Small caps stole the week, led by a big funding deal in gold and two revenue breakouts. Meanwhile, some well-known names slid after profit updates failed to calm nerves on costs and outlooks.
- Minerals 260 (ASX:MI6) jumped 64.29% after locking in a $220m funding deal with Franco-Nevada
- Bioxyne (ASX:BXN) rose 33.33% on surging half-year revenue and profit, despite cash leaving the business for stock builds
- Pacgold (ASX:PGO) gained 33.33% as drilling results supported a coming resource upgrade timetable
- Data#3 (ASX:DTL) fell -23.41% even as profit rose, after investors focused on margin pressure and softer sentiment for IT resellers
- Several gap moves held their gains, suggesting sustained buying rather than a one-day spike
Minerals 260 (ASX:MI6) led the tape with a 64.29% weekly surge after securing a $220 million funding package from Franco-Nevada. Bioxyne (ASX:BXN) followed, up 33.33% on a 149% revenue jump and a sharp lift in profit. Pacgold (ASX:PGO) also climbed 33.33% as early drilling assays backed its plan to upgrade its White Dam numbers later this year.
Funding deals moved miners fast
MI6’s move had a clear trigger: Franco-Nevada agreed to invest $50 million in equity and pay $170 million to lift its royalty to 2.45%. In plain terms, Minerals 260 gets cash to build and drill sooner, and Franco-Nevada gets a bigger cut of future revenue. Investors often like this kind of deal because it lowers the chance the company must raise money at a low share price. Gold stocks broadly stayed bid. Kingsgate Consolidated (ASX:KCN) jumped 21.13% after reporting $88.1 million profit and declaring a 10 cent interim dividend. Vault Minerals (ASX:VAU) rose 7.50% across a busy news week that included strong half-year numbers, a maiden 7 cent dividend, and news it has largely removed its gold hedges. Removing hedges means more exposure to spot gold prices, which can lift earnings if gold stays high, but it also raises the risk if gold falls.Feasibility studies: big numbers, bigger “can it be built?” questions
A run of study updates attracted strong buying because they put hard numbers on projects. Investigator Silver (ASX:IVR) gained 14.29% after its Paris DFS pointed to an 11-month payback period. Anax Metals (ASX:ANX) added 15.38% after flagging a pre-tax NPV of $501 million and a 14-month payback in its Whim Creek update. Those figures grabbed attention because they suggest the project could repay its build cost quickly if prices and costs match the study. The main risk is simple: studies are plans, not finished mines. Investors will now watch for firm funding, final permits, and whether build costs rise.Health and SaaS wins drew buyers, but cash flow still matters
Bioxyne’s rally came from a headline set that’s easy to understand: revenue up 149% and profit up 126% in the half. The company also said it built extra stock, which helped drive negative operating cash flow. That matters because a business can report profit while cash still goes out the door. 4DMedical (ASX:4DX) rose 3.09% after pointing to FDA clearance, US reimbursement support, and a 43% lift in SaaS delivery sites to 430 locations, plus a $150 million placement in January 2026. For beginners: reimbursement means US insurers and Medicare have rules to pay for a scan, which can make it easier for hospitals to buy.Data centres and AI: contracts helped, but some fell on profit quality worries
The data centre build-out remained a live story. SKS Technologies (ASX:SKS) still fell -5.73% for the week even after booking a $130 million hyperscale data centre contract and lifting profit 52.5%. This sort of drop can happen when traders lock in gains after a strong run, or when investors worry about delivery risk on large fixed-price jobs. NEXTDC (ASX:NXT) slipped -0.29% despite higher revenue and a much bigger contracted utilisation number. The company also lifted capital spending guidance to $2.4, $2.7 billion. Higher spending can lift future growth, but it also means more cash going out now.Dividends, buy-backs and deals kept large caps in play
Qantas (ASX:QAN) dropped -6.22% over the week even after lifting underlying profit and announcing a $300 million dividend and a $150 million buy-back. Investors may have focused on what comes next, including network changes with Jetstar Asia closure and the Jetstar Japan divestment process. ClearView Wealth (ASX:CVW) gained 14.55% after agreeing to a $415 million takeover by Zurich at 65 cents a share, plus potential dividends and a delay fee if the deal drags past late September 2026. Insignia Financial (ASX:IFL) edged up 0.65% as shareholders were asked to vote on a $4.80 per share cash scheme backed by CC Capital, after the court approved the meeting and booklet. On the other side, Data#3 (ASX:DTL) sank -23.41% despite higher sales and a small profit lift. The company flagged that Microsoft incentive changes are pressuring software margins. In plain terms, it may earn less on the same software sale unless it can offset that with services or different products.Bottom Line?
The next catalyst wave is already dated: shareholder and court steps for Insignia Financial (ASX:IFL) and ClearView Wealth (ASX:CVW), plus delivery milestones for companies that have just raised money or announced large build programs in early 2026.
Questions in the middle?
- Will Minerals 260 (ASX:MI6) need any extra equity, or is the Franco-Nevada funding enough to reach its mid-2026 study targets?
- Can Bioxyne (ASX:BXN) turn profit growth into positive operating cash flow, or will inventory and expansion keep absorbing cash?
- After Data#3 (ASX:DTL) flagged margin pressure, which parts of its business can grow fast enough to replace lower software earnings?