At the time of writing, the industrial base metal is trading around US$6.44 per pound.

That leaves copper prices up about 38% over the past year.

The move has also flowed through to ASX copper-related shares today.

BHP Group Ltd (ASX: BHP) is up 2.83% to $59.98, Rio Tinto Ltd (ASX: RIO) is 3.05% higher to $185.27, and Sandfire Resources Ltd (ASX: SFR) is in the green by 2.81% to $19.05.

Smaller copper names are also getting a lift, with 29Metals Ltd (ASX: 29M) jumping 10%.

Copper hits a record high

Copper has pushed further into record territory today.

According to Trading Economics, US copper futures climbed above US$6.40 per pound as supply concerns and stronger demand expectations lifted prices.

Copper is used in construction, power networks, EVs, industrial equipment, and data centres, linking it to several major spending trends.

Artificial intelligence (AI) is also adding another layer.

More data centres require more power infrastructure, and copper remains a key metal across wiring, motors, cooling systems, and grid connections.

Supply worries are adding fuel to the fire

While the demand outlook is only one side of the move, tight supply is also helping to push prices higher.

Copper is not a market that can quickly respond when buyers need more metal. New mines take years to develop, and existing operations can be affected by weather, accidents, delays, and processing issues.

That is why recent production concerns have received so much attention.

One example is the Grasberg mine in Indonesia, which is operated by PT Freeport Indonesia and is one of the world's largest copper mines. The mine has been working through a slower return to full output after a fatal mudslide last year.

There are also concerns around sulphuric acid, which is used in copper processing. Reports have pointed to tighter sulphur supply linked to Middle East disruption and China's move to restrict some exports.

ASX copper shares are in demand

For ASX investors, the most obvious names are the large miners.

BHP and Rio Tinto both have copper exposure, although they are still diversified businesses. That means copper is not the only driver of their earnings.

Sandfire gives investors more direct exposure to copper. The company has assets in Spain and Botswana, which makes its share price more sensitive to moves in the copper price.

There are also smaller companies such as 29Metals, AIC Mines Ltd (ASX: A1M), and FireFly Metals Ltd (ASX: FFM). These stocks can move more rapidly when copper rallies, but they also come with a higher risk.

The post Copper is going ballistic. Which ASX shares are riding the boom? appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

29Metals Ltd (ASX: 29M)

The 29Metals share price is up 8% to 23.7 cents. This follows the release of the copper miner's quarterly update. 29Metals revealed that copper production was 6.4kt with C1 costs of US$4.25 per pound. While this compares unfavourably to the previous quarter, it appears to have been better than feared. It also stated that: "Considering various factors, it is expected that existing liquidity will be sufficient to fully fund the revised plan for 2026 and maintain growth investments at Gossan Valley and exploration."

Aurelia Metals Ltd (ASX: AMI)

The Aurelia Metals share price is up 9% to 30.5 cents. This may have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has retained its buy rating on the gold miner's shares with an improved price target of 50 cents. In addition, the team at Macquarie has retained its outperform rating and 40 cents price target on Aurelia Metals shares.

Codan Ltd (ASX: CDA)

The Codan share price is up 16% to $42.23. The catalyst for this has been the release of a trading update from the technology company this morning. Codan revealed that the second half has been stronger than expected. As a result, it now expects FY 2026 EBIT to hit $235 million and net profit to reach $170 million.  This will be an increase of over 60% from last year. The company said: "In DTC, strong demand from defence customers for unmanned systems, supported by ongoing geopolitical tensions, continues to drive growth in our software-defined radios (SDRs). As a result, the Communications business is expected to achieve revenue growth at the top end of the 15% to 20% range for the full year FY26."

oOh!Media Ltd (ASX: OML)

The oOh!Media share price is up 40% to $1.19. This follows news that the media company has received a takeover offer from Pacific Equity Partners (PEP). The company advised that it received an unsolicited, non-binding indicative offer from PEP to acquire 100% of oOh!Media at $1.40 per share via a scheme of arrangement. In response, it said: "The Board of oOh!, together with its advisers, is considering and evaluating the Proposal and will update shareholders in due course. There is no certainty that the Proposal will result in a binding offer or that any transaction will eventuate."

The post Why 29Metals, Aurelia Metals, Codan, and oOhMedia shares are racing higher today appeared first on The Motley Fool Australia.

Major share price plunge

The shares closed at 37 cents the day before the April 16 announcement, but fell sharply once the news broke, and are now changing hands for 21.5 cents.

The question is, are the shares good value at the new lower price? I have had a look at two broker reports, and the good news is that there is some upside expected, although the two brokers have differing views on just what the shares are worth.

I'll get to their actual share price targets shortly.

Firstly, let's review what the company announced. 29Metals said in its statement to the ASX that it had done a review which had given it a greater understanding of the Xantho Extended decline and "level access areas impacted by seismicity''.

The company said:

Based on this new assessment, additional works to further reduce the risk of future potential production interruptions are being progressed prior to recommencement of mining. Additional works include alternate level access development to mitigate interactions with higher stress zones of the existing decline, which are expected to be completed during the Dec-Qtr-2026. Potential to accelerate recommencement of mining in the upper areas of Xantho Extended whilst additional works are completed is under review.

The company said alternate ore sources would be mined and milled while the additional works were carried out, but there would still be an impact on production rates.

The company added:

Full year production outcomes for zinc, gold and silver are now expected to be 5kt to 25kt (previously 40kt to 50kt), 6koz to 14koz (previously 12koz to 20koz) and 400koz to 600koz (previously 600koz to 800koz), respectively. Due to the expected change in full year production mix, selling costs guidance has been lowered to $20 million to $45 million (previously $50 million to $70 million). The additional works at Xantho Extended are expected to be implemented within existing site cost and capital cost guidance.

