As Diggers & Dealers once again rolls into Kalgoorlie the Deloitte WA Index is highlighting how commodity price movements and strong M&A activity is keeping investors active.
The top three movers in the Deloitte WA Index Top 100 in terms of market capitalisation growth for the year ending 30 June 2025 are Metallium (ASX:MTM) – increasing its market capitalisation by 2,912%; Antipa Minerals (ASX:AZY) – surging by 866%; and Larvotto Resources (ASX:LRV) – increasing its market capitalisation by 854%.
The index reports Western Australia as experiencing a five-speed economy, with true commodity highs and lows.
Lithium and nickel companies saw no reprieve during the year, with companies such as IGO (ASX:IGO) (9th last year to 16th this year) and Liontown Resources (ASX:LTR) (18th last year to 28th this year) feeling the effects of negative global demand and supply trends.
Deloitte Audit and Assurance Partner Ian Skelton suggests with commodity volatility comes opportunity.
The index’s composition has seen significant change through M&A activity, which was in full flight this time last year.
“Transactions during the year included Westgold and Karora, Red 5 and Silverlake (Vault Minerals), Northern Star and De Grey Mining, and Ramelius and Spartan,” Skelton says.
“The acquiring miners have seen sizable increases in their scale and market capitalisation.
“Deals at the beginning of the year, which were thought to be expensive at the time, are now paying back shareholder confidence as the gold price continues its ascent. It leaves us asking the question: Who will be next?”
The 2025 Diggers & Dealers edition of the Deloitte WA Index also recognises the top performing companies that delivered outstanding market capitalisation growth over the financial year.
Taking out the top spot in the Top 20 is Austal (ASX:ASB) which, like the gold producers, has seen a substantial market re-rating (up 193%) for the year ending 30 June following the global geopolitical turmoil of the past year.
Next is Regis Resources (ASX:RRL), which has seen its market capitalisation rise by 150%, andGenesis Minerals (ASX:GMD), which is 147% higher.
Deloitte National Mining and Metals Leader Nicki Ivory says it’s no surprise that those in gold are having a record year, with nine of the WA Index’s top 20 being gold stocks, compared to just six last year.
“Given gold is having such a strong run, it’s logical that of the $362.7 billion WA market capitalisation, $55.4 billion comes from nine gold producers sitting in the Top 20,” Ivory says.
“In a world of uncertainty, gold remains the safe haven investment choice.”
Mining.com.au will again be attending the Diggers & Dealers Mining Forum this year. Executive Producer Shae Russell will be on the floor getting the inside scoop.
Write to Adam Orlando at Mining.com.au
Images: Horizon & Mining.com.au
