Top 5 Australian Mining Stocks This Week: BPM Minerals Gains 111 Percent
Welcome to the Investing News Network’s weekly round-up of the top-performing mining stocks on the ASX.
This week’s top five gainers includes companies focused on gold, antimony, lithium and more.
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 8,867.30 on Monday (November 2) and closed at 9,056.20 on Thursday (November 5), ending the period up 2.13 percent.
The gold price was up this week as of the close of Australian stock markets on Thursday. It increased 6.32 percent in US dollars, from US$3,894.54 per ounce on Monday to US$4,140.68 on Thursday. Meanwhile, a 6.59 percent increase was seen in Australian dollars, with gold moving from AU$5,538.42 to AU$5,668.29.
The silver price ended the period up 7.02 percent in US dollars, climbing from US$49.60 per ounce to US$53.08; in Australian dollars, the metal rose 7.27 percent from AU$70.53 to AU$75.66.
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. BPM Minerals (ASX:BPM)
Weekly gain: 111.11 percent
Market cap: AU$50.15 million
Share price: AU$0.38
BPM Minerals is a gold exploration company advancing its Forelands project in Western Australia’s Eastern Goldfields.
The property is located about 150 kilometres east of Kalgoorlie and covers a consolidated landholding of about 630 square kilometres along the Yellow Dam shear zone. BPM’s work has focused on two prospects: Beachcomber, where drilling has traced high-grade gold over 300 metres of strike to a depth of about 250 metres, and Bonnie & Clyde, a 6 kilometre gold-in-soil anomaly.
BPM started its first-ever drill program at Bonnie & Clyde in September, after receiving the final approvals needed to drill the prospect.
On Wednesday (November 4), BPM reported results from the first two holes of the program, both at the Clyde target. One hole returned 8 metres grading 9.23 grams per tonne (g/t) gold, including 1 metre grading 64.71 g/t gold, along with a shallower high-grade zone. The company said the mineralisation remains open along strike and at depth.
“The soils are working, and there is another 5–6…
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