Silver, Tungsten and Medicare News Lead ASX Week 20 Movers

SPC Global (ASX:SPG) was the week’s biggest mover in absolute terms, tumbling 66.67% after launching a fully underwritten $100 million equity raise at $0.10 a share. Investors usually punish raisings priced well below the last traded price because existing holders are being diluted, which means their slice of the company gets smaller. Argent Minerals (ASX:ARD) surged 64.71% after extending silver mineralisation at Kempfield with a long near-surface intercept, while Stelar Metals (ASX:SLB) climbed 53.33% after securing an option over a tungsten project as tungsten prices stayed unusually strong.

Capital raising winners and losers

Fresh equity was a major driver this week, but the share price reaction depended on why the money was being raised and at what price. SPC Global’s fall was the clearest example of investors disliking a steep discount, even though the company said the cash would cut debt and back growth. Elevra Lithium (ASX:ELV) fell 18.50% over the week despite raising A$275 million to fund its North American Lithium expansion. That suggests some holders focused first on dilution. NEXTDC (ASX:NXT), by contrast, edged up 0.54% after wrapping up the retail leg of its much larger entitlement offer, helped by strong take-up. Pacific Edge (ASX:PEB) showed the other side of the equation. Its shares leapt 44.83% as investors looked past its capital raising and instead focused on a draft Medicare proposal that could restore coverage for key bladder cancer tests. In plain English, the company may again get paid by the US public health system for those tests. That matters because losing that payment source had already cut revenue hard. The unanswered issue is timing, because draft coverage still has to go through the full process before it becomes final.

Resources drove most of the upside

Mining stocks filled much of the winners list. Anson Resources (ASX:ASN) rose 37.25% after sealing a deal with POSCO on a lithium demonstration plant at Green River. Investors cared because the project moved from plan to funded test work. Nelson Resources (ASX:NES) gained 33.33% across a run of Nevada updates, including tungsten ground next to a US-backed project and progress toward underground drilling at Orleans. Pursuit Minerals (ASX:PUR) added 30.95% after starting field work at its Argentine gold-silver project. Gold names also stayed busy. Dateline Resources (ASX:DTR) slipped 14.58% even after releasing a bankable feasibility study for Colosseum with strong economics at a high gold price. That kind of study is a detailed mine plan used to judge whether a project can be built. Resolute Mining (ASX:RSG) gained 1.94% after a scoping study put a large value on its ABC project in Côte d’Ivoire, while Black Bear Minerals (ASX:BKB) rose 4.48% on a larger Nevada gold resource. In several halted stocks, early gains did not last once trading resumed. That usually means traders sold into the news after the first burst of buying.

Critical minerals remained a hot corner

Rare earths, manganese, niobium and tungsten all attracted interest. Ionic Rare Earths (ASX:IXR) rose 17.24% after proving a UK circular supply chain for EV magnets using recycled material. Investors liked that because it points to a real customer problem being solved: where to get magnet material outside China. WA1 Resources (ASX:WA1) eased 3.81% despite lifting the indicated part of its niobium resource. Indicated means geologists have more confidence in that part of the deposit. Arafura Rare Earths (ASX:ARU) fell 7.35% even after signing a US offtake term sheet, which is an early supply agreement. The likely concern is that the deal still depends on a final investment decision for Nolans. Tungsten names were especially lively because the price of tungsten has risen sharply on supply worries. Stelar was the standout, but Larvotto Resources (ASX:LRV) also gained 7.12% on high-grade gold-antimony-tungsten targets, and Critical Resources (ASX:CRR) drew attention with New Zealand tungsten ground even as its stock fell 20.00%. In these smaller stocks, a price gap after a halt can be misleading. Some reopen strongly, then early gains evaporate as short-term traders take profits.

Operating results mattered in larger caps

Away from small miners, several established companies moved on earnings and outlook statements. Aristocrat Leisure (ASX:ALL) rose 10.04% after posting 16% growth in normalised profit despite flat revenue. Dyno Nobel (ASX:DNL) added 11.14% as explosives earnings jumped and the fertilisers exit stayed on track. SHAPE Australia (ASX:SHA) climbed 14.75% on record project wins and strong FY26 guidance. Inghams Group (ASX:ING) rose 15.34% after sticking with earnings guidance and laying out a more value-focused operating plan. Not every large-cap update landed well. CSL (ASX:CSL) dropped 18.28% after cutting its FY26 revenue and profit outlook and flagging another $5 billion in asset impairments. An impairment is an accounting write-down that says an asset is worth less than previously thought. Investors care because it can signal that an acquisition or business unit is not delivering what was expected. Life360 (ASX:360) also fell 7.15% despite record revenue growth, which suggests the market wanted even stronger user growth or a cleaner near-term story.

What to watch from here

Several of this week’s moves now depend on the next dated event rather than the headline already released. Pacific Edge still needs its Medicare draft decision to move through the next stages. Euro Manganese (ASX:EMN) is working toward a feasibility study in the first half of 2027. Finder Energy (ASX:FDR) is aiming for a mid-2026 final investment decision on KTJ. Tamboran Resources (ASX:TBN) is still targeting first gas sales in the third quarter of 2026. For halted or recently resumed names, the key test is whether buying keeps going once the first excitement fades.