Lunch Wrap: ASX shuffles along as iron ore slumps, tech rallies

The ASX edged higher as iron ore dipped. Overnight, Wall Street took a hit after Trump ramped up tensions with Iran.

The ASX plods as iron ore dips. Picture via Getty Images

•  Iron ore slumps again but ASX recovers from early dip

• Trump’s Iran blast rattles Wall Street

• Uranium glows while NextDC borrows big

The ASX swung between gains and losses, and was up just a tad, by about 0.041% around lunchtime in the east on Wednesday.

Overnight in the US, Wall Street lost its nerve after Donald Trump took to social media with all-caps fury, calling Iran’s Supreme Leader “an easy target” and demanding “UNCONDITIONAL SURRENDER.”

His sidekick JD Vance chimed in, too, warning that if Iran doesn’t abandon its nuclear ambitions, the US might ditch the whole talking thing altogether.

Markets didn’t like it. The S&P 500 dropped 0.84%, the Nasdaq shed 0.91%, and the Dow slipped 0.7%.

Oil prices jumped, bond yields fell, and the whole session had the air of a fire alarm.

And in a sign the market mood might be shifting for good, a fresh Bank of America fundie survey shows most investors now reckon global stocks will outperform the US over the next five years.

Back home, the ASX held up reasonably well this morning, all things considered.

The main drag came from the miners after iron ore extended its slide for a fourth straight day.

Prices dropped below US$93 a tonne in Singapore, hit by a seasonal lull in demand and signs that Chinese steel mills are reining things in.

BHP (ASX:BHP) lost 1.2%, and Fortescue (ASX:FMG) copped a bruising of 4% hit.

Source: Market Index

But while iron’s on the nose, uranium is still glowing.

Boss Energy (ASX:BOE) rose 2% after confirming its Honeymoon project in SA has hit first-year production targets.

NextDC (ASX:NXT) didn’t get quite the same love. It fell 0.5% after locking in a chunky new $2.2 billion debt facility to refinance existing loans and fund more data centre builds.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for June 18 :

Security	Description	Last	%	Volume	MktCap
SIS	Simble Solutions	0.005	67%	1,735,000	$2,628,991
AR9	Archtis Limited	0.220	63%	5,982,156	$38,875,565
LNR	Lanthanein Resources	0.002	50%	5,851,968	$2,810,182
EUR	European Lithium Ltd	0.066	50%	24,894,415	$63,587,984
NPM	Newpeak Metals	0.019	46%	1,597,314	$4,186,933
LU7	Lithium Universe Ltd	0.009	42%	26,937,522	$4,715,878
MGU	Magnum Mining & Exp	0.004	33%	483,762	$3,364,953
RPG	Raptis Group Limited	0.091	30%	78,980	$12,273,970
DGR	DGR Global Ltd	0.005	25%	1,246,000	$4,174,784
ECT	Env Clean Tech Ltd.	0.003	25%	2,962,317	$8,013,537
MEM	Memphasys Ltd	0.005	25%	100,000	$7,934,392
MRD	Mount Ridley Mines	0.003	25%	1,538,334	$1,556,978
SKK	Stakk Limited	0.005	25%	456,000	$8,300,319
VRC	Volt Resources Ltd	0.005	25%	100,000	$18,739,112
MXO	Motio Ltd	0.043	25%	3,784,776	$9,608,368
EMD	Emyria Limited	0.031	24%	12,817,183	$12,281,104
ZMM	Zimi Ltd	0.011	22%	110,000	$3,847,894
AUR	Auris Minerals Ltd	0.006	20%	100,000	$2,383,130
IXR	Ionic Rare Earths	0.012	20%	26,345,210	$52,674,258
ITM	Itech Minerals Ltd	0.032	19%	1,712,292	$4,612,555
OM1	Omnia Metals Group	0.013	18%	960,733	$2,388,009
HFR	Highfield Res Ltd	0.170	17%	381,882	$68,741,171

Simble Solutions (ASX:SIS) is raising $527k to grow its sustainability software business, locking in $500k from a placement. It will use the funds for working capital and stash $200k in Bittensor (TAO), a decentralised AI crypto, to earn staking rewards and support its long-term strategy. Faldi Ismail steps in as non-exec chair, bringing 20+ years in deals, listings and capital markets.

archTIS (ASX:AR9) has cracked into the UK defence market, locking in a three-year contract worth $263k with the UK arm of a global aerospace giant. The deal covers 400 NC Protect licences to help meet strict UK Ministry of Defence data security rules in Microsoft 365. This follows a recent win with the US Department of Defense.

