It was a week of dramatic contrasts on the Australian Securities Exchange, with a handful of copper-focused companies defying a broader market rout that hammered technology, cryptocurrency and precious metals sectors. While most investors nursed significant losses, several resource stocks managed to post triple-digit percentage gains, led by Western Australian copper junior Solstice Minerals.
Market Overview: A Brutal Week for Tech and Precious Metals
The trading week concluded with widespread declines across multiple asset classes. Technology stocks, particularly those linked to artificial intelligence, faced substantial selling pressure following disappointing revenue outlooks and concerning capital expenditure figures from major US companies. This triggered a significant pullback in the sector, with industry giants like Nvidia, Amazon and Tesla all recording substantial weekly losses.
The precious metals market experienced even more dramatic volatility. Gold prices recorded their largest single-week decline in history, plummeting approximately 17 percent from recent record highs around US$5,600 per ounce. Silver joined the downward spiral, shedding roughly 35 percent from its peak. Market analysts attribute this sharp correction to diminishing inflation hedge demand, a strengthening US dollar and potential central bank purchasing fatigue after an extended bull run.
Cryptocurrency markets faced their own crisis, with Bitcoin suffering a brutal 36 percent decline over the past month. The digital asset's downturn accelerated after US Treasury officials explicitly rejected any potential government support for non-USD currencies, clarifying that cryptocurrencies would not receive the "too-big-to-fail" treatment afforded to traditional financial institutions.
ASX Runners: Copper Plays Defy the Downturn
Amid this challenging market environment, a select group of ASX-listed companies managed to post impressive gains, with copper explorers and developers leading the charge. The resilience of copper prices, supported by global supply constraints and growing demand from data centre infrastructure, provided a buffer against the broader market weakness.
Solstice Minerals Ltd (ASX: SLS) - Up 178%
Topping this week's performance leaderboard was Western Australian copper-gold explorer Solstice Minerals. The company's shares surged following the release of exceptional drilling results from its Nanadie project in the Murchison region. Early assays from a reverse circulation program delivered high-grade copper-gold intersections that have generated considerable excitement within the mining sector.
The standout results included a 62-metre interval grading 1.55 percent copper and 0.66 grams per tonne gold, featuring a higher-grade 22-metre section of 2.78 percent copper and 1.25 grams per tonne gold. Another significant intercept returned 97 metres at 0.73 percent copper and 0.30 grams per tonne gold from 203 metres depth.
These results extend well beyond the project's current mineral resource estimate, strongly suggesting the mineralised system remains open at depth with clear potential for resource expansion. The Nanadie project already hosts a JORC-compliant resource of 40.4 million tonnes containing 162,000 tonnes of copper and 130,000 ounces of gold.
Alma Metals Ltd (ASX: ALM) - Up 118%
Securing second position was another copper-focused company, Alma Metals, which continued to benefit from drilling results released the previous week from its flagship Briggs copper project in Central Queensland. The project represents one of Australia's largest undeveloped copper resources, with a substantial 439 million tonne resource containing approximately 2 million tonnes of copper.
The most impressive result from the recent drilling campaign was a remarkable 620-metre intersection grading 0.25 percent copper and 30 parts per million molybdenum from just 9 metres depth. This represents the longest mineralised intersection recorded at the project to date and confirms strong continuity of mineralisation.
Alma Metals is advancing the project through a joint venture arrangement with Canterbury Resources and has recently completed a scoping study that envisions a large-scale, low-cost open-pit operation. The company plans to commence prefeasibility studies while preparing for the 2026 drilling season following the Queensland wet season.
RBR Group Ltd (ASX: RBR) - Up 110%
Labour hire and training specialist RBR Group rounded out the top three performers, benefiting from the Mozambique government's approval to fully restart the TotalEnergies-led Mozambique LNG project. This massive liquefied natural gas development represents one of Africa's largest energy projects and had been under force majeure for several years.
The project's restart signals a significant step forward for Mozambique's energy sector and creates substantial opportunities for service providers across the LNG supply chain. RBR Group has been strategically positioning itself for this development through local partnerships and infrastructure investments, with the company's latest quarterly report indicating expressions of interest and tenders exceeding US$80 million.
First Au Ltd (ASX: FAU) - Up 73%
Completing the list of notable performers was Western Australian gold explorer First Au, which managed to buck the broader precious metals downturn. The company announced a $5.6 million capital raising, including significant contributions from directors and management, to advance exploration at its Gimlet gold project in the Eastern Goldfields.
Recent drilling results have delivered high-grade gold intersections, including 14 metres at 3.28 grams per tonne gold from 47 metres depth, 10 metres at 8.47 grams per tonne from 44 metres, and 14 metres at 7.58 grams per tonne from 33 metres. These results will support an upgrade to the project's existing 119,600-ounce resource as the company prepares for further development studies.
The week's trading activity highlighted the divergent fortunes within the resources sector, with copper companies capitalising on favourable market fundamentals while precious metals and technology stocks faced significant headwinds. As market volatility continues, investors are likely to maintain their focus on companies with strong fundamentals and clear growth pathways.
