Lunch Wrap: ASX jumps as US and China break the ice; South32 to get new CEO

The ASX’s off to a flyer with US-China talks sparking some hope. Meanwhile Woolies has slashed prices to claw back market share.

ASX kicks off strong as US-China talks spark hope. Picture via Getty Images

• ASX kicks off strong as US-China talks spark hope

• Woolies slashes prices; South32 shakes up the top

• Energy and real estate lead the charge

The ASX kicked off the week with a spring in its step, up by 0.3% at lunch time AEST, as traders heard some encouraging news from the US-China trade talks.

US futures set the tone this morning, with the S&P 500 and Nasdaq 100 futures gaining over 1%.

The rally is on the back of what’s being called ‘substantial progress’, where Washington and Beijing finally sat down for a proper chinwag in Geneva.

US Trade Rep and negotiator Jamieson Greer was bullish, saying, “the differences between the two nations were not as large as maybe thought.”

Chinese Vice Commerce Minister Li Chenggang added to the friendly vibes, saying,”As we say back in China, if the dishes are delicious, the timing doesn’t matter.”

Tensions may still simmer under the surface, with US tariffs Chinese goods still towering at 145%.

But the talks laid the groundwork for more wheeling and dealing, with both sides locking in a plan to keep the conversation rolling.

The Aussie dollar and the offshore Chinese yuan edged up this morning on the news, while gold dipped.

On the ASX, seven out of 11 sectors found themselves flashing green, with energy and real estate leading the charge.

Santos (ASX:STO) climbed 3.3%, while Woodside Energy Group (ASX:WDS) rallied by 2.3%.

Woolworths (ASX:WOW) had a rougher ride, dipping 1% after announcing it would slash prices on nearly 400 popular products by an average of 10%.

It’s a strategic move to claw back market share from Coles and Aldi, said experts.

“This isn’t just a short-term promotion. It’s about lower shelf prices on the products we know customers regularly shop for,” said Woolies’ CEO, Amanda Bardwell.

Still in the large caps space, diversified miner South32 (ASX:S32) also had a bit of news to share. Its long-standing boss, Graham Kerr, is set to step down next year after a decade at the helm.

Stepping up to the plate will be Matthew Daley, who’s currently the Technical and Operations Director over at Anglo American. S32 shares rallied 2%.

This is where the ASX stood at around 12:30pm AEST:

Source: Market Index

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for May 12 :

Security	Description	Last	%	Volume	MktCap
MHC	Manhattan Corp Ltd	0.029	71%	37,590,441	$3,993,281
QXR	Qx Resources Limited	0.005	43%	3,839,576	$4,586,151
CRR	Critical Resources	0.004	33%	3,150,111	$7,842,664
ADG	Adelong Gold Limited	0.009	21%	49,300,342	$9,782,403
KRR	King River Resources	0.009	21%	563,868	$10,697,545
EVS	Envirosuite Ltd	0.086	21%	23,731,500	$102,857,962
PKD	Parkd Ltd	0.035	21%	56,416	$3,016,403
ATH	Alterity Therap Ltd	0.012	20%	19,807,854	$91,273,707
BKT	Black Rock Mining	0.024	20%	6,857,220	$29,388,798
BPP	Babylon Pump & Power	0.006	20%	2,000,000	$12,497,745
EM2	Eagle Mountain	0.006	20%	417,945	$5,675,186
MSG	Mcs Services Limited	0.006	20%	2,314,474	$990,498
VRC	Volt Resources Ltd	0.006	20%	216,666	$23,423,890
WBE	Whitebark Energy	0.006	20%	419,150	$1,999,534
G88	Golden Mile Res Ltd	0.013	18%	4,930,183	$5,986,726
VR1	Vection Technologies	0.018	17%	10,726,410	$26,508,328
BNL	Blue Star Helium Ltd	0.007	17%	979,048	$16,169,312
CUF	Cufe Ltd	0.007	17%	2,699,879	$8,079,449
DTM	Dart Mining NL	0.004	17%	121	$3,594,167
FBR	FBR Ltd	0.007	17%	7,002,553	$33,813,791
HHR	Hartshead Resources	0.007	17%	900,000	$16,852,093
IPT	Impact Minerals	0.007	17%	2,584,469	$22,215,980
OVT	Ovanti Limited	0.004	17%	1,334,496	$8,380,545
HCT	Holista CollTech Ltd	0.050	16%	963,815	$12,287,969

Manhattan Corp (ASX:MHC) said it was snapping up the Hook Lake project in Nunavut, Canada, home to the high-grade Turquetil Lake gold deposit and a bunch of other promising gold and VMS (volcanogenic massive sulphide) prospects. The project hasn’t been touched since 1988, when a “foreign” estimate (not JORC-compliant) clocked in at 3.4 million tonnes grading 2.38g/t for around 285,000 ounces of gold. The project’s sitting in a prime spot in Nunavut’s Greenstone Belt, not far from Agnico Eagle’s massive Meladine Mine.

