Daily Special: Racura Oncology, AVITA Medical, Archer Materials, Resolution Minerals

Australian shares turned lower, with the S&P/ASX 200 down 0.14% to 8,628.200 at 12.20pm. The benchmark index is down 1.4% for the week, with materials falling more than 3% as weaker commodity prices weighed on sentiment. Copper retreated from record highs amid concerns elevated prices were curbing Chinese demand, while gold eased as traders reassessed the Federal Reserve’s rate outlook following firmer US inflation data.

Mining stocks led the decline, with BHP and Rio Tinto retreating after recent record highs, while Evolution Mining, Liontown Resources and Mineral Resources also came under pressure. Mineral Resources weakened after managing director Chris Ellison sold 1.75 million shares worth $122.5 million in his first on-market disposal in nine years. In contrast, technology stocks rebounded, with Xero recovering from the previous session’s sharp sell-off, while WiseTech Global and Megaport extended recent gains. The major banks also recovered ground, with Commonwealth Bank rebounding after its record one-day loss, while ANZ, Westpac and National Australia Bank edged higher.

Racura Oncology (ASX: RAC) has received clearance from the Safety Review Committee to escalate the dose of RC220 in its Phase 1 CPACS trial after no dose limiting toxicities or treatment-related safety concerns were identified in the first patient cohort. The trial is assessing RC220 in combination with doxorubicin for advanced metastatic solid tumours, with the next cohort set to receive an 80mg/m² dose. Screening is underway across Australia, Hong Kong and South Korea, while the updated trial protocol will also evaluate RC220’s cardioprotective potential using a blood-based molecular test. The company is advancing RC220 across multiple oncology indications, including acute myeloid leukaemia, EGFR-mutant non-small cell lung cancer, and solid tumours.

AVITA Medical (ASX: AVH) reported first-quarter 2026 revenue of US$19.3 million, up 4% from a year earlier and 10% sequentially, supported by contributions from Cohealyx and improving RECELL utilisation as reimbursement conditions normalised. The company also reaffirmed full-year revenue guidance of US$80 million to US$85 million and announced a 10-year BARDA agreement worth up to US$25.5 million to support US burn emergency preparedness. The wound care company posted an 81.7% gross margin and reduced operating expenses by 11% year-on-year as cost optimisation measures implemented in 2025 continued to flow through. Net loss narrowed to US$10.6 million from US$13.9 million a year earlier. During the quarter, AVITA also announced positive interim Cohealyx I data showing a roughly 20-day reduction in time to skin graft readiness and received regulatory clearance for RECELL GO in Australia and New Zealand.

Archer Materials (ASX: AXE) has advanced development of its Biosensor medical device platform, moving from an alpha prototype to a beta prototype designed for preclinical validation and future clinical trials. The company said its earlier alpha prototype achieved clinical-grade potassium sensing accuracy using its proprietary Biochip technology integrated with microfluidics and readout electronics. The beta prototype is being developed as a manufacturable and user-ready diagnostic platform, with work underway across cartridge engineering, electronics integration and manufacturing preparation. Archer expects the first beta systems to be available for testing in coming months, with further optimisation planned through the second half of 2026 ahead of targeted clinical trial use in 2027. The company has also started early feasibility testing for lithium monitoring applications in patients treated with lithium-based medications for bipolar and mood disorders.

Resolution Minerals  (ASX: RML) has commenced diamond core drilling at its Golden Gate prospect within the Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, targeting both tungsten and gold mineralisation. The 2026 campaign comprises up to 13,700 metres across as many as 45 holes and is designed to define the scale of mineralisation at Golden Gate North and South. The company also reported encouraging initial metallurgy results, with oxide gold samples delivering recoveries of up to 95.5% through cyanidation testing and sulphide samples achieving recoveries of up to 88.7% through flotation testing. Resolution said the work supports ongoing optimisation studies as it advances the project, which sits adjacent to Perpetua Resources’ Stibnite Gold Project.