Lunch Wrap: ASX slips heavily, Novonix scraps graphite spin-out

The ASX copped a lunchtime slap as banks, tech and healthcare were belted on fresh Trump tariff chaos.

The ASX has slipped heavily on Friday. Picture via Getty Images

• ASX smacked as Trump goes full tariff

• Banks, tech and health take a dive

• ResMed surged after smashing earnings

The ASX 200 was down by 0.75% at lunch time in the eastern states, with investors firmly in risk-off mode.

Only miners and utilities put up a fight. Everywhere else, it was a mess.

Health stocks were out of breath, tech looked like it had skipped leg day, and the big banks all sagged under the weight of global tariff fears.

It’s the kind of day where even the good names get dragged through the mud.

Commonwealth Bank (ASX:CBA), National Australia Bank (ASX:NAB),WiseTech Global (ASX:WTC) and Xero (ASX:XRO) all retreated.

This all followed another tariff tantrum from Donald Trump.

Canada just got hit with a jump from 25% to 35%, and new levies were slapped on Thailand, Cambodia, Taiwan and Switzerland.

Australia, somehow, managed to dodge the full swing, for now.

But with tariffs pushing up import prices, bets on US rate cuts just got punted out to October.

Source: Market Index

In the large caps space, conglomerate Washington H Soul Pattinson (ASX:SOL) nudged lower despite lifting its dividend again - its 27th annual increase, if you don’t mind.

Downer EDI (ASX:DOW) bagged a fresh $220 million defence deal, and ResMed (ASX:RMD) surged after smashing earnings expectations with a 37% jump in profit.

ResMed reckons it will keep growing even with Ozempic and its weight loss-pill mates nipping at the edges of the sleep apnoea market.

Gold producer Bellevue Gold (ASX:BGL) climbed after setting bullish production guidance of up to 150,000 ounces in FY26.

Meanwhile, Novonix (ASX:NVX) and Lithium Energy (ASX:LEL)  have pulled the plug on the Axon Graphite IPO and the Mt Dromedary deal, citing weak market conditions.

Novonix is now reviewing next steps for Mt Dromedary, and its directors have resigned from the Axon board. Shares were flat.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for August 1 :

Security	Description	Last	%	Volume	MktCap
CYQ	Cycliq Group Ltd	0.005	150%	7,878,960	$921,033
DMG	Dragon Mountain Gold	0.013	117%	725,258	$2,368,030
1AE	Aurora Energy Metals	0.081	62%	1,792,535	$8,953,187
LNR	Lanthanein Resources	0.002	50%	17,675,218	$3,734,001
RLG	Roolife Group Ltd	0.004	33%	70,872	$4,778,344
AON	Apollo Minerals Ltd	0.009	29%	150,000	$6,499,198
4DX	4Dmedical Limited	0.300	25%	9,364,191	$111,729,714
CTN	Catalina Resources	0.005	25%	200,000	$9,704,076
GSM	Golden State Mining	0.010	25%	252,061	$2,234,965
MEL	Metgasco Ltd	0.003	25%	125,337	$3,674,173
PIL	Peppermint Inv Ltd	0.003	25%	200,090	$4,602,180
QXR	Qx Resources Limited	0.005	25%	5,200,000	$5,241,315
VRC	Volt Resources Ltd	0.005	25%	4,040,000	$18,739,398
LKY	Locksleyresources	0.130	24%	26,437,175	$19,250,000
8CO	8Common Limited	0.026	24%	1,176,072	$4,705,993
SPG	Spc Global Holdings	0.405	23%	75,363	$63,684,021
IR1	Irismetals	0.110	22%	522,009	$16,016,344
DTM	Dart Mining NL	0.003	20%	6,303,558	$2,995,139
RAN	Range International	0.003	20%	1,846,960	$2,348,226
GBE	Globe Metals &Mining	0.052	18%	685,582	$30,564,732
EXL	Elixinol Wellness	0.020	18%	340,750	$3,913,254
STM	Sunstone Metals Ltd	0.020	18%	23,846,808	$104,874,083
CCO	The Calmer Co Int	0.004	17%	143,000	$9,034,060
CHM	Chimeric Therapeutic	0.004	17%	768,284	$9,747,370
HPC	Thehydration	0.015	15%	116,666	$5,600,412

Dragon Mountain Gold (ASX:DMG) surged after revealing that it has repaid its October 2024 convertible loan and interest in full, using funds from a new loan provided by an unrelated major shareholder. The move clears the slate and gives DMG more flexibility for future capital raising, as well as assessing new or existing project opportunities.

