The aggregate market capitalisation of Western Australian listed companies decreased by 0.9% during the month of August to close at $345.9 billion on the back of depressed commodity prices and a pessimistic outlook for steel production – impacting WA’s iron producers.

More broadly, the All Ordinaries and FTSE 100 traded flat over the month, while the Nikkei closed down 1.2% following intriguing movements on the back of yen carry trades being rapidly unwound. The S&P 500 increased 2.3%; following a positive US reporting season and expectations of a September rate cut by the Fed. 

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

Westgold Resources Limited (ASX:WGX) saw its market capitalisation increase 131.6% over August following completion of the Westgold/Karora merger, with Westgold shares also commencing trading on the TSX as part of the merger conditions from 6 August 2024. The month yielded positive exploration results with a maiden Reserve at Bluebird-South Junction of 3.0Mt @ 2.7g/t for 277koz and anticipation for production from South Junction to commence. The legacy-Karora asset, Beta Hunt, also yielded strong intersections from its Fletcher zone – with additional rigs deployed to accelerate the company’s drilling program.

Ramelius Resources Limited (ASX: RMS) saw a 14.7% increase in market capitalization during the month. The increase came after the announcement of a fully franked 5 cent dividend – following an impressive annual result headlined by EBITDA of A$451.4 million. Leverage to the gold price continues to benefit Ramelius, particularly as it reaps the benefits of the high-grade Penny underground.

Lynas Rare Earths Limited (ASX: LYC) market capitalisation increased 12.4% during the month, attributed to several positive developments and strategic initiatives announced by the company, as well as improvements in Rare Earth Elements (REE) prices. At Mt Weld an updated Mineral Resources and Ore Reserve statement was released on 5 August 2024, which included a 92% increase in mineral resources and a 63% increase in Mt Weld Ore Reserves. Further, the full year results announcement shed light on the continued progress of construction of the Kalgoorlie processing plant, and transition to heavy rare earth processing in Malaysia.

The Top 100 performers of this month were:

PYC Therapeutics Limited (ASX:PYC) saw its market capitalisation grow 48.9% during the month of August. This growth was driven by PYC announcing that it had regulatory approval to commence human trials of PYC-001, a trial of a disease-modifying drug for Autosomal Dominant Optic Atrophy (ADOA) with an addressable market worth over $2 billion per year. Furthermore, it was confirmed the American Food and Drug Administration   had granted a rare pediatric disease designation to PYC-001.

Pantoro Limited (ASX:PNR) experienced market capitalisation growth of 45.3% during August, benefiting from the run in gold prices. At Diggers & Dealers this month, Pantoro outlined plans for continued development of its Norseman processing plant, and prospectivity of the area to future resource growth, in particular the Norseman Mainfield. Pantoro outlined that the ore reserve at Norseman has more than doubled expectations within two years and outlined plans to continue exploration in the areas previously overlooked.

Latin Resources Limited (ASX:LRS) saw its market capitalisation climb 33.3%. This growth was the result of Pilbara Minerals announcing a binding scheme implementation agreement with Latin Resources to acquire 100% of LRS’ shares at an implied value of A$0.20. In an underperforming lithium sector this represents a counter-cyclical acquisition. The acquisition represents a diversification of Pilbara Minerals’ current Pilgangoora operations into a new jurisdiction, and development project. Latin’s Brazilian project provides geographic proximity take advantage of exposure to the growing North American and European battery markets.