Top ASX Performers Defying the Market Today

These ASX shares gained attention after announcing project updates, including stronger drilling results, resource expansion plans and progress across tin, phosphate and rare earth developments.

Caspin Resources Limited (ASX: CPN)

Caspin Resources Limited (ASX: CPN),on 8 July 2026, announced its strongest drilling result so far at the Bygoo Tin Project, with hole BRC055 returning 20m at 2.11% tin from 107m. The intersection extends the newly identified Errol’s Zone at the Kelpie Deposit. It follows earlier drilling reported from BRC053, which delivered 8m at 1.39% tin from 56m and 5m at 1.15% tin from 79m. More drill results from Errol’s Zone are still awaiting assays.

The new mineralisation sits about 50 to 70m beyond the current Kelpie resource and starts around 95m below surface. An updated resource estimate is planned for late September 2026. The discovery was made using induced polarisation, gravity surveys and multi-element soil geochemistry, despite no mineralised surface signs.

The company has completed seven more holes at Errol’s Zone and four reconnaissance holes at Moss, with assays expected through mid-August. A diamond drilling program will also test deeper extensions, while further RC drilling at Moss is planned for early August.

Canadian Phosphate Ltd (ASX: CP8)

Canadian Phosphate Ltd (ASX: CP8) is advancing Canada’s only developed sedimentary phosphate deposits to build a domestic rock phosphate supply. Phosphate is used in agriculture and LFP batteries. The worldwide phosphate market is worth $180.6 billion in 2025 and is expected to grow up to $300 billion by 2034. About 70% of the world’s reserve capacity is found in Morocco, whereas around 40% is produced in China. 

The company is developing an integrated phosphate platform with two Canadian projects and plans to progress a U.S. asset. Its approach includes domestic production, large surface deposits, access to sulfur and natural gas, several end markets and eligibility for federal critical mineral funding. At Fernie, 10,000 tonne bulk samples are planned in 2026 with drilling targeted for 2027.

On 1 June 2026, CP8 announced the acquisition of the Diamond Mountain Phosphate Project in Utah. The binding agreement covers a 100% interest in the project, which includes a foreign resource estimate of 26.8Mt measured and indicated, plus 23.1Mt inferred at 19.67% P₂O₅.

Axel REE Limited (ASX: AXL)

Axel REE Limited (ASX: AXL), on 22 June 2026, announced that testing confirmed Woolrich rare earths can be recovered using in-situ recovery with a mild magnesium sulphate solution. The column test produced 560ppm soluble TREO, higher than earlier results, with a magnet-rich rare earth mix and very low impurities. The data will help design future field recovery trials.

On 6 May 2026, the company reported drilling at Woolrich confirmed thick, shallow mineralisation, including high-grade rare earth results and strong heavy rare earth content. The drilling is expected to help upgrade the 128Mt at 1,013ppm TREO resource to a higher confidence category. Small-scale field recovery trials are targeted within 12 months, subject to approvals.

Caladao contains a 572Mt inferred rare earth resource and a 439Mt inferred gallium resource. The company also sees gallium and scandium as future opportunities while advancing its low-cost in-situ recovery development pathway and planned 2026 field trial program.

(Source: Company Report)