Gold powers WA miners as Austal surges and M&A reshapes the Index

Western Australia’s listed companies have defied commodity headwinds to post a three point seven percent rise in collective market capitalisation, closing the 2025 financial year at A$362+ billion, according to the Deloitte WA Index Diggers & Dealers Special Edition.

The report, released ahead of the Kalgoorlie conference, credits surging gold prices and a wave of M&A activity for the rebound, marking a turnaround from a mid-year downturn that had threatened another annual decline. The final-quarter surge - driven by safe-haven flows into gold amid rising geopolitical risk and falling interest rates - was critical in lifting the index back into positive territory.

Gold dominance reshapes top ranks

Gold now dominates the WA Index like never before. Nine of the top 20 companies are gold producers, up from six a year ago, and collectively represent A$55.4 billion in market capitalisation. The report describes Western Australia as a “five-speed economy,” where commodities such as gold are thriving while others, including lithium and nickel, have stumbled.

“Those in gold are having a record year,” said Nicki Ivory, Deloitte’s National Mining and Metals Leader. “In a world of uncertainty, gold remains the safe haven investment choice.”

Lithium and nickel companies fared worse, with IGO sliding from 9th to 16th place, and Liontown Resources dropping ten spots to 28th amid softening global demand and oversupply.

M&A momentum reshapes sector

A flurry of merger and acquisition activity also contributed to the Index’s reshaping. Deals included Westgold’s merger with Karora, Red 5’s tie-up with Silverlake (now Vault Minerals), and Ramelius’s acquisition of Spartan Resources. “Transactions that seemed expensive at the time are now paying back shareholder confidence,” said Ian Skelton, Deloitte Audit & Assurance Partner.

Genesis Minerals, Regis Resources, and Spartan were among the biggest winners following consolidation moves, while Northern Star also benefited from its merger with De Grey Mining.

Austal tops the WA Index

In a rare shift, a company outside of mining topped the WA Index in market cap growth. Austal Limited - Australia’s global shipbuilding and defence contractor - soared 193 percent over the year, making it the top mover in the WA Index Top 20. Its valuation surged as it secured major U.S. naval contracts and advanced a $1.2 billion expansion of its Mobile, Alabama shipyard. Austal also progressed a Strategic Shipbuilding Agreement with the Commonwealth of Australia, cementing its role as a future defence shipbuilder in WA.

Other top performers

Among WA’s listed companies, the top three movers in market capitalisation in the WA Index Top 100 were:

• Metallium Limited, up 2,912 percent, off the back of its commercialisation of Flash Joule Heating technology to extract critical metals from e-waste and red mud.

• Antipa Minerals, up 866 percent, driven by strong scoping study economics and full consolidation of its Minyari Dome and surrounding tenements.

• Larvotto Resources, up 854 percent, as it advanced its Hillgrove Antimony-Gold Project to development stage and locked in long-lead processing equipment.

Outlook and emerging themes

The report also highlights technology as a looming disruptor in the resources sector. Deloitte urged miners to embrace AI adoption, noting the rising pressure to boost productivity and decision-making speed. However, it warned that uptake remains slow due to concerns about cybersecurity, deepfakes, and unclear ROI.

With gold continuing to attract investor attention and WA companies consolidating to strengthen scale and efficiency, Deloitte expects the momentum to continue - though questions remain about which companies may be next in line for takeover.

“The acquirers are growing in scale,” said Skelton. “It leaves us asking the question: Who will be next?”