Shares looking cheap

The analyst teams at Morgans and Jarden have both had a look at the changes, and both have downgraded their price target on the company.

That said they differ widely in their estimates.

Jarden reduced their price target from 38 cents to 32 cents, which would still provide strong upside from current levels.

Morgans had a much more bullish price target of 54 cents before the update, but has slashed this to just 26 cents, once again, still higher than the current share price.

Morgans said while the update was "operationally prudent, the market focus has clearly shifted to liquidity risk and execution through CY26''.

29Metals is valued at $402.5 million.

The post Is this ASX mining stock still a buy after a recent setback? appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

29Metals Ltd (ASX: 29M)

The 29Metals share price is down 32% to 25.2 cents. Investors have been selling this copper producer's shares following the release of an update on its progress to reestablish mining at the Xantho Extended orebody at the Golden Grove operation in Western Australia. It advised that based on a new assessment, additional works to further reduce the risk of future potential production interruptions will be needed prior to recommencement of mining. And while there is no change to its copper production guidance for FY 2026, it has downgraded its guidance for zinc, gold, and silver materially.

DGL Group Ltd (ASX: DGL)

The DGL Group share price is down 25% to 40 cents. This has been driven by the release of the chemicals logistics and services supplier's half-year update. DGL Group reported a 5.8% decline in sales revenue to $225 million, a 5% decline in underlying EBITDA to $24.7 million, and a statutory loss after tax of $12.8 million. It notes that its revenue was impacted by ongoing scarcity in used lead acid batteries due to illegal exports.

Fletcher Building Ltd (ASX: FBU)

The Fletcher Building share price is down 1% to $2.44. This morning, the building products company released a quarterly sales update and revealed improvements in volumes. Fletcher Building's CEO, Andrew Reding, said: "Quarterly volumes for the March quarter continued to show early signs of improvement across the portfolio, with the important caveat that this quarter largely preceded the current geopolitical escalation." One negative was the company warning that the "overall impact of the Middle East crisis on the Group's financial performance, including for the FY26 year, cannot be ascertained with certainty at this time."

Newmont Corporation (ASX: NEM)

The Newmont share price is down 5% to $156.82. This is despite there being no news out of the gold miner today. However, it is worth noting that most ASX gold stocks are under pressure today. This has led to S&P/ASX All Ordinaries Gold index falling 2.15% this afternoon.

The post Why 29Metals, DGL, Fletcher Building, and Newmont shares are falling today appeared first on The Motley Fool Australia.

Experts say there are buys among the rubble, with investors appearing open to buying the dip given the positive long-term outlook for mining.

The Mining Index began a rebound last week, with ASX mining shares recovering 6% during this short trading week so far.

Here are three examples of mining stocks with buy recommendations.

BHP Group Ltd (ASX: BHP)

The BHP share price is $52.78, up 0.5% on Thursday.

The market's largest ASX mining share has fallen 11% over the past month.

This week on The Bull, Remo Greco from Sanlam Private Wealth revealed a buy rating on BHP shares.

Greco explained his rating:

The current volatility presents investors with an opportunity to buy this global miner at attractive prices.

The recent BHP announcement of Brandon Craig replacing the retiring Mike Henry as chief executive is a good appointment.

Craig was responsible for the company's Americas business, and that's where the growth is likely to come from in the medium term. 

Group revenue in the first half of 2026 was up 11 per cent on the prior corresponding period and profit from operations was up 34 per cent. 

29Metals Ltd (ASX: 29M)

The 29Metals share price is 37 cents, up 0.6% today.

This ASX copper mining share has fallen 13% over the past month.

Morgans recently initiated coverage on 29Metals with a buy rating and a price target of 54 cents.

The broker said:

We expect the Xantho Extended restart and Gossan Valley development at Golden Grove to restore grades and operating flexibility, while a potential Capricorn Copper restart provides medium-term production growth.

Following its recent equity raise, 29M is better positioned to execute its plans, with upside potential supported by a constructive long-term copper outlook.

Liontown Ltd (ASX: LTR)

The Liontown share price is $1.80, down 0.4% today.

This ASX lithium mining share has demonstrated resilience, rising 4.7% over the past month.

In fact, Liontown has been on a longer-term tear, lifting 221% over 12 months amid a strong recovery in lithium prices since mid-2025.

For example, the lithium carbonate price has increased 118% over 12 months.

Late last month, Ord Minnett upgraded its rating on Liontown shares from hold to accumulate on valuation grounds.

Ord Minnett has a 12-month price target of $1.90.

The broker said:

The company forecasts reduced unit costs – $855–1045 per tonne on a 5.2% lithium oxide basis (SC5.2) versus market and Ord Minnett expectations of $913 per tonne and $934 per tonne, respectively– as the underground mining operation contributed the largest proportion of ore, rather than the open pit, by the end of FY26.

Liontown sees a consistent recovery rate of circa 70% once the underground ore becomes the main feedstock.‍

The post Experts name 3 ASX mining shares to buy after March sell-off appeared first on The Motley Fool Australia.

If you are, then it could be worth considering the two in this article.

That's because the team at Morgans has just named them as buys and is predicting major upside over the next 12 months.

Here's what the broker is recommending to clients in the mining sector:

29Metals Ltd (ASX: 29M)

This copper miner has caught the eye of Morgans following its recent equity raising. The broker believes this leaves 29Metals well-positioned to execute on its growth plans.

