The S&P/ASX 200 Index (ASX: XJO) is out of form and on course to record a small decline on Thursday. In afternoon trade, the benchmark index is down slightly to 8,592.3 points.

Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are rising:

BHP Group Ltd (ASX: BHP)

The BHP share price is up over 3% to $44.42. This has been driven by a strong night of trade for the copper price, which is lifting a number of miners today. The copper price hit a new all-time high of US$11,400 per tonne on the London Metal Exchange. This means the base metal has now risen by more than 30% since the start of the year. Its increased use in the energy transition has been behind its strong rise.

DroneShield Ltd (ASX: DRO)

The DroneShield share price is up 3% to $1.89. This is despite there being no news out of the counter drone technology company. However, with its shares down heavily over the past month, it seems that some investors believe they have been oversold and are snapping them up. DroneShield shares remain down over 50% since this time last month. Bell Potter remains bullish and has a buy rating and lofty $5.30 price target on its shares.

Lotus Resources Ltd (ASX: LOT)

The Lotus Resources share price is up over 6% to 17 cents. This morning, this uranium producer released an update on its Kayelekera Mine in Malawi. Management advised that the processing plant achieved pleasing throughput and recovery levels in November. As a result, it continues to expect steady state operational production in the first quarter of 2026. Lotus’ managing director, Greg Bittar, said: “Production for the planned operating time in November has been very pleasing and provides us with the confidence that nameplate throughput levels and other key production parameters can be achieved.”

Nuix Ltd (ASX: NXL)

The Nuix share price is up almost 2% to $1.84. This follows news that the investigative analysis software provider is making an acquisition. Nuix has agreed to acquire Linkurious, which is a graph-powered AI decision platform, for up to 20 million euros (~A$35.4 million). Nuix’s interim CEO, John Ruthven, said: The acquisition of Linkurious is an exciting accelerator for our strategic vision to enable our customers with insights from complex data at unparallelled speed and scale. This injection of graph-native expertise, proven link analysis technology and quality customers will allow us to bring immediate value to our customers.

The post Why BHP, DroneShield, Lotus Resources, and Nuix shares are pushing higher today appeared first on The Motley Fool Australia.

More reading

• Guess which ASX uranium stock is jumping 9% on big news
• Why these popular ASX stocks are making big moves on Thursday
• Rio Tinto or BHP shares? Expert says which stock to buy as copper price smashes record
• 3 ASX dividend shares to buy for a passive income stream
• Rio Tinto versus BHP shares: One I’d buy and one I’d sell

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield. The Motley Fool Australia has recommended BHP Group and Nuix. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Thursday. In afternoon trade, the benchmark index is up a fraction to 8,599.8 points.

Four ASX shares that are acting as a drag today are listed below. Here’s why they are falling:

Firefly Metals Ltd (ASX: FFM)

The Firefly Metals share price is down over 5% to $1.84. This morning, the copper and gold developer announced that it has received firm commitments for $134.1 million equity raising. The proceeds will underpin a resource growth campaign and progress upscaled mining studies at its Green Bay Copper-Gold Project in Canada. FireFly’s managing director. Steve Parsons, said: “This highly successful raising means we can embark on a no-holds-barred drilling campaign aimed at creating further shareholder value in a very timely manner.”

Pantoro Gold Ltd (ASX: PNR)

The Pantoro Gold share price is down 5% to $4.60. This appears to have been driven by weakness in the gold industry, which has offset the release of an announcement this morning. Pantoro provided an update on the ongoing underground and surface diamond drilling program at its Scotia Underground Mine. Its managing director, Paul Cmrlec, said: “These latest drilling results reinforce our confidence in the Scotia geological model, with stacked high-grade lodes continuing at depth and along strike.”

Step One Clothing Ltd (ASX: STP)

The Step One share price is down 37% to 31 cents. Investors have been rushing to the exits after the underwear seller announced dismal sales results for the first half. It advised that it expects half year revenue to be in the range of $30 million and $33 million. This represents a decline of between 31% to 37% on the prior corresponding period. Step One’s EBITDA is expected to be a loss of between $9 million and $11 million, which is down from a profit of $11.3 million a year ago. This includes a $10 million obsolescence provision against legacy stock that it has been unable to shift.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan Energy share price is down 31% to $4.24. This has been driven by the lithium developer completed a major capital raising this morning. Vulcan Energy’s institutional offer raised 398 million euros (A$710 million) at $4.00 per new share. This represents a 34.7% discount to its last close price. Vulcan’s managing director and CEO, Cris Moreno, said: “We would like to thank our existing shareholders for their continued support and welcome our new shareholders onto the register, including strategic investors. The Placement will enable Vulcan to transition from development phase into execution phase with project execution of Project Lionheart due to commence in the coming days.”

