Speculative money piled into new discoveries and tight-supply metals, while a handful of small caps were sold hard on thin liquidity. The week’s biggest moves came from PGMs and tungsten on the way up, and micro-cap gas on the way down.
- Terra Metals (ASX:TM1) ripped 52.38% after a headline PGM hit that starts near surface
- Tungsten Mining (ASX:TGN) surged 48.89% as it paired a big scoping study number with a hot tungsten price
- Galilee Energy (ASX:GLL) slid -30.00% after a sharp reset following its Zydeco deal and capital raise
- Big-ticket funding stayed in focus, led by Arafura (ASX:ARU) raising A$481m and Vulcan (ASX:VUL) locking in €2.2bn financing
- Gold developers kept feeding the pipeline with new resources, studies and permits, but many still finished the week down
Terra Metals (ASX:TM1) jumped 52.38%, Tungsten Mining (ASX:TGN) ran 48.89%, and Galilee Energy (ASX:GLL) fell -30.00%. The winners had one thing in common: fresh, simple news that traders could price quickly. The loser looked more like a crowded trade where sellers took control once the stock reopened.
Discovery spikes: big grades, fast money
Terra Metals (ASX:TM1) led the charge after reporting a standout platinum-group metals intercept at its Dante Project. The company said one hole hit 14 metres at 6.71 g/t PGE3, including 1 metre at 52.97 g/t from near surface. In plain terms, that is the sort of result that gets people thinking the rock could be mined in an open pit, not an expensive underground mine. Early gains didn’t fade. Buying stayed in place through the week. Tungsten Mining (ASX:TGN) also held onto its jump after pointing to two forces working together. First, tungsten APT prices are up 86% since October 2025, and up 300% over 12 months. Second, a Mt Mulgine scoping study flagged a very large pre-tax NPV range (A$1.0, 1.4 billion) and a 30, 45% IRR. Those study numbers can change later. Traders still respond because it suggests the project could be bankable if costs and approvals land.Big funding, bigger expectations
Several companies raised serious money or locked in big funding lines. That matters because mines and refineries don’t get built on good drill results alone. Arafura Rare Earths (ASX:ARU) still fell -20.69% even after raising A$481 million and ending the quarter with A$571 million cash. Investors may be asking what comes next, because the company is pointing to a final investment decision in 2026. When a stock drops after strong funding news, it is often sellers using the liquidity created by the raise to exit. Vulcan Energy Resources (ASX:VUL) closed down -9.87% despite announcing €2.2 billion financing and the start of construction for its Phase One Lionheart project in Germany. Big funding reduces the risk of running out of cash. It does not remove build risk. Costs can rise, schedules can slip, and first production can take longer than planned.Gold: plenty of progress, but the tape stayed tough
Gold news flow was heavy, but many names finished red. Black Cat Syndicate (ASX:BC8) reported record quarterly production of 25,510 ounces and said cash, bullion and investments totalled $91 million. The share price still dropped -10.26%. That sort of move can happen when the market already expected a strong quarter, or when holders sell to fund other trades. Brightstar Resources (ASX:BTR) rose 5.00% after releasing DFS 2.0 numbers that pitched a six-year plan and a pre-tax NPV of A$606 million at A$6,000/oz gold. The company also talked up a March 2026 final investment decision. Investors liked the clearer plan. The move was not as explosive as some explorers, but it was steadier. Other gold developers kept pushing resources and studies forward. Minerals 260 (ASX:MI6) doubled Bullabulling’s resource to 4.5Moz and kept its PFS timetable pointed at mid-2026, but the stock fell -4.30%. WGR (ASX:WGR) approved mining at Gold Duke and raised $6.75m, yet finished down -11.11%.M&A and offtakes: deals are replacing drill holes as catalysts
Winsome Resources (ASX:WR1) stayed near the centre of attention after agreeing to be acquired by Li-FT Power at a 62, 68% premium. Even so, the stock ended down -2.50% for the week. Once a takeover price is set, trading often becomes a bet on deal completion rather than a bet on lithium. On the rare earths side, Australian Strategic Materials (ASX:ASM) said NdFeB alloy deliveries rose 75% and flagged a binding acquisition offer from Energy Fuels at A$1.60 per share plus a special dividend. That sort of proposal can put a floor under a stock, because the market starts weighing the chance of a deal. Brazilian Rare Earths (ASX:BRE) outlined a scoping study for its Amargosa Bauxite-Gallium Project with a US$630 million NPV and a 1.2-year payback, and also signed a 10-year heavy rare earths offtake and technical partnership with Carester. The shares still fell -7.54%. Traders appeared to sell into the news after a sharp reopen, with early strength giving way to steady selling.Why some gaps didn’t stick
Several stocks opened away from their prior close, then struggled to hold the first move. In plain terms, that can happen when there are more sellers than buyers at the new price. Sun Silver (ASX:SS1) expanded its Maverick Springs resource to 539Moz AgEq and added a US OTCQX listing. The shares finished down -2.59% after a weak reopen where early buying leaked away. On the flip side, Australian Gold and Copper (ASX:AGC) rose 12.77% on strong silver-gold drill news and then an initial 38.5Moz AgEq resource at Achilles. In this case, the higher open price didn’t scare buyers. The stock kept a meaningful chunk of its post-reopen gains.Bottom Line?
Next week’s focus stays on dated milestones already on the board: Brightstar Resources (ASX:BTR) is still pointing to a March 2026 final investment decision, while several mid-2026 targets (Carnaby’s Q2 2026 FID timing, Liontown’s steady-state underground run-rate work, and multiple PFS/PEA deliveries) will keep the market hunting for projects that can move from plans to builds.
Questions in the middle?
- Will Arafura Rare Earths (ASX:ARU) set clearer timing for its 2026 final investment decision, and what conditions still need to be met?
- Can Terra Metals (ASX:TM1) repeat its headline PGM grade with follow-up drilling that shows width and continuity, not just a single standout metre?
- For takeover targets like Winsome (ASX:WR1) and bidders like Energy Fuels for Australian Strategic Materials (ASX:ASM), what approvals and vote dates will be disclosed next?