Releasing the special edition of the WA Index ahead of the start of Diggers & Dealers this morning, Deloitte said the value of WA listed companies jumped by 26.8% during the 2018 financial year to A$193.5 billion.
It is the first time the Deloitte WA Index has been above $190 billion since May 2011 and comes off the back of two years of growth of 1.8% and 13.5% in 2016 and 2017 respectively.
The growth in the index was driven by mining and mining services firms.
At Diggers, Deloitte will recognise the top three movers in the top 20, as well as the top three in the top 100 as part of the WA Index High Growth Awards 2018.
In the top 20, equipment rental company Emeco Holdings was the biggest mover, after making the top three for the previous year.
Emeco's market capitalisation jumped by 341% to $1.11 billion as a result of a recapitalisation, capital raising and continued market recovery.
Lynas Corporation's market cap increased by 302% to $1.55 billion thanks to improved rare earths prices and a turnaround under CEO Amanda Lacaze.
New lithium producer Pilbara Minerals was third with a 169% jump in its market cap to $1.5 billion.
In the top 100, the biggest mover was Tungsten Mining, which saw its market cap jump by 3141% to $320 million.
Nickel-cobalt-scandium developer Australian Mines jumped by 643% to a market value of $238 million.
European Lithium's market cap increased by 469% to $115 million.
Deloitte WA assurance and advisory partner Dave Andrews said battery metals showed strong momentum off the back of the excitement surrounding electric vehicles and renewables.
"The amount of technology and data being assumed into our everyday lives is growing at exponential rates. With the urbanisation of the global population expected to gain pace over the coming years, it's hard to see this longing for tech-led convenience showing any signs of dissipating," he said.
"Not surprisingly, numerous companies in the WA Index with ties to these commodities and industries have delivered exceptional returns for shareholders this year, and they are well represented across our index high growth awards list for 2018."
Deloitte also used the report to pay tribute to Diggers director and former Deloitte partner John Langford, who died suddenly last month.
"Often known as the event at which more deals are done than any other mining conference, John can rest proud in the knowledge that he has contributed to the success of many of the companies in the Deloitte WA Index (past, present and future), as many of these companies will have benefited from the world stage Diggers & Dealers provided, allowing them to showcase their burgeoning projects and/or consummate a company defining deal," Deloitte said.
