Key takeaways:

• This year’s best performing ASX stocks were all mining companies, with a particular focus on lithium and gold

• The top US stocks in 2023 featured a mix of biotech and crypto mining stocks, as well as a digital used-car platform

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On the back of a boom year for global equities, there was no shortage of companies that made a name for themselves in 2023. 

From commodity explorers, to biotech hopefuls, tech disruptors, and even a resurgence in crypto mining, the best performing stocks represented a broad cross-section of the market.

We’re taking the opportunity to profile four of the best performing stocks from 2023.

Top ASX Stocks in 2023

These were the best performing shares on the ASX in 2023, with a market cap of at least $100 million.

1. Wildcat Resources (ASX: WC8) – up 3,750% | Market cap: $914.1 million | Share price: $0.77

Back in May, when Wildcat Resources was still trading at $0.03 per share, investors started to pour into the junior company in light of its announcement that it would acquire 100% of the Tabba Tabba lithium-tantalum project in Western Australia.

At the time, the company spruiked historical exploration data that pointed to a “very high-grade, pegmatite-hosted tantalum deposit”, while no effort had previously been directed towards exploring its lithium potential.

Subsequent drilling results gave investors strong conviction about Tabba Tabba’s lithium prospects, including assay results from the explorer’s first drilling campaign, which arrived in September and suggested a major lithium discovery. A month later, this was followed up with broad, high-grade lithium intersections that touted the potential for a Tier-1 lithium deposit, reinforcing the views of many who had witnessed the stock’s monumental rally.

2. Azure Minerals (ASX: AZS) – up 1,526.1% | Market cap: $1.72 billion | Share price: $3.74

Azure’s share price steadily gained ground through the first five months of the year, with investors already more than doubling their money over that period. However, in mid-June, the company announced significant lithium drilling results from its 60% owned Andover Project in Western Australia.

The results prompted a wave of new money to flow into the stock, which was then supported by a series of drilling updates that strengthened the company’s claims to deliver a maiden resource estimate in the first quarter of 2024.

In October, Chilean lithium giant Sociedad Química y Minera de Chile pounced on the explorer, lobbing a takeover bid at the company valued at $3.52 per share. Sensing an opportunity, major shareholder and Australia’s richest person Gina Rinehart teamed up with SQM, striking a deal with Azure Minerals via a revised joint-offer, at the improved price of $3.70 per share.

Honourable Mentions:

• Raiden Resources (ASX: RDN) – up 700.0%

• WA1 Resources (ASX: WA1) – up 594.3%

Top US Stocks in 2023

These were the best performing shares on the US stock market in 2023, with a market cap of at least US$1 billion.

1. Soleno Therapeutics (NASDAQ: SLNO) – up 1,718.7% | Market cap: US$1.1 billion | Share price: US$36.01

With gains exceeding 1,700%, Soleno Therapeutics was a clear winner, taking the mantle for the best performing US stock in 2023. The Phase 3 biotech is engaged in research and developing medicines to treat rare genetic disorders, including Prader-Willi syndrome (PWS).

During the year, the company advanced its lead candidate, DCCR, a once-daily oral tablet under investigation as a potential treatment for PWS. In fact, much of Soleno’s gains came from a single trading session in late September, when the share price soared over 500% after announcing statistically significant top-line results where patients taking DCCR showed a highly significant improvement in hyperphagia.

Soleno intends to submit a new drug application for DCCR in PWS mid-year 2024. However, investors have also speculated about the broader possibilities for the drug to be applied to weight loss, a patient outcome as part of the genetic disorder treatment, and a boom area in recent times.

2. Carvana (NYSE: CVNA) – up 1,069.8% | Market cap: US$11.1 billion | Share price: US$55.45 

Digital used-car platform Carvana was one of the major talking points of 2023. The stock embarked on a turnaround of sorts, which followed a boom through the pandemic era as tight supply chains led to elevated used car prices, and an equally-stunning collapse once stay-at-home restrictions ended and demand for used cars declined.

As some observers began to focus on the company’s weak balance sheet and earnings, short interest in the stock accumulated. But the company was able to fight back, when in July it announced a deal with most of its term bondholders to cut its outstanding debt by over US$1 billion.

With its liquidity issues alleviating, buyers piled into the stock, which has long been a favourite among Reddit investors. In addition, Carvana’s high volume of securities sold short meant that gains were amplified as some unprepared short sellers were forced to close out their positions.

Honourable Mentions:

• Cipher Mining (NASDAQ: CIFR) – up 583.9%

• Marathon Digital Holdings (NASDAQ: MARA) – up 546.2%