Cash Calls and Court Approvals: Deals and Raisings Drive Week 6 Moves

Solstice Minerals (ASX:SLS) topped the week with a 157.14% jump after its first batch of drilling at Nanadie delivered wide copper-gold hits, including its best-ever intercept. Lotus Resources (ASX:LOT) dropped -31.80% as it raised A$81 million for the Kayelekera uranium ramp-up, with selling accelerating after the stock reopened. Elevate Uranium (ASX:EL8) also sold off, down -28.72%, even after it upgraded Marenica by lifting grade and contained uranium.

Resources: big drill headlines, but traders still hit “sell”

SLS showed what the market will pay for when results are easy to grasp: thick mineralised zones with strong copper numbers in the first holes. Investors cared because early drilling is a quick test of whether a deposit can grow. The move was also helped by a relatively small starting market value, where new buyers can shift the price fast. By contrast, EL8 is a good example of “good news, bad price”. A resource grade upgrade sounds positive, but it also invites a simple question: how long until it becomes a mine? When that answer is still a long way off, traders often sell into the announcement. This week, early gains after the reopen didn’t last, and the share price fell sharply below that first traded level. Gold and silver explorers were mixed. PC Gold (ASX:PC2) rose 24.14% after posting an eye-catching high-grade gold hit at Spring Hill, including a very high-grade section inside a broader interval. West Coast Silver (ASX:WCE) fell -13.64% despite reporting extraordinary silver grades at Elizabeth Hill. In plain terms, some investors saw the drill result and still chose to cash out quickly once trading reopened.

Capital raises: fresh cash, but a lower price tag

Raisings were a major driver of weekly moves. LOT’s funding package (institutional placement plus a share purchase plan) helps pay for specific build items like an acid plant and grid connection ahead of targeted steady-state production in Q2 2026. Investors liked the progress story, but the extra shares and discounted issue price often push the market price down in the short term. A similar “price reset” dynamic sat behind several other names with large week-on-week drops, even when the company’s update was constructive. When a stock reopens at a new level and then falls further, it usually means demand wasn’t deep enough to absorb sellers who wanted out.

M&A and corporate reshaping: certainty is starting to matter

RPMGlobal (ASX:RUL) moved closer to disappearing from the boards after the Federal Court approved Caterpillar’s $5-a-share takeover via a scheme of arrangement. The next steps are dated and practical: the scheme becomes effective after lodgement with ASIC on 4 February 2026, shares are set to be suspended after that date, and eligible holders are due to be paid on 18 February 2026. Elsewhere, dealmaking stayed active in funds management and tech. Pinnacle Investment Management (ASX:PNI) reported a first-half profit fall as performance fees dropped, but still pulled in record net inflows and pushed ahead with a full buyout of Pacific Asset Management. Investors focus on inflows because they are the base that future fees are charged on.

Tech and biotech: clear “next dates” can keep interest alive

Regulatory and clinical steps helped several health and device names keep attention. Island Pharmaceuticals (ASX:ILA) received FDA confirmation that Galidesivir can be developed under the Animal Rule, which is a faster route used when human efficacy trials aren’t ethical or practical. The company also raised funds to push the work forward. Investors care because it can shorten timelines and may unlock a valuable Priority Review Voucher if approved. Xero (ASX:XRO) took a different route, leaning into product and reporting changes. It outlined a heavier AI roadmap and detailed how Melio will be integrated to improve US payments economics, while shifting towards forward guidance on adjusted EBITDA from FY26 results. The share price still fell -12.79% for the week, which suggests investors want proof that the US plan translates into profit on a clearer timeline.