By comparison, the S&P/ASX 300 Metal & Mining Index (ASX: XMM) is up 0.43% today, and down 14.4% since 1 March.

As we reported earlier, ASX mining shares have been hit harder than any other market segment since the war broke out.

However, the fundamental drivers of a new commodities supercycle powering a fresh long-term mining boom remain in place.

They include the green energy transition, a desire worldwide for more sovereign manufacturing, energy security, and supply constraints.

With ASX shares experiencing their worst fortnightly fall in almost four years as investor sentiment weakens, perhaps there is an opportunity to buy the dip on some mining stocks in the small-cap space?

Morgans recently gave these two ASX small-cap mining shares a speculative buy rating.

Here's why.

Astron Ltd (ASX: ATR)

The Astron share price is 70 cents, down 0.7% on Tuesday and up 12% over the past 12 months.

Astron is focused on developing its rare earths and mineral sands project, Donald, in Victoria. It also runs a processing plant in China.

A recent update from the company prompted Morgans to issue a new note retaining its speculative buy rating.

The broker said:

The Donald Project resource update confirms strategic heavy rare earth exposure, with improved definition of Dy and Tb supporting the project's importance to Western rare earth supply chains.

Strong strategic backing from Energy Fuels (UUUU.NYS), with the Donald Project to supply REEC feedstock to its White Mesa Mill in the US, where rare earth prices are currently materially higher than in China.

Morgans has a 12-month share price target of 90 cents on this ASX small-cap mining share.

Torque Metals Ltd (ASX: TOR)

The Torque Metals share price is 48 cents, up 4.8% today and up 382% over the past 12 months.

Torque Metals is developing the Paris Gold Project in Western Australia.

Paris has a Mineral Resource Estimate (MRE) of 2,518Kt at 3.1g/t gold for 250,000 ounces. 

Last week, Torque announced that three former managers at Spartan Resources are joining its new management team.

They are non-executive chair, Simon Lawson, CEO and managing director, Craig Jones, and non-executive director, David Coyne.

Ramelius Resources Ltd (ASX: RMS) acquired Spartan Resources in July 2025.

In a new note, Morgans maintained its speculative buy recommendation on this ASX small-cap gold mining share.

The broker has a 12-month share price target of 90 cents.

The post 2 ASX small-cap mining shares rated buy: Morgans appeared first on The Motley Fool Australia.

But which ones could be buys right now?

To narrow things down, let's take a look at three that Morgans is bullish on. Here's why the broker thinks they are buys:

Frontier Digital Ventures Ltd (ASX: FDV)

Morgans remains positive on this online classifieds company following its FY 2025 results, which were ahead of guidance.

In response, the broker has retained its buy rating and 56 cents price target on the ASX share. This implies potential upside of 80% for investors from current levels. It said:

FDV's FY25 EBIT result appeared comfortably above guidance (-A$4.6m vs -A$10m). We lift our FDV FY26F/FY27F EPS by >10% (off low bases), with reduced revenue forecasts offset by improved EBITDA margin expectations. Our valuation and PT are largely unchanged at A$0.56. We see long-term value in FDV given its unique assembled portfolio, and with significant upside to our PT (A$0.56) we maintain our BUY call.

Astron Ltd (ASX: ATR)

If you have a high tolerance for risk, then Morgans thinks this ASX share could be a top pick. It has a speculative buy rating and 90 cents price target on its shares. This implies potential upside of 32% for investors.

It thinks the rare earths explorer could be well-placed to benefit from supply constraints in Western markets. It explains:

The Donald Project resource update confirms strategic heavy rare earth exposure, with improved definition of Dy and Tb supporting the project's importance to Western rare earth supply chains. Strong strategic backing from Energy Fuels (UUUU.NYS), with the Donald Project to supply REEC feedstock to its White Mesa Mill in the US, where rare earth prices are currently materially higher than in China.

Pantoro Gold Ltd (ASX: PNR)

Lastly, Morgans thinks investors should be buying this ASX gold stock following this week's share price weakness.

In response to its results and production guidance downgrade, the broker has retained its buy rating with a trimmed price target of $6.53. This implies potential upside of almost 70% for investors. It commented:

PNR reported its H1FY26 result, alongside a production downgrade. Updated production forecasts of 86–92koz Au (previously 100–110koz) are considerably lower than our previous forecasts. We now model the upper end of guidance at an AISC of A$2,609/oz. We maintain our BUY rating and price target of A$6.53ps (previously A$6.83ps), the downgrade a function of revised forecasts.

