Deloitte WA Index: Market cap of WA listed entities up 36% in FY26

3 August 2026: A commodities rally fuelled by an uncertain geopolitical environment has propelled Western Australia's listed companies to a record year, with their collective market capitalisation surging 36% to
$494.3 billion, leaving the broader ASX All Ordinaries Index’s return of 2.4% in the dust.

That's according to a special Diggers & Dealers 2026 edition of the Deloitte WA Index, which tracks the market capitalisation of WA-based listed companies and explores the opportunities and challenges facing Australia's mining industry amid technological change, decarbonisation and a shifting global environment.

Deloitte Audit and Assurance Partner Ian Skelton said the result reflected a strong year for gold, with escalating geopolitical tensions later lifting commodity and energy prices and boosting demand for battery minerals such as lithium.

"In a year marked by geopolitical conflict and economic uncertainty, investors have increasingly turned to commodities, driving strong gains across much of Western Australia's resources sector," Skelton said.

"While gold continued to benefit from its safe-haven status and enjoyed another strong year, the standout story of FY26 was the recovery in lithium, with renewed confidence in battery minerals amid growing electric vehicle (EV) demand helping drive significant value creation across the sector."

“It is no surprise that the companies in the Deloitte WA Index Top 20 that saw the most movement across the year have significant lithium exposure. Meanwhile, copper and other base metals also recorded strong gains, contributing to broad-based market growth across the sector.”

Deloitte Australia National Mining and Metals Leader Nicki Ivory said renewed M&A activity was another source of momentum as market volatility continued to create opportunities for companies willing to pursue growth through strategic transactions.

"M&A activity was a defining feature of the year as companies sought to build scale, strengthen portfolios and unlock value through acquisitions," Ivory said.

"Major transactions across the gold and battery minerals sectors have reshaped the composition of the WA Index and demonstrate the confidence companies have in the long-term outlook for the sector."

The special 2026 Diggers & Dealers edition of the Deloitte WA Index recognises the top-performing companies that delivered outstanding market capitalisation growth over the financial year. The top three movers in the Deloitte WA Index Top 20 in terms of market capitalisation growth for the year ended 30 June 2026 are:

The top three movers in the WA Index Top 100 in terms of market capitalisation growth for the year ended 30 June 2026 are:

Protecting the future of Australia's mining sector

Nicki Ivory said the geopolitical instability that helped drive this year's strong result should also serve as a reminder that Australia's mining sector must focus on becoming resilient in the face of changing global trends.

“We're seeing a shift in how mining companies must think about their future. Decarbonisation is becoming central to how operations are designed and run, while digital technologies and AI are driving the next wave of productivity gains,” Ivory said.

“Mining leaders are no longer focused solely on growing production. They're asking how to build businesses that can remain competitive through changing market conditions, evolving customer expectations and the transition to a lower-emissions economy. That means strengthening energy self-sufficiency and investing in the workforce and skills needed to support increasingly digital operations.”

Ian Skelton concluded: “The industry's next generation of winners will be those that can successfully balance operational discipline with innovation, using technology, sustainability and diversification as part of a broader approach to creating long-term value.”