WA Index

Issue 232 | February 2025

Welcome to the 232^nd edition of the Deloitte WA Index, a monthly review of Western Australian stocks and indices.

Author:

Dave Andrews

Download the list of WA’s top 100 listed companies, as of February 2025

634 KB PDF

The aggregate market capitalisation of Western Australian listed companies declined 4.6% during February as Trump tariffs cause volatility in commodity prices.

As a result of the uncertainty and decreased consumer confidence, most global indices were down however, the UK closed marginally higher as the FTSE saw growth as the pound fell.

Download the list of WA’s top 100 listed companies, as of 28 February 2025, explore the sections below, and if you do not currently receive our WA Index, please register to be added to our distribution list.

Commodity review

Copper

Copper prices rose 4.59% since the start of February, spurred by President Trump’s tariffs on industrial metals, and the potential for further tariffs on copper. The increase was driven by speculation that tariffs would cause a supply squeeze in the US, with a widening gap between Comex and LME copper futures reflecting traders pricing in the potential for a 10.5% tariff, further inflating the premium.

US copper price premium soars to record after Trump tariff moves

LNG

The average price for March delivery dropped to $13.8/mmBtu, down from $14.4/mmBtu the previous month, representing a 4% decline. Low demand in Asia, especially in China, has been driven by the ongoing tariff war between the United States and China, with reciprocal tariffs impacting trade. Meanwhile, European import have increased in winter, with increased reliance on Australia and the United States post the Russian Invasion of Ukraine, offsetting some of the losses.

Asian spot LNG prices down amid low demand during Lunar New Year holiday

Brent Crude Oil

Brent Crude Oil’s decrease of 4.62% was driven early in the month as the threat of tariffs loomed over multiple countries from the United States Government, as well as the United States’ position on the Russia-Ukraine war. Furthermore, Asia’s crude oil imports have been low in 2025 with OPECs forecast overstating the implied demand, driven by China’s reduction in imports as a tariff war between China and the United States ramps up.

Thermal Coal

Coal lost ground this month. Thermal Coal’s decrease of 18.79% was significant and has been driven by a reduction in imports by China. This reduction comes alongside the tariff war between the US and China. This was further impacted by the continued decrease of India’s coal imports with Indian and international coal traders expecting a decline in shipments of the fuel this year.

India's thermal coal imports seen falling for second straight year

Performance of WA Index and Global indices

Top 20 performers of the month:

Lynas Rare Earths Limited (ASX:LYC): Lynas Rare Earths Limited’s increase in share price was driven by a half-year report which highlighted positive growth in operations and profits. Also of note during February was Gina Rinehart, through Hancock Prospecting, acquiring an increasing position in Lynas.
Re-release of asx announcement

Ramelius Resources Limited (ASX:RMS): Ramelius had a positive half year report boasting increases in major categories including gold production, rising 19% to 148Koz, with AISC down 11% to $1,699, causing Revenue to rise 46% to $508m. This record breaking half year led to increased investor optimism, with Ramelius showing significant balance sheet strength through $502m of net cash, and free cash flow generation of $264m, exceeding many of its peers, and showing significant upside.
H1 FY25 financial results presentation

Sandfire Resources Limited (ASX:SFR): Sandfire had a large increase in production up 75.1kt representing a 16% increase from H1 FY2024 reinforcing a strong underlying EBITDA and profit after tax, which rose $255m and $50m respectively. Analyst’s Bullish sentiments on copper have driven increased optimism over the pure-copper producer, with coppers 4.6% increase in February adding to investor sentiment alongside the production increases, and the future growth noted at Motheo and MATSA.

The Top 100 performers of this month were:

Brightstar Resources Limited (ASX:BTR): Brightstar Resources achieved significant milestones this month, including the commencement of ore haulage from the Laverton Hub to Genesis Minerals Ltd’s (ASX:GMD) Laverton Mill, marking the start of its CY25 gold production program. The completion of a $30 million capital raise also strengthened Brightstar’s financial position, enabling ongoing mining, development, and exploration activities across its expanded 3.0Moz Au asset base.
December 2024 quarterly activity report

Arafura Rare Earths Limited (ASX:ARU): Arafura Rare Earths Limited secured a A$200 million investment commitment from National Reconstruction Fund, significantly strengthening its financial position and reducing funding risk for the Nolans Project. This funding came on the back of the $840m strategic investment in March 2024, as Gina Rinehart emerged as a key backer of the project, holding 10%.
Quarterly activities report and appendix 5B for period ending 31 december 2024

Predictive Discovery Limited (ASX:PDI): Predictive Discovery made significant progress at the Bankan Gold Project in Guinea during the December 2024 quarter. Over 10,000m of drilling was completed, with high-grade results at Fouwagbe and Sounsoun, supporting the upcoming Mineral Resource estimate. PDI also completed a private placement of A$69.2m in February, with the Lundin family, and Zijin Mining group.
A$69M strategic placement completed

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