WA Index

Issue 233 | March 2025

Welcome to the 233^rd 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 March 2025

637 KB PDF

Increased market volatility has resulted in all major indices falling in March, notably led by a 5.8% decrease in the S&P as investors attempt to price in President Trump’s Liberation Day.

This volatility also translated into the commodities market. Supply shortages saw gains in Cobalt, Tin, and Thermal Coal, and Gold hit record highs as investors sought safe-haven from equities losses.

Download the list of WA’s top 100 listed companies, as of 31 March 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

Cobalt

Cobalt’s prices increased 41% to US$33,604 per tonne in March 2025. This increase was primarily driven by demand expectations from China, with news of the potential creation of a strategic cobalt reserve, along with supply constraints following speculation of an extension of the Democratic Republic of Congo’s export ban. Meanwhile, U.S. buyers are turning to Indonesian cobalt to bypass tariffs on Chinese and Canadian imports.

Tin

Prices increased by 18% in March 2025, rising to US$36,815 per tonne, driven by supply disruptions and heightened demand. A recent earthquake in Myanmar, a key tin producer, has fueled market volatility and led to prices rising. This supply shortfall has also been noted in the Democratic Republic of the Congo, with Alphamin Resources halting the third largest tin mine due to a rebel advance in the region.

Thermal Coal

Thermal Coal prices saw a 12% increase in March 2025 to US$111 per tonne, opposing the recent downward trend driven by rising inventories and a shift toward greener energy sources. This price surge was primarily off the back of a supply cut from Glencore’s Cerrejon mine in Colombia. Additionally, emerging economies like India, where there is a lack of renewable energy infrastructure in place, are expecting a rise in thermal coal demand over the near term.

Gold

Experienced a strong performance in March 2025, rising 10% to US$3,115 per ounce. The spot price reached a record high of US$3,128 per ounce in late March, continuing its momentum to close out an extremely strong quarter. Several global factors contributed to this surge, including uncertainty surrounding tariffs proposed by President Trump, rising demand from central banks, predictions of interest rate cuts by the United States Central Bank, and escalating geopolitical tensions in Europe and the Middle East.

Performance of WA Index and Global indices

Top 20 performers of the month:

West African Resources, Ltd. (ASX:WAF): saw impressive growth in market capitalisation during March, rising 33.7%. The announcement of the Toega Project's Maiden Underground Resource and Scoping Study, forecast to add 515koz of gold over a 7-year mine life, and WAF's March investor presentation were well-received by investors, along with a strong 2024 earnings announcement, further bolstered confidence in the company's positive outlook.

Regis Resources Limited (ASX:RRL): had a notable 22.5% increase in its market capitalisation during March, rising 22.5%. RRL’s growth was largely driven by strong performance across the gold mining sector, particularly among unhedged gold miners, as the spot price of Gold breached A$5,000 per ounce. This positive sector momentum contributed to the upward movement in Regis Resources' share price during the month.

Gold Road Resources Limited (ASX:GOR): saw a solid performance in March, with its market capitalisation increasing by 19%. Key events during the month included the rejection of a non-binding indicative offer from Gold Fields, which valued GOR at $2.27 per share plus a variable component to the value of GOR’s holding in De Grey. GOR rallied to ~$3.00 per share on the news. Also of note was the release of the Gruyere Project Underground Initial Drill Results, which confirmed the strong prospects of the Gruyere ore body at depth.

The Top 100 performers of this month were:

Strickland Metals Limited (ASX:STK): STK’s market capitalisation surged 52.8%, primarily due to the announcement of a substantial increase of gold at the Shanac Resource. The Shanac Resource has grown to 5.30 million ounces of gold equivalent, bringing the total Rogozna Projects Mineral Resource Estimate to 6.69 million ounces. Notably, the Shanac deposit now shows potential for underground development in the current gold price environment.

Spartan Resources Limited (ASX:SPR): The company's market capitalisation rose by 44.7% following the announcement of a proposed merger with Ramelius Resources Limited (ASX: RMS). On 17 March 2025, both companies announced a Transaction Implementation Deed, aiming to create a mid-tier gold producer with an annual production target exceeding 500,000 ounces by the 2030. This strategic move is anticipated to enhance operational efficiencies, with SPR’s Dalgaranga in close proximity to RMS’s Mt Magnet hub.

Rox Resources Limited (ASX:RXL): Rox Resources Limited (ASX:RXL) saw a 41.7% increase in market capitalisation in March 2025. Rox reported impressive high-grade gold drilling results at its Youanmi project, with several intercepts over 36g/t, reinforcing investor confidence and highlighting the potential for continued high-grade discoveries.

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