Small caps stole the spotlight, with a handful of stocks doubling on deal news and early-stage project updates. Large miners were steadier, but even they couldn’t fully escape the week’s sharp gap moves.
- Recharge Metals (ASX:REC) jumped 109.09% after locking in funding and a deal for a defined gold resource in WA
- EAU Lithium (ASX:C1X) surged 85.19% after signing a negotiation framework with Bolivia’s state lithium group using Vulcan’s extraction tech
- King River Resources (ASX:KRR) rose 45.45% after taking an option over a high-grade historic gold area and flagging a 2026 work program
- Calix (ASX:CXL) sank -36.36% after Pilbara Minerals took full control of their lithium processing venture and paid $11.4m for Calix’s stake
- Terra Metals (ASX:TM1) climbed 30.88% on thick PGM-copper-nickel sulphide results and plans for up to 30,000m of drilling
The week’s biggest share-price swings came from three small caps. Recharge Metals (ASX:REC) rocketed 109.09%, EAU Lithium (ASX:C1X) leapt 85.19%, and King River Resources (ASX:KRR) rallied 45.45%. In each case, investors responded to something concrete: a funded acquisition, a government-linked negotiation framework, and a new gold option with an exploration plan.
Deal-driven jumps: when a plan turns into paperwork
Recharge Metals’ move followed a binding deal to buy the Sunset Well Gold Project, which already carries a 94,500-ounce inferred resource. The company also announced $5.75 million in funding (a placement and a rights issue). For beginners: that matters because it reduces the risk that a company has a project but can’t afford to drill it. EAU Lithium’s surge was tied to a Negotiation Agreement with Bolivia’s state lithium company, YLB, to explore industrial-scale lithium extraction using Vulcan Energy’s VULSORB A-DLE technology. It is not the same as having mining rights. Investors still chased it because Bolivia is a major lithium jurisdiction and official engagement can speed up next steps. King River Resources climbed after securing an exclusive option over the Mindoolah Gold Project in WA, with historic high-grade production and old drill hits. The company also flagged a 2026 program including surveys and drilling. Investors often pay up early when a story shifts from “interesting ground” to “we can start drilling soon”.Exploration hits keep landing, but the market picks favourites
Several explorers delivered eye-catching drill results and still saw mixed reactions. Terra Metals (ASX:TM1) rose 30.88% after confirming thick mineralisation in a platinum-group metals, copper and nickel system and pointing to a priority electromagnetic target. That reads as: there may be more mineralised rock below what they have drilled so far. Rare earths and niobium also stayed busy. St George Mining (ASX:SGQ) gained 16.16% after reporting a record 164.45m intercept and expanding the Araxá project footprint beyond its current resource depth assumptions. Brazilian Rare Earths (ASX:BRE) added 9.47% on ultra-high-grade Monte Alto assays and a strike extension. Not every strong update translated into a rise. Hot Chili (ASX:HCH) fell -13.06% despite more drilling success at La Verde. When a stock drops on good drilling, it is often because the market was already priced for big results, or traders were taking profits after earlier moves.Raisings and big cheques: support, dilution, and faster timelines
A wave of capital raisings continued. Horizon Minerals (ASX:HRZ) raised $175 million for its Black Swan hub work, but the shares fell -9.02% for the week. New shares can push the price down in the short term because the company is selling stock at a set price to institutions. Prospect Resources (ASX:PSC) was steadier, up 1.20% after a $45 million placement to accelerate drilling and studies at Mumbezhi in Zambia. Elementos (ASX:ELT) jumped 27.14% after a $29.5 million placement to L1 Capital, which is set to become a near-20% holder.Lithium and processing tech: winners and one ugly spill
Pilbara Minerals (ASX:PLS) reported a strong half, with EBITDA up 241%, yet the shares eased -1.18%. That sort of move can happen when results match expectations rather than beat them. Calix (ASX:CXL) was the week’s sharp faller, down -36.36%. The trigger was Pilbara taking full control of their joint lithium processing project for $11.4 million, with Calix shifting to a services role plus a share of any third-party licensing. Investors may have worried Calix gave up longer-term earnings potential tied to the plant. Chrysos (ASX:C79) rose 14.51% after strong revenue and EBITDA growth and a $200 million debt facility. In plain terms: it has more financial capacity to install more PhotonAssay units and collect fees as utilisation rises.Bigger miners: profits, dividends, and a few shaky opens
Large-cap materials and energy updates were broadly positive, but prices were not all. BHP (ASX:BHP) gained 4.30% as copper became its largest earnings contributor. Rio Tinto (ASX:RIO) fell -3.79% despite production growth and a $6.5 billion dividend. Mineral Resources (ASX:MIN) slipped -1.82% even after returning to profit on the Onslow Iron ramp-up. Newmont (NYSE:NEM) edged down -0.90% for the week after reporting a 116% jump in net income from continuing operations and further portfolio changes. Its trading included a sharp re-open and then further selling, which can happen when early buyers step back and sellers keep hitting the bid.Bottom Line?
Through late February into mid-2026, attention is likely to stay on near-term dates that can change a company’s next step: resource updates due in Q1, Q2 2026 (including Aurum and PTR), scoping and feasibility study timelines due mid-2026 (including Critica and Minerals 260), and shareholder votes still required for several placements and schemes.
Questions in the middle?
- EAU Lithium (ASX:C1X): does the negotiation framework with YLB turn into access to projects, or does it stall at the discussion stage?
- Horizon Minerals (ASX:HRZ): what refurbishment work can be locked in first at Black Swan, and what will the final spend look like versus the raised amount?
- Calix (ASX:CXL): after selling its plant stake, what does revenue look like over the next 12 months from services and any third-party licensing?