Rare earths miner Lynas was up more than 33% in afternoon trade to A$2.07 after a surprise $1.5 billion takeover offer from Wesfarmers Ltd indicatively priced at $2.25 cash per share.

On the other side of the world, explorer Cantex leapt 35% or C58c to a one-year high of $2.24, representing a 180% gain year-to-date.

It is close to closing an increased private placement priced at $1, aiming to raise up to $15 million, for exploration at its Rackla zinc-lead-silver project in the Yukon.

Key European and US market futures were indicating a positive start today although Toronto was pointing lower.

The spot gold price spiked briefly to US$1,328 an ounce some hours ago and remains higher than this time yesterday, above $1,320/oz as uncertainty continues to surround US-China trade talks, economic growth and Brexit.

It has been a generally positive period for metals and mining stocks around the globe in the past 24 hours, with the small number of metals and mining stocks on the S&P500 up 0.87% yesterday.

Copper major Freeport-McMoRan (NYSE: FCX) gained 1.64%.

In London, the sector was up 0.59% with precious metals miner Fresnillo (LSE: FRES) up 1.97% and diversified major Rio Tinto (LSE: RIO) up 1.6%.

Among the larger mining equities in Toronto, gold stocks were on the rise, led by Yamana Gold's (TSX: YRI) gain of 5.98% and Eldorado Gold's (TSX: ELD) 5.63%.

Kirkland Lake Gold (TSX: KL) was one of only two TSX-listed gold stocks to close lower yesterday, losing 2.4% on news of chairman Eric Sprott's upcoming retirement in May.