This morning, the broker has initiated coverage on the ASX mining stock with a buy rating and 54 cents price target. Based on its current share price of 34 cents, this implies potential upside of almost 60% for investors. It said:

We initiate coverage on 29Metals (29M) with a 12-month target price of A$0.54ps and a BUY recommendation. We expect the Xantho Extended restart and Gossan Valley development at Golden Grove to restore grades and operating flexibility, while a potential Capricorn Copper restart provides medium-term production growth. Following its recent equity raise, 29M is better positioned to execute its plans, with upside potential supported by a constructive long-term copper outlook.

Meeka Metals Ltd (ASX: MEK)

Another ASX mining stock that Morgans is positive on is gold miner Meeka Metals.

It highlights that the company is planning to expand its production capability with a modest capital investment.

While it suspects there could be some short-term production challenges, it believes things will pick up from the fourth quarter.

As a result, it has retained its buy rating and 39 cents price target on its shares. Based on its current share price of 15.7 cents, this suggests that its shares could more than double in value. Morgans commented:

MEK announced an expansion to 800ktpa (equivalent ounce basis) via ore sorting, requiring modest capex of A$6m with commissioning scheduled for Q1FY27. Ore sorting effectively near doubles Andy Well underground head grade, lifting our annual production forecasts by an average of 7% from FY27 onwards.

Open Pit throughput has tracked below DFS forecasts due to moisture-driven variability in open pit ore, an issue expected to resolve with underground stope commencement in 4QFY26. We revise our FY26 production forecast to 37.6koz Au (from 40.2koz), this is below the DFS guidance. We maintain our BUY rating and A$0.39ps price target, acknowledging near-term production softness may weigh on the 3Q result ahead of an anticipated step-change in output in 4Q.

The post 2 ASX mining stocks that could rise 60% to 100%+ appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

29Metals Ltd (ASX: 29M)

The 29Metals share price is down 31% to 42.7 cents. The catalyst for this has been the copper miner undertaking an equity raising. 29Metals revealed that it has raised $119 million from institutional investors at an offer price of 40 cents per new share. This represents a 35.5% discount to its last closing price of 62 cents. 29Metals' CEO, James Palmer, commented: "This equity raising is expected to allow us to maintain our commitments to our strategic growth objectives to accelerate value realisation across the portfolio. Specifically, the ongoing investment in Gossan Valley, progression of a Restart Definitive Feasibility Study at Capricorn Copper and drilling to test priority exploration targets across the portfolio."

Navigator Global Investments Ltd (ASX: NGI)

The Navigator Global Investments share price is down 3.5% to $3.10. This may have been driven by a broker note out of Morgans. According to the note, the broker has downgraded the investment company's shares to an accumulate rating (from buy) but with an improved price target of $3.71.

Praemium Ltd (ASX: PPS)

The Praemium share price is down 6.5% to 78.5 cents. This morning, this investment platform provider released its second quarter update. Praemium revealed a 14% increase in funds under administration to $70.5 billion. This may have been softer than the market was expecting. The company's CEO, Anthony Wamsteker, was pleased with the quarter. He said: "The December quarter continued to see strong inflows into Spectrum. We are pleased that the demand we're seeing reflects the strength of our offering and the opportunity to grow our market share in the HNW segment. Since launch we have achieved $1.4 billion in new business gross inflows."

Xero Ltd (ASX: XRO)

The Xero share price is down 4.5% to $99.43. This has been driven by broad weakness in the tech sector on Wednesday following a poor night of trade on Wall Street's Nasdaq index. It isn't just Xero that is falling today. Almost all tech stocks are being sold down. This has led to the S&P/ASX All Technology Index dropping 2.75% at the time of writing.

The post Why 29Metals, Navigator Global, Praemium, and Xero shares are sinking today appeared first on The Motley Fool Australia.

At the time of writing, the ASX copper stock is down 33% to 41.5 cents.

Why is this ASX copper stock crashing?

The catalyst for today's decline has been news that the copper miner is raising funds at a deep discount.

According to the release, the ASX copper stock has successfully completed the institutional component of its underwritten 1 for 3.66 accelerated non-renounceable entitlement offer.

The institutional entitlement offer will raise approximately $119 million at an offer price of 40 cents per new share. This represents a 35.5% discount to its last closing price of 62 cents.

The ASX copper stock notes that the institutional entitlement offer received strong support from eligible existing institutional shareholders, with existing shareholders (excluding EMR Capital) subscribing for approximately 92% of their entitlements.

New shares that were not taken up by both eligible and ineligible institutional shareholders have been fully allocated to eligible institutional investors.

The company will now push ahead with its retail entitlement offer which is expected to raise approximately $31 million.

The company's CEO, James Palmer, commented:

The level of support shown by our existing shareholders, as well as new investors, has been very encouraging. This equity raising is expected to allow us to maintain our commitments to our strategic growth objectives to accelerate value realisation across the portfolio. Specifically, the ongoing investment in Gossan Valley, progression of a Restart Definitive Feasibility Study at Capricorn Copper and drilling to test priority exploration targets across the portfolio.

I encourage eligible retail shareholders in Australia and New Zealand to consider the terms of the retail entitlement offer when it opens on 28 January 2026.

Why is it raising funds?

The ASX copper stock advised that proceeds of the equity raising will be used for working capital for the impact of Xantho Extended seismicity to facilitate ongoing investment in Gossan Valley, progression of Capricorn Copper towards restart, including a Restart Definitive Feasibility Study and drilling of exploration targets across the portfolio. James Palmer said:

We have a clear plan to recommence mining at Xantho Extended in April 2026. In the meantime, this equity raising is expected to allow us to maintain our commitments to our strategic growth objectives to accelerate value realisation across the portfolio. Specifically, the ongoing investment in Gossan Valley, progression of a Restart Definitive Feasibility Study at Capricorn Copper and drilling to test priority exploration targets across the portfolio.