The post Morgans names 3 ASX shares to buy now appeared first on The Motley Fool Australia.

Shares in a swathe of rare earths companies surged higher on Tuesday after the Australian and US Governments announced a new bilateral framework on critical minerals, which will pump at least US$1 billion from each country into the critical resources sector over the next six months.

Projects under development by Arafura Rare Earths Ltd (ASX: ARU) and Alcoa Corporation (ASX: AAI) were singled out for special treatment, including equity investments and supportive financing arrangements, while other companies, including Astron, also received encouraging signs of support.

Debt financing to back the project

Astron said in a statement to the ASX on Tuesday that government agency Export Finance Australia had given it a non-binding and conditional letter of support for up to $80 million in senior debt financing for the development of the Donald project, 300km northwest of Melbourne.

The Donald project is a joint venture with US company Energy Fuels Inc (NYSE: UUUU), with the latter company committed to buying all of the rare earth element concentrates the mine produces.

Astron said the total development cost for the project was $520 million, with the joint venture targeting a 50:50 debt to equity financing scenario.

The company said it was also working with other export credit agencies and senior lenders, which would provide the financing facilities.

They company added the project was well-advanced:

The shovel-ready Donald Project is one of Australia's most advanced critical mineral projects, targeting the production of rare earth elements, which are expected to be shipped to Energy Fuels' mineral processing facility in the U.S. for production of advanced rare earth element materials, and zircon-rich heavy mineral concentrates for global supply chains. Production is planned to commence as early as the second half of 2027, subject to securing project financing and completion of a positive final investment decision for the project.

The Donald project is expected to produce 7200 tonnes of rare earth element concentrates per year, which would be key to the US government's ambition to diversify its supply chain, the company said.

Notably, the heavy rare earths expected to be produced from Donald Phase 1 would satisfy approximately one third of U.S. demand for dysprosium and a quarter of U.S. demand for terbium, elements that are critical to the clean energy, defence and advanced manufacturing industries.

Astron shares were trading 12.1% higher on Tuesday to be changing hands for 78.5 cents, after hitting an early high of 80 cents.

Astron was valued at $293.4 million at the close of trade on Monday.

The post This lesser-known rare earths developer's shares are joining in the market frenzy appeared first on The Motley Fool Australia.

Astron Pty Ltd (ASX: ATR), Cobre Ltd (ASX: CBE), and Oceana Lithium Ltd (ASX: OCN) all rocketed ahead today.

So why did these ASX mining shares have such a great day?

Cobre

The Cobre share price soared 28.5% today. Cobre's share price has exploded 210% over the past five days. Cobre is exploring copper in Botswana and Western Australia. Investors appear to be buying up Cobre shares on the back of two positive announcements this week. On Tuesday, Cobre revealed drilling had intersected with a "new significant copper intersection" at the Ngami Copper Project in Botswana. Furthermore, Cobre revealed it had received notice of renewal on five exploration licences yesterday.

Astron

The Astron share price surged nearly 17% today. The company is developing the Donald Mineral Sands and Rare Earth project in the Murray Basin, Victoria. This is said to be one of the biggest zircon and titanium resources in the world. On Thursday, Astron provided an update on this project.

A preliminary estimate of phase one operations over a 35-year time frame profile is 250,000 to 300,000 tonnes per annum of heavy mineral concentrate and 7,000 to 10,000 tonnes per annum of Renewable Electronic Energy Coin (REEC).

Meanwhile, as my Foolish colleague Tony reported on Wednesday, one expert has singled out Astron as an ASX share that is "clearly under the radar".

Collins Street Asset Management chief investment officer Vasilios Piperoglou said:

They have a very large, I believe one of the world's largest, undeveloped zirconium and rare earth projects. It has a potential 50-year mine life. You could argue it's a tier-one asset in a tier-one jurisdiction.

Oceana Lithium

The Oceana Lithium share price rocketed 17% on Friday. Oceana is exploring lithium in Ceara, Brazil, and the Northern Territory. Oceana's share price has lifted 18% this week despite no news from the company. However, last week Oceana advised the market it had started fieldwork at two lithium projects in Brazil and Australia. At the flagship Solonopole project in Brazil, Oceana is exploring the "highly prospective" Lapinha zone to follow up high-grade lithium surface samples. Oceana has also commenced fieldwork at the Mt Denison tenement in the Northern Territory.