Aurora Energy Metals (ASX:1AE) says Eagle Energy Metals, which holds an option over its Aurora Uranium Project (AUP) in Oregon, is planning to list on the Nasdaq via a SPAC merger with Spring Valley Acquisition Corp. II. If the deal goes through, Aurora will receive US$16 million in Eagle shares, with more to come via milestones and a 1% royalty on future uranium production.

Locksley Resources (ASX:LKY) has locked in a heavily oversubscribed $5.3 million raise at $0.095 a share, with strong backing from institutional investors led by Tribeca Investment Partners. The fresh funds will go into drilling high-grade antimony and rare earths at its Mojave project in California, progressing downstream processing in the US.

LKY says the raise is a big vote of confidence in its US critical minerals strategy, with more than a dozen new institutions joining the register. Settlement is expected around August 6, with the raise split across two tranches – one already approved, and one pending shareholder tick.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for August 1 :

Code	Name	Price	% Change	Volume	Market Cap
PAB	Patrys Limited	0.002	-25%	74,887	$4,731,620
ROG	Red Sky Energy.	0.003	-25%	3,106,371	$21,688,909
SYR	Syrah Resources	0.275	-24%	12,731,271	$376,567,220
SPX	Spenda Limited	0.006	-20%	32	$34,614,116
1TT	Thrive Tribe Tech	0.008	-20%	153,010	$1,015,864
GGE	Grand Gulf Energy	0.002	-20%	21,282,858	$7,051,062
KNG	Kingsland Minerals	0.105	-19%	127,677	$9,432,918
OKJ	Oakajee Corp Ltd	0.048	-17%	349,874	$5,303,870
ALM	Alma Metals Ltd	0.005	-17%	1,985,774	$11,104,423
ID8	Identitii Limited	0.005	-17%	890,791	$4,668,081
VEN	Vintage Energy	0.005	-17%	2,587,531	$12,521,482
LSR	Lodestar Minerals	0.016	-16%	728,056	$7,554,219
AIV	Activex Limited	0.011	-15%	383,554	$2,801,534
BDM	Burgundy D Mines Ltd	0.028	-15%	1,505,337	$46,903,965
YRL	Yandal Resources	0.115	-15%	775,878	$41,746,723
GTR	Gti Energy Ltd	0.003	-14%	6,150,000	$13,029,292
PLC	Premier1 Lithium Ltd	0.006	-14%	330,372	$2,576,424
USL	Unico Silver Limited	0.340	-13%	3,032,364	$170,798,064
OD6	Od6Metalsltd	0.021	-13%	577,267	$3,851,231
TX3	Trinex Minerals Ltd	0.110	-12%	516,223	$5,835,180
BEO	Beonic Ltd	0.265	-12%	30,000	$21,258,302
MVP	Medical Developments	0.540	-11%	71,639	$68,721,578

IN CASE YOU MISSED IT

Pure Hydrogen (ASX:PH2) looks to focus on battery electric and hydrogen fuel cell vehicles along with hydrogen equipment, proposing a name change to Pure One.

LAST ORDERS

DY6 Metals (ASX:DY6) has welcomed Dr Moses Ndasi as in-country manager for Cameroon, bringing more than 20 years’ experience in minerals and mining throughout Africa with him.

DY6 has also promoted Troth Saindi to exploration manager for Africa, Geoffrey Banda to project geologist, Africa, and Corné Coetser will transition to senior exploration geologist.

HyTerra (ASX:HYT) has drilled the McCoy 1 well at the Nemaha hydrogen and helium project in Kansas to a total depth of 5562 feet, on time, within budget, with no safety incidents.

McCoy 1 will be converted to an appraisal well over the coming days with a workover rig to proactively monitor the well and evaluate flow test viability.

Arika Resources (ASX:ARI) has tapped geologist Steve Vallance as technical director, leveraging his 35 years’ experience in gold and nickel sulphide deposits. He most recently served as chief exploration geologist for Jubilee Mines, where he co-led discoveries that eventually led to a $3.3b acquisition by Xstrata Nickel.

Star Minerals (ASX:SMS) has advanced four separate permitting studies to the final draft stage, preparing to submit formal applications for flora and fauna, subterranean fauna, and hydrogeology and hydrology assessments and a geological and geotechnical report. With only a few permits left to obtain, SMS says its mining approval application is nearing completion.

At Stockhead, we tell it like it is. While DY6 Metals, HyTerra, Arika Resources and Star Minerals are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Lunch Wrap: ASX slips heavily, Novonix scraps graphite spin-out