The post Why Firefly Metals, Pantoro Gold, Step One, and Vulcan Energy shares are sinking today appeared first on The Motley Fool Australia.

More reading

• Why are FireFly Metals shares pulling back from near-record levels today?
• Why these popular ASX stocks are making big moves on Thursday
• Why are Vulcan Energy shares crashing 33% today?
• Gina Rinehart-backed Vulcan Energy Resources pulls trigger on European lithium project
• Why Catapult, Collins Foods, Guzman Y Gomez, and Pantoro shares are falling today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XJO) copper shares are going ballistic today.

This comes as the price of the red metal notched new all-time highs overnight, topping US$11,532 per tonne. Copper is currently trading for US$11,489 per tonne.

That sees the copper price up a remarkable 31% year to date.

The surging price has obviously come as welcome news to Aussie copper miners and their shareholders.

And according to Jun Bei Liu, portfolio manager at Ten Cap, strong global demand for the non-corrosive, conductive metal – critical in the global energy transition as well as its more traditional uses in construction and plumbing – should see continued growth in 2026.

Two ASX 200 copper shares well-placed to gain

“It’s almost like copper is the tech of the resources [sector] – the exciting part,” Liu said (quoted by The Australian Financial Review).

Lie added:

The demand needed for the energy transition is increasingly interesting. And should there be any sell-off, you’ve certainly seen a lot of support for copper and copper equities.

As for which Aussie miners she likes, Liu said ASX 200 copper shares Sandfire Resources Ltd (ASX: SFR) and dual-listed, Canadian-based Capstone Copper Corp (ASX: CSC) are in the “sweet spot” amid rising copper prices.

Sandfire Resources shares are up 4.5% in late morning trade today, changing hands for $17.08 apiece. This sees the Sandfire share price up 83.5% year to date.

Meanwhile, shares in Capstone Copper, which first began trading on the ASX in April 2024, are up 7.4% today, trading for $14.17 each. Capstone Copper shares have gained 39.9% in 2025.

And if Liu is correct, these ASX 200 copper shares could deliver another year of strong outperformance in the year ahead.

Why is the copper price smashing new all-time highs?

The copper price looks to be catching fresh tailwinds on two fronts.

First, the United States may well still impose hefty tariffs on imports of the red metal, which has raised concerns of pending global supply shortages. That’s because traders are working to front-run any tariffs by shipping large volumes of copper to the US now.

The copper price, and ASX 200 copper shares, also look to be getting a boost following a rush of orders to pull the red metal from London Metal Exchange warehouses.

Commenting on the surging copper price, Helen Amos, a commodities analyst at BMO Capital Markets Ltd, said (quoted by Bloomberg):

Of course, with copper there is a really compelling fundamental story, and investors recognise that miners are having real difficulties maintaining and growing supply. But there’s also a price arbitrage between the US and the rest of the world, and that’s probably the most dominant factor driving prices higher at the moment.

The post Top fundie names 2 ASX 200 copper shares to buy today appeared first on The Motley Fool Australia.

More reading

• Rio Tinto or BHP shares? Expert says which stock to buy as copper price smashes record
• With copper increasingly in demand, what are the Aussie stocks Wilsons Advisory is tipping to be winners?
• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today
• Revealed: BHP and 4 other ASX 200 mining stocks rank among top global copper producers

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Shares in Metcash Ltd (ASX: MTS) took a tumble earlier this week after the company released its half-year results, but that’s created a buying opportunity, according to the team at Jarden.

Metcash on Monday reported first-half revenue of $8.5 billion, up 0.1%, while its underlying net profit fell 5.9% to $126.7 million.

Decent result given the conditions

Group Chief Executive Doug Jones said it was a solid result “in tough trading conditions”.

He went on to say:

Importantly, we’ve maintained good momentum in our core business, and our independent networks remain healthy and confident despite the challenging conditions. Our food business is now highly diversified and very resilient. Food again delivered earnings growth despite the significant and unprecedented decline in the sales of our largest product category, tobacco.

