The ASX was headlined by three key miners this week, with PLS, Liontown and Ora Banda Mining leading market activity amid operational updates and exploration breakthroughs.
PLS topped the volume list on Tuesday with 29.7 million shares traded. The lithium producer also attracted attention from Morgan Stanley, which became a substantial shareholder on January 30, acquiring more than 52 million shares under an equity collar agreement. The substantial holding highlights continued institutional interest in Australia’s lithium sector.
Liontown saw 23.6 million shares change hands on Tuesday and was running hot on Thursday with 12 million shares, reflecting investor response to its December quarterly update. The company has successfully transitioned Kathleen Valley into a fully underground operation, achieving a 21 per cent increase in concentrate production and 37 per cent growth in underground ore mined quarter-on-quarter.
Unit operating costs fell 17 per cent to $910 per tonne, while all-in sustaining costs (AISC) improved 22 per cent to $1059 per tonne, supporting cashflow-neutral operations. Liontown is targeting 1.5 million tonnes per annum (Mtpa) underground production by the third quarter of the 2025–26 financial year (FY26), progressing toward a planned steady-state of 2.8Mtpa by FY27.
Gold miner Ora Banda Mining was active with 7.5 million shares traded, driven by exploration success at the Round Dam project in Western Australia.
“At Round Dam we are looking at the potential for large-scale surface mining opportunities, enhanced by multiple, newly identified high-grade shoots,” Ora Banda managing director Luke Creagh said. “Excitingly, the project is only 15km from our Davyhurst processing infrastructure, offering potential for rapid resource development.”
Creagh confirmed that Phase 1 drilling has already completed 53,000m across 281 holes, with results confirming continuity in both gold mineralisation and the geological structures controlling it.
More leading resources stocks included Arafura Rare Earths with 15.8 million shares and Beach Energy with 12.6 million shares on Thursday, as Australia’s top miners are setting the stage for further investor interest and market momentum in 2026.
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