Rare earths and gold dominated the tape, with one small-cap rare earth explorer ripping more than 70% on a single drilling headline. Gold producers, meanwhile, kept turning high bullion prices into dividends, buy-backs and bigger balance sheets.
- European Resources (ASX:ERE) led the week after posting its strongest rare earth drill hit yet
- Minerals 260 (ASX:MI6) surged on a $220m Franco-Nevada deal that cuts the risk of building Bullabulling
- Viking Mines (ASX:VKA) jumped on high-grade historical tungsten results as US supply worries stay in focus
- Gold names backed results season with profits, maiden dividends and expansion budgets
European Resources (ASX:ERE) set the pace with a 76.47% surge after reporting its best rare earth drilling result yet at Korsnäs in Finland, including a neodymium-praseodymium enriched zone. Minerals 260 (ASX:MI6) followed with a 64.29% jump after locking in a $220 million strategic funding package with Franco-Nevada to speed up the Bullabulling Gold Project in WA. Viking Mines (ASX:VKA) rallied 58.33% after digitising old drilling that showed shallow high-grade tungsten hits, feeding the view it could move faster towards US production.
Rare earths and critical minerals: drill hits still move prices fast
Buying in rare earth names was simple this week: investors paid up for proof in the ground. European Resources (ASX:ERE) rose hard because it named a thick interval with rare earth content and a higher share of NdPr. In plain terms, that mix can sell for more because those elements are used in strong magnets. Lodestar Minerals (ASX:LSR) gained 55.56% after reporting heavy rare earth assays up to 3.73% TREO at Virgin Mountain in Arizona. Dateline Resources (ASX:DTR) climbed 41.38% after buying the Music Valley Heavy Rare Earths Project in California and adding a US$1 million strategic stake in Fermi Critical Minerals. Lynas Rare Earths (ASX:LYC) added 21.05% after reporting a sharp profit rebound and outlining expansion funding via a $932 million equity raising. Some moves showed how fragile early excitement can be. Gold Mountain (ASX:GMN) fell -16.42% despite talking up a rare earth discovery in Brazil. When a stock drops on a “good” announcement, it often means holders used the news to sell.Gold: dividends, deals and bigger builds
Gold producers and developers mostly kept climbing because results season is showing real cash coming in. Capricorn Metals (ASX:CMM) rose 10.68% after a record half-year profit before tax and a maiden fully franked dividend. Westgold Resources (ASX:WGX) gained 6.60% after reporting record revenue and profit, paying off debt, and moving non-core assets towards a demerger. Vault Minerals (ASX:VAU) finished up 7.50% on a strong half-year result and a maiden dividend, then followed with drilling updates that pointed to possible mine life extensions. Kingsgate (ASX:KCN) climbed 21.13% after a profit surge and a 10c interim dividend. Minerals 260 (ASX:MI6) was the week’s clearest example of “money solves problems”. Franco-Nevada’s $220m package included a bigger royalty plus a $50m equity investment at a premium. Investors liked that because it makes a future construction decision easier to fund. The risk is simple too: the deal promises speed, but the Pre-Feasibility Study and maiden Ore Reserve are not due until mid-2026.Tungsten and antimony: US supply themes are spilling into micro-caps
Interest in “hard to source” metals stayed strong. Viking Mines (ASX:VKA) rose on historical tungsten intercepts, and Tungsten Mining (ASX:TGN) jumped 16.67% after flagging plans for a US exchange listing to chase deeper pools of capital. Antimony, used in some batteries and defence applications, also stayed hot at the explorer level. EV Resources (ASX:EVR) gained 11.11% after reporting channel sampling up to 30.2% antimony at Los Lirios in Mexico and starting a maiden diamond drilling program.Gaps, fades and air pockets: what the price action said in plain English
Several stocks reopened after a news break and then kept rising, which is usually a sign that new buyers were still coming in after the first rush. Minerals 260 (ASX:MI6) and European Resources (ASX:ERE) fit that pattern, and so did names like Investigator Silver (ASX:IVR), which rose 14.29% after publishing a DFS with an 11-month payback claim. Not every gap held. Aurora Energy Metals (ASX:1AE) dropped -22.00% for the week after completing a uranium project sale that paid mainly in shares, then sliding further after the reopen. When payment is in another company’s stock, investors can worry the value will change before it can be sold. Solar and carbon removal also drew attention. Pilot Energy (ASX:PGY) ended up 33.33% for the week after outlining a June 2026 start target for its Direct Air Capture demo. But it also showed how early gains can evaporate quickly, finishing flat after reopening on the day.Bottom Line?
Next week’s focus stays on dated catalysts already on the calendar: multiple feasibility and resource updates due in Q1, mid 2026, including Aurum Resources’ Boundiali Pre-Feasibility Study by end of Q1 2026, and Minerals 260’s Bullabulling Pre-Feasibility Study and maiden Ore Reserve expected mid-2026.
Questions in the middle?
- Will Minerals 260 (ASX:MI6) deliver a mid-2026 reserve and study that matches the scale implied by the Franco-Nevada cheque?
- Can European Resources (ASX:ERE) repeat NdPr-enriched intersections in follow-up drilling, or was this a single high-grade zone?
- Which gold producers will keep paying dividends if costs rise, especially those now largely unhedged like Vault Minerals (ASX:VAU)?