This ASX gallium play made the gains and stole gold’s spotlight in March

RareX was the fastest growing ASX resources stock in March with a gallium find at Cummins Range, but gold stocks dominated.

Gold, and gallium, juniors leapt into the spotlight in March. Pic: Getty Images

• The top 3 commodities for July include gold (duh), copper and nickel

• RareX takes top spot for the biggest monthly stock gain

• Trek Metals and Errawarra Resources nab honourable mentions

It's a good time to be in gold, even if a rare earths stock took out the month’s top spot for biggest individual resource stock gainer, with RareX (ASX:REE) up 171%.

The precious metal took out the second and third biggest stock moves for the month with Trek Metals (ASX:TKM) up 145% and Errawarra Resources (ASX:ERW) (exposed to both silver and gold) gaining 120%.

Gold definitely hogged the spotlight in March thanks to finally crashing through its US$3000/oz ceiling, currently hovering around US$3140 at the time of writing. That's over $5000/oz in Aussie dollars.

The commodity lifted a total of 24 goldies into the top 50, with Dateline Resources (ASX:DTR), Black Dragon Gold (ASX:BDG) and Gorilla Gold Mines (ASX:GG8) sitting above 50% gains for the month.

With the price soaring and investors piling into the safe haven metal as uncertainty around war and trade swirls, it’s no surprise goldies have seen outsized gains.

But even with the gold bull run stealing the headlines, a critical minerals stock stole the show last month, with RareX reporting an unexpected gallium discovery at its Cummins Range project.

The company’s sampling of historical drill holes flagged values up to 6826g/t Ga203, bumping the project up as one of the highest grade potential gallium discoveries in Australia.

The critical metal, a key material in semiconductor chips currently subject to export bans from its main producer China, could transform Cummins Range, already one of Australia’s largest pre-development rare earths and phosphate projects.

A total of 11,487 assays for gallium were completed with 36% of the assays containing >40g/t Ga2O3.

Gallium is on the critical mineral list for Europe, America and Australia and with the growth of electronics, semi-conductors and solar panels, it is anticipated the gallium market will grow significantly from US$2.45b in 2024 to US$21.53b by 2034.

The company is now re-assaying samples with the goal of integrating gallium into its rare earths and phosphate development plans.

Most popular commodities in March:

Here are the top 50 ASX resources stocks for the month of March>>>

Code	Company	Price	% Month	Market Cap
REE	Rarex Limited	0.023	171%	$17,618,608
TKM	Trek Metals Ltd	0.054	145%	$28,173,035
ERW	Errawarra Resources	0.066	120%	$5,755,240
LYK	Lykos Metals	0.019	90%	$3,578,756
LMS	Litchfield Minerals	0.175	84%	$5,430,684
MM1	Midas Minerals	0.18	80%	$22,343,342
DTR	Dateline Resources	0.005	67%	$12,827,843
LSR	Lodestar Minerals	0.018	64%	$4,908,326
GEN	Genmin	0.044	63%	$39,040,588
AYT	Austin Metals Ltd	0.0065	63%	$9,269,339
BDG	Black Dragon Gold	0.063	62%	$19,437,828
NFL	Norfolk Metals	0.16	60%	$5,114,492
NIM	Nimy Resources	0.093	55%	$20,396,530
GG8	Gorilla Gold Mines	0.48	55%	$266,586,082
ELT	Elementos Limited	0.083	51%	$18,890,548
ARD	Argent Minerals	0.027	50%	$37,586,652
1AE	Aurora Energy Metals	0.054	50%	$8,415,996
HMG	Hamelin Gold	0.082	49%	$12,331,800
AQD	Ausquest Limited	0.052	49%	$72,718,102
A1G	African Gold	0.096	48%	$45,803,642
MPK	Many Peaks Minerals	0.44	44%	$42,372,470
PGD	Peregrine Gold	0.165	43%	$15,098,154
MGT	Magnetite Mines	0.135	42%	$16,305,424
IND	Industrial Minerals	0.17	42%	$13,253,213
CYL	Catalyst Metals	5.78	41%	$1,245,268,507
SX2	Southgold Consol	4.81	41%	$607,749,470
OLY	Olympio Metals Ltd	0.056	40%	$5,131,611
KGD	Kula Gold Limited	0.007	40%	$7,370,029
LDR	Lode Resources	0.135	39%	$22,649,780
RDN	Raiden Resources Ltd	0.0055	38%	$18,979,903
VUL	Vulcan Energy	5.08	37%	$1,109,631,582
FRS	Forrestania Resources	0.026	37%	$7,086,270
GRE	Greentechmetals	0.08	36%	$8,634,971
MLX	Metals X Limited	0.69	35%	$589,450,373
AKM	Aspire Mining Ltd	0.29	35%	$139,600,171
NSM	Northstaw	0.039	34%	$10,634,384
ASR	Asra Minerals Ltd	0.004	33%	$8,305,944
AZY	Antipa Minerals Ltd	0.48	33%	$269,502,807
BYH	Bryah Resources Ltd	0.004	33%	$2,507,203
ZNC	Zenith Minerals Ltd	0.06	33%	$21,186,954
IXR	Ionic Rare Earths	0.008	33%	$36,668,998
MXR	Maximus Resources	0.085	33%	$34,727,015
LRV	Larvottoresources	0.955	33%	$410,008,009
LGM	Legacy Minerals	0.235	31%	$23,733,532
IMI	Infinitymining	0.013	30%	$5,076,189
AMI	Aurelia Metals Ltd	0.26	30%	$431,606,023
RTG	RTG Mining Inc.	0.026	30%	$28,174,783
HAR	Harangaresources	0.062	29%	$5,933,159
ORD	Ordell Minerals Ltd	0.72	29%	$25,882,322
UVA	Uvrelimited	0.095	28%	$5,719,000