Mr Jones said while the grocery market was at its most competitive in years, Metcash’s IGA network was itself “now more competitive than ever”.

The ongoing pleasing performance in food reflects the success of our core wholesale and logistics functions, improvements made to the IGA network’s value proposition, our investment in Campbells & Convenience underpinning its leading position in supply to the petrol and convenience market, and our expansion in foodservice through the Superior Foods acquisition.

Mr Jones said in the liquor division, there was sales growth in “a more difficult market”, while in hardware and tools, there were “early signs of improvement in trade activity”.

Metcash declared an interim dividend of 8.5 cents per share, fully franked.

Shares looking cheap

The team at Jarden ran the ruler over the results, and while they downgraded their price target on Metcash shares, they still rate the company outperform and for it to deliver double-digit shareholder returns.

The Jarden analysts said the result was about 5% below consensus estimates, “driven by misses in the higher-multiple hardware and liquor divisions”.

Looking forward, however, there was a case for optimism with some early green-shoots in food (ex-tobacco) and hardware, with Total Tools like fir like up 9.8% in the first four weeks of 2H26. However, liquor (flat) was softer, and remains at risk into 2H26. We upgrade Metcash to overweight following recent underperformance, with the view the business is seeing green shoots, is highly cash-generative and is positively leveraged to the cycle with a compelling valuation.

The Jarden team has a $3.80 price target on the stock, compared with the current price of $3.39, which would represent a 12.1% return if achieved. That figure does not include the dividend yield of 5.3%.

Macquarie this week slashed its own price target for Metcash to $3.50, down from $4.

The post This retail stock could deliver healthy double-digit returns after a steep fall this week appeared first on The Motley Fool Australia.

More reading

• Macquarie slashes price target on Metcash shares as price plunge continues
• Here’s how much the new Metcash dividend is worth
• Metcash shares on watch amid $142m first half profit and flat dividend
• 5 things to watch on the ASX 200 on Monday
• Up 21% this year! This fast-recovering ASX dividend share might not be a bargain forever

Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

By all measures, November was a horrid month for the major ASX bank stocks. Let’s take a look at what happened to National Australia Bank Ltd (ASX: NAB) and Commonwealth Bank of Australia (ASX: CBA) shares last month.

November saw the NAB share price sink from $43.62 down to $40.10, a fall worth 8.07%. The ASX’s largest bank, CBA, fared even worse. CBA shares dropped from $171.64 at the start of last month to $152.51 each by the end of last week. That’s a plunge worth 11.15%.

Commonwealth Bank had the added distinction of hitting a three-month high of $178.57 during early November, too, meaning that its shares fell more than 15% from that peak by the end of the month.

Sure, it’s not like it was a great November for the broader markets. The month just gone saw the S&P/ASX 200 Index (ASX: XJO) take a hit. But it only dropped 3%, meaning that the two ASX banks significantly underperformed.

NAB does have something of a get-out-of-jail-free card, though. It traded ex-dividend for its final dividend of 2025 on 11 November, with investors set to receive a fully-franked 85 cents per share payout on 12 December next week. Given that this dividend is worth a yield of just over 2% at current prices, we can cut NAB a bit of slack there.

But even so, both banks have been major underperformers in recent weeks. So is the pain over for NAB and CBA shares? Or are these banks set for a rough December, and perhaps 2026, too?

Are there choppy waters ahead for NAB and CBA shares?

Well, as with all shares, making short-term predictions is folly. For years, CBA famously defied accusations from many expert investors of being overvalued. For all I, nor anyone else, knows, anything could happen with either CBA or NAB this month and in 2026.

But I won’t be buying either share.

It’s important to remember that neither NAB nor CBA are actually growing very fast right now. CBA reported a 4% rise in cash net profit after tax to $10.25 billion for its 2025 financial year back in August. Last month, NAB revealed flat cash earnings for its FY 2025, alongside a 2.9% slide in statutory net profits to $6.76 billion.

Yet both stocks trade at what could be considered a premium (CBA especially so). Commonwealth Bank shares are still on a price-to-earnings (P/E) ratio of 25, while NAB is sitting at 18.

In contrast, JPMorgan Chase & Co (NYSE: JPM), the American bank regarded as one of the best in the world, is currently on an earnings multiple of 15.46.

What’s worse, some experts are even predicting that NAB might be forced to cut its cherished dividend in the near future.