This week was a positive week for ASX lithium shares amid United States President Joe Biden signing a big spending climate bill. The legislation stipulates critical minerals for EV batteries must be sourced from either North America or a country with a free trade agreement with the US.

The post These 3 ASX mining shares rocketed more than 15% on Friday appeared first on The Motley Fool Australia.

So when you find a gem that no one else seems to have noticed, you run with it.

This is the situation Collins Street Asset Management chief investment officer Vasilios Piperoglou finds himself in.

"Astron Pty Ltd (ASX: ATR) is an interesting explorer and hopefully about to be producer," he told a Reach Markets video.

"It's interesting in so much as… it is clearly under the radar. Because no broker follows them yet."

'Tier-one asset in a tier-one jurisdiction'

Astron is a resources company that seeks to produce zircon and titanium from mineral sands mining activities.

The current focus is the Donald Mineral Sands Project in Victoria, which Piperoglou has high hopes for.

"They have a very large, I believe one of the world's largest, undeveloped zirconium and rare earth projects.

"It has a potential 50-year mine life. You could argue it's a tier-one asset in a tier-one jurisdiction."

He added that Astron has all its approvals in place, except for the final mine site permit, which he expects early in the new year.

The company bought $18 million of water rights for the site a couple of years back, which have since doubled in value, according to Piperoglou.

"It's ticked all the boxes, and they will be releasing their final DFS [definitive feasibility study] early next year."

Who knows what it will be worth in the future

Collins Street Asset Management gained exposure to Astron after recently issuing it with convertible notes.

Regardless of this or buying shares directly, Piperoglou reckons investors are in for a good time.

"The brokers have not cottoned onto the company… With these types of companies, it's very hard to put a valuation."

But how much upside does the Collins Street team think Astron shares have?

"What do we think Astron is worth on a per-share basis? I actually don't know," said Piperoglou.

"We haven't done a precisely specific NPV [net present value] ourselves. The reason being, we think it's at multiples to what it currently is."

The Astron share price has climbed 18.75% so far this year. 

The Hong Kong company is listed as a CHESS depositary interest, which means one ASX stock represents one actual share.

The post 'Clearly under the radar': Expert reveals hidden gem ASX share he's holding appeared first on The Motley Fool Australia.

Astron shares are up 8% to 54 cents per share at the time of writing. 

Astron is a Hong Kong-based mineral sand mining company that evaluates and advances downstream applications for zircon and titanium. It's also heavily involved in titanium-based materials trading. The company's segments include the Donald Mineral Sands in rural Victoria, and in Senegal and China.

Let's take a look at what's driving the Astron share price today.

Astron's Zircon tests

Astron has been testing zircon from its Donald mineral sands mine against competitor products. Zircon is a popular gemstone that people have been using for more than 2000 years. It's even a birthstone for the month of December. 

Astron said testing of its "premium zircon" from Donald has determined that it "rates favourably in terms of whiteness – a highly desirable characteristic for the main ceramics end-use market – compared to three competitor products". 

The company calls the extra-white zircon from the Donald mine 'Donald Premium Zircon' and expects this grade of gemstone will constitute 80% or approximately 95,000 tonnes per annum of its total 1 zircon production.

It may prove cheaper to mine in the long-term, as this zircon will not require acid leaching to meet customer specifications. In the next stage of its Donald project zircon mining operations, Astron says it has the ability to double total production.

Astron's rare earth results

In other metallurgical test work from the Donald mine, Astron advised it has also found significant rare earth deposits. Today, the company confirmed its ability to produce a high-quality rare earth elements concentrate from a froth flotation technique.

Using this specific extraction technique, Astron can find a total rare earth element percentage of 51.2% with low impurity levels from its mineral sands in the region. The Donald mineral sands project is located in the Wimmera region of Victoria, 60km from Horsham and near the township of Minyip.

According to the company, Donald represents "one of the largest known zircon and titanium ore bodies in the world and a potentially significant new source of global supply".

Astron share price snapshot

The Astron share price has shot up this month, up more than 50%, and is also up considerably over the past 12 months at 208%. The company can only be bought on the ASX as chess depositary interests (CDI). CDI's act as a 'right to buy' share at a certain price on another exchange.

The post Why the Astron (ASX:ATR) share price is up 8% today appeared first on The Motley Fool Australia.