The post Why is this ASX copper stock crashing 31%? appeared first on The Motley Fool Australia.

And according to some analysts, this rally could have plenty of room to grow.

For instance, US investment firm JPMorgan Chase & Co (NYSE: JPM) believes that a widening global supply deficit could see copper rise to US$12,000 per tonne by the first quarter of 2026.

And a sustained upswing in the copper price may be good news for leading ASX 200 mining stocks with substantial exposure to the red metal.

These include diversified mining powerhouse BHP Group Ltd (ASX: BHP) which has transformed into the world's biggest copper producer in the past few years.

Other copper-focused ASX 200 mining stocks such as Sandfire Resources Ltd (ASX: SFR) and Capstone Copper Corp CDI (ASX: CDC) could also benefit.

However, beyond the heavyweights, the ASX is home to several emerging copper companies already mining or moving their respective projects towards production.

Below, we present an overview of three lesser-known ASX copper stocks with surging share prices.

29Metals Ltd (ASX: 29M)

29Metals operates the Golden Grove copper mine in Western Australia, which also produces significant amounts of zinc, gold, and silver.

Overall, the company is targeting up to 25,000 tonnes of copper output from Golden Grove in the 2025 calendar year. 

In addition, it plans to bring its Capricorn copper mine in Queensland back to production after extreme rainfall suspended operations in 2023.

Combined, the two projects hold about 2.2 million tonnes of contained copper, 2.3 million tonnes of zinc, 1.2 million ounces of gold, and 75 million ounces of silver.

Each project has a resource base large enough to support a mining operation of more than 10 years.

The company is also ramping up exploration drilling as it looks to grow the existing resource at Golden Grove.

Shares in 29Metals have ballooned by 191% in the past six months, ending Wednesday at $0.47 per share.

Hot Chili Ltd (ASX: HCH)

Hot Chili is a mineral exploration business advancing its Costa Fuego copper and gold project in Chile towards production.

Costa Fuego already hosts a large resource base across three deposits: Cortadera, Productora, and San Antonio.

Here, management believes the 3.4 million tonnes of contained copper equivalent represents one of the largest undeveloped copper mineral resources in the world.

In addition, a recent discovery at the nearby La Verde prospect adds potential for further resource expansion.

Earlier this year, Hot Chili unveiled the results from an economic evaluation gauging the merits of bringing Costa Fuego to production.

This pre-feasibility study (PFS) outlined a 20-year mine, with output of about 116,000 tonnes of copper equivalent per annum across 14 years of primary production.

The study also estimated post-tax free cashflow of US$3.86 billion for the life of the mine, as well as a payback period 4.5 years.

Hot Chili now plans to launch a more detailed definitive feasibility study, whilst also conducting an environmental impact assessment for the project.

Further exploration drilling at La Verde could also be on the cards.

In the past six months, Hot Chili shares have surged by 85% to $0.87 per share at yesterday's close.

Firefly Metals Ltd (ASX: FFM)

Firefly is another exploration company moving its Green Bay copper and gold project in the Canadian province of Newfoundland closer to production.

As things stand, Green Bay holds a resource containing one million tonnes of copper and 550,000 ounces of gold. This equates to 1.2 million tonnes of copper equivalent.

However, the company's strategy is centred on growing this resource even further.

At present, eight drill rigs are operating at Green Bay as Firefly looks to upgrade the resource, extend known mineralisation, and unearth new discoveries.

Notably, recent drilling delivered high-grade copper and gold hits which extended the known mineralisation by 650 metres beyond the current resource.

In addition, further "exceptional" drilling results defined an 800-metre zone of "very high-grade" mineralisation which remains open along strike.

Management noted that this zone could significantly impact a mineral resource estimate for the project, planned for release in the current quarter.

FireFly shares have now increased by 102% in just six months, reaching $1.82 per share at the close of business on Wednesday.

The post Up 85% or more! These 3 hidden ASX mining stocks are soaring as the copper price ignites appeared first on The Motley Fool Australia.

But there are two ASX All Ords mining shares that have strongly outperformed the index over the same six-month period.

The 29Metals Ltd (ASX: 29M) share price is 1.75% higher today at 41 cents per share. The latest increase means the precious metal miner's stock has surged 190.71% higher over the past 6 months.

Aeris Resources Ltd (ASX: AIS) shares have followed a very similar trajectory, too. Its shares are 0.94% higher for the day at 54 cents a piece, and up a huge 181.58% over the past 6 months.

Analysts at Macquarie Group Ltd (ASX: MQG) downgraded their outlook on the two stocks just 10 days ago. But now, it looks like the broker has had a change of heart.

Macquarie upgrades its outlook

In a new note to investors, Macquarie has upgraded its recommendation on 29Metals and Aeris Resources to outperform, up from neutral.

It has also raised its target prices on both the ASX All Ords shares. The latest note reveals the broker has placed a 55-cent target price on 29Metals shares and a 70-cent target price on Aeris Resources shares. At the time of writing, this represents a potential upside of 34.1% and 29.6% over the next 12 months, respectively.

"Copper/aluminium prices have had a strong run, up 22%/9% YTD and up 13%/14% over the past six months.

"We now use the copper/aluminium forward curve (upgrade) for one year before a one-year linear reversion to our prior outlook. LT prices unchanged.

