Lunch Wrap: ASX slips as Bapcor blows a tyre; Fortescue hits record shipping volume

The ASX wobbled as Tesla stalled and Bapcor crashed, while Fortescue surged and Northern Star ditched its gold hedge.

Fortescue hits export record as it dials down hydrogen dreams. Picture via Getty Images

• Trump unleashes AI and tariffs while Tesla tanks

• Bapcor crashes, Fortescue fires up

• Macquarie cops heat, Northern Star dumps its gold hedge

The ASX was feeling a bit woozy by Thursday lunchtime in the eastern states, drifting 0.15% lower.

Over in the United States, President Trump has just unveiled his AI master plan. Basically, scrap the guardrails and let the machines run.

“America is going to win the AI race,” he declared, painting the battle with China as a tech arms race for the ages.

Elsewhere, Tesla reported an awful quarter last night.

Elon Musk tried to keep things chill, but with revenue down 12%, earnings missing estimates, and free cashflow basically vanishing, investors weren't exactly applauding.

In an earnings call, Musk warned of “a few rough quarters ahead”, and said fading EV incentives were going to sting.

Tesla's shares sank 5% in extended trade, because when Elon sounds subdued, investors often get spooked.

Back home on the ASX, real estate lagged while healthcare led this morning.

But for for automotive parts group Bapcor (ASX:BAP), it was carnage.

The Autobarn and Burson owner plunged 25% after confessing to weak May-June trading, a $50 million post-tax writedown, and the sudden exit of three directors.

At the other end, Fortescue (ASX:FMG) lit it up, rising 4% after shipping a record 198.4 million tonnes of iron ore in FY24.

Founder Andrew “Twiggy” Forrest, whose wealth now clocks in at $12.7 billion, said volumes could climb another 3% this year, even as problems linger at Iron Bridge.

This is where things stood close to 1pm AEST:

Source: Market Index

In other large caps news, Macquarie Group (ASX:MQG) dropped 5% after CFO Alex Harvey said he’s stepping down at year’s end.

Boss Energy (ASX:BOE) slid 2.5% after CEO Duncan Craib announced he’s stepping down. He’ll return in January as a non-executive director, but for now, COO Matt Dusci is next in line to steer the uranium ship.

Lynas (ASX:LYC), meanwhile, gained 3.5% after selling its rare earths at their highest price in three years, and that might just be the start.

CEO Amanda Lacaze reckons the US Department of Defense’s $400 million play into the space could drive prices even higher.

Still in the large end of town, Northern Star Resources (ASX:NST) gave up on its gold-hedging policy to chase the bullion rally, even as it admitted production at Kalgoorlie’s Super Pit is still a bit of a dog’s breakfast.

It now expects to sell 1.63 million ounces in FY25, well shy of the 1.8 million it had been aiming for.

And, Treasury Wine Estates (ASX:TWE) signed Breakthru as its new California distributor after its old partner pulled out.

Big news, given California is the crown jewel of the US wine market. TWE's shares rose 1%.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for July 24 :

Security	Description	Last	%	Volume	MktCap
IS3	I Synergy Group Ltd	0.018	50%	29,187,798	$20,475,599
SFG	Seafarms Group Ltd	0.002	50%	2,610,068	$4,836,599
VEN	Vintage Energy	0.006	50%	2,722,582	$8,347,655
FTC	Fintech Chain Ltd	0.004	33%	19,604	$1,952,309
HLX	Helix Resources	0.002	33%	1,500,000	$5,046,291
M2R	Miramar	0.004	33%	997,500	$2,990,470
NSB	Neuroscientific	0.245	32%	4,195,656	$61,526,506
KGD	Kula Gold Limited	0.009	29%	1,747,965	$6,448,776
BIT	Biotron Limited	0.003	25%	36,365	$2,654,492
PKO	Peako Limited	0.003	25%	250,100	$2,975,484
CXL	Calix Limited	0.655	25%	1,144,400	$112,704,551
BOC	Bougainville Copper	0.800	24%	120,042	$258,685,313
RMI	Resource Mining Corp	0.016	23%	3,808,935	$9,547,894
RLF	Rlfagtechltd	0.069	21%	82,966	$21,198,574
PV1	Provaris Energy Ltd	0.023	21%	2,291,924	$14,782,901
AHN	Athena Resources	0.009	20%	4,125,000	$16,994,678
AUK	Aumake Limited	0.003	20%	26,762,073	$7,558,397
WA8	Warriedarresourltd	0.143	19%	10,737,228	$141,157,047
GT1	Greentechnology	0.032	19%	5,843,482	$12,829,591
FBM	Future Battery	0.026	18%	1,097,727	$14,809,543
BDG	Black Dragon Gold	0.048	17%	222,989	$13,036,609
FRS	Forrestaniaresources	0.140	17%	678,412	$37,322,691
BLU	Blue Energy Limited	0.007	17%	871,138	$11,105,842
BNL	Blue Star Helium Ltd	0.007	17%	5,517,477	$16,169,312

iSynergy Group (ASX:IS3) has inked a non-binding MoU with Treasure Global (NASDAQ:TGL) to explore a strategic collaboration on AI infrastructure in Malaysia. The plan includes the potential sale of up to $600k worth of AI-grade GPUs over 12 months, and joint efforts to design and deploy AI cloud systems. IS3 says the move supports its broader push into digital infrastructure and regional AI innovation.

