April saw US President Donald Trump outline his liberation day tariffs on the rest of the world, resulting in significant equity and commodity volatility. Tensions later eased toward the end of the month, with China and the US agreeing to trade talks, restoring some confidence.

At close, the S&P 500 and FTSE closed marginally lower, with the Nikkei and All Ords up on March figures. Meanwhile with commodities, Gold remained strong with investors seeking safe haven from volatility, while Zinc, LNG, and Crude all fell on reduced demand. 

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Commodity review

Performance of WA Index and Global indices

Top 20 performers of the month:

Lynas Rare Earths Limited (ASX:LYC): Lynas experienced a 24.2% increase in market capitalisation in April. Lynas has commenced commissioning its new Heavy Rare Earth separation circuit, capable of producing holmium, dysprosium, and terbium concentrates. China has imposed export restrictions on Heavy Rare Earths and related products, resulting in a suspension of all HRE-containing rare earth magnet exports from the country. This has placed Lynas in a unique position, in which they note that they are the only producer of separated rare earths outside of China.

De Grey Mining Limited (ASX:DEG): As of April 2025, the company reported a market capitalisation of $5.9 billion, reflecting an increase of 15.8% during March 2025. This substantial growth was primarily driven by the price growth of Northern Star, and the strength of the gold price. During April, shareholders approved the scheme of arrangement, which will see them receive 0.119 shares in Northern Star per De Grey share held.

Regis Resources Limited (ASX:RRL): The company closed the month with a market capitalisation of $3.4 billion, representing a 15.1% increase for the month. This growth is attributed to stable operational performance at the Duketon and Tropicana projects, producing 89.7koz at an AISC of $2,538/oz. Given Regis’ unhedged strategy, the current gold price environment has led to investor confidence in Regis’ ability to generate strong cashflows, producing $221m of operating cash flows for the quarter.

The Top 100 performers of this month were:

Minerals 260 Limited (ASX:MI6): Market capitalisation rose sharply between March and April, up 819.1% following the successful completion of a $220 million capital raise, for the purpose of acquiring the Bullabulling Gold Project from Norton Gold Fields for $166.5m. The project’s 2.3Moz gold resource and commencement of an 80,000m drilling program boosted has been well supported by investors. 
Meteoric Resources NL (ASX:MEI): Market capitalisation rose by 66.5% between March and April 2025, driven by substantial growth in its Caldeira Rare Earth Ionic Clay Project. The company reported a 1.5 billion tonnes Mineral Resource Estimate (MRE) with high-grade rare earth oxides, including critical elements like Neodymium, Praseodymium, and Yttrium. This announcement increased investor confidence, as investors looks for rare earth supply outside of China due to export controls. 

Northern Minerals Limited (ASX: NTU): Market capitalisation rose 61.9% during the month due to a combination of macroeconomic and project-specific factors. China’s export restrictions on heavy rare earths have highlighted the strategic value of NTU’s Browns Range Project as a source of dysprosium and terbium. Progress toward a June 2025 Feasibility Study, a successful $41.5 million capital raise, and exploration success at Dazzler and Gambit, and policy signals from both the US and Australian governments have significantly boosted investor confidence.