ASX resources shares have been lively throughout 2022 as commodity prices have boomed.
The sector has been one of the few areas of the market where ASX shares are actually making gains.
Here we look at the three best-performing ASX resources shares of the S&P/ASX All Ordinaries Index (ASX: XAO) in October, according to data from Capital IQ.
We've narrowed this list down to companies with a market capitalisation above $100 million.
So, let's canvas the smaller players and see what's happening.
Tietto Minerals Ltd (ASX: TIE)
This ASX resources share simply killed it during October on the back of a lot of good company news. The Tietto share price went up by 60.9% over the 31 days of the month. On Friday, it closed the session at 72 cents, up 5.15% for the day.
Tietto is a gold miner with activities focused in West Africa. It has a market capitalisation of $734 million.
During the month, the company provided a positive update on its Abujar Gold Project on the Ivory Coast. As my Fool colleague James reported, construction is on track and Tietto expects to deliver its first gold this quarter. The developer is expecting to produce 260,000 ounces of gold at Abujar in 2023.
Later in the month, Tietto reported new assay results showing more high-grade gold discoveries at Abujar. On the final day of the month, Tietto revealed its quarterly activities and cash flow report. It finished the September quarter with $87.7 million in cash and cash equivalents and no debt.
Dacian Gold Ltd (ASX: DCN)
The next best-performing ASX resources share of October was Dacian Gold. Its share price went up by 53.8%. On Friday, Dacian shares closed the session at 14 cents, down 3.33% for the day.
Dacian is a gold explorer with activities at the Mount Morgans Gold Project in Western Australia. It has a market capitalisation of $182.5 million.
On 10 October, the company reported continuing "strong exploration results" at the project's Jupiter mine. Over the next few days, the Dacian share price rose by 40% on the back of the news.
Management said: "The … drilling results confirm the potential for significant extension of mineralisation associated with the syenite intrusive system at the Mt Morgans Gold Operation. These strong mineral resource definition and extension drilling results at Jupiter continue to support the potential for increased scale of future operations at Mt Morgans."
Syrah Resources Ltd (ASX: SYR)
Third on our list of top-performing ASX resources shares in October is Syrah Resources. Its share price went up by 45.7%. On Friday, the Syrah Resources share price finished up 4.08% to $2.55.
Syrah is mainly focused on natural flake graphite production at its mine in Mozambique. It has a market capitalisation of $1.64 billion.
The company had some big news for ASX investors during the month. As my colleague James reported, Dacian won a US Government grant of up to US$220 million and announced an offtake agreement. Syrah also lodged its quarterly activities report, revealing 38kt of graphite production at an 80% recovery rate during Q2 FY22. The miner shipped a record 55kt at a weighted average sales price of US$688 per tonne. This was a quarter-over-quarter bump of 25% and 3.9%, respectively.