"We lift near-term EPS and target prices for Cu/Al exposed companies, but only make 2 recommendation changes, upgrading 29M and AIS from N to OP," Macquarrie analysts said.

What else did the broker have to say about the ASX All Ords stocks?

Macquarie analysts also said that higher copper prices will drive earnings per share increases for base metal stocks.

"After we implement the forward curve for the next year (start 4QCY25, end 4QCY26) followed by a 1-year linear reversion from the forward curve to our prior copper price outlook, this drives significant EPS increases across our copper coverage," the broker said in its note.

"Large-cap copper producers including SFR sees 23%/39% EPS increases in FY26e/FY27e while CSC sees 12%/42%/31% EPS increase in CY25e/26e/27e. Some of the more operationally leveraged stocks including AIS see 37%/38% EPS upgrades in FY26e/FY27e and 29M see 13%/46%/48% in CY25e/CY26e/ CY27e."

The post These 2 ASX All Ords mining stocks have been upgraded to outperform appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

29Metals Ltd (ASX: 29M)

The 29Metals share price is down 22% to 41.5 cents. This follows the release of the struggling copper miner's quarterly update. Copper production rose 3.6% quarter on quarter to 5.8kt, whereas zinc production sank 84% to 2kt. This was driven by restricted access to high-grade zinc stopes due to the impacts of seismic activity. The miner also reported a jump in all-in sustaining costs for the quarter. 29Metals' CEO, James Palmer, commented: "A challenging quarter at Golden Grove, with ongoing restricted access to Xantho Extended. Putting safety first, we have temporarily ceased mining from Xantho Extended whilst we implement a plan to safely and sustainably reestablish mining in that section of Gossan Hill."

DroneShield Ltd (ASX: DRO)

The DroneShield share price is down over 6% to $5.29. This may have been driven by profit taking from investors. Not even the release of another promising announcement this morning has been able to stop the selling. It announced the launch of the DroneSentry-C2 Enterprise (C2E) platform, which is able to connect multiple DroneSentry-C2 solutions across geographically dispersed sites. It explained: "By consolidating multi-site operations, C2E enables faster decision-making, improved coordination and enhanced resilience across national-level security networks. This means that DroneShield customers can now maintain complete situational awareness and operational control across geographically dispersed sites, including at a nationwide level, with ease."

Electro Optic Systems Holdings Ltd (ASX: EOS)

The EOS share price is down 12% to $6.06. This is also likely to have been driven by profit taking from investors. After all, this defence and space company's shares have been on fire this year thanks to some big counter-drone contracts. For example, even after today's heavy decline, the EOS share price is still up by a massive 350% since the start of the year.

Tamboran Resources Corp (ASX: TBN)

The Tamboran Resources share price is down over 2% to 21.5 cents. This is despite the energy explorer announcing that it has successfully completed the 2025 Shenandoah South drilling program. This is the largest program ever conducted in the Beetaloo Basin. Management notes that the average spud-to-total depth across the program was 26.7 days, with the drilling and casing time delivered within the 35-day forecast.

The post Why 29Metals, DroneShield, EOS, and Tamboran shares are falling today appeared first on The Motley Fool Australia.

Australia is known for its resources sector. It ranks among the top global producers for bauxite, iron ore, rutile, and lithium. 

Often, it is a select few ASX small-cap mining stocks that deliver outsized returns. However, over the past few years, several ASX large-cap stocks have also beaten the market by a wide margin. These include the likes of Newmont Mining (ASX: NEM) and Evolution Mining Ltd (ASX: EVN), which have risen 55% and 133%, respectively, over the past year. 

There are several reasons to sell an ASX All Ords mining stock, including for valuation reasons. 

In a 1 October report, Commodities Update: Balancing Act, Macquarie Group Ltd (ASX: MQG) downgraded the following 6 ASX All Ords mining stocks.

Are any of these on your radar?

29 Metals Ltd (ASX: 29M)

29 Metals shares have surged 100% for the year to date. 

Macquarie recently downgraded the stock from outperform to neutral, noting:

We downgrade 29M to neutral after incorporating reduced CY25 production forecasts (zinc production guidance withdrawn following seismic impacts at Xantho Extended) and strong share price performance.

Aeris Resources Ltd (ASX: AIS)

Aeris Resources shares have also rallied this year, climbing 192% in 2025.

Macquarie also downgraded the stock from outperform to neutral on similar grounds, writing:

AIS is the best-performing stock in the base metals coverage universe and the increase in our earnings outlook due to higher copper prices results in a significant 79% uplift in our TP, but we downgrade AIS to Neutral after the stock has rallied 177% YTD [vs ASX200 up 8%].

Capricorn Metals Ltd (ASX: CMM)

Capricorn Metals shares have lifted 117% for the year to date.

Macquarie also downgraded the stock from neutral to underperform on valuation grounds, with a price target of $11.

Regis Resources Ltd (ASX: RRL)

Regis Resources shares have risen 135% for the year to date. 

Macquarie also downgraded Regis Resources shares from neutral to underperform, and placed a price target of $5.20 on the stock.

Ramelius Resources Ltd (ASX: RMS)

Ramelius Resources are up 85% this year. 

Macquarie recently downgraded the company from outperform to neutral and assigned it a price target of $3.70.

Perseus Mining Ltd (ASX: PRU)

Perseus Mining shares have lifted 86% this year. 

Macquarie recently downgraded the company from outperform to neutral. The broker now has a price target of $4.70 on the stock.

