Scoping Study Delivers Robust Economics and Upside Potential

Market and commodity price round-up

The S&P/ASX 200 index opened at 8,570.40 on Monday (July 14) and closed at 8,639.00 on Thursday (July 17), marking a 0.8 percent increase over the period.

As for precious metals, gold demonstrated a 0.77 percent fall in US dollars, going from US$3,354.74 on July 14 to US$3,328.90 on July 17 at 5 p.m. AEST. On the other hand. gold increased 0.8 percent in Australian dollars, moving from AU$5,102.33 to AU$5,142.94 over the same period.

Silver pulled back in US dollars through Thursday, starting the week at US$38.41 in US dollars and closed at US$37.77, a 1.67 percent decrease. In Australian dollars, ended the period flat, going from AU$58.39 to AU$58.35.

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 we break down their operations and why these mining stocks are up this week.

Data for this article was retrieved at 4:00 p.m. AEST on Thursday using TradingView’s stock screener. 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. American Rare Earths (ASX:ARR)

Weekly gain: 75 percent
Market cap: AU$220.73 million
Share price: AU$0.455

American Rare Earths is a rare earths explorer and developer advancing its flagship Halleck Creek rare earths project in Wyoming, US. The project’s Cowboy State mine area is currently in the prefeasibility and test mining stage.

On Wednesday, the company announced the results of a leach testing program undertaken on allanite-enriched mineral concentrate from Halleck Creek, reporting “strong leach recoveries and low impurities.”

American Rare Earths reported on Friday (July 18) that mineral processing optimisation tests at Halleck Creek are underway. Test mining at Halleck Creek’s Cowboy State Mine area is also scheduled to commence.

Shares of the company peaked at AU$0.475 on Thursday, a day after the announcement of the leach testing results.

2. Critical Resources (ASX:CRR)

Weekly gain: 66.67 percent
Market cap: AU$13.85 million
Share price: AU$0.005

Critical Resources is an explorer developing lithium and rare earths projects in Australia and Greenland.

Its flagship project is the Mavis Lake lithium project in Canada, located near Dryden in Northwestern Ontario. In Australia, its main focus is the Amoco gold-antimony project in Armidale, New South Wales.

On July 10, the company began a soil geochemistry program at Amoco, marking a step toward a maiden drill program. It is expected to be completed by the end of July, while final assay results are anticipated in late August.

“The systematic…