So I wouldn’t be surprised to see NAB and CBA shares drift lower over the coming year. There’s simply not enough growth in their futures to justify a rising share price. At least in my view. The market could disagree with me and send them higher, of course. But I’m happy to watch that, if it happens, from the sidelines.

The post Down 8% and 11% in November – Is this the start of a long slide for NAB and CBA shares? appeared first on The Motley Fool Australia.

More reading

• Buying NAB shares? Here’s how the bank aims to cement its market leading business
• Westpac versus CBA shares: Which bank is a better buy for 2026?
• Analysts rate CBA and these popular ASX shares as sells
• 5 most-traded Australian shares last week
• ANZ shares are lagging the other big banks: Here’s why

JPMorgan Chase is an advertising partner of Motley Fool Money. Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended JPMorgan Chase. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Lotus Resources Ltd (ASX: LOT) shares are having a strong session on Thursday.

In morning trade, the ASX uranium stock is up 9% to 17.5 cents.

Why is this ASX uranium stock jumping?

The catalyst for today’s strong gain has been the release of a production update for the Kayelekera Mine in Malawi.

According to the release, in November, the processing plant achieved pleasing throughput and recovery levels.

As a result, management advised that steady state operational production level remains targeted for the first quarter of 2026.

One slight disappointment is that the initial ramp-up of processing in November and December has been impacted by sulphuric acid availability and supply chain challenges.

Management notes that the sulphuric acid supply issues have arisen due to production challenges in Zambia, which was the primary source of supply. The company has actively increased the number of suppliers contracted for the supply of sulphuric acid and additional supplies are now being sourced out of South Africa.

In addition, the ASX uranium stock’s acid plant rebuild project will address these acid supply constraints. The acid plant rebuild remains on schedule, with commissioning expected to commence in early 2026. It will allow the production of sulphuric acid from sulphur, which is more reliably supplied.

The company has used the shutdown time to address routine plant commissioning items, undertake plant optimisation initiatives, and regular maintenance, which is supporting pleasing throughput and recovery levels.

It also advised that product qualification is progressing with its first shipment of product now expected to occur late in the first quarter of 2026 and full qualification with at least one converter expected early in 2026.

The ASX uranium stock remains in a strong position financially. It had a strong balance sheet at the end of November, with $73.9 million in cash.

Production confidence

Commenting on the company’s progress at the Kayelekera Mine, Lotus’ managing director, Greg Bittar, said:

Production for the planned operating time in November has been very pleasing and provides us with the confidence that nameplate throughput levels and other key production parameters can be achieved. We also continue to work with the converters and look forward to our first converter account being opened which we expect in early 2026. This then allows the final preparations for despatch of inventory from site.

The post Guess which ASX uranium stock is jumping on big news appeared first on The Motley Fool Australia.

More reading

• Why are ASX uranium stocks like Paladin Energy going gangbusters on Thursday?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Shares in FireFly Metals Ltd (ASX: FFM) took a tumble on Thursday after the company said it had completed a $139 million capital raise to progress its flagship Canadian copper and gold project.

The company’s shares hit a record high of $1.98 on Monday before the company’s shares went into a trading halt on Tuesday.

The shares have tripled over the past year from levels as low as 66.5 cents, but took a step down on Thursday to be changing hands for $1.79, down 7.9%.

This was after the company announced it had raised $143 million from an institutional capital raise at $1.70 per share.

Existing shareholders in the company will also be able to take up new shares to the value of $5 million at the $1.70 offer price.

Funds to drive growth

FireFly stated in a release to the ASX that the money will be used to expand and upgrade the mineral resource at its Green Bay copper and gold project in Newfoundland, Canada, in preparation for a final investment decision.

FireFly managing director Steve Parsons said the company could now forge ahead with its growth plans.

This highly successful raising means we can embark on a no-holds-barred drilling campaign aimed at creating further shareholder value in a very timely manner. We will increase the drilling fleet to nine rigs as part of an aggressive onslaught targeting extensions to known mineralisation and new regional prospects. We are also progressing towards a final investment decision by derisking the Green Bay copper-gold project by embarking on upscaled mining studies which are expected to be completed in the first half of CY26. “The name of the game at Green Bay is clearly drive value through the drill bit and derisk a large-scale copper-gold project. So that’s exactly what we are going to do.

The Green Bay project is made up of multiple assets, with the flagship being the Ming underground mine.

It also includes regional exploration assets, access to a port, and a processing facility.

