Biotech shock hits IMM as rare earths and deals drive the rest of the week

Immutep (ASX:IMM) dominated the tape, plunging -88.61% after it halted its TACTI-004 Phase III lung cancer trial on a futility call. In plain terms, an independent review said the study was unlikely to succeed, so the company stopped spending money on it. Pantoro Gold (ASX:PNR) slid -32.68% during a bruising week for smaller gold names, despite laying out a timetable for a third underground mine at Norseman. American Tungsten & Antimony (ASX:AT4) dropped -29.03% even as it talked up permit work and mill refurbishment, a sign investors wanted proof of progress rather than plans.

Biotech: one stopped trial, big price shock

Selling in Immutep was fast because Phase III is the expensive “final test” before a drug can be submitted to regulators. When that test is stopped early, many buyers leave because the near-term product story changes. The stock then bounced after reopening, but that simply means early losses eased once bargain hunters stepped in. Elsewhere in healthcare, the week also showed the other side of the coin. Imugene (ASX:IMU) kept attention with early trial response rates and a $20 million raise to fund more patients. Clarity Pharmaceuticals (ASX:CU6) rose 6.98% after finishing enrolment for its Phase III prostate imaging trial, which matters because it moves the product closer to a US approval filing. Rhythm Biosciences (ASX:RHY) gained 13.51% after it received NATA accreditation, meaning its test can be offered clinically in Australia rather than staying in a research lane.

Critical minerals: supply deals and “how do we process it?”

Rare earths stayed active because investors are still looking for non-China supply, and because processing is often the hard part. Lynas Rare Earths (ASX:LYC) climbed 12.93% after extending its Japan-linked supply agreement to 2038. The practical takeaway is price certainty: a floor price can protect revenue when markets weaken, while the upside-sharing clause gives buyers comfort when prices spike. St George Mining (ASX:SGQ) rose 16.00% on a burst of project news around Araxá, including strong drilling numbers, a processing alliance, and entry to the All Ordinaries index. Index inclusion can lift day-to-day trading because more funds are allowed to buy it. On the exploration side, Brazilian Rare Earths (ASX:BRE) extended Sulista’s strike to more than 17km, but the shares still finished the week down -4.85% as early buying faded after the initial jump.

Gold: big resource updates, funding locked in, and mixed share reactions

Resource growth stories kept coming. Ora Banda Mining (ASX:OBM) lifted 2.27% after a tenfold jump in the Round Dam resource to 1.33Moz. That sort of update matters because it can lengthen mine life, which is simply “how long the operation can keep producing”. Deal-making and financing also moved the dial. Rox Resources (ASX:RXL) secured $350 million in debt facilities to fully fund Youanmi and flagged a March 2026 final investment decision. Resolute Mining (ASX:RSG) approved Doropo’s investment decision, with construction starting in H1 2026. Yet Pantoro’s heavy fall showed sentiment can still sour even when a company has a clear schedule, especially if investors worry about costs, delays, or dilution in the next capital round.

M&A and corporate actions: cash bids set the week’s reference prices

Corporate activity did its usual job of putting firmer numbers on the table. Pan African Resources’ move to buy Emmerson Resources (ASX:ERM) drove a strong week at 19.70% as investors priced in the cash-and-scrip logic of a scheme. National Storage REIT (ASX:NSR) held steady after the court approved meetings for a $2.86-per-security Brookfield-GIC proposal. Diversified United Investment (ASX:DUI) advanced its merger steps with Australian United Investment (ASX:AUI) after an independent expert backed the scheme. Shriro Holdings (ASX:SHM) gained 1.91% after announcing a large off-market buy-back. In plain English, a buy-back reduces the number of shares on issue, so each remaining share represents a slightly larger slice of the business, if the company can afford it.