A boardroom shake-up and a fresh placement sparked the week’s biggest move, while critical minerals deals kept drawing buyers. Gold explorers also ran hard on drill hits, but several gapped stocks showed how fast early moves can fade.
- Killi Resources (ASX:KLI) surged after appointing Nev Power as chair and raising $1.4m
- Athena Resources (ASX:AHN) jumped on a Byro magnetite JV plan targeting production by early 2028
- International Graphite (ASX:IG6) rallied after signing an Italy processing MoU with ALKEEMIA
- Antimony and tungsten names stayed hot on supply-chain announcements in the US and Europe
- Several raisings and deal updates landed, but some gapped stocks gave back early gains
Killi Resources (ASX:KLI) led the tape with a 226.92% weekly jump after naming former Fortescue CEO Nev Power as non-executive chair and locking in a $1.4m placement. Athena Resources (ASX:AHN) followed, up 66.67%, after flagging a joint venture to fast-track Byro magnetite concentrate, with a stated production target of Q1 2028. International Graphite (ASX:IG6) rose 27.66% after outlining a proposed Italian processing venture with ALKEEMIA, aimed at ~10,000 tonnes a year of processed graphite from late 2027.
Deals and cash calls drove a big part of the week
Money raising news landed across the materials board. Syrah Resources (ASX:SYR) announced a fully underwritten A$104m equity raise at 10.5 cents, alongside non-binding funding proposals involving US government bodies and AustralianSuper. Investors sold the stock anyway, down -8.47% for the week. That reaction is simple: more shares on issue can dilute existing holders, and the market also waits to see if non-binding proposals turn into signed funding. Winsome Resources (ASX:WR1) rose 13.43% as it moved toward being acquired by Li-FT Power via a scheme of arrangement, with a shareholder vote flagged for May 2026. In plain English, a scheme vote is shareholders deciding whether to accept the takeover terms.Critical minerals kept attracting buyers, especially where processing was the focus
Antimony was a standout. Felix Gold (ASX:FXG) climbed 26.09% after reporting its Treasure Creek ore meets US military-grade concentrate specs straight from the mine, and separately securing a bulk sampling permit for 1,600 tons through to December 2029. Investors care because better ore quality can mean less processing work, lower costs, and faster timelines. EV Resources (ASX:EVR) gained 12.50% after starting refurbishment of its Tecomatlán plant in Mexico, describing a low-capital restart plan (US$73,000) with commissioning targeted for late April. Aldoro Resources (ASX:ARN) added 18.31% after drilling confirmed a long mineralised interval and identified a strontium carbonate layer, with the company pointing to strontium prices that have doubled due to supply disruption. Tungsten also stayed active. Group 6 Metals (ASX:G6M) extended an offtake deal with Traxys with an estimated contract value of US$1.75b linked to spot APT prices. Rumble Resources (ASX:RTR) reported testwork that produced a 48% WO3 concentrate via a gravity circuit, and said a scoping study is underway to fast-track tungsten output.Gold: drill hits, resource upgrades, and plant plans, plus some fast reversals
Waratah Minerals (ASX:WTM) rose 22.32% after reporting more high-grade intersections and saying nine rigs are active, with approvals for 150 new drill sites. Forrestania Resources (ASX:FRS) jumped 23.08% on two fronts: a binding agreement for a new carbon-in-leach plant at Lake Johnston (commissioning targeted November 2026) and a 103,500oz JORC resource at Johnson Range that clears an acquisition condition. Several gold names reported bigger resources or strong grades, including Mount Ridley Mines (ASX:MRD) up 16.67% on a heavy rare earth resource, Patriot Resources (ASX:PAT) up 13.51% on a 31.4Moz silver-equivalent maiden resource, and Auric Mining (ASX:AWJ) reporting outperformance at Munda but still ending the week down -7.46%. Not every gap held. In a few cases, shares reopened sharply higher or lower, then the week finished in the opposite direction. That’s usually early traders taking profits, or buyers stepping back until the next piece of proof arrives.Restarts and development plans: big numbers, but investors still check the calendar
Manuka Resources (ASX:MKR) released an amended pre-feasibility study for its Cobar Basin assets and flagged an NPV8 of A$805m with a 10-year plan targeting first production in Q2 2026. Despite the headline numbers, the stock finished down -3.03% over the week. Markets often wait for the next concrete step, funding drawdowns, plant upgrades starting, and a clear run into commissioning. Variscan Mines (ASX:VAR) published a scoping study for a San José mine restart in Spain, pointing to low pre-production capital (~€19m) and an 11-year mine life, with production targeted from 2028. Terramin Australia (ASX:TZN) said it started site preparation at Algeria’s Tala Hamza zinc project after land access was resolved.Why the market punished some raisings and rewarded others
Investors tended to reward deals that add a clear asset, a partner, or a hard date. They were tougher on capital raises where the near-term benefit is less visible, or where the company is still negotiating non-binding funding. Syrah’s week was a good example. The raise strengthened pro-forma liquidity (the company cited ~US$198m), but the stock still fell. The market may be waiting for proof that Balama and Vidalia can run at higher, steadier output, because that is what ultimately pays back the extra shares issued.Bottom Line?
April is shaping up as a catalyst month. Key events already on company calendars include St Barbara (ASX:SBM) targeting completion of the Lingbao transaction on 1 April 2026, EV Resources (ASX:EVR) targeting late-April commissioning at Tecomatlán, and multiple drill result batches flagged for May 2026 across gold and base metals juniors.
Questions in the middle?
- Syrah (ASX:SYR): which parts of the proposed US-backed funding move from non-binding to signed, and on what terms?
- Manuka (ASX:MKR): can the plant upgrades and restart work stay on schedule to meet the stated Q2 2026 production target?
- Felix Gold (ASX:FXG): will bulk sampling and toll-treatment plans translate into saleable antimony product in 2026, or will processing and logistics slow it down?