Small Cap Standouts

Trek Metals (ASX:TKM)

This month Trek found visible gold at its Christmas Creek project in the Kimberley, not far south of Halls Creek.

Importantly, the holes from which the VG came have already been assayed.

It was identified in drill chips from reverse circulation hole 24XCRC097, which delivered standout high-grade strikes of 10m at 12.66g/t from 59m and 10m at 7.34g/t from 94m.

Trek says the occurrence is a positive indication in terms of its geological and processing potential – high-grade gold accumulations tend to be liberated easily in gravity circuits – BUT of course proper metallurgical testwork will be required to make any real assumptions.

Drilling will now be fast tracked at the Martin prospect, with a field crew to be mobilised in the coming weeks to establish a camp and commence site prep for upcoming drilling.

Errawarra Resources (ASX:ERW)

ERW has picked up 70% of the historical Elizabeth Hill silver project, 70% of the silver rights to the Pinderi Hills project tenement package and 70% of the ownership of three tenements or tenement applications surrounding the silver project in WA’s Pilbara region.

The collective tenement package totalling 180km2 is in the Tier-1 mining jurisdiction, which has been drawing plenty of attention primarily due to the gold and copper-gold exploration successes of companies such as De Grey Mining and Artemis Resources.

Of particular interest in the package is the Elizabeth Hill mine which closed in 2000 due to low silver prices and from which 1.2Moz of silver was produced from 16,000t of ore at a head grade of 2194g/t Ag in only one year of production.

ERW, which is to be renamed West Coast Silver (ASX:WCE) subject to shareholder approval, is the first explorer to consolidate the additional highly prospective underexplored areas for silver mineralisation.

Lykos Metals (ASX:LYK)

Lykos Metals will advance exploration of its projects in the Tethyan metallogenic belt of Bosnia and Herzegovina after fielding firm commitments for a $399,811 placement at 0.9c per share.

This includes the Sinjakovo project where the company has recently reported high-grade antimony (1.8%), copper (4.0%) and silver (969g/t) in rock samples.

During 2025, Lykos plans to complete detailed mapping, trenching and drilling, subject to easing of the winter weather conditions.

The funds raised will also allow the company to evaluate new opportunities.

The company continues to work with the Ministry of Energy and Mining in Bosnia and Herzegovina regarding the revised application for the Sockovac (Petrovo) project and is optimistic about a near-term favourable outcome in respect of the renewed grant of the project.

At Stockhead we tell it like it is. While RareX, Trek Metals and Errawarra Resources are Stockhead advertisers, they did not sponsor this article.

Originally published as This ASX gallium play made the gains and stole gold’s spotlight in March