Closing Bell: Resources weigh heavy on ASX, down 0.16pc as tech rally fizzles

The ASX fell 0.16pc as the resources sector went into sharp decline, outweighing gains in eight sectors and a tech rally.

The resources sector was too heavy a burden on Thursday for the rest of the ASX to lift into positive territory. Pic: Getty Images

• Copper prices crash 20pc

• Materials sector undercuts market, down 2.57pc

• Info tech rally not enough to push ASX into positive territory

Tech rally fails to lift resources

The ASX staged a steady recovery through the day to finish down just 0.16%, regaining ground on strength in the info tech and discretionary sectors.

But, even with eight sectors scraping into the green the malaise in resources stocks was just too strong to lift.

Between copper’s dramatic plunge and another slide in gold prices last night, the ASX 200 Resources lost an eyewatering 2.26% today, and the ASX All Ords Gold 2.61%.

Source: Market Index

Source: Market Index

Our tech movers and shakers for the day include Weebit Nano (ASX:WBT), up a very respectable 19% on some solid quarterly results.

The semiconductor firm’s ReRAM technology is on track to finish the qualification process with South Korean semiconductor manufacturer DB HiTek before the end of the year, which could lead to some lucrative contracts.

Counter-drone technology company Droneshield (ASX:DRO) is also back in the good books, climbing 17% after taking a sharp hit to its share price just over a week ago. The company has now recovered to just 15c off its all-time high.

Organisation technology specialist Atturra (ASX:ATA) added 6.8%, while cybersafety group Qoria (ASX:QOR) lifted 5.2%.

On the other side of the balance sheet were our struggling resources stocks, joined by some equally out-of-favour energy companies.

Champion Iron (ASX:CIA) slid 12%, Beach Energy (ASX:BPT) fell 9%, Mineral Resources (ASX:MIN) minimised by 7.9% and Pilbara Minerals (ASX:PLS) slumped 7.5%.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Code	Name	Last	% Change	Volume	Market Cap
ASR	Asra Minerals Ltd	0.002	100%	1647649	$4,000,198
WEL	Winchester Energy	0.002	100%	6816666	$1,363,019
DMG	Dragon Mountain Gold	0.006	50%	1331226	$1,578,687
PAB	Patrys Limited	0.002	41%	845577	$3,358,031
I88	Infini Resources Ltd	0.17	36%	706766	$6,546,252
CR9	Corellares	0.004	33%	2793904	$3,021,809
EAT	Entertainment	0.004	33%	100000	$3,926,358
MSG	Mcs Services Limited	0.008	33%	10439676	$1,188,598
ALM	Alma Metals Ltd	0.006	33%	1352499	$8,328,317
TOU	Tlou Energy Ltd	0.024	33%	1826395	$23,374,518
1AD	Adalta Limited	0.0025	25%	75962	$2,225,966
BIT	Biotron Limited	0.0025	25%	200000	$2,654,492
BUY	Bounty Oil & Gas NL	0.0025	25%	34611	$3,122,944
CZN	Corazon Ltd	0.0025	25%	29873	$2,369,145
DDT	DataDot Technology	0.005	25%	2368338	$4,843,811
DTM	Dart Mining NL	0.0025	25%	886063	$2,396,111
GGE	Grand Gulf Energy	0.0025	25%	539559	$5,640,850
MTB	Mount Burgess Mining	0.005	25%	351392	$1,702,553
PKO	Peako Limited	0.0025	25%	871167	$2,975,484
RAN	Range International	0.0025	25%	2380188	$1,878,581
TMK	TMK Energy Limited	0.0025	25%	1300000	$20,444,766
BDG	Black Dragon Gold	0.086	23%	2374086	$22,257,624
IS3	I Synergy Group Ltd	0.011	22%	5454999	$15,356,699
SBR	Sabre Resources	0.011	22%	38800	$3,550,157
IAM	Income Asset	0.035	21%	9596256	$26,995,254

In the news…

Winchester Energy (ASX:WEL) has been reinstated to the ASX after clearing a regulatory hurdle by appointing two more non-executive directors and filling out the required three-person roster.

WEL is welcoming Jason Peterson, founder of CPS Capital Group, and David Wheeler, director and partner at boutique corporate advisory firm Pathways Corporate, to the board. The company is now seeking advice over a general meeting requirement.

Alma Metals (ASX:ALM) upgraded its Briggs copper JV project resource this quarter, lifting it to 2Mt of copper, 73Mlb of molybdenum and 16.5Moz of silver.

ALM has also had some metallurgical success, obtaining high copper recoveries of 95% from Briggs ore and refining high-grade concentrates of up to 29% copper with locked-cycle froth flotation methods, a technology with fairly low power consumption requirements.

Patrys (ASX:PAB) had a solid quarter of corporate strategising, restructuring its board and actively pursuing partnering and licensing opportunities for both of its oncological cell therapy deoxymab assets.