Critical Resources (ASX:CRR) has appointed Tim Wither as its new CEO, starting May 14. With over 20 years in the mining game, Wither has been at the helm of projects across Australia, India, Africa, and South America, even leading Maximus Resources through a $31 million takeover by Astral Resources.

Alterity Therapeutics (ASX:ATH) took the stage at the 2025 International MSA Congress, highlighting its progress in fighting Multiple System Atrophy (MSA). Its Phase 2 trial of ATH434 has shown strong results, cutting disease severity and improving key symptoms. Alterity also introduced the MSA Atrophy Index (MSAai), a new imaging tool to better track brain volume changes in MSA patients.

Black Rock Mining (ASX:BKT) has signed two big agreements with Tanzania’s TANESCO for its Mahenge graphite project. Faru, its 84%-owned subsidiary, will build a new 220kV power line connecting Mahenge to hydro-powered electricity. Faru will get back the construction costs from TANESCO over four years of mine production. On top of that, the Tanzanian Mining Commission has lifted a default notice on Mahenge’s licence, clearing the way for Black Rock to get things moving.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for May 12 :

Code	Name	Price	% Change	Volume	Market Cap
LSR	Lodestar Minerals	0.010	-44%	15,092,841	$5,731,629
SRH	Saferoads Holdings	0.110	-37%	288,257	$7,648,446
ANR	Anatara Ls Ltd	0.004	-33%	1,658,032	$1,280,302
VML	Vital Metals Limited	0.002	-33%	30,000	$17,685,201
FGH	Foresta Group	0.008	-27%	1,913,741	$29,181,971
DY6	Dy6Metalsltd	0.100	-26%	1,613,762	$7,902,337
1AD	Adalta Limited	0.003	-25%	313,019	$2,572,891
GGE	Grand Gulf Energy	0.003	-25%	1,923,593	$11,201,549
GMN	Gold Mountain Ltd	0.002	-25%	1,026,089	$9,591,960
ENV	Enova Mining Limited	0.007	-22%	10,040,286	$12,721,507
BYH	Bryah Resources Ltd	0.004	-20%	2,436,170	$4,349,768
CHM	Chimeric Therapeutic	0.004	-20%	113,145	$9,086,764
JAV	Javelin Minerals Ltd	0.002	-20%	31,642,241	$15,115,373
MRD	Mount Ridley Mines	0.002	-20%	1,038,000	$1,946,223
RLG	Roolife Group Ltd	0.004	-20%	511,000	$7,480,156
TASDA	Tasman Resources Ltd	0.016	-20%	20,003	$3,220,998
VHM	Vhmlimited	0.265	-18%	685,804	$71,223,734
AUG	Augustus Minerals	0.027	-18%	1,374,054	$3,933,317
ERL	Empire Resources	0.005	-17%	557,132	$8,903,479
MEM	Memphasys Ltd	0.005	-17%	333,923	$11,901,589
MTB	Mount Burgess Mining	0.003	-17%	324,577	$1,055,108
BOT	Botanix Pharma Ltd	0.390	-16%	16,593,009	$908,582,315
PLN	Pioneer Lithium	0.110	-15%	1	$5,533,019
ASE	Astute Metals NL	0.023	-15%	100,000	$16,689,787

IN CASE YOU MISSED IT

Maronan Metals (ASX:MMA) has tapped mining engineer Matthew Hine as non-executive director, effective today. Hine has 20 years’ operational and technical experience spanning underground and open pit operations across Australia, New Zealand and Europe.

He’s previously held senior roles as chief operating officer at Adriatic Metals (ASX:ADT), general manager for OceanaGold (ASX:OGC) Waihi and Macraes operations and manager mining at Evolution Mining (ASX:EVN) Mungari operation.

In the path to mine approval for the Tumblegum South gold project in WA, Star Minerals (ASX:SMS) has appointed ResourcesWA as a consultant. They will assist with all aspects of  the mine approval process, including environmental.

“At this time of robust gold prices, it is fantastic to have a resource on granted mining tenure that we can progress toward production,” Star Minerals MD Ashley Jones said. “Star Minerals’ goal is to transition to gold producer in early 2026, generating cash flows.”

At Stockhead, we tell it like it is. While Maronan Metals 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 jumps as US and China break the ice; South32 to get new CEO