Highlights

• A California-focused rare earths and gold explorer jumped 47.6% after the US Justice and War Departments moved to support restarting its mine.
• A Tasmanian tungsten producer posted a AU$148.2 million net profit, reversing a prior-year loss, as revenue rose more than fivefold.
• A leading Australian gold miner rejected an unsolicited takeover proposal from a South African rival, saying it undervalues the company.

Resource stocks led a busy Monday on the ASX on 28 September 2026. One explorer gained Washington's support in a legal battle over its US project. A tungsten producer reported a sharp financial turnaround. And one of the country's largest gold miners confirmed it had turned down a multibillion-dollar takeover approach. Here is what drove each move.

Stocks in Focus

• Dateline Resources Limited (ASX: DTR) shares last traded at AU$0.093, up AU$0.030 (47.619%).
• Group 6 Metals Limited (ASX: G6M) shares last traded at AU$3.490, up AU$0.230 (7.055%).
• Northern Star Resources Ltd (ASX: NST) shares last traded at AU$23.470, up AU$1.359 (6.151%).

Dateline Resources: US Government Seeks to Lift Colosseum Injunction

Dateline Resources announced on 28 September 2026 that the US Department of Justice had filed a motion on 25 September (US time) to stay the 10 August 2026 preliminary injunction halting work at its Colosseum project in California. This filing is separate from the stay application already lodged by Dateline and its subsidiary, Colosseum Rare Metals, Inc. The Government argues it is likely to win on appeal. It says the District Court was wrong to rule that the "valid existing rights" clause in the California Desert Protection Act does not protect an approved Plan of Operations.

A sworn declaration from Assistant Secretary of War Michael P. Cadenazzi supports the motion. It highlights the site's closeness to the Mountain Pass Mine and the importance of reducing US dependence on foreign rare earth supply. Judge Christina A. Snyder will hear both stay motions on 26 October 2026. An appeal to the Ninth Circuit is already underway.

Group 6 Metals: Record Turnaround at Dolphin Tungsten Mine

Group 6 Metals' FY26 annual report, approved by its Board on 25 September 2026, shows a dramatic recovery. Revenue rose 508.5% to AU$129.0 million. The company swung to a net profit of AU$148.2 million from a AU$32.1 million loss. That profit was helped by a AU$74.6 million impairment reversal and a AU$12.2 million tax benefit.

Other key results:

• Cash rose to AU$49.3 million, from AU$7.6 million
• Net assets reached AU$155.1 million, reversing a deficit
• Operating cash flow was AU$55.7 million

The mine produced 88,911 MTU of WO3 during the year. Underground development began at the end of June 2026 and is expected to lift ore grades. Stronger tungsten prices, driven by Chinese supply restrictions and defence demand, supported the result. The company was readmitted to ASX trading on 30 July 2026.

Northern Star Resources: Gold Fields Takeover Proposal Rejected

Northern Star confirmed on 28 September 2026 that it had rejected a non-binding proposal from Gold Fields, received on 14 September. The offer was 0.3125 Gold Fields shares plus AU$7.25 cash per share. That implied AU$27.00 per share, or AU$38.7 billion in total, a 22% premium. A later fall in Gold Fields' share price has cut the value to about AU$25.19 per share.

The Board unanimously rejected the proposal for four reasons:

• It undervalues the company's tier-1 assets.
• About 73% of the consideration is in Gold Fields stock, which carries higher jurisdictional risk.
• The timing is opportunistic, coming just before the Fimiston Mill ramp-up.
• It carries onerous conditions, including hard exclusivity with no fiduciary out.

Market Outlook

The three stocks are being driven by company-specific news, and each has clear catalysts ahead that investors will be watching.

• Dateline Resources: The next key date is the 26 October 2026 hearing on the stay motions. A ruling in Dateline's favour would allow work to resume at Colosseum while the Ninth Circuit appeal continues. The National Parks Conservation Association opposes the stay, so the outcome remains uncertain and the share price is likely to stay volatile until the court decides.
• Group 6 Metals: Attention now turns to the underground ramp-up at Dolphin, which is expected to lift ore grades and production over FY27. Tungsten prices remain supportive, helped by Chinese export restrictions and defence demand. Investors will also watch for the promised appointment of independent directors, since the current Board has none.
• Northern Star Resources: The market will watch whether Gold Fields returns with an improved offer or walks away. The rise in Northern Star's share price suggests some investors expect further corporate interest. Meanwhile, the Fimiston Mill ramp-up and the arrival of incoming CEO Suresh Vadnagra are key near-term drivers.

More broadly, critical minerals and gold remain in focus on the ASX. Geopolitical supply concerns and national security priorities continue to shape investor sentiment toward the resources sector.

Note- All data presented is based on information available at the time of writing.

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