The post Macquarie recently downgraded these 6 ASX All Ords Mining stocks appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

29Metals Ltd (ASX: 29M)

The 29Metals share price is down 23% to 42 cents. This follows the release of an update from the copper miner in relation to its Golden Grove mine site in Western Australia. According to the release, there has been a further seismic event within the Xantho Extended orebody that could impact its zinc production. Management stated: "The time required to reinstate ground support to impacted Xantho Extended production levels to access high-grade zinc ore, previously planned for the December quarter, is currently being assessed. Accordingly, full year guidance for zinc production is withdrawn. Alternate ore sources, with lower zinc grades, will be mined whilst access to Xantho Extended is restricted."

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is down 2.5% to $1.15. This may have been driven by a pullback in oil prices overnight in response to oversupply concerns. In addition, Beach Energy was the subject of bearish broker note out of Citi this morning. According to the note, the broker has retained its sell rating and $1.05 price target on the energy producer's shares. It prefers other energy producers for exposure to this side of the market.

Newmont Corporation (ASX: NEM)

The Newmont share price is down 2% to $129.66. Investors have been selling this gold miner's shares after it announced the resignation of its CEO, Tom Palmer. The world's largest gold miner advised that Palmer will retire from his role and as a member of the board of directors on 31 December. He will be replaced by Natascha Viljoen, who is the current chief operating officer. Commenting on his exit, Palmer said: "After 12 years with Newmont, and almost 40 years in the mining industry, it is time for me to retire and hand over to Natascha to lead our Company through the next chapter in its storied history. It has been a privilege to serve as CEO of Newmont."

WIA Gold Ltd (ASX: WIA)

The WIA Gold share price is down 5.5% to 34.5 cents. This follows the release of the scoping study results for its Kokoseb Gold Project in Namibia. The company notes that the study confirms Kokoseb as an outstanding gold project. It will have an initial 11+ year life of mine, forecast production from an open pit mine of ~180 koz of gold per annum for the first five years, and an all-in sustaining cost (AISC) of US$1,265/oz. It seems that the market was expecting more from the study.

The post Why 29Metals, Beach Energy, Newmont, and WIA Gold shares are falling today appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

29Metals Ltd (ASX: 29M)

The 29Metals share price is up 3.5% to 43.5 cents. This follows the release of results from Near Mine Exploration, Resource Extension, and Resource Conversion drilling at Golden Grove. According to the release, the drilling highlights the Cervantes mineralised system's potential as a high-quality future growth option at Golden Grove. 29Metals' CEO, James Palmer, said: "Many of the high-grade Resource Extension results released today are in easily accessible areas of Gossan Hill, which in addition to mine life extensions, provides opportunity to leverage existing underground infrastructure and development to build flexibility into the Golden Grove life of mine plan."

Cobram Estate Olives Ltd (ASX: CBO)

The Cobram Estate Olives share price is up 2% to $3.30. This is despite the olive oil producer raising capital today. The company has successfully completed an institutional placement to raise $175 million at $3.20 per new share. It will also now launch a non-underwritten share purchase plan to raise up to a further $10 million. The proceeds will be used to accelerate the execution of its growth strategy in the United States, including the purchase of additional freehold farmland and the development of approximately 1,600 hectares of olive groves on this additional land.

Ora Banda Mining Ltd (ASX: OBM)

The Ora Banda Mining share price is up 9% to $1.15. Investors have been buying this gold miner's shares following the release of drilling results from the Sand King operation. Ora Banda's managing director, Luke Creagh, said: "We started the Sand King Underground mine on a reserve of 55,000 oz and our initial thinking was that it would be a support play to our main underground operation at Riverina. However, these remarkable hits from step out drilling, coupled with consistent resource infill drilling intercepts, show that Sand King Underground is bigger than we first thought and that the tenor of the mineralisation is potentially higher than initially expected."

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix Pharmaceuticals share price is up 2.5% to $13.95. This morning, this radiopharmaceuticals company revealed that it has reached an agreement with the United States Food and Drug Administration (FDA) regarding the resubmission of its New Drug Application (NDA) for TLX101-CDx (Pixclara). It is an investigational agent for the imaging of glioma, a rare and life-threatening brain cancer. The company also confirmed its plan to resubmit the NDA during the fourth quarter of 2025.

The post Why 29Metals, Cobram Estate, Ora Banda, and Telix shares are rising today appeared first on The Motley Fool Australia.

That's the view of analysts at Macquarie Group Ltd (ASX: MQG), which are forecasting big potential returns for investors.

Which ASX mining stock?

The mining stock that the broker is feeling positive about right now is 29Metals Ltd (ASX: 29M).

It owns a portfolio of copper-focused assets located in Australia and Chile. This includes the Golden Grove copper/zinc/lead/gold/silver mine in Western Australia, Capricorn Copper in Queensland, and the Redhill exploration project in Chile.

Macquarie notes that the company recently released its quarterly update. It was pleased with 29Metals' performance during the three months, highlighting that production was in line and its costs were lower than expectations. It said:

2QCY25 quarterly production of 5.6kt was in line with Visible Alpha (VA) and Zn/Au/Ag production was 25%/7%/1% lower.

Raw operating costs of A$98.1m were 18%/20% lower than VA/MQe driven by lower mining, processing, and TCRC costs at Golden Grove. QoQ mining costs reduced from A$63.1m to A$60.4m, processing costs from A$27.4m to A$24.3m, and TCRC from A$13.4m to A$9.3m. AISC increased QoQ from US$2.07/lb to A$3.29/lb but this was largely driven by lower byproducts (~A$26m) and lower stockpile movement credits (~A$14m).

And while it acknowledges that a strong second half will be required to meet some guidance, it remains very positive and continues to see significant value in the ASX mining stock at current levels.