The biotech also raised just over $300k, continued the hunt for new assets to diversify its risk profile, and raked in an R&D rebate of $790k to bring its cash balance to $742k.

Black Dragon Gold (ASX:BDG) has made positive progress toward a strategic investment in the Salave gold project by the Principality of Asturias, following introduction of new legislation in December 2024.

A community consultation process has revealed the project is supported by about 63% of the local community, with many calling for investment in the region to generate job opportunities. BDG had CAD$1.085 million in the bank at the end of June.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Last	% Change	Volume	Market Cap
MHK	Metalhawk.	0.175	-53%	4222178	$45,655,248
AQC	Auspaccoal Ltd	0.008	-33%	14458499	$8,405,611
CYQ	Cycliq Group Ltd	0.002	-33%	274297	$1,381,550
ECT	Env Clean Tech Ltd.	0.002	-33%	76491887	$12,046,306
XPN	Xpon Technologies	0.008	-27%	11918252	$4,556,785
CHM	Chimeric Therapeutic	0.003	-25%	3775000	$12,996,494
MEL	Metgasco Ltd	0.002	-20%	10000	$4,592,717
3DP	Pointerra Limited	0.046	-19%	5829994	$45,889,377
AIV	Activex Limited	0.013	-19%	160499	$3,448,041
GRE	Greentechmetals	0.065	-19%	839637	$9,071,611
RR1	Reach Resources Ltd	0.009	-18%	739225	$9,618,745
IR1	Irismetals	0.09	-18%	2371209	$19,575,532
BNL	Blue Star Helium Ltd	0.005	-17%	34852048	$16,169,312
NOX	Noxopharm Limited	0.105	-16%	86455	$36,529,744
MQR	Marquee Resource Ltd	0.011	-15%	8465110	$7,627,350
LM1	Leeuwin Metals Ltd	0.098	-15%	277188	$11,592,734
AUK	Aumake Limited	0.003	-14%	11809835	$10,581,756
NWM	Norwest Minerals	0.012	-14%	40425	$13,557,020
RDS	Redstone Resources	0.003	-14%	4048334	$3,619,936
SER	Strategic Energy	0.006	-14%	2187909	$4,697,233
SHP	South Harz Potash	0.003	-14%	3127159	$4,490,717
IG6	Internationalgraphit	0.061	-14%	502816	$13,742,641
MAG	Magmatic Resrce Ltd	0.044	-14%	611028	$22,554,786
IME	Imexhs Limited	0.285	-14%	41772	$17,704,253
AKA	Aureka Limited	0.091	-13%	797527	$13,235,280

IN CASE YOU MISSED IT

Ramelius Resources (ASX:RMS) has completed the acquisition of Spartan Resources (ASX:SPR), gaining access to millions of gold ounces.

Airtasker (ASX:ART) strengthened its cash and kept scaling this quarter without the need for fresh capital.

Island Pharmaceuticals (ASX:ILA) has completed the acquisition of the promising Galidesivir anti-viral drugafter finalising due diligence ahead of schedule.

Perpetual Resources (ASX:PEC) is finalising plans for drilling to support a maiden JORC resource estimate at its Raptor rare earths project in Brazil.

Geopacific Resources (ASX:GPR) is building momentum at its Woodlark Gold Projectin PNG thanks to a sharp focus and near-term entrance of St Barbara.

Taruga Minerals’ (ASX:TAR) review of legacy datasets and airborne VTEM survey findings has confirmed the presence of a discrete conductor at Thowagee, which TAR has elevated to a priority target.

Albion Resources (ASX:ALB) has entered a deal with Capricorn Metals (ASX:CMM) for its Mongers Lake gold project in the West Australian Murchison.

Blue Star Helium (ASX:BNL) fields solid flow test results at Aloha Mula 12 (‘Hello Money’) helium well in Lincoln County, Colorado, as it moves toward an option exercise decision.

Orange Minerals (ASX:OMX) has successfully listed on the OTCQB Venture Market as it plans to advance exploration across African and Australian projects.

Harvest Technology Group (ASX:HTG) recorded a 135% YoY increase in quarterly revenue, reaching $1.1 million in Q4 FY25, and expects total revenue for the full year to exceed $3.5 million.

Trading halts

Activeport Group (ASX:ATV) – cap raise
Babylon Pump & Power (ASX:BPP) – potential acquisition and debt funding
Chilwa Minerals (ASX:CHW) – cap raise
Enova Mining (ASX:ENV) – cap raise
Firetail Resources (ASX:FTL) – cap raise
HeraMED (ASX:HMD) – cap raise
Imagion Biosystems (ASX:IBX) – cap raise
Nyrada (ASX:NYR) – cap raise
Papyrus Australia (ASX:PPY) – cap raise
RemSense Technologies (ASX:RMN) – cap raise
TG Metals (ASX:TGM) – cap raise

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

Originally published as Closing Bell: Resources weigh heavy on ASX, down 0.16pc as tech rally fizzles