Despite a flat headline index, Australia’s share market is serving up double‑digit moves in small-cap resources, lithium and biotech stocks today.
Market snapshot: quiet ASX 200, loud movers underneath
The S&P/ASX 200 spent Tuesday morning drifting slightly lower, extending a pattern of tight trading ranges as investors waited on the Reserve Bank of Australia’s final interest rate decision for 2025. By late morning, the benchmark was down around 0.1%–0.2%, with breadth skewed to the downside and weakness in energy, gold and parts of tech offset by pockets of strength in resources and healthcare. [1]
Markets are largely positioned for the RBA to keep the cash rate on hold around 3.6% after hotter‑than‑expected inflation and stronger GDP data, even as swaps now lean toward the possibility of the next move being a hike in early 2026. Global context is also in play: traders are watching for a potential 25 bp rate cut from the US Federal Reserve later in the week, and for the impact of China’s steady-but-cautious policy stance on demand for Australian commodities. [2]
Beneath that fairly dull macro surface, though, today’s Australia stock market action is anything but boring. A cluster of small and mid‑caps are posting intraday gains of 20–30% on drill results, licensing deals and funding news, particularly across gold exploration, critical minerals and healthcare.
All percentage moves below refer to late‑morning / midday AEDT data on 9 December 2025 and may differ from the official close. [3]
Biggest ASX stock gainers today (9 December 2025)
1. Cosmo Metals (ASX: CMO) – gold discovery ignites a 30%+ jump
Cosmo Metals is one of the standout winners on the ASX today, with shares in early trade jumping roughly 30–35% to around A$0.02. [4]
The trigger is a price‑sensitive ASX announcement confirming shallow, high‑grade gold from the maiden reverse‑circulation (RC) drill program at the Spring Creek prospect within the Bingara Project in New South Wales. Early assays from the 13‑hole, ~1,000m campaign include an