The WA Index grew 5% in May, on the back of strong commodity prices. Heightened market volatility persisted into the month of May, although this did little to deter investors, with the US S&P 500 recording its strongest monthly performance since November 2023, rising 6.2% during the period. This optimism extended across the global economy, with several major indices recording gains for the period. The FTSE 100 rose 3.3% whilst Japan’s Nikkei advanced 5.3%.

Most commodities also followed equity markets, with Platinum surging as many economists are speculating that the precious metal will follow in the footsteps of gold and silver. Uranium prices also climbed in response to favourable political announcements and copper prices partially rebounded after a decline in April. Conversely, just when it seemed lithium prices couldn’t drop any further, prices fell another 16%, as oversupply continued to exert downward pressure on prices.

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Commodity review

Performance of WA Index and Global indices

Top 20 performers of the month:

Northern Star Resources Limited (ASX:NST): May marked the end of the lengthy De Grey acquisition, in an all scrip transaction. Northern Star issued 286m shares to De Grey shareholders, adding approximately $6.4b to NST’s market cap, being the key driver of the growth. NST’s share price remained relatively steady for most of May, with the remainder of the gains coming from a gold price rebound and significant update to mineral resources and ore reserves bolstering long term viability and overall confidence in the producer. 
 
Genesis Minerals Limited (ASX:GMD): posted a strong result in May, with its market capitalisation climbing 22.3% to $5.3 billion. The standout event for the month was the announcement of a Share Purchase Agreement to acquire the Laverton Gold Project from Focus Minerals Limited for A$250 million cash consideration. The project hosts an estimated 4.8Mt at 1.6g/t, totaling 240koz of contained gold. The acquisition enhances Genesis’ growth pipeline and is expected to strengthen its position amid a supportive gold market, being well received by investors. 
 
Emerald Resources Limited (ASX:EMR): continued the trend of strong performances among gold producers in May, with its market capitalisation rising 18.5% to $3.1 billion. The month began on a positive note, supported by the company’s strong quarterly report released in late April, which highlighted an expanded gold resource of over 3 million ounces. While EMR experienced a brief lull mid-month, its share price recovered strongly toward the end of May as gold prices rebounded from earlier declines, helping to lift sentiment and drive a strong finish to the month. 

The Top 100 performers of this month were:

Strickland Metals Limited (ASX:STK): noted significant drill intercepts at both its Yandal and Rogonza projects. The Yandal project noted key increases to its mineral resources, increasing to 400koz, with investors seeing potential upside due to its proximity to Northern Star’s Jundee project. Similarly at Rogonza, located in Western Serbia, STK noted key drill intercepts, showing continuity of the existing mineralisation.

Jupiter Mines Limited (ASX:JMS): market capitalisation increased by 40%, as Exxaro Resources' acquired a 19.99% stake in JMS at a price of A$0.317 per share, positioning Exxaro as Jupiter's largest shareholder. This significant investment by a major diversified mining company, who bring operational expertise to enhance the jointly-owned Tshipi Mine, fueled positive investor sentiment and boosted the share price.

Firefly Metals Limited (ASX:FFM): Market capitalisation saw a 36% uplift in May, driven by recent drilling results that significantly extend high-grade copper-gold mineralization at its flagship Ming Mine and, also identified a large conductive anomaly pointing to substantial further resource growth potential. Adding to this, outstanding maiden drill results at the nearby Rambler Main target suggest high potential in the area.