The Australian share market endured a punishing week, with Friday the 13th living up to its ominous reputation as the ASX plunged amid global tech sell-offs and biotech routs. However, amidst the widespread carnage, a handful of small-cap resource stocks defied the downturn, posting spectacular gains to claim the title of ASX Runners of the Week.
A Gruesome Week for the Broader Market
The ASX closed the week deeply bruised, mirroring overnight declines on the NASDAQ where Apple slid 5%, dragging down most of the so-called Magnificent Seven tech stocks. Delayed and hotter-than-expected US jobs data mid-week fueled fears of higher for longer interest rates, further unnerving investors.
Back home, the biotech sector faced a full rout, with many stocks halving in value. Pro Medicus reported a 230% jump in net earnings to $171.2 million, largely from a timely investment, but its underlying performance disappointed, sending shares tumbling. CSL, once the ASX's largest company, shed another 12%, marking a 40% decline in six months, while Cochlear fell 25%. Commonwealth Bank provided a rare bright spot, climbing 20% over two weeks after beating expectations.
The Survivors: Four Small-Caps Shine
In this rough market, the Runners list was sparse, dominated by companies in the hard assets corner—manganese, gold, and rare earths—while others licked their wounds.
Great Dirt Resources Ltd (ASX: GR8) – Up 177%
Topping the leaderboard is battery metals micro-cap Great Dirt Resources, which soared 177% after announcing a $1.446 million placement to fund its manganese projects in northern New South Wales. Notably, nearly half the funds came from executives Steve Parsons and Michael Naylor, who have a proven track record of ASX success, most recently with FireFly Metals.
The company has defined high-priority manganese targets at its Basin and Neranghi projects, with recent rock chip assays showing grades up to 51.8% manganese. Manganese is increasingly vital for next-generation LMFP lithium-ion batteries, enhancing performance, safety, and cost-efficiency for electric vehicles while reducing reliance on cobalt and nickel.
EMC Gold Corp (ASX: EM3) – Up 144%
In second place, EMC Gold Corp rocketed 144% in a single day, prompting a speeding ticket from the ASX. The company initially had nothing to see here but later updated the market on its Salave gold project in Spain. Following a suspended Environmental Impact Assessment, a ruling confirmed the assessment could be reactivated, with 63% local community support for the job-creating project.
A March 2025 scoping study forecast an after-tax net present value of $806 million and a 34% internal rate of return at a conservative gold price. The project holds 1.56 million ounces of gold at a high grade of 4.19 grams per tonne, with potential annual production of 99,462 ounces, rivalling major Australian operations.
MetalsGrove Mining Ltd (ASX: MGA) – Up 66%
MetalsGrove Mining rounded out the podium with a 66% gain, also receiving a speeding ticket. The company attributed the rise to early work at its recently acquired Zuénoula and Vavoua gold permits in Côte d'Ivoire. Soil sampling at Zuénoula defined a 13 square kilometre gold anomaly within the prolific Birimian greenstone belt, a region known for multi-million-ounce deposits.
The company has rapidly shifted from portfolio building to early-stage discovery, with its West African strategy gaining traction as gold prices remain strong.
European Resources Ltd (ASX: ERE) – Up 57%
Taking the final spot, rare earths explorer European Resources climbed 57% after reporting stellar assay results from its Korsnäs project in Finland. Diamond drilling intersected broad, high-grade rare earths hits, including 27 metres grading 3767 parts per million total rare earth oxides with significant neodymium and praseodymium content—key for magnets in electric vehicles and renewables.
The company is advancing metallurgical test work under the EU-funded REMHub program, aiming to develop a beneficiation flowsheet to supply critical magnet rare earths to Europe, reducing reliance on external sources.
In a week of market turmoil, these four companies demonstrated resilience, leveraging strategic assets and positive developments to deliver standout performances for investors.