Big return potential

The note reveals that Macquarie has maintained its outperform rating and 40 cents price target on 29Metals' shares.

Based on its current share price of 31 cents, this implies potential upside of 29% for investors over the next 12 months.

Commenting on its outperform rating and potential catalysts, the broker said:

Maintain Outperform: 29M has had soft 1H, and requires a strong 2H to meet the mid-point of guidance (expected to be driven by a ramp up of Xantho Extended ore tonnes), nevertheless we see value in the name as it is trading at a cheap valuation at ~3.7x EV/Ebitda in CY25e (3.2x at spot prices).

Catalysts: Continued operational improvements at Golden Grove (ramp up of Xantho Extended ore tonnes in 2HCY25), Capricorn TSF3 application (3QCY25), and first ore from GV (2HCY26).

All in all, Macquarie appears to believe this could make this ASX mining stock one to consider if you are looking for exposure to this side of the market.

The post Expert says this ASX mining stock could rise almost 30% appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

29Metals Ltd (ASX: 29M)

The 29Metals share price is down 3% to 32 cents. This may have been driven by a broker note out of Citi this morning. In response to the copper miner's quarterly update, the broker has retained its sell rating with a 16 cents price target. This implies potential downside of 50% for investors from current levels. Citi wasn't overly impressed with the quarter and believes that there is a risk that 29Metals will have to raise capital in the near future.

Atlas Arteria Group (ASX: ALX)

The Atlas Arteria share price is down over 1% to $5.11. This follows the release of an update on the Virginia Supreme Court's decision regarding the State Corporation Commission's (SCC) Rate Case appeal. According to the release, the Supreme Court has affirmed the decision to deny Toll Road Investors Partnership II (TRIP II)'s latest toll rate application for the Dulles Greenway. It stated: "TRIP II's pending federal case, which was stayed in anticipation of the SCV appeal decision, will now proceed. The federal complaint alleges constitutional violations distinct from those decided by the SCV and seeks compensatory, declarative, injunctive, and other relief, unavailable to TRIP II in the SCV appeal."

DroneShield Ltd (ASX: DRO)

The DroneShield share price is down 3.5% to $3.39. This morning, analysts at Bell Potter downgraded this high-flying counter drone technology company's shares to a hold rating with an improved price target of $3.80. It said: "Listed peers in the drone/counter-drone sectors have undergone major re-ratings both domestically (ELS, EOS) and internationally (AVAV, KTOS), however, whilst we are bullish on the sector and view DRO as a market leader, the downside risk is prevalent at the current valuation. At our upgraded multiples of 65x PE and 40x EV/EBITDA, our updated PT of $3.80 is a <15% premium to the SP so we downgrade to HOLD."

Yancoal Australia Ltd (ASX: YAL)

The Yancoal Australia share price is down 6% to $5.82. This follows the release of the coal miner's quarterly update. Yancoal reported a 12% increase in ROM coal production but flat saleable coal production. In addition, the company revealed that its realised coal price was down 10% from the first quarter.

The post Why 29Metals, Atlas Arteria, DroneShield, and Yancoal shares are falling today appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

29Metals Ltd (ASX: 29M)

The 29Metals share price is down 7% to 32 cents. Investors have been selling this copper miner's shares following the release of its quarterly update. The company reported copper production of 5.6kt at Golden Grove, which was a sizeable increase on the 4.1kt reported in the previous quarter. However, increasing at an even greater rate was its C1 costs, which ballooned to US$2.09 per pound from just 76 US cents per pound in the last quarter.

CAR Group Limited (ASX: CAR)

The CAR Group share price is down 2% to $36.75. This auto listings company's shares have come under pressure today after announcing the exit of its long-serving CEO. According to the release, Cameron McIntyre is stepping down as managing director and CEO after 18 years with the company. The carsales.com.au owner revealed that William Elliott, its current chief financial officer, will replace McIntyre from 15 August 2025. Commenting on his exit, McIntyre said: "As CEO, the past nine years have been the highlight of my career. From the very beginning, I have been inspired by the passion, resilience, and innovation of our team. Together, we have navigated both challenges and opportunities, consistently striving to push the boundaries of excellence in our industry."

DroneShield Ltd (ASX: DRO)

The DroneShield share price is down almost 10% to $3.48. This is despite there being no news out of the counter drone technology company. However, today's decline is highly likely to be down to profit taking from some investors after sensational gains in recent weeks. For example, even after today's heavy decline, DroneShield shares are up approximately 85% since this time last month. This has been driven by a series of major announcements revealing big contract wins and investments in its R&D capabilities.

Santana Minerals Ltd (ASX: SMI)

The Santana Minerals share price is down 4% to 59 cents. This gold developer's shares are under pressure today following the release of a drilling update from the Rise and Shine (RAS) deposit. The company said: "These holes are the first from a broader programme aimed at upgrading the sparsely drilled Inferred resource down plunge to the north. Results show thick, high-grade zones with infills enhancing the consistency and tenor of the 'HG1' high-grade domain." It seems that some investors were expecting even more from the drilling results.

The post Why 29Metals, CAR Group, DroneShield, and Santana Minerals shares are falling today appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

29Metals Ltd (ASX: 29M)

The 29Metals share price is down 28% to 26.5 cents. This has been driven by the completion of the institutional component of the copper miner's equity raising this morning. 29Metals has raised approximately $154 million at 27 cents per share, which represents a 27% discount to its last close price. The copper miner will now push ahead with the retail component of the equity raising, which aims to raise approximately $26 million on the same terms. The proceeds will support a balance sheet reset and fully fund the Gossan Valley project to first ore. The latter was approved by the company's board earlier this week.

