ASX Small Caps Lunch Wrap: All sectors rally as US votes trickle in; Auking wins Saudi gold mining bid

The ASX  has risen on Wednesday morning, with tech and mining stocks rallying. Meanwhile Nvidia has over taken Apple and the US election results are trickling in.

Auking Mining wins gold mining licence in Saudi. Picture via Getty Images

• ASX rises this morning as tech stocks rally

• Nvidia overtakes Apple as world’s largest company

• Auking Mining wins gold mining licence in Saudi

The ASX  kicked off Wednesday with a bang, up by 0.82 per cent and mirroring a strong rally from Wall Street, where tech heavyweights lifted. 

The tech-heavy Nasdaq surged 1.43 per cent overnight, with Nvidia leading the charge after a 3 per cent jump that pushed the stock past Apple to become the world’s largest company.

Meanwhile, as polls close across seven key battleground states this morning, the first results in the US election are beginning to come in.

Georgia, North Carolina, Pennsylvania, Michigan, Wisconsin, Arizona, and Nevada are all set to report their results in the coming hours.

On the ASX, all 11 sectors looked nice and green at midday.

Source: Market Index

Miners were driven higher by a 2 per cent spike in iron ore prices, which were bolstered by expectations that Beijing would announce new stimulus measures to support the Chinese economy.

In the Discretionary sector, JB HiFi (ASX:JBH) led with a 2.5 per cent on no specific news. Tech stock BrainChip Holdings (ASX:BRN) also rose by 9 per cent on no news.

Real estate play Goodman Group (ASX:GMG) rose by 0.5 per cent after predicting a 9 per cent growth in operating earnings per share for FY25, and confirmed a 30¢ full-year distribution. 

Westpac (ASX:WBC) rose 1 per cent despite announcing the resignation of two directors from its ranks after just one term.

Meanwhile, Domino’s Pizza, Fortescue, and IGO are all hosting their annual general meetings on Wednesday.

NOT THE ASX

Overnight, Nvidia surpassed Apple to become the world’s largest company, with a market cap of $US3.45 trillion, driven by the surge in artificial intelligence demand. 

Nvidia's stock rose 3 per cent, marking a dramatic 850 per cent increase since the end of 2022.

US Treasury bonds swung violently as voting in the presidential election started, with bond yields fluctuating.

Across Asia today, most major stock markets climbed as early results trickle in from a tight presidential race.

Equities rose in Japan and Australia, while US futures edged higher, with Donald Trump and Kamala Harris neck-and-neck in the polls.

Bitcoin surged late this morning above $US70,000, but traders will need to be prepared for potentially a lot of volatility in the coming hours.

 

ASX SMALL CAP WINNERS

Here are the best-performing ASX small cap stocks for November 6:

Code	Name	Price	% Change	Volume	Market Cap
AKN	Auking Mining Ltd	0.005	67%	5,546,249	$1,174,051
AVE	Avecho Biotech Ltd	0.003	50%	179,075	$6,338,594
SI6	SI6 Metals Limited	0.002	50%	128,700	$2,767,292
WEL	Winchester Energy	0.003	50%	600,000	$2,726,038
GTI	Gratifii	0.004	33%	250,000	$12,008,879
RML	Resolution Minerals	0.002	33%	50,000	$2,415,033
CDX	Cardiex Limited	0.125	30%	422,980	$28,240,759
RMX	Red Mount Min Ltd	0.013	30%	5,317,610	$3,873,578
LRD	Lordresourceslimited	0.038	23%	2,645,655	$2,269,188
WEC	White Energy Company	0.060	20%	8,908	$9,949,214
PUR	Pursuit Minerals	0.003	20%	60,000	$9,088,500
PV1	Provaris Energy Ltd	0.025	19%	373,500	$13,298,989
EVG	Evion Group NL	0.034	17%	540,256	$10,061,932
AUK	Aumake Limited	0.007	17%	845,441	$16,279,446
BP8	Bph Global Ltd	0.004	17%	125,000	$1,189,924
RGL	Riversgold	0.004	17%	500,533	$4,882,388
BNZ	Benzmining	0.300	15%	1,011,866	$27,787,351
BMG	BMG Resources Ltd	0.015	15%	10,879,131	$8,889,363
CXU	Cauldron Energy Ltd	0.015	15%	3,453,470	$18,987,788
ENV	Enova Mining Limited	0.008	14%	2,853,758	$6,894,505
SHO	Sportshero Ltd	0.016	14%	48,000	$9,349,660
TAL	Talius Group Limited	0.008	14%	3,572,266	$18,021,055
NOX	Noxopharm Limited	0.120	14%	30,168	$30,684,985

