5 February, 2026

Bitcoin has now fallen to its lowest levels since early November 2024, dipping toward the low $70,000s amid broad risk-off sentiment and a sharp tech sell-off that wiped around ~$1 trillion across software and services stocks yesterday.

Good buying or knife still falling?

Across Markets…

The sharemarket snapped a two-day winning streak on Thursday as volatility continued in the resources sector after silver plunged 15 per cent as it struggled to find a price floor after a historic market rout.

The S&P/ASX 200 Index fell 0.4 per cent, or by 38.60 points, to 8889.20, with three of the 11 sectors finishing lower.

The heavyweight materials sector was weakest on the ASX after copper fell more than 3 per cent to $US13,044 by the close in Sydney. Silver sank 12.7 per cent to $US77 and gold lost 1.8 per cent to $US4878 an ounce.

Capital.com senior market analyst Kyle Rodda said the volatility in the metals market was likely to persist after the nomination of Kevin Warsh as Federal Reserve governor triggered wild price swings.

“When volatility erupts in a market so violently, it takes time for it to become efficient again,” he said. “The fundamentals for the gold and silver market haven’t materially changed. What represents a fair price for gold and silver is open to debate, but this event is about positioning and sentiment.”

On the ASX, investors took profits in BHP, which fell 3.9 per cent to $50.36, offsetting much of a 4.5 per cent bounce in the previous session. Copper and silver miner South32 lost 4 per cent to $4.60 and Sandfire 5.8 per cent to $18.91.

Among the gold miners, Northern Star dived 4.6 per cent to $27.24, Newmont 5.3 per cent to $162.83 and Genesis Minerals 6 per cent to $6.87.

Uranium miners were among the session’s biggest losers after US chipmaker AMD dived 17.3 per cent on Wall Street after its weak guidance dented optimism over AI-led data centre growth and the need for nuclear power. Paladin tumbled 9 per cent to $12.36, Nexgen Energy 9.2 per cent to $16.53 and Deep Yellow 6.4 per cent to $2.50.

Source: AFR

Pic of the day

Local Equity News

VBX Doubles Wuudagu Resource With New High-Grade Bauxite Across Multiple Plateaus   

VBX Limited (ASX: VBX) has more than doubled the Measured and Indicated mineral resource at its Wuudagu bauxite project in northern Western Australia following the delineation of new deposits at the Wuudagu D, E, and F plateaus.  

The updated estimate incorporates results from the 2025 drilling program and increases the total resource across the two categories at Wuudagu to 131.9 million tonnes at an improved grade of 40.2% aluminium oxide and 12.6% silicon dioxide.

Wuudagu D was estimated at 16.7Mt at 42.1% aluminium oxide and 9.6% silicon dioxide; Wuudagu E at 6.7Mt at 41.3% aluminium oxide and 9.5% silicon dioxide; and Wuudagu F at 14.5Mt at 41.6% aluminium oxide and 10.0% silicon dioxide.

VBX expects the new deposits to support a longer mine life and higher production rates as part of the ongoing Definitive Feasibility Study (DFS), noting that the D, E, and F plateaus are thicker and have less overburden, contributing to the improved grade profile and mining characteristics.

Implications for Mine Life and Development

The expanded Measured and Indicated resource base removes a key constraint that had previously limited Wuudagu’s mine life to around 10 years under earlier studies.

VBX expects the larger, higher-quality resource to support an extended mine life at a higher planned mining and beneficiation rate of approximately 8Mt to 9Mt per annum.

Mine planning work is already underway to incorporate the updated resource into the DFS scheduled for completion in the first half of 2026.

The company also highlighted additional exploration potential within the broader project area, including the 6.6 square kilometre Plateau G, which remains untested.

Aircore Techniques Applied

Drilling completed at Wuudagu in 2025 used aircore techniques on nominal 150-metre by 150m spacing, which provided sufficient confidence for Indicated classification across most of the new plateaus.

Metallurgical test work has demonstrated silica reduction through wet screening and scrubbing, with optimisation studies ongoing as part of the DFS.

Managing director Ryan de Franck said the 2025 drilling program delivered an exceptional outcome for the project, noting that the new deposits materially improve both scale and quality.

Mr de Franck said the results underpin a stronger development case and allow mine planning to move beyond earlier life-of-mine constraints.

VBX expects the updated Mineral Resource Estimate to play a central role in defining the final production profile and development pathway for Wuudagu as feasibility work continues.

Source: SmallCaps

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