A takeover offer lit up small caps, while one high-growth software name slid hard despite strong sector news. Resources dominated the winners list, but investors still punished dilution and discounted fundraisings.
- Australian Strategic Materials (ASX:ASM) jumped on a proposed takeover at a large premium.
- Qoria (ASX:QOR) fell sharply after a big run, as investors sold down despite ongoing growth signals.
- Riversgold (ASX:RGL) surged after fresh gold hits and a small-cap funding boost.
- Critical minerals remained active: rare earths, uranium and lithium names rose on results, approvals and feasibility updates.
- Several stocks reopened with price gaps; some held gains, while others gave them back within days.
A takeover bid and two sharp reversals set the pace this week. Australian Strategic Materials (ASX:ASM) rocketed 154.55% after Energy Fuels proposed to buy the company at A$1.60 a share, a large premium to the prior price. Qoria (ASX:QOR) dropped -31.73% as investors sold heavily, despite the company recently talking about ARR growth. Riversgold (ASX:RGL) climbed 63.64% after reporting shallow gold hits and locking in a $2.15 million raise.
Deals, dilution and why the market reacts fast
Takeover prices are simple for investors to understand. If a buyer offers well above yesterday’s share price, many traders buy to capture the gap. That is what played out in ASM (ASX:ASM). The key risk now is process risk, meaning the deal can still fail if approvals or votes don’t land. Raising money can do the opposite in the short term, even when it helps the business. 29Metals (ASX:29M) fell -22.17% after launching a $150 million equity raise at a steep discount. A discounted raise tells the market new shares will be issued cheaply, which can drag the price down until the selling pressure clears.Gold and cashflow names stayed in favour
Gold producers and near-producers attracted buyers when they showed cash, lower debt, or clear production plans. Westgold Resources (ASX:WGX) rose 15.34% after reporting record quarterly output, a larger cash balance, and a debt-free position. Evolution Mining (ASX:EVN) gained 13.26% on record operating cash flow and improved cost guidance. Elsewhere, drill results still moved prices quickly because they change the story from “maybe” to “more likely”. Ordell Minerals (ASX:ORD) added 21.38% after reporting very high-grade gold close to surface, which matters because shallow ore is usually cheaper to mine. Astral Resources (ASX:AAR) jumped 12.24% on high-grade intercepts and permitting progress.Critical minerals: results and approvals kept the tape moving
Uranium names were among the strongest. Atomic Eagle (ASX:AEU) surged 51.81% after announcing shallow uranium mineralisation and flagging a resource estimate due later this quarter. Paladin Energy (ASX:PDN) rose 19.80% after reporting higher production and strong realised prices. Rare earths also stayed hot as investors looked for non-China supply. Sovereign Metals (ASX:SVM) gained 20.00% after recovering a heavy rare earth concentrate from tailings, which investors liked because it hints at extra revenue without building a whole new mine. ABx Group (ASX:ABX) climbed 16.88% after reporting strong extraction rates in heap leach tests, which is a cheaper-style processing method if it works at scale. Lithium was less uniform but still active. Ioneer (ASX:INR) rose 2.22% after lifting project economics and confirming partner talks. Delta Lithium (ASX:DLI) jumped 18.18% on drilling and high-purity lithium carbonate output.Healthcare and software: big wins, but sellers still show up
In healthcare, the market rewarded clear regulatory progress and funding that extends the runway. Anteris Technologies (ASX:AVR) soared 40.90% after announcing a large capital raise package, including a strategic placement tied to Medtronic. Echo IQ (ASX:EIQ) jumped 48.57% after lodging its FDA submission following Mayo Clinic Platform validation. Yet not every growth story held up on the screen. Qoria (ASX:QOR) dropped heavily even after reporting ARR above US$100 million in recent updates. That sort of fall often happens when investors decide the price had run ahead of near-term profits and they take money off the table. Several stocks reopened with sharp price gaps, meaning they started trading much higher or lower than the last traded price after a halt. When early gains evaporated, the week’s percentage looked weaker than the first print suggested. When sustained buying continued, the gap held and the move stuck.Bottom Line?
Next week’s focus is likely to stay on firm, dated milestones: Doropo’s updated development timetable for Resolute Mining (ASX:RSG), pending drill assays flagged by several explorers, and near-term regulatory steps including Echo IQ’s (ASX:EIQ) FDA review timeline and other US clearance pathways already lodged in December 2025.
Questions in the middle?
- Will the proposed Energy Fuels takeover of Australian Strategic Materials (ASX:ASM) clear approvals and hold its headline price through to a vote?
- Which discounted raisings will see extra selling once new shares start trading, and which companies can show fast use of funds to rebuild confidence?
- Across uranium and rare earths, how many of this week’s strong moves will be backed by the next hard milestone: a resource estimate, a permit, or a signed offtake?