Auking Mining (ASX:AKN) - in partnership with local Saudi company Barg Alsaman Mining Company (BSMC) - has won the bid for the Shaib Marqan gold exploration licence in Saudi Arabia. 

The project is located in a promising gold-mineralised area within the Arabian-Nubian Shield, close to established gold deposits like the Al Amar mine, which produced nearly 30,000oz of gold in 2022.

The area is under-explored, with at least 22 ancient workings and gold-rich quartz veins averaging 5.8g/t, reaching up to 40g/t in some samples. The company will now work with the Saudi Ministry and BSMC to finalise the exploration licence in the coming weeks.

Si6 Metals (ASX:SI6) said it would begin a drill program  this month at the Fred’s Well prospect, located within its Monument Gold Project in Western Australia's Laverton Gold District.

The program will include 1700m of drilling with 25 aircore and two reverse circulation holes, targeting an area along a 30km structural trend with promising gold mineralisation.

Fred’s Well is close to Monument's 154,000oz gold resource, with previous drilling intercepts showing significant gold, including 24m at 3.24g/t Au. The drilling will aim to expand the resource by testing the depth and strike of known mineralised areas, potentially upgrading the project’s resource calculation.

Red Mountain Mining (ASX:RMX) has received promising gold results from 91 rock chip samples collected from its Flicka Lake prospect in Ontario, Canada.

The best results came from the Flicka Zone, with Vein #2 returning values of 24.2g/t Au and 19.4g/t Au, and Vein #3 showing a peak of 9.35g/t Au.

These results confirm high-grade gold mineralisation at Flicka Lake, similar to historical data, and highlight the potential for strike extension of the mineralisation along the shear. Additional soil assay results are expected by the end of November.

Lord Resources (ASX:LRD) has secured an earn-in agreement to acquire up to 80 per cent of the Ilgarari Copper Project in Western Australia, which hosts high-grade copper mineralisation over a 4 km strike.

Historic drilling has returned impressive results, such as 17m at 1.27 per cent Cu and 3m at 3.26 per cent Cu, with mineralisation continuing into fresh sulphide ore at depth.

The project is located near Newman, and further exploration will focus on extending known mineralisation and identifying the source, with additional tenement applications submitted to cover regional structures.

CEO Andrew Taylor highlighted the acquisition as a low-cost entry into a highly prospective copper project.

Evion Group's (ASX:EVG) joint venture (JV) near Pune, India, has completed production testing and secured its first sales contract for expandable graphite, with 386 tonnes to be sold to European buyers for over $2 million at prices above S$US3000 per tonne. 

The JV expects to produce around 400 tonnes over the next 10 weeks, with further sales contracts likely to follow, as global demand for expandable graphite grows, especially in industries such as electric vehicles, energy storage and aerospace.

ASX SMALL CAP LOSERS

Here are the worst-performing ASX small cap stocks for November 6:

