Executive summary. In the week ending 23 October 2026, 84 of 89 ASX mining securities declined, only three advanced and two were unchanged. Market breadth and drawdowns deteriorated sharply, while median relative volume remained below its reference. Extreme weakness is observable; a final capitulation or durable bottom is not established.
1. An exceptionally broad weekly selloff
The median security declined 11.43% and the equal-weighted mean return was −10.98%. Of the 89 securities, 84 fell (94.38%), three rose (3.37%), and two finished unchanged (2.25%). Fifty-four declined by at least 10%, and 74 lost at least 5%. Even the top 25 weekly performers posted a negative average return of −3.71%; the bottom 25 averaged −17.64%.
2. MA200 breadth contracts to 11.24%
Only 10 of 89 securities remain above their 200-session moving averages, compared with 40 of 88 four weeks earlier. On the comparable 88-security sample, breadth fell from 45.45% to 11.36%, a decline of 34.09 percentage points. The median security trades 16.79% below MA200. The deterioration is widespread and measurable; it does not by itself establish the status of the longer-term precious-metals cycle.
3. Low relative volume despite extensive weakness
Median relative volume fell to 0.74× from 0.92× a week earlier, using the latest five sessions against the preceding non-overlapping 60 sessions. Eight of 89 stocks reached at least 1.5× relative volume, down from ten; seven of those eight were falling over five sessions. The median signed 20-session volume balance deteriorated to −33.64%, from −23.15%, and only nine securities (10.11%) retain a positive balance. Weak price participation and an increasingly negative signed volume balance coexist with relatively subdued overall volume; these measures do not identify buyer or seller motives.
4. Drawdowns broaden further
For the 88 securities with valid 52-week drawdown observations, the median drawdown is −40.46%, compared with −35.07% one week earlier. Eighty-five (96.59%) stand more than 20% below their 52-week closing highs, 70 (79.55%) more than 30% below and 33 (37.50%) more than 50% below. The median decline from the highest close in each security's available history is −70.65% across 89 valid observations; this historical measure is not interchangeable with the 52-week measure.
5. Relative resilience is extremely scarce
Only Platina Resources (+5.00%), Mindax (+2.94%) and Toubani Resources (+1.89%) gained during the week. Odessa Minerals and Tribune Resources were unchanged. St Barbara (−3.77%), Northern Star Resources (−3.78%) and Benz Mining (−4.43%) ranked relatively well despite negative absolute returns. Relative resilience during a selloff is not equivalent to a confirmed trend reversal or a buy signal.
6. Interpreting the divergence
The breadth collapse, severe weekly losses and deepening drawdowns describe substantial internal damage across the ASX mining sample. Median relative volume below 1× argues against automatically labelling the week a high-volume capitulation. A constructive stabilization scenario would involve a recovery in the proportion above MA200, improving signed volume balance and fewer stocks registering fresh drawdowns; continued weakness would point to further near-term downside risk. These are conditions to observe, not forecasts.
7. Methodology and limitations
The analysis covers the 89 securities passing the Weekly Analysis data-validity checks for 16–23 October 2026. One additional file, CY5.AX, was excluded because its last quotation was dated 15 October, eight days before the study end. The weekly return summary is equally weighted across securities. MA200 uses a 200-session moving average. Relative volume compares the last five sessions with the preceding 60 (non-overlapping); signed 20-session volume balance contrasts volume on rising and falling sessions. Drawdowns use supplied closing-price highs, with reference-period and history coverage differing between metrics. The measured universe is not an investable portfolio, a survivorship-free historical cohort or a predictive model. See research methodology and the previous ASX study.
8. Complete ASX company ranking — 89 securities
Weekly rank, global rank, last close and returns over one week, four weeks, three months and year to date. Search by ticker or company and sort on either device.
Read our public methodology and limitations. Data through 23 October 2026. Independent research for information only.