Western Australian-listed companies have delivered a record year, with combined market capitalisation increasing 36 per cent to over $494 billion in the 2025-26 financial year, according to the latest Deloitte WA Index.
The special Diggers & Dealers 2026 edition of the index found WA-listed entities significantly outperformed the broader ASX All Ordinaries Index, which recorded a 2.4 per cent return over the same period.
This, the company said, was driven by a commodities rally, with investors turning to resources amid geopolitical uncertainty, economic volatility and shifting global demand.
Deloitte Audit and Assurance partner Ian Skelton said gold continued to perform strongly as a safe-haven asset, while lithium emerged as a major contributor to market growth during the year.
“In a year marked by geopolitical conflict and economic uncertainty, investors have increasingly turned to commodities, driving strong gains across much of Western Australia’s resources sector,” Skelton said.
“While gold continued to benefit from its safe-haven status and enjoyed another strong year, the standout story of FY26 was the recovery in lithium, with renewed confidence in battery minerals amid growing electric vehicle demand helping drive significant value creation across the sector.”
The Deloitte WA Index Top 20 was led by companies with significant exposure to lithium, while copper and other base metals also contributed to broad-based market growth.
Mergers and acquisitions were another key driver of activity, with Deloitte Australia national mining and metals leader Nicki Ivory saying companies were using strategic transactions to build scale and strengthen portfolios.
Major market capitalisation gains among the WA Index Top 20 included PLS Group, which increased 277 per cent, Liontown Resources, up 215 per cent, and Mineral Resources, up 190 per cent.
Among the broader WA Index Top 100, Forrestania Resources recorded the largest increase at 2,118 per cent, followed by Solstice Minerals at 1,494 per cent and Lindian Resources at 1,406 per cent.
Looking ahead, Deloitte said the sector’s next phase of growth will depend on companies balancing operational performance with innovation, including decarbonisation, digital technology, artificial intelligence and workforce capability.
Ivory said mining companies are increasingly focused on building resilient businesses capable of adapting to changing market conditions and the transition toward lower-emissions operations.
Skelton said the industry’s future leaders would be those able to combine operational discipline with technology, sustainability and diversification to create long-term value.