Closing Bell: Iron ore miners hammered, but Trump’s Canada tariffs boost uranium stocks

The ASX pushed higher on Wednesday. Tech stocks soared on Trump’s $500b AI plan, while Canada tariffs sent uranium stocks up.

Tariff talk sparks gains for uranium stocks, losses for iron ore miners. Picture via Getty Images

• ASX climbs as tech stocks lead the charge

• Trump’s $500b AI plan boosts tech stocks

• Tariff talk sparks gains for uranium stocks, losses for iron ore miners

Wednesday saw another climb for the Aussie stock market as the S&P/ASX 200 index closed 0.33% higher. 

But the real action was in the tech sector, which surged after Trump unveiled an eye-watering US$500 billion AI investment as part of his ambitious “Stargate” initiative.

Trump has apparently pulled in some of the biggest names in tech, including OpenAI’s Sam Altman and Oracle’s Larry Ellison, to channel this massive funding into artificial intelligence, data centres, and a whole range of next-gen infrastructure.

Tech stocks BrainChip Holdings (ASX:BRN), WiseTech Global (ASX:WTC) and NextDC (ASX:NXT) were among the day’s best performers.

While tech was cruising, Trump’s 10% tariff  proposal on China, which he said could be triggered as early as next month, sent shockwaves through Australia’s iron ore exporters.

BHP (ASX:BHP) and Fortescue Metals Group (ASX:FMG) fell about 2% each as markets reacted to the possibility of fresh trade tensions.

In China, shares also fell across the board.

But interestingly, Trump’s tariff threat also had a positive knock-on effect for uranium stocks. 

Paladin Energy (ASX:PDN) and Boss Energy (ASX:BOE) surged today after he indicated that he could move quickly to impose tariffs on Canada, the US’s largest supplier of uranium. 

A sharp reminder that in the globalised world, for every loser in the tariff game there’s also a winner.

This is where things stood on the ASX leading up to today's close:

Source: Market Index

Source: Market Index

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Security	Description	Last	%	Volume	MktCap
EDE	Eden Inv Ltd	0.002	100%	1,500,000	$4,109,876
5GG	Pentanet	0.053	77%	33,667,203	$12,995,150
AUH	Austchina Holdings	0.002	33%	2,500,000	$3,600,575
CRB	Carbine Resources	0.004	33%	212,500	$1,655,213
GTR	Gti Energy Ltd	0.004	33%	419,228	$8,888,849
HLX	Helix Resources	0.004	33%	3,454,519	$10,092,581
EPM	Eclipse Metals	0.009	29%	11,097,212	$16,014,989
CMD	Cassius Mining Ltd	0.019	27%	482,445	$9,630,667
1TT	Thrive Tribe Tech	0.003	25%	14,613,978	$4,063,446
ADD	Adavale Resource Ltd	0.003	25%	5,675,599	$3,081,664
BNL	Blue Star Helium Ltd	0.005	25%	631,550	$10,779,541
EVR	Ev Resources Ltd	0.003	25%	301,963	$3,625,007
MOM	Moab Minerals Ltd	0.003	25%	193,800	$3,133,999
TMK	TMK Energy Limited	0.003	25%	429,653	$18,651,130
VML	Vital Metals Limited	0.003	25%	1,383,304	$11,790,134
BUB	Bubs Aust Ltd	0.120	22%	26,757,037	$87,526,744
EFE	Eastern Resources	0.033	22%	290,285	$3,404,429
EE1	Earths Energy Ltd	0.012	20%	3,504,792	$5,299,642
PKO	Peako Limited	0.003	20%	1,672,271	$2,737,854
TEG	Triangle Energy Ltd	0.006	20%	550,000	$10,446,170

After observing “outstanding” early sales growth for its Remplir nerve repair product, Orthocell (ASX:OCC) will accelerate a global commercial expansion for Remplir with regulatory submissions for five new countries planned for this year. Orthocell say Remplir – a collagen wrap used in peripheral nerve repair – has sold well in Australia, New Zealand and Singapore to achieve a third consecutive quarter of record revenue.

Top priority for the company is penetrating the US$1.6 billion US market. Orthocell has already submitted its US DFA 510(k) approval for clearance to sell Remplir in the States with a result expected by the end of April this year. Also on the list for expansions is Thailand, the UK, the EU and Brazil.

Eastern Resources (ASX:EFE) just dropped some solid news from its Lepidolite Hill project. Preliminary metallurgical tests showed a healthy 80.5% lithium recovery, producing a concentrate with 3.75% Li2O. Even better, the concentrate’s iron contamination was minimal at just 0.07%.

Pentanet (ASX:5GG), the telco and tech company, flipped from a small loss to a positive EBITDA of $0.6m in Q2. Revenue’s up 7% year-on-year, and gaming’s booming with a 31% rise in revenue. The 5G side’s picking up steam, too, and the cloud gaming service is smashing it, with ARPU (Average Revenue Per User) up 23%.

