a highly encouraging start to the first-ever drilling of the 800 square kilometre Chalkos Project, and we are excited to continue drilling at both the Otniel and Donkey Hill prospects,” said Managing Director Gerard O’Donovan.
The company said assays were expedited and results are expected in four to six weeks.
2. Vanadium Resources (ASX:VR8)
Weekly gain: 92.86 percent
Market cap: AU$12.72 million
Share price: AU$0.027
Vanadium Resources is a vanadium and iron exploration and development company advancing its Steelpoortdrift project and V-Iron plant in South Africa. The property is located within the Bushveld Igneous Complex in a region that hosts iron- and vanadium-mining operations, including Glencore’s Rhovan mine. An April 2022 resource statement shows total contained metal values of 4.74 million tonnes of vanadium oxide grading 0.7 percent, and 154.8 million tonnes of iron oxide grading 22.76 percent from 680.13 million tonnes of ore.
On Thursday, the company secured the right of first refusal for the preferred site of its V-Iron plant. Vanadium Resources said the rights are in effect until July 31, 2027. The plant is being developed as a next-generation critical minerals smelter and will use feedstock from Steelpoortdrift. The company will now shift its focus to completing a scoping study, which it expects by the end of September.
3. Pivotal Metals (ASX:PVT)
Weekly gain: 50 percent
Market cap: AU$22.36 million
Share price: AU$0.021
Pivotal Metals is an exploration and development company with two properties in Québec, Canada: its flagship advanced-exploration Horden Lake project and the Belleterre-Angliers Greenstone Belt project.
Both properties contain copper, nickel and platinum-group metals mineralisation.
According to an April 2025 resource update, Horden Lake hosts a JORC-compliant indicated and inferred resource estimate of 407,000 tonnes of contained copper equivalent from 37 million tonnes of ore at 1.1 percent copper equivalent, which comprises copper, nickel, palladium, gold and more. Its contained nickel resource stands at 72,000 tonnes.
Phase 2 metallurgical results released on Tuesday (September 1) show total recoveries of 92 percent copper, 46 percent nickel, 61 percent gold, 73 percent silver, 60 percent palladium, 29 percent platinum and 42 percent cobalt.
“LCT copper recovery of over 90% into a high-grade, clean concentrate remains the standout result. Importantly, the nickel, gold, silver, platinum-group metal and cobalt by-product credits continue to add meaningful value and support our strategy of demonstrating we have an important, viable critical metals project, with compelling financing optionality,” said Managing Director Ivan Fairhall.
4. Piche Resources (ASX:PR2)
Weekly gain: 46.15 percent
Market cap: AU$17.44 million
Share price: AU$0.057
Piche Resources is a uranium and gold exploration company advancing a portfolio of projects in Argentina.
Its uranium projects include the 634 square kilometre Sierra Cuadrada, the 380 square kilometre Sierra Cuadrada South and the 122 square kilometre Ashburton. Its sole gold property is the 414 square kilometre Cerro Chacon.
The most recent news from the company came on Tuesday, when it announced that Kaoko Metals Managing Director and CEO Gerard O’Donovan was appointed as a Piche Resources non-executive director.
5. Xenora Minerals (ASX:XRA)
Weekly gain: 43.18 percent
Market cap: AU$14.92 million
Share price: AU$0.315
Xenora Minerals is a lithium exploration company focused on its Dudley lithium project in South Australia. The firm also owns a portfolio of other projects in Australia and Canada.
The property, located on Kangaroo Island, is part of an earn-in agreement that Xenora signed in October 2024. Under the terms of the agreement, Xenora can earn up to a 90 percent interest in the project over a four year period. The site hosts multiple pegmatite systems, with mineralisation occurring at the surface, and extends over a 6 kilometre strike.
On August 24, the company provided an exploration update, stating that it is planning an inaugural drill program at Dudley in the fourth quarter, consisting of 600 metres of reverse-circulation drilling. It also said it is planning reconnaissance work at the Halo Yuri lithium project in the Northwest Territories, Canada, and has filed a renewal application for the Mount Hardy copper project in the Northern Territory.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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