Helix Resources (ASX:HLX) says its White Hills project in northern Arizona is showing strong signs of large-scale porphyry-style copper-gold mineralisation. Historic rock chips show copper grades up to 5.7%, alongside a 1km gold anomaly zone, but past drilling never tested for copper. White Hills sits next to Helix’s Gold Basin JV, covers 23km², and is just 1.5 hours from Las Vegas with top-tier infrastructure nearby.

Calix (ASX:CXL) has secured a $44.9 million grant from ARENA to build a ZESTY green iron demonstration plant targeting 30,000 tonnes a year of hydrogen-reduced iron. The project aims to prove its zero-emissions steel tech at scale, and pave the way for a commercial plant, with final investment decision expected in FY26 and operations starting from 2028.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for July 24 :

Code	Name	Price	% Change	Volume	Market Cap
BAP	Bapcor Limited	3.650	-29%	13,755,254	$1,734,397,875
LOC	Locatetechnologies	0.078	-26%	3,941,326	$24,693,305
AOA	Ausmon Resorces	0.002	-25%	500,000	$2,622,427
DTM	Dart Mining NL	0.003	-25%	4,590,829	$4,792,222
LPM	Lithium Plus	0.069	-22%	606,036	$11,689,920
CHM	Chimeric Therapeutic	0.004	-20%	43,088,590	$10,075,971
CRR	Critical Resources	0.004	-20%	991,806	$13,850,427
CTO	Citigold Corp Ltd	0.004	-20%	3,599,672	$15,000,000
ENT	Enterprise Metals	0.002	-20%	1	$3,428,293
ERL	Empire Resources	0.004	-20%	1,027,763	$7,419,566
MOH	Moho Resources	0.004	-20%	107,177	$3,727,070
PRX	Prodigy Gold NL	0.002	-20%	600,000	$15,875,278
WBE	Whitebark Energy	0.004	-20%	2,707,500	$3,502,788
PEC	Perpetual Res Ltd	0.019	-17%	10,964,081	$20,084,249
AAU	Antilles Gold Ltd	0.005	-17%	735,596	$14,274,408
ASP	Aspermont Limited	0.005	-17%	85,700	$15,079,061
CF1	Complii Fintech Ltd	0.020	-17%	677,108	$13,717,872
FAU	First Au Ltd	0.005	-17%	16,391,621	$12,457,748
BNR	Bulletin Res Ltd	0.049	-16%	2,009,516	$17,029,573
ARR	American Rare Earths	0.345	-15%	2,523,402	$206,518,936
CCO	The Calmer Co Int	0.003	-14%	226,689	$10,539,736
NAE	New Age Exploration	0.003	-14%	49,450	$9,470,690
SER	Strategic Energy	0.006	-14%	219,514	$4,697,233

IN CASE YOU MISSED IT

Hillgrove Resources (ASX:HGO) is looking to grow its mining inventory at the Kanmantoo project in South Australia, flagging several targets of interest after a geological survey.

LAST ORDERS

Nordic Resources (ASX:NNL) has tapped Northgold AB veteran Simo Piippo as exploration manager, leveraging his previous experience managing exploration and drilling programs at the Kopsa gold-copper project.

NNL is poised to put drills to ground at Kopsa, testing for potential near-surface resources along strike and deeper extensions to the known 814koz resource.

Core Energy Minerals (ASX:CR3) has brought extensive commercial experience in mining and mineral processing sectors into the fold in the form of incoming chief financial officer Rachel Kogiopoulos. She most recently served as finance and business services manager for gold developer De Grey Mining, which was acquired by Northern Star Resources (ASX:NST) for $6 billion.

Continuing the board appointment theme for today, Argent Minerals (ASX:ARD) has welcomed Warrick Hazeldine as non-executive director, effective immediately. Hazeldine boasts more than 20 years’ experience in capital markets, working with a range of ASX-listed companies in the investor relations arena with particular experience in the natural resources sector.

And rounding them out, Orange Minerals (ASX:OMX) has also added a new non-executive director, welcoming experiencing board director Nadia Abdul Aziz to the team. Fluent in French, English, and Hausa, Aziz most recently served as non-executive director for Asante Gold Corporation, a gold exploration and development company with operations in Ghana.

At Stockhead, we tell it like it is. While Nordic Resources, Core Energy Minerals, Argent Minerals and Orange 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 as Bapcor blows a tyre; Fortescue hits record shipping volume