The Australian Securities Exchange witnessed a year of staggering extremes in 2025, defined by breathtaking rallies in small-cap resources and sobering retreats in former market darlings. As the year winds down, the standout performers have been crowned, with Kaili Resources Limited (ASX: KLR) achieving a scarcely believable surge to claim the title of Bulls N' Bears' Runner of the Year.
The Year's Defining Themes: Gold, Geopolitics and Critical Minerals
2025 marked a powerful comeback for small-cap stocks, shaking off the lingering gloom from the battery-metals downturn of 2023-2024. The year launched with gold embarking on one of its greatest bull runs in history, propelled by geopolitical uncertainty under the renewed tenure of US President Donald Trump and persistent global conflicts. The precious metal soared from below A$4000 an ounce to smash records above A$6700, settling around A$6500 by year's end.
This golden surge turbocharged producers like Evolution Mining, Newmont Mining, and Regis Resources, each posting gains of 150% or more. Concurrently, Trump's tariff wars and a US push to weaponise critical-minerals supply chains created an unexpected windfall for Australian resources companies with American ties or non-Chinese supply sources.
While AI captivated other global markets, the ASX spotlight shone on the physical infrastructure and obscure metals underpinning the technology. However, the rally came at a cost. The Australian biotech sector was brutally sold off, with giants like Telix Pharmaceuticals, Botanix, and Argenica Therapeutics losing half their value. Even CSL shed 37% of its market capitalisation after announcing job cuts and lower vaccine projections.
Runners of the Year: The Top Performers Revealed
The year's top stock stories were dominated by critical minerals and gold, with one extraordinary exception leading the pack.
Kaili Resources Ltd (ASX: KLR) delivered a performance for the history books, soaring an astronomical 39,650% from 0.8 cents to a peak of $3.18. This 396-bagger gain was concentrated into a frenetic 48-hour trading period in August. The catalyst was news of drilling approval for its South Australian rare earths projects, but the explosion was fuelled by a tight share register locked up by Chinese shareholders and frantic algorithmic trading. At its peak, major shareholder Treasure Unicorn saw a paper fortune exceed $250 million before the stock plunged to $1.08.
In second place, Dateline Resources Ltd (ASX: DTR) leveraged the perfect mix of gold, rare earths, and a US address, skyrocketing 19,186%. Its Colosseum project near Las Vegas received a public endorsement from President Trump on his Truth Social platform, catapulting its market cap over $2 billion.
Locksley Resources Ltd (ASX: LKY) rounded out the podium with a 4213% gain, thanks to its Mojave critical minerals project adjacent to the giant Mountain Pass mine in California. Early rock chip samples dazzled with grades up to 46% antimony and significant rare earth oxides.
Other Notable Market Sprinters
The list of exceptional performers was deep, reflecting the year's dominant investment themes:
Sunrise Energy Metals Ltd (ASX: SRL) surged 3,390% after securing a $3 million investment from mining magnate Robert Friedland's Ivanhoe Capital. Its Syerston scandium project boasts a resource containing approximately 23,554 tonnes of the critical metal, now in hot demand for aerospace and semiconductors.
Mount Ridley Mines Ltd (ASX: MRD) jumped 2,400%, propelled by defining Australia's largest gallium resource at its WA project. Gallium, worth around $1 million per tonne, is crucial for electronics and subject to intense supply chain competition.
Metal Powder Works Ltd (ASX: MPW) enjoyed a stunning debut, its share price rising 2,385% following its IPO. The company's proprietary powder production technology for 3D printing alloys captured the market's imagination.
Gold's rally powered pure-play developers. Forrestania Resources Ltd (ASX: FRS) rose 2,186% by aggregating projects in WA, while Focus Minerals Ltd (ASX: FML) climbed 1,888% after restarting underground operations at its Coolgardie project.
The sole oil and gas representative, Finder Energy Ltd (ASX: FDR), ascended 1,592% after securing a strategic partnership and funding with the Timor-Leste government for its Timor Sea development.
A Cautionary Tale: When Insiders Exit
The year also provided stark lessons. A major takeaway for investors was the signal sent when company directors sell. Defence-tech star Droneshield plunged nearly 65% after founder and CEO Oleg Vornik sold his entire $70 million holding. Similarly, Boss Energy has collapsed 80% since its former CEO and directors began exiting in mid-2024, erasing nearly $2 billion in value.
Ultimately, 2025 on the ASX was a tale of two markets: a resources sector reinvigorated by geopolitics and critical demand, set against a dramatic de-rating of former growth favourites. The staggering returns of the runners of the year have etched new legends into market folklore, while reminding investors that momentum, once lost, can be devastatingly hard to regain.
