Hot Stocks: INOVIQ, Vulcan Energy, EV Resources

The Australian sharemarket was little changed at midday on Friday, with the S&P/ASX 200 down just 2 points at 8770.7, leaving the index flat for the week. A rally in miners helped offset weakness in healthcare after the White House confirmed a 100 per cent tariff on branded or patented pharmaceutical imports from October 1, unless manufacturers establish US production facilities.

The index began the week strongly before midweek turbulence. On Monday, the ASX rose 37.4 points to 8810.9 as rising commodity prices fuelled a mining rally, with uranium names Boss Energy and Paladin surging on demand forecasts. Tuesday extended the run, with the index climbing 35 points to 8845.9 as Nvidia’s US$100bn OpenAI investment buoyed Wall Street and flowed through to local banks and gold miners. Wednesday then delivered the steepest fall in three weeks, down 81.4 points to 8764.5, as US Federal Reserve chair Jerome Powell warned inflation risks were “tilted to the upside” and hotter local CPI data cut expectations for rate relief. Financials and tech stocks dragged the market lower, while lithium miners rose on reports of possible US government backing for Lithium Americas. Thursday saw the ASX steady after that sell-off, closing 8.1 points higher at 8773, with BHP and Rio Tinto both up 3.6 per cent on surging copper prices following a force majeure at Freeport-McMoRan’s Grasberg mine. Sandfire Resources and Capstone Copper also rallied, and energy stocks rose as oil steadied from its biggest jump since July amid geopolitical concerns linked to US President Donald Trump’s comments on Russia. However, most other sectors fell after hotter-than-expected inflation data weighed on expectations of a local rate cut, with consumer discretionary and healthcare stocks leading the losses. 

In Friday’s company news,

INOVIQ licenses breakthrough ovarian cancer biomarker for global rollout

INOVIQ (ASX: IIQ) secured exclusive worldwide rights from UniQuest (University of Queensland’s commercialisation arm) to novel ovarian cancer biomarker IP. This supports the development of its EXO-OC™ test, which integrates the biomarkers with Inoviq’s exosome isolation technology and algorithm. The blood-based test has shown 100% sensitivity for early-stage ovarian cancer and over 99.6% specificity in studies, and is expected to be LDT-ready in the US by December 2026, with global expansion planned thereafter.

Vulcan Energy (ASX:VUL) signed a €110m contract with Turboden and ROM Technik to build a geothermal power plant in Landau, Germany, as part of Phase One of its Lionheart Project. The project aims to produce 275 GWh of renewable power and 24,000 tonnes of lithium hydroxide annually, enough for about 500,000 EVs. The contract covers engineering, procurement, and construction on a fixed turnkey basis, with financing expected to be finalised in H2 2025. This marks a major milestone in Vulcan’s plan to supply sustainable lithium and renewable energy to Europe’s battery industry.

EV Resources (ASX:EVR) announced the acquisition of the Milton Canyon Antimony Project in Nevada, strengthening its US critical minerals supply portfolio. The project hosts high-grade historic workings, with assays up to 20.77% antimony, and complements EVR’s Dollar Antimony Project in Nevada and Los Lirios in Mexico. Together, these assets position the company to become a fast-to-market supplier of antimony for the US Department of Defense, Department of Energy, and allied industries, directly aligning with US government supply-chain security goals.