European Lithium (ASX:EUR) says Critical Minerals Group (ASX:CMG), which it owns 63% of, has landed a non-binding US$120m Letter of Interest from the US EXIM Bank to help develop the Tanbreez rare earths project in Greenland. The funding, if finalised, would be non-dilutive and run over 15 years. If it goes ahead, EUR said the package would support one of the world’s largest rare earth deposits and boost Western supply chains.

NewPeak Metals (ASX:NPM) says Lakes Blue Energy, in which it holds a 16.3% stake, is raising $6.5 million at $0.75/share through a fully underwritten placement ahead of its planned ASX relisting around June 24. The funds will help kick off drilling of the Wombat-5 well in the Gippsland Basin, targeting up to 10 terajoules a day from a 1.5km lateral. The Victorian government has given consent to drill, pending rehab bond payments, with spudding expected the week of July 21.

Lithium Universe (ASX:LU7) has secured global rights to a new microwave-based tech from Macquarie University that makes recycling solar panels cleaner and more efficient. It’s raising $1.7m to back the move, with solar waste set to hit 78 million tonnes by 2050, and most panels still ending up in landfill.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for June 18 :

Code	Name	Price	% Change	Volume	Market Cap
ICU	Investor Centre Ltd	0.001	-67%	54,399	$913,534
BGE	Bridgesaaslimited	0.011	-39%	225,000	$3,597,466
AQX	Alice Queen Ltd	0.003	-25%	130,586	$4,998,560
CTN	Catalina Resources	0.003	-25%	6,593,391	$9,704,076
HLX	Helix Resources	0.002	-25%	600,000	$6,728,387
ICE	Icetana Limited	0.058	-22%	2,691,848	$39,355,118
AAU	Antilles Gold Ltd	0.004	-20%	83,000	$11,656,840
ERA	Energy Resources	0.002	-20%	199,000	$1,013,490,602
FIN	FIN Resources Ltd	0.004	-20%	800,001	$3,474,442
JAV	Javelin Minerals Ltd	0.002	-20%	264,485	$15,315,373
MEL	Metgasco Ltd	0.002	-20%	626,524	$4,267,210
OMG	OMG Group Limited	0.004	-20%	2,780,701	$3,641,474
OVT	Ovanti Limited	0.002	-20%	7,162	$7,513,788
PRM	Prominence Energy	0.004	-20%	6,375,087	$1,945,882
TMX	Terrain Minerals	0.002	-20%	2,139,672	$5,621,392
HAR	Harangaresources	0.056	-18%	2,170,636	$7,758,747
SCP	Scalare Partners	0.100	-17%	32,004	$5,020,203
ERL	Empire Resources	0.005	-17%	176,162	$8,903,479
TSL	Titanium Sands Ltd	0.005	-17%	647,374	$14,020,483
JNO	Juno	0.028	-15%	15,846	$6,904,823
WTM	Waratah Minerals Ltd	0.280	-15%	1,339,616	$76,475,267
SGA	Sarytogan	0.060	-14%	454,469	$12,668,833
SPX	Spenda Limited	0.006	-14%	5,358,328	$32,306,508

IN CASE YOU MISSED IT

Anson Resources (ASX:ASN) has recorded 44% higher lithium values at its Green River project in Utah after opening up aquifers.

Brightstar Resources (ASX:BTR) will soon add a second source of high-grade gold to the ore processed under its Laverton Hub ore purchase agreement (OPA) with Genesis Minerals.

Ark Mines (ASX:AHK) has begun metallurgical testing to improve the mineral separation of rare earths and heavy minerals at Sandy Mitchell.

Impact Minerals (ASX:IPT) goes over a recent pre-feasibility study outlining its strong economic pathway to high purity alumina production.

Codeifai Limited (ASX:CDE) is snapping up its main rival Trust Codes to create a global QR code powerhouse, just as the world gears up for Sunrise 2027.

Resolution Minerals (ASX:RML) is kicking its US strategy into gear with the appointment of Washington DC External Affairs adviser Todd Clewett to support engagement with US federal agencies.

LAST ORDERS

Javelin Minerals (ASX:JAV) has tapped Michael Edwards to be its new non-executive director, effective immediately.

He brings more than 25 years’ experience in senior management roles, having worked as an exploration and mine geologist with a focus on Archaean gold and base metals.

Edwards has been involved in multiple ASX-listed companies, most recently serving as non-executive chair of Firefly Resources until it merged with Gascoyne Resources.

At Stockhead, we tell it like it is. While Javelin Minerals is a Stockhead advertiser, it 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 shuffles along as iron ore slumps, tech rallies