Guzman Y Gomez Ltd (ASX: GYG)

The Guzman Y Gomez share price is down 4% to $43.08. This may have been caused by comments out of Bell Potter's Richard Coppleson yesterday. As we covered here, he believes the Mexican fast food chain's shares are vastly overvalued at current levels and destined to crash deep into the red. He said: "Now as soon as this buying has been exhausted – given the view of the stock from all the brokers, the excessive rally and the astronomical – sky high – PE (in fact I've very rarely seen one that high) – there is a very high chance that this suffers a big selloff (PE de-rating) in December."

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price is down 8% to $1.62. This morning the biotechnology company revealed that the United States Food and Drug Administration (FDA) has granted its second generation allogeneic, STRO3-immunoselected, and industrially manufactured stromal cell therapy Revascor Regenerative Medicine Advanced Therapy (RMAT) designation. This should be classed as very positive news. In light of this, it seems that today's decline is a classic 'buy the rumour, sell the news' situation.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price down over 1.5% to $2.36. This is despite the lithium miner's proposed acquisition of Latin Resources Ltd (ASX: LRS) getting a boost today. This morning, the Brazilian National Mining Agency approved the Integrated Plan of Economic Development. This approval satisfies the condition precedent in the two parties' scheme implementation agreement. Shareholder and court approval is still required. Concerns that lithium prices may stay lower for longer appears to have offset this positive development.

The post Why 29Metals, Guzman Y Gomez, Mesoblast, and Pilbara Minerals shares are falling today appeared first on The Motley Fool Australia.

But not for a good reason.

In morning trade, the ASX All Ords stock is down a massive 28% to 26.5 cents.

Why is this ASX All Ords stock crashing?

This copper miner's shares are under pressure today after it completed a fully underwritten institutional placement and the institutional component of a fully underwritten accelerated non-renounceable entitlement offer.

According to the release, the placement and institutional entitlement offer will raise approximately $154 million at an offer price of 27 cents per share.

This represents a 27% discount to the last closing 29Metals share price of 37 cents.

The ASX All Ords stock advised that the placement and institutional entitlement offer received strong support from both new and eligible existing institutional shareholders.

Existing shareholders (excluding EMR Capital) subscribed for approximately 82% of their entitlements in the institutional entitlement offer. New shares not taken up by both eligible and ineligible institutional shareholders have been fully allocated to eligible institutional investors.

Why is it raising funds?

Management advised that the proceeds of the equity raising will support a balance sheet reset and fully fund the Gossan Valley project to first ore. The latter follows the approval of the project by the company's board this week.

The ASX All Ords stock's CEO, James Palmer, explained:

Net proceeds from the equity raising and refinancing of senior funded debt facilities provides 29Metals with the balance sheet needed to pursue our strategic objectives. […] In addition to the deleveraging impact of the Equity Raising, the proceeds will be directed towards fully funding the Gossan Valley project at Golden Grove to first ore.

Gossan Valley is a milestone project for the Company, providing production flexibility from an additional and independent mining front, with the potential for future Gossan Valley Mineral Resources extensions from planned in-mine and near mine exploration drilling, as well as a higher-grade replacement ore source for Scuddles.

Palmer also commented on the success of its equity raising. He was pleased with the support, stating:

The level of support shown by our existing shareholders, as well as new investors, has been very encouraging. This Equity Raising drives a balance sheet reset, fully funds development at Gossan Valley to first ore and provides support to progress water reduction efforts at Capricorn Copper, as well as general working capital.

The company will now push ahead with the retail component of the equity raising, which aims to raise approximately $26 million on the same terms.

The post Guess which ASX All Ords stock just crashed 28%! appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

29Metals Ltd (ASX: 29M)

The 29Metals share price is down almost 19% to 46 cents. This follows the release of the copper miner's quarterly update this morning. 29Metals revealed a sharp decline in copper production and a significant jump in C1 costs for the period. Production was down 31% to 4.4kt and C1 costs rose 120% to US$2.52 per pound. This has been driven by the suspension of its Capricorn Copper operations due to weather impacts earlier this year.

Codan Ltd (ASX: CDA)

The Codan share price is down almost 4% to $15.27. Investors have been selling the metal detector company's shares following the release of a trading update at its annual general meeting. Management said: "While we continue to target high single-digit revenue growth in Minelab's Rest of World division, we are currently observing some softness in our largest market, North America, as we approach the US elections. Despite this weakness, we still expect Minelab's first half revenues to be ahead of last year."

Domain Holdings Australia Ltd (ASX: DHG)

The Domain share price is down 1.5% to $3.05. This has been driven by news that the property listings company's CEO is leaving. According to the release, after six years at the helm, CEO Jason Pellegrino and the Domain Board have agreed to initiate a leadership transition process. Pellegrino will continue as CEO for a period of three to six months to support the succession process before departing the business.

Playside Studios Ltd (ASX: PLY)

The Playside Studios share price is down 27% to 52 cents. This has been driven by the release of disappointing guidance for FY 2025. The game developer revealed that it expects revenue to be between $62 million and $68 million. This represents a 4% decline to a 5.2% increase on FY 2024's revenue of $64.6 million. Things were even worse for its earnings before interest, tax, depreciation, and amortisation (EBITDA). Management is guiding to a range of $0 million to $5 million, which will be a sharp decline on the $17.5 million it recorded in FY 2024. This is largely due to FY 2025 being a year of heavy development and investment, with a number of key releases coming in the next calendar year.

The post Why 29Metals, Codan, Domain, Playside shares are tumbling today appeared first on The Motley Fool Australia.