Hot Stocks: Etherstack, Lode Resources, Asian Battery Metals

The Australian sharemarket slipped on Friday, ending a volatile week dominated by commodity swings, trade frictions and interest rate expectations. By midday, the S&P/ASX 200 was down 0.6%, or 55 points, to 9013.4, retreating from Thursday’s record high. Energy and technology stocks led the decline, with Life360 tumbling 6.6%.

Investors moved into safe-haven assets as concerns over credit market stress and US–China tariffs intensified. Gold soared to a new record at US$4378.69, lifting Newmont nearly 4% and boosting Northern Star and Evolution Mining. By contrast, copper, lithium and rare earths slumped ahead of Prime Minister Anthony Albanese’s White House meeting, where critical minerals are expected to be high on the agenda. Iluka was the day’s biggest loser, falling 9% after withdrawing its sales forecast, while Lynas shed 8.3%. Pilbara Minerals, Mineral Resources and IGO also weakened.

The week began on a sour note, with the ASX recording its steepest drop in three weeks on Monday after President Trump escalated trade tensions with China. Losses in banks and tech weighed, though gold and silver miners rallied strongly. Tuesday brought only modest gains, supported by record highs in bullion and silver, alongside stronger iron ore exports from Rio Tinto.

Midweek momentum turned sharply positive. On Wednesday, the ASX 200 jumped 1% to 8990.9 after US Fed Chair Jerome Powell confirmed another rate cut was on track. Thursday’s rally took the index to an intraday record of 9109.7 before closing at 9068.4, helped by hopes of an RBA rate cut following weak jobs data.

For the week, the ASX 200 finished 0.5% higher, highlighting the strength of gold miners and financials, despite ongoing volatility in tech, energy and critical minerals.

In Friday’s company news,

Etherstack’s (ASX:ESK) UK subsidiary has secured a £14.2m contract with the UK Home Office to supply its mission-critical communications software into the country’s Emergency Services Network. The five-year contract was awarded through a competitive tender process and involves deployment of its 3GPP LMR-IWF gateway technology, enabling interoperability between legacy TETRA radio systems and the new ESN.

Lode Resources (ASX:LDR) has announced high-grade results from its first drilling program at the Magwood antimony project in NSW. Assays returned up to 31.1% Sb, with multiple intercepts indicating significant unmined mineralisation adjacent to historic workings. This is the first drilling at Magwood, which historically produced antimony between 1920 and 1970. The company also noted potential in remnant stope fill, and highlighted its 1,914km² strategic landholding across the New England Fold Belt.

Asian Battery Metals (ASX:AZ9) has reported further confirmation of mineralisation at its Maikhan Uul copper-gold project in Mongolia. Drillhole MU2502 intersected a 34.3m massive sulphide zone, confirming the continuation of a VMS lens and pointing to the potential of a long-lived mineral system. Downhole EM surveys indicate extensions to the west and at depth, while assays are pending. The company is progressing due diligence on the project alongside its other Mongolian assets.