Bubs Australia (ASX:BUB) has reported a turnaround in Q2 FY25, from a $6.8m loss last year to a $2.9m positive EBITDA. Revenue’s up 42% to $32.9m, and gross margins improved to 48%. Cash is flowing, with $3.9m in inflows and $17.2m in the bank. On the US front, the FDA trial’s progressing well, with approval expected by October. Bubs also said it’s still on track to hit the $102m revenue forecast this year.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
ERA	Energy Resources	0.002	-33%	1,393,763	$1,216,188,722
NTM	Nt Minerals Limited	0.003	-25%	192,333	$4,843,612
RGL	Riversgold	0.003	-25%	40,000	$6,734,850
GW1	Greenwing Resources	0.035	-20%	5,000	$10,588,665
ECT	Env Clean Tech Ltd.	0.002	-20%	4,938,642	$7,929,526
ENV	Enova Mining Limited	0.004	-20%	280,000	$4,924,647
AU1	The Agency Group Aus	0.018	-18%	21,849	$9,670,685
M24	Mamba Exploration	0.014	-18%	45,000	$3,994,274
ALM	Alma Metals Ltd	0.005	-17%	3,058,300	$9,518,072
CUL	Cullen Resources	0.005	-17%	1,265,000	$4,160,411
VEN	Vintage Energy	0.005	-17%	3,372,217	$10,017,188
RDG	Res Dev Group Ltd	0.016	-16%	542,360	$56,066,304
SLM	Solismineralsltd	0.064	-15%	173,921	$5,792,088
T88	Taitonresources	0.120	-14%	60,000	$10,424,033
AVM	Advance Metals Ltd	0.038	-14%	3,458,955	$7,413,964
GCM	Green Critical Min	0.020	-13%	40,408,678	$43,873,726
DUN	Dundasminerals	0.034	-13%	643,397	$4,181,515
AJL	AJ Lucas Group	0.007	-13%	326,454	$11,005,837
AQX	Alice Queen Ltd	0.007	-13%	4,717	$9,175,121
SER	Strategic Energy	0.007	-13%	130,750	$5,368,267
WBE	Whitebark Energy	0.007	-13%	107,454	$2,018,668
ZEU	Zeus Resources Ltd	0.007	-13%	80,000	$5,125,385

IN CASE YOU MISSED IT

North American white hydrogen explorer HyTerra (ASX:HYT)has advised the market it expects to drill at its Nemaha project following Kansas’ winter period, which typically runs from December to February.

HyTerra has contracted Murfin Drilling Company – one of the leading drillers in the US Midwest region – for a fully funded exploration phase at Nemaha as part of a multi-well campaign targeting key prospects. Fortescue Future Industries Technologies acquired nearly 40% in HyTerra in December for more than $20m.

VHM (ASX:VHM)has officially received endorsement from the Victorian Minister for Planning Sonya Kilkenny for its Environment Effects Statement at the Goschen rare earths and mineral sands project.

The company is now working on mining licence approval, work plan submissions and engineering plans with the expectation of starting construction late this year. First production would then occur in the second half of next year with plans for an initial 1.5Mtpa output before ramping up to 5Mtpa over a three-year period.

Future Battery Minerals (ASX:FBM) has expanded its footprint in Western Australia’s Eastern Goldfields via new tenement applications near its existing Coolgardie lithium projects as well as other known gold deposits. The explorer is planning to kick off initial ground evaluations at the new prospects late Q1 this year.

European oil and gas explorer ADX Energy (ASX:ADX)is celebrating with a cup of espresso today after it was awarded a channel permit in Sicily for gas exploration offshore of southern Italy. The application was previously delayed in 2018 due to a government moratorium on the awarding of new exploration licences in Italy. ADX say the permit is “highly prospective” for clean, pure gas.

Hydrous kaolin producer Suvo Strategic Minerals (ASX:SUV) is extending its sales relationship with buyer Norske Skog to continue supplying hydrous kaolin from its Pittong operation in Victoria for another three years. Norske says it anticipates purchasing between 21,000-24,000t of hydrous kaolin over the three years. Suvo previously supplied roughly 16,300t of product to Norske over a past three-year period.

Island Pharmaceuticals (ASX:ILA) announced today all 10 subjects have been enrolled in the phase 2b trial of its ISLA-101 clinical trial in dengue fever treatment. The study will explore ISLA-101’s ability to reduce the symptoms of patients already infected with dengue fever. Island expect to receive results from the study around April this year while full unblinded study results from the Phase 2a/b trial are expected in Q4 FY25.

Indiana Resources (ASX:IDA)has identified titanium targets via source rocks at the Carne prospect, part of its Gawler Craton project in South Australia. Past drilling at Carne has previously showcased results such as 8m at 1.3% titanium. Follow-up drilling at Carne is now a high priority for Indiana’s exploration program in South Australia this year.

LTR Pharma (ASX:LTR) – a company developing a nasal spray treatment for erectile dysfunction in men – has signed a national pharmacy distribution agreement with Symbion. Symbion is one of Australia’s largest pharmaceutical wholesalers, serving nearly 4000 customers. Today’s agreement enables a nationwide distribution of LTR’s Spontan product via Symbion’s network in the event of a future commercial launch.

Sovereign Metals (ASX:SVM) released to the market today the results of an optimised pre-feasibility study of its Kasiya rutile-graphite project in central Malawi, southeast Africa. Key metrics from the study include a pre-tax US$2.3bn NPV, US$16.4bn in total revenue, operating costs of US$423/t, 27% pre-tax IRR and a US$665m capex to reach first production.

Critical Metals Corp (CRML) has today become the first Nasdaq-listed company to adopt Bitcoin as a primary treasury reserve asset after it executed a convertible note for up to US$500m in BTC.

CRML chairman Tony Sage said the move was made due to the “enormous growth and interest” in the Bitcoin market. European Lithium (ASX:EUR) holds 74.30% of CRML’s shares – worth close to $900m based on the CRL share price as of January 21, 2025.

At Stockhead, we tell it like it is. While HyTerra, VHM, European Lithium, ADX Energy, Orthocell, Sovereign Metals, LTR Pharma, Indiana Resources, Island Pharmaceuticals, Suvo Strategic Minerals and Future Battery 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 Closing Bell: Iron ore miners hammered, but Trump’s Canada tariffs boost uranium stocks