Azzet reports on three resource stocks with price moving updates today.
West Gold rallies on December quarter update ~
Shares in West Gold Resources (ASX: WGX) were trading 8.9% higher by 2:15 pm AEDT (3:15 am GMT) after the large cap gold miner told the market it had produced a record 111,418 ounces of gold in the three months to December, up 33% on the previous quarter at an AISC of $3500.
The market also reacted favourably to revelations that third-party ore purchases added 22,317 ounces, which saw the company double its underlying cash build to $365 million, compared to the previous quarter.
Gold sales of 115,200oz at an average price of $6,356/oz, generating $732 million in revenue.
Commenting on today’s update, CEO Wayne Bramwell told the market that costs this quarter reflected deliberate choices to maximise value.
Gold price-linked royalties have had a greater impact across the industry and added $12 million to West Gold's year-to-date costs.
“Continued operational improvement from our assets continued and we had the opportunity to super charge our cashbuild by purchasing a higher volume of third-party ore,” said Bramwell.
“This third party ore delivered 22,317 ounces and monetising it further strengthened our balance sheet. These factors culminated in the Group closing the quarter with a treasury of $654M.”
Ongoing portfolio optimisation - including restarting at Great Fingall and higher throughput at Meekatharra - during the quarter saw Westgold complete the divestment of non-core assets and advance the planned spin-off of certain Murchison gold projects into the new ASX-listed Valiant Gold Limited.
The miner also maintained its FY26 production guidance of 345,000–385,000 ounces at an AISC of $2,600–$2,900/oz, excluding gold price-linked ore purchase costs.
Over the longer haul, the miner aims to boost annual gold production to around 470,000 ounces by FY28, while targeting a reduction in AISC to about $2,500/oz from FY27.
Meanwhile, progress at its key growth projects, Bluebird–South Junction, Great Fingall, and Beta Hunt are expected to replace lower-grade stockpiles with higher-grade ore across its main processing hubs.
As of January 21, 2026, the live gold spot price is approximately US$4,776.89/oz and the average projection from Wall Street firms clusters around US$5,180/oz.
West Gold Resources has a market cap of $7 billion; the share price is up 174% in one year and up 19% in the last month.
The stock is in a strong bullish trend, confirmed by multiple indicators.
Consensus is Strong Buy.
Lynas Rare Earths jumps on 2Q update
Shares in Lynas Rare Earths (ASX: LYC) were up 5.2% after the large cap rare earths miner released a second-quarter FY26 update that found immediate favour with investors.
Total rare earth oxide (REO) production came in at 2,382 tonnes, down around 9% year on year and down just over 40% from the prior quarter.
However, due to an average selling price increase to $85.60 per kilogram across all its rare earths products - up 74% from Q2 FY25 - year-on-year gross sales revenue increased 43% to $201.9 million.
Sales receipts of $185 million were also up 26.8% from Q2 FY25.
While Neodymium (Nd) and Praseodymium (Pr) production of 1,404 tonnes was down around 30% from Q1 FY26 - due to power supply disruptions at its Kalgoorlie plant in early November and major planned kiln maintenance at its Kuantan facility in Malaysia - most of that pullback looks to already have been priced into the stock’s shares.
While the December quarter saw Lynas complete the commissioning of its Mt Weld expansion project, the company is also working on the expansion of heavy rare earth (HRE) separation at its Malaysian facility.
Management expects the first production of Samarium – a heavy rare-earth metal used in high-end magnets – in Q4 FY26.
Commenting on today’s market update, Lynas Rare Earths outgoing CEO Amanda Lacaze – who steps down at the end of FY26 – told the market that Lynas is uniquely positioned to operate effectively in the evolving market environment as the only commercial producer of light and heavy rare earth oxides outside of China.
“Lynas continues to experience increased demand from direct end customers and new metal and magnet maker projects,” said Lacaze.
“In line with the Towards 2030 growth strategy announced in August 2025, Lynas continues to develop partnerships with metal and magnet makers to expand the outside China metal and magnet supply chain.”
Lynas is the biggest producer of rare earths minerals outside of China, which accounts for up to 70% of global output.
Prices skyrocketed in 2025 after Beijing significantly tightened controls on exports, prompting a global scramble find other sources.
Lynas Rare Earths has a market cap of $16.2 billion; the share price is up 134% in one year and up 32% in the last month.
The stock appears to be in a strong bullish trend, confirmed by multiple indicators.
Consensus is Hold.
Australian Strategic Minerals skyrockets on takeover bid
Shares in Australian Strategic Minerals (ASX: ASM) were up 117.9% after the rare earths developer revealed that U.S.-based Uranium and critical minerals miner Energy Fuels (NYSE: UUUU) has launched a takeover bid to acquire 100% of the ASX-listed business for US$299 million, well above a 100% premium.
In the absence superior proposal – which appears unlikely – ASM’s board has unanimously recommended that shareholders vote in favour of the offer.
It’s understood that ASM's non-executive chair, Ian Gandel - who owns 13.6% of the company - supports the proposed deal.
The deal will see ASM shareholders receive 0.053 Energy Fuels shares - at an implied value of $1.47 per share – plus an unfranked special dividend of 13 cents.
Commenting on today’s announcement, the company's managing director, Rowena Smith, told the market that the proposed deal delivers a significant premium for ASM shareholders while also ensuring shareholders retain the opportunity to participate in the substantial upside of a larger, better capitalised critical minerals business.
“We are pleased to recommend this transaction not only for the value it delivers but it accelerates the execution of our mine to metals strategy in a way that unlocks greater scale, de-risks delivery and positions us to capture the full potential of our rare-earths opportunity,” she said.
Smith noted that ASM's flagship Dubbo project in New South Wales – which has an initial mine life of 20 years and a further 50 years of resource - has a "globally significant resource of light and heavy rare earths across a unique ore body comprising bastnaesite mineralogy and zirconosilicates''.
“The transaction is expected to materially accelerate ASM's mine to metals strategy by providing ASM shareholders with exposure to a secure, ex-China rare earths supply chain spanning mining, processing, separation, metallisation and alloying, underpinned by Energy Fuels' critical feedstock and processing assets, Smith noted.
While Energy Fuels is listed on the New York Stock Exchange and the Toronto Stock Exchange, it is expected to establish a listing on the ASX following the deal to allow ASM shareholders to trace their new shares.
ASM’s share price fell off a cliff last October after successfully raising $55 million to ramp up alloy output and drive metallisation growth initiatives.
Australian Strategic Minerals has a market cap of $418 million; the share price is up 218% in one year and up 110% in the last week.
The stock is in a long-term bullish pattern confirmed by multiple indicators.
Specifically, a 5-day moving average of the stock price is above the 50-day moving average, and the 200-day moving average is trending higher.
However, the 20-day moving average is falling.
While it's too early to predict the long term implications of this selloff, it may only be a correction within a continuing bullish move.
Consensus does not cover this stock.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
