Australian mining stocks delivered robust performances this week, with phosphate explorer Canadian Phosphate (ASX:CP8) leading the charge following a significant exploration permit approval. The broader market saw the S&P/ASX 200 (INDEXASX:XJO) advance, while gold and silver prices recorded increases, providing a favourable backdrop for resource companies.
According to the Investing News Network’s weekly round-up, Canadian Phosphate, which also featured in the top five just two weeks prior, spearheaded the gains. Several Western Australian gold explorers and a heavy mineral sands company with African projects also made the list of top performers between Monday, May 4, and Thursday, May 7, 2026.
Market and Commodities Overview
The S&P/ASX 200 opened the week at 8,723.80 on Monday and closed at 8,878.10 on Thursday, marking a 1.77 percent increase over the period. Commodity markets also saw positive movement.
Gold prices rose this week, with the precious metal increasing 1.77 percent in US dollars from US$4,614.34 on Monday to US$4,696.08 by Thursday. In Australian dollars, gold saw a 1.13 percent increase, moving from AU$6,406.35 to AU$6,478.82. Silver recorded even larger gains, rising 3.39 percent in US dollars from US$75.27 to US$77.75, and a 2.64 percent increase in Australian dollars, moving from AU$104.50 to AU$107.26.
Top ASX Mining Stocks This Week
1. Canadian Phosphate (ASX:CP8)
Leading this week’s top performers, Canadian Phosphate recorded an impressive 62.5 percent weekly gain, pushing its share price to AU$0.195 and its market capitalisation to AU$57.22 million. The phosphate development company, focused on high-grade, low-impurity phosphate projects in Canada, announced on Monday that it had secured a five-year exploration permit from the British Columbia Ministry of Mines and Critical Minerals for its flagship Wapiti project.
CEO Daniel Gleeson stated in the release, “The timing of this granting is fortunate and allows us to commence drilling in the northern summer, with final preparations for this program underway.” Exploration is slated to begin shortly, with drilling targeting the lateral, along strike, and depth extensions of the phosphate seam. The company plans to use these results to update Wapiti’s JORC resource estimate by late 2026. Additionally, Canadian Phosphate is preparing for a 10,000 tonne bulk sample from its Fernie project, expected in Q3. The company’s shares closed last week at AU$0.12, with the Monday announcement driving significant upward momentum.
2. Caprice Resources (ASX:CRS)
Western Australian gold explorer Caprice Resources saw its shares climb 55.84 percent this week, reaching AU$0.120 and a market capitalisation of AU$107.73 million. The company, focused on gold projects in the Murchison region, reported on Wednesday that its 50,000 metre drill program at the flagship Island gold project identified a new, shallow zone of high-grade gold mineralisation. This new zone is located approximately 120 metres parallel to the existing Vadrians gold system, which itself hosts mineralisation over more than 1 kilometre of strike.
Notable results from one hole included an intersection of 22 metres grading an average of 66.2 grams per tonne (g/t) gold, with an 8-metre section at 181 g/t gold, both starting at 42 metres downhole. Managing Director Luke Cox commented, “The combination of grade, thickness, shallow depth, and proximity to the main Vadrians mineralisation reinforces our view that Island is evolving into a multi-lode system with significant scale potential.” Caprice Resources’ shares surged from AU$0.074 on Tuesday to AU$0.120 the following day on the news.
3. TG Metals (ASX:TG6)
TG Metals, an exploration and development company with gold and lithium assets in Western Australia, posted a 46.67 percent weekly gain, closing at AU$0.220 with a market capitalisation of AU$23.5 million. On Wednesday, the company announced that a desktop study had identified additional laterite gold targets at its past-producing Van Uden gold project, potentially doubling its existing near-surface laterite resource of 17,700 ounces of gold.
CEO David Selfe noted, “The approvals process for the laterite heap leach project has been advanced with a preliminary design created which will form part of the mining proposal submission.” The company has completed a preliminary design for a 250,000 tonne per annum heap leach facility, aimed at minimising disturbance while supporting future production. An updated mineral resource estimate in April had already increased Van Uden’s total gold inventory to 270,800 ounces. TG Metals’ shares climbed throughout the week from AU$0.150 to reach their weekly high on Thursday.
4. Hamelin Gold (ASX:HMG)
Subiaco-based explorer Hamelin Gold saw its shares rise 42.11 percent this week, reaching AU$0.135 and a market capitalisation of AU$19.43 million. The company, focused on gold projects in Western Australia, announced on Thursday the grant of the Day Dawn exploration licence, enabling the commencement of exploration activities. Hamelin Gold also secured co-funding of up to AU$180,000 under Western Australia’s Exploration Incentive Scheme (EIS) for diamond drilling at Day Dawn.
Managing Director Peter Bewick stated that “Preparations for the first drilling program at the project are well advanced with the confirmation and extension of near-surface, high-grade gold mineralisation at the Aurora Lode to be the primary focus of this drilling.” He added that Day Dawn would be a major focus for the company this year. Hamelin Gold’s shares spiked on Thursday following the Day Dawn announcement, after trading near AU$0.095 through Wednesday.
5. MRG Metals (ASX:MRQ)
Rounding out the top five, MRG Metals, a Perth-based explorer focused on heavy mineral sands and rare earth opportunities in Mozambique and South Africa, achieved a 33.33 percent weekly gain, with shares trading at AU$0.004 and a market capitalisation of AU$11.94 million. On Wednesday, MRG announced that its joint venture partner, Sinowin Lithium, would fund drilling at the Marão project in Mozambique to support a mining licence application and advance regulatory approvals.
This follows recent news that Sinowin would also fund drilling at the Corridor North titanium dioxide project, which Sinowin is progressing towards initial production in early 2027. Chairman Andrew Van Der Zwan highlighted Sinowin’s “ongoing focus on the growth of the JV,” which allows MRG to pursue other growth opportunities in Mozambique and advance its Garies project in South Africa towards a mining licence approval. The strategic funding from Sinowin underscores the potential being realised in MRG’s African mineral sands and rare earth portfolio.
This week’s strong performances across the ASX mining sector highlight the impact of successful exploration outcomes, strategic project advancements, and favorable commodity price movements. From phosphate permits in Canada to high-grade gold discoveries in Western Australia and critical mineral sands development in Africa, these companies demonstrate the diverse drivers of growth within Australia’s resource landscape.
