ASX Mining Stocks on the Move this Month

Australia’s mining frontier is evolving rapidly and these companies are leading the charge with world class assets, strong balance sheets and projects built for the future.

Syrah Resources Limited (ASX: SYR)

is moving forward with its recovery plans as the company faced production issues at its Balama graphite mine in Mozambique because of local protests that stopped work until May 2025. 

Operations started again in June. Its Vidalia anode materials plant in the US is still running on a small scale while customer tests with Tesla and Lucid among others are going on before full commercial sales start. 

Syrah recorded a loss of about US$59.8 million which was better than last year’s US$67.1 million. The company’s cash stood at US$42.8 million helped by loan support from the US Department of Energy, International Development Finance Corporation and a $70 million capital raise in July 2025. 

The upcoming decision on expanding Vidalia and stronger US policy backing for graphite supply outside China could make Syrah one of the top players in natural graphite and battery anode materials in the future.

Northern Star Resources Limited (ASX: NST)

had a record breaking year in FY25, showing why it’s one of Australia’s biggest gold producers and also a major mid-tier player globally. 

Following the acquisition of De Grey Mining for around $3.6 billion, the company added the Hemi Project which boosted its total Mineral Resources to 70.7Moz and Ore Reserves to 22.3Moz, giving it more than 10 years of production outlook.

In FY25, it reported revenue of about $6.4 billion, which is up 30% from last year. Its underlying EBITDA jumped 60% to $3.5 billion and underlying NPAT more than doubled to $1.4 billion. Operating cashflow went up 43% to $2.95 billion, helping it generate $536 million in free cashflow and end the year with $1 billion net cash.

With the KCGM Mill Expansion worth $1.5 billion and the Hemi Project moving towards FY27 completion, Northern Star is targeting gold production of 1.7–1.85Moz in FY26. 

Northern Minerals Limited (ASX: NTU)

made steady progress on its Browns Range Heavy Rare Earths Project during FY25 as the company is moving closer to its Final Investment Decision.

The updated Wolverine Deposit Resource increased by 15% to around 70,500 tonnes of contained TREO. The measured and indicated resources jumped 75% to 54,400 tonnes showing better grade and more confidence. Work on the process plant and metallurgical tests showed improved recoveries and lower capital costs.

The company posted a net loss of about $27.4 million which is better than the $31.6 million loss in FY24 helped by cost control and some government co-funded programs. Cash reserves improved to $24.3 million after raising $45.4 million through capital, and the $15 million convertible note with Iluka Resources continues to give strong backing. 

The company is also in advanced talks with Export Finance Australia and NAIF for project funding as both support fits well with Australia’s critical minerals goals. 

Emerald Resources NL (ASX: EMR)

In the September quarter update said that the Okvau Gold Mine produced around 22,000oz which was a bit below target because of heavy rains. The AISC stood at about US$1,150/oz. Even with the short term weather issues, the company’s FY26 guidance stays solid between 105,000–120,000oz with a life of mine AISC of around US$966/oz.

For FY25, Emerald posted a record after tax profit of $87.6 million, which is 9% higher than last year, on revenue of $437.8 million. This growth mainly came from an average gold price of US$2,770/oz. The Okvau Mine in Cambodia produced 98,110oz with a low AISC of US$1,075/oz. Group cash, bullion and listed investments went up to $303.6 million and the company has no debt.

With upcoming projects like the Okvau underground expansion, Memot Gold Project and Dingo Range Project in Western Australia all aiming for FY26 start, Emerald looks set to become a multi mine producer crossing 300Koz+ a year backed by low cost structure.

(Source: Company Announcement)