The aggregate market capitalisation of Western Australian listed companies softened in October, down 2.7% on the back of a reversion of commodity prices from the September rally.

With all eyes on the US presidential election, global indices lost ground with the S&P 500 down 1%, while the FTSE and All Ordinaries finished down 1.5% and 1.4% respectively.

Quarterly reporting season for the WA miners confirmed many existing beliefs in the market, as lithium production reduced at some of WA’s premier lithium operations and gold companies in the index enjoyed the continued rally.

Download the list of WA’s top 100 listed companies, as of 31 October 2024, 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

Performance of WA Index and Global indices

Top 20 performers of the month:

Vault Minerals Ltd (ASX:VAU) market capitalisation increased 22%, spearheaded by its reserve and resource statement and quarterly update. Vault Minerals, the result of the Red 5/Silverlake merger announced updated resources of 12.3moz and reserves of 3.4moz’s. The update was underpinned by improved re-modelling of the Sugar Zone deposit, with the long-life King of the Hills project also seeing increases on the back of reoptimized pit shells. Vault’s quarterly also highlighted a positive performance for Q1, with free cashflow generation of A$35 million.

Westgold Resources Limited (ASX:WGX) saw a 21% increase in its market capitalisation in October. Westgold produced 77koz at an AISC of A$2,422/oz over the quarter. The company also bolstered it’s liquidity through an expansion of it's debt facility to A$300 million.

Genesis Minerals Ltd (ASX:GMD) had an increase of 19% in its market capitalisation. Genesis revealed quarterly results displaying a production of 36koz with an AISC of A$2,628/oz which improved upon the June quarterly figure. Additionally, the Laverton mill was re-started in October impressively ahead of its scheduled March 2025 opening. Genesis expects this to reduce AISC further while increasing production as part of its plan to deliver optimal blends and efficiencies in production through the utilization of two processing plants. 

The Top 100 performers of this month were:

Larvotto Resources Limited (ASX: LRV) has seen a notable increase of 95% in market capitalisation last month. In August 2024, China imposed export controls on antimony, a critical mineral used in electronics and military applications, which led to a spike in antimony prices, positively impacting Larvotto. Additionally, the company released a positive pre-feasibility study for its Hillgrove project in New South Wales – Australia’s largest antimony deposit. Larvotto also secured $4.5 million to fund the Hillgrove project’s development.

Canyon Resources Limited (ASX: CAY) increased 56% in market capitalisation over the month. The company is the owner of the Minim Martap Bauxite Project in Cameroon, recognised as one of the highest grade bauxite deposits for development globally. October saw a rally in bauxite prices on the back of exports from Guinea being suspended, leading to an increase in Canyon’s share price. The company awaits the receipt of sample pulps from it’s most recent drilling campaign, with batches awaiting laboratory results.

Talga Group Limited (ASX: TLG) experienced a 47% growth in market capitalisation during October. The company announced the environmental permit for its Vittangi graphite mine in Sweden had been approved, allowing the project to proceed. This milestone de-risks the project and paves the way for advancing towards production. Additionally, Talga was awarded a grant from the European Union's Innovation Fund worth approximately A$115 million to support the development of its anode refinery in Sweden, enhancing the project's financial viability and aligning with Europe's strategic push for local battery material production.