Code	Name	Price	% Change	Volume	Market Cap
FCG	Freedomcaregrouphold	0.077	-41%	443,154	$3,104,908
AMD	Arrow Minerals	0.002	-25%	7,190,910	$26,447,256
GMN	Gold Mountain Ltd	0.002	-25%	82,777	$7,814,946
ADD	Adavale Resource Ltd	0.002	-20%	92,592	$3,059,413
MRQ	Mrg Metals Limited	0.004	-20%	2,912,161	$13,632,593
RIL	Redivium Limited	0.004	-20%	468,700	$13,734,274
PPY	Papyrus Australia	0.013	-19%	709,448	$7,883,081
JBY	James Bay Minerals	0.465	-18%	561,470	$18,895,013
CUL	Cullen Resources	0.005	-17%	152,977	$4,160,411
GES	Genesis Resources	0.005	-17%	50,000	$4,697,048
M2R	Miramar	0.005	-17%	1,815,333	$2,380,940
ILT	Iltani Resources Lim	0.190	-16%	312,843	$9,902,364
LML	Lincoln Minerals	0.006	-14%	50,000	$14,393,817
MOH	Moho Resources	0.006	-14%	65,999	$3,774,247
S66	Star Combo	0.130	-13%	144,451	$20,262,447
BSX	Blackstone Ltd	0.029	-13%	422,017	$17,625,079
AAU	Antilles Gold Ltd	0.004	-13%	1,128,542	$7,422,971
AQX	Alice Queen Ltd	0.007	-13%	10,000	$9,175,121
HHR	Hartshead Resources	0.007	-13%	4,880,808	$22,469,457
STM	Sunstone Metals Ltd	0.007	-13%	2,986,763	$41,191,229
USL	Unico Silver Limited	0.273	-12%	1,678,200	$109,464,231
AGC	AGC Ltd	0.225	-12%	457,264	$65,432,292
AQD	Ausquest Limited	0.008	-11%	169,000	$7,435,343
GTR	Gti Energy Ltd	0.004	-11%	1,086,333	$13,322,023
SRK	Strike Resources	0.032	-11%	8,846	$10,215,000

IN CASE YOU MISSED IT

Argent Minerals (ASX:ARD) has completed 50 reverse circulation drill holes totalling 2943m across its wholly owned Kempfield polymetallic gold-silver-lead-zinc project in New South Wales.

These holes targeted a 200m by 40m mineralised zone, which was delineated during the July-August 2024 fieldwork program, that extends the Kempfield NW zone to over 2km by and average width of 100m.

A further 12 holes totalling 1300m will be drilled to test the mineralised silver-base-metal lithology extension proximal to the Lode 300 Mineralised Zone that was discovered by the August 2024 rock chip reconnaissance program.

D3 Energy (ASX:D3E) has completed production testing at RBD01 – a repurposed gold exploration hole, which flowed gas at an average rate of 93,000 standard cubic feet per day during a 15-day period.

Importantly, world-class concentrations of 6.2 per cent helium were measured after 12 days of sustained production, the highest recorded to date across its wells.

Managing director David Casey said it was pleasing to flow and measure gas from a legacy gold exploration hole drilled in 1982 and that the sustained gas rate was encouraging given the lack of any decline and potential downhole obstructions identified in RBD01.

RBD01 has been shut-in to allow reservoir pressures to build and the company will now move to test the recently drilled RBD12 well.

Shares of D3E have also started trading on the OTCQB Venture Market in the US under the symbol DNRGF, providing the company with access to a broader network of US-based investors, enhancing market visibility and increasing liquidity for shareholders.

Dimerix (ASX:DXB) is hosting a webinar dedicated to reviewing key initial findings from Project PARASOL, a collaborative international initiative for clinical endpoints in focal segmental glomerulosclerosis (FSGS).

Project PARASOL is focused on defining quantitative relationships between short-term changes in key biomarkers – proteinuria and glomerular filtration rate (GFR) – and long-term outcomes in FSGS. It seeks to establish alternative proteinuria-based endpoints to support both accelerated and traditional approval pathways for FSGS treatments.

Regener8 Resources (ASX:R8R) has wrapped up maiden drilling testing the Hatlifter nickel-cobalt and Grasshopper rare earths-niobium targets at its East Ponton project in WA. Samples from the drilling have been sent to ALS for assay.

“Regener8 has safely completed the maiden drilling program at East Ponton. We are proud of the team overcoming challenging subsurface drilling conditions and look forward to receiving assay results in the coming months,” managing director Stephen Foley said.

At Stockhead, we tell it like it is. While Argent Minerals, D3 Energy, Dimerix and Regener8 Resources are Stockhead advertisers, they did not sponsor this article.

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

Originally published as ASX Small Caps Lunch Wrap: All sectors rally as US votes trickle in; Auking wins Saudi gold mining bid