From Bolivia lithium talks to biotech sell-offs: the week’s biggest ASX swings

EAU Lithium (ASX:C1X) led the week with a runaway gain of 85.19%, while Botanix Pharmaceuticals (ASX:BOT) was the biggest faller at -46.67%. Adherium (ASX:ADR) followed close behind at -40.00%. The common thread was simple: buyers paid up for clear upside tied to a single event, but stepped away fast when companies asked for fresh cash.

M&A put a floor under prices

Qube Holdings (ASX:QUB) rose 4.33% as investors weighed a Macquarie Asset Management-led consortium offer worth about $11.7 billion. The headline number was $5.20 cash per share (less any dividends paid before completion). That matters because it gives traders a reference point for what the stock could be worth if the deal clears approvals. Early gains didn’t evaporate after the halt; the stock added slightly after trading resumed, which suggests sellers were not in a rush to exit at lower prices. BlueScope Steel (ASX:BSL) sat in the middle of a live corporate contest. It reported strong earnings growth and said it rejected a $30 proposal, then the week also carried news of a raised “best and final” $32.35 approach involving SGH. Even with that noise, BSL finished slightly down -0.55%. That’s a reminder that takeover talk can lift a price, but it won’t always win against broader investor caution, timing, and uncertainty around whether a bid becomes a binding deal.

Biotech: big data wins, capital raises punish

Clarity Pharmaceuticals (ASX:CU6) climbed 22.73% after reporting head-to-head trial results for its Cu-64 prostate cancer imaging agent. Investors cared because the company said it found more cancer lesions than the current standard scan. In plain terms, that can mean doctors spot the disease earlier and change treatment more often. The buying stayed in place after the stock reopened, which points to sustained demand rather than a one-hour burst. Telix Pharmaceuticals (ASX:TLX) added 19.06% as it reported strong 2025 revenue growth driven by U.S. sales, even while it posted a small net loss due to higher R&D and manufacturing spend. The market response suggests investors accepted the loss as the cost of building more products and supply capacity. In contrast, Botanix (ASX:BOT) dropped -46.67% after a roughly $45 million raising to secure inventory and expand marketing for Sofdra. When a company raises money, it usually issues new shares. That can push the price down because each existing share represents a smaller slice of the business. BOT also fell further after trading restarted, which is what it looks like when early buyers don’t show up to support the new price.

Resources: giant drill numbers still work, but not every story lands

Terra Metals (ASX:TM1) jumped 30.88% on evidence of a thick, high-grade platinum group metals system at SW6. Investors responded to the “size plus grade” message: thicker mineral zones can mean more tonnes of rock, and higher grades can mean more metal from each tonne. Both can improve the chance of a mine making money, but only if later drilling confirms the result across a wider area. St George Mining (ASX:SGQ) gained 16.16% after reporting a long mineralised intercept at Araxá and separately securing land for future processing facilities. That second step matters because it can shorten the time between a discovery and a working project, provided environmental and government approvals also follow. Not all “future resource” stories were rewarded. Marimaca Copper (ASX:MC2) fell -12.47% even after announcing a large capital raise to advance Chilean copper assets. The likely investor worry is simple: a bigger war chest helps, but issuing a lot of stock can still drag down the price in the short term.

Platforms and financials: strong numbers got paid, but Zip showed the risks

Netwealth (ASX:NWL) rose 21.06% after reporting strong growth in funds under administration and lifting its interim dividend. Investors generally like this type of update because more client money on the platform can feed into higher fee revenue. TechnologyOne (ASX:TNE) rallied 22.71% after lifting its FY26 profit growth guidance and pointing to demand for its AI-enhanced SaaS products. In everyday terms, the company told the market it expects to earn more than it previously thought. Zip Co (ASX:ZIP) was the outlier, sliding -25.21% despite reporting record cash earnings and strong U.S. growth. When a stock falls on good numbers, investors are often worried about what comes next: whether growth slows, whether losses return, or whether the market had already priced in the good news before the result landed.