The Ming mine, according to the FireFly website, was originally mined from 1972 to 1982, before restarting in 2012. It was then mined through to 2023 before being mothballed once again.

As the company explained:

The Ming Mine consists of a fully operational decline accessible to 950m below surface, and an existing 650m deep shaft. This functional infrastructure provides a significant platform for FireFly to rapidly increase the Mineral Resource for minimal capital outlay and set the Company up for future mining operations.

FireFly was valued at $1.32 billion at the close of trade on Monday, before the capital raise was announced.

The post Why are FireFly Metals shares pulling back from near-record levels today? appeared first on The Motley Fool Australia.

More reading

• Up 157% since April, why Macquarie expects this ASX 300 mining stock to surge another 31%
• Up 85% or more! These 3 hidden ASX mining stocks are soaring as the copper price ignites

Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The silver price hit a new all-time high this week, breaking above US$58 per ounce for the first time in history.

The metal has now surged by 102% this year, leaving the broader market in its wake.

As a comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) has risen by about 5% during the same period.

Not only that, but silver’s record-breaking rally has even eclipsed gold’s impressive run in 2025.

All up, the gold price has lifted by about 60% since the start of the year.

However, investors looking for silver exposure on the ASX face a more limited set of options than they do with gold.

The silver difference

The rocketing gold price has seen some of the leading ASX 200 gold stocks storm higher during the year.

For example, shares in the world’s largest gold miner, Newmont Corporation CDI (ASX: NEM), have lifted by about 124% since early January to $137.22 each at the time of writing.

Fellow ASX mining stock Evolution Mining Ltd (ASX: EVN) has fared even better, with its share price jumping by 147% in the same timeframe to $11.97 per share.

Unlike gold, however, there are no dedicated silver mining stocks within the ASX 200.

That said, one practical avenue for exposure to the metal is through the Global X Physical Silver Structured (ASX: ETPMAG) exchange-traded fund (ETF).

This ETF is designed to generate returns that mirror the silver price in Australian dollars, minus fees. 

And shares in ETPMAG have jumped by about 87% since the start of the year, reaching $81.54 at the time of writing.

On the other hand, the ASX hosts numerous exploration companies advancing their respective silver projects and capitalising on the booming silver price.

Below we present four ASX mining stocks riding the silver boom in 2025.

Andean Silver Ltd (ASX: ASL)

Andean Silver is working to move its Cerro Bayo silver and gold project in Chile towards production.

So far, the company has defined a resource containing 47 million ounces of silver and 800,000 ounces of gold.

Its current activities are focused on growing the existing resource base through extension and exploration drilling.

Andean shares have surged by 149% since the start of the year, reaching $2.09 per share at the time of writing.

Unico Silver Ltd (ASX: USL)

Unico Silver is advancing two silver and gold projects in Argentina: Cerro Leon and Joaquin.

To date, the company has defined a resource containing 232 million ounces of silver equivalent for the two projects combined.

It aspires to lift this number beyond 300 million ounces through an ongoing exploration drilling campaign.

Unico shares have skyrocketed by 230% just this year, climbing to $0.66 per share at the time of writing.

Silver Mines Ltd (ASX: SVL)

Silver Mines is progressing its Bowden silver project in New South Wales closer to production.

The project already holds a resource containing 164 million ounces of silver.

An optimisation study completed late last year envisaged a 16.5 year mine life at Bowden, producing some 4.25 million ounces of silver per annum over the first ten years.

Management believes the mineralised system to be open at depth, with the project hosting considerable exploration upside potential.

Silver Mines shares have jumped by 169% since the start of the year to $0.22 per share at the time of writing.

Sun Silver Limited (ASX: SS1)

Sun Silver is advancing its Maverick Springs silver and gold project in Nevada.

Management believes Maverick Springs to be the largest undeveloped primary silver project on the ASX, with a resource containing 296 million ounces of silver.

Shares in Sun Silver haven ballooned by 109% so far this year, climbing to $1.34 each at the time of writing.

The post Up 109% or more! These 4 ASX mining stocks are booming as the silver price hits all-time high appeared first on The Motley Fool Australia.

More reading

• Up 162% in 2025, why is this ASX All Ords silver share leaping higher again today?
• Why Domino’s, Greatland, NextDC, and Unico Silver shares are pushing higher today
• Why Nufarm, Nuix, Silver Mines, and Webjet shares are roaring higher today
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Motley Fool contributor Bart Bogacz has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.