Weekly Wrap: Two Stand-Out Stocks from RIU & BUS Begins Gold-Antimony Hunt
Gold explorer and Canadian copper play catch our eye at a packed RIU conference, plus BUS starts work between Victoria's highest-grade mines
The RIU Investors Conference in Fremantle delivered a clear message this week: sentiment in the ASX small-cap sector is shifting. With over 2,500 attendees across three days, the conference highlighted several emerging opportunities, particularly in the gold sector.
Speaking of gold (and antimony), our investment Bubalus Resources (ASX: BUS) kicked off their field campaign between two of Victoria's highest-grade mines this week. At 17c and only $8 million market cap, BUS is preparing for their April drilling program with preliminary fieldwork already underway.
From the conference floor, we've spotted two promising small-caps for 2025.
We picked well last year - one of our mentions from the conference (ASX: FFM) returned 200% for investors.
In this week's wrap, we'll cover:
BUS' latest progress and what's ahead
Why the RIU conference signals a sentiment shift
Two new small-caps that caught our eye
Bubalus Launches Victoria Gold & Antimony Hunt
BUS is now setting the scene for a busy few months ahead, with the company having a dual-target approach that not only diversifies risk but also provides exposure to two different market catalysts in one package.
Gold and antimony in Victoria is fast emerging as the combo that everyone is hunting, and BUS is right in the thick of it.
Strategic Location: Between the Giants
BUS sits in prime real estate between two of Victoria's richest gold mines. Fosterville, known for its multimillion-ounce gold deposit, averages a grade of around 4.3 g/t gold, and Costerfield is Australia's second highest-grade gold mine at 9.8 g/t gold.
Victoria's proven track record of high-grade discoveries and tier-one mining status means BUS is exploring in exactly the right postal code.
Crosbie North: Work Under Way
The work at Crosbie North has begun and is designed to pinpoint the most promising drill targets by confirming the geochemical signature of an orebody. What jumps out at us is the historical rock chip assays:
12.1 g/t gold
6.46 g/t gold + 0.35% antimony
3.96 g/t gold + 2.02% antimony
These figures show a similar gold-antimony combination to that seen at Costerfield, which is economically attractive and suggests similar mineralisation potential.
Crosbie South: Drilling Campaign Starting Soon
At Crosbie South, early indications are even more promising, with rock chip assays having returned grades as high as 19.1 g/t gold at surface.
BUS is expected to hit the ground with drills in April. They've got clear targets, too - surface gold grades that would make even Fosterville's geologists look twice, plus geophysical anomalies that suggest there's more to find.
At an $8 million market cap, this is exactly the kind of setup we hunt for, given its potential to transform its valuation almost overnight.
Market Dynamics: Gold and Antimony in a Favourable Environment
Gold is currently trading at around USD 2,900/oz. In an uncertain economic environment, any significant gold discovery could see BUS shares rocket.
Antimony prices have been on a tear, surging from US$13,000/t to US$50,000/t in twelve months, driven by China's export restrictions and growing demand. Several analysts now see US$100,000/t as achievable in 2025.
This dual-commodity setup means that a successful drill result confirming both gold and antimony mineralisation would be transformational, not just incremental.
RIU Investors Conference: Small-Cap Sentiment Is Up
Fresh from Mining Indaba in South Africa, our team hit the RIU conference in Fremantle. With 2,500 attendees and around 100 companies presenting over three days, the energy was noticeably different from 2024.
The conference was an ideal setting to speak with investors, brokers and companies. What stood out was the stark contrast from last year, particularly in the gold sector.
Gold Juniors In The Limelight
A couple of years ago, gold explorers were in the corner while battery metals had all the buzz. How times have changed.
With gold prices up nearly 40% in twelve months, the mood among small-cap gold companies was decidedly upbeat.
The shift wasn't just about price - companies talked about easier capital raising and ambitious exploration plans for 2025, a marked change from the caution of the past few years. With global uncertainty still apparent, most see gold's strength continuing.
Lithium Takes A Back Seat
Like an electric vehicle that's been driven for too long without a charge, the lithium space looks flat. The former market darling has lost its shine, and many juniors face significant headwinds.
Most lithium MDs we spoke with gave the same message - expect a tough 2025.
The conference highlighted two small-caps worth watching closely. These caught our eye for their tight structures, clear catalysts, and smart timing with the gold revival…
Our Small-Cap Picks to Watch
Amid the presentations, two small-cap stocks caught our attention. We believe they’ll be must-watches for 2025
Leeuwin Metals (ASX: LM1)
At just 12.5c and an $8 million market cap, this junior gold explorer has just picked up ground from mid-tier producer Ramelius Resources. With a healthy cash balance and a strong exploration program lined up for 2025, this tiny gold play is perfectly timed.
Firetail Resources (ASX: FTL)
At 7.3 and a valuation of $28 million, this Canadian copper explorer has all the potential to go higher in 2025. In a strategic location on Canada's east coast, FTL has a large land package to follow on good historical results to chase further success this year.
The Wrap
A busy conference is a good sign for small-cap explorers. Coupled with positive sentiment across the sector, we believe the stage is set for a strong 2025.
Gold continues to show strength, and our investment in Bubalus Resources backs this trend as we move into 2025. Their April drilling program could be perfectly timed to catch this momentum.
We're firm believers that 2025 will be much more rewarding than 2024. Last year, every good result was seen as a liquidity event. This year looks different - companies are funded, drilling is planned, and the market's paying attention again.
With the year starting to pick up pace, now is the time to look at the small-cap sector as an area of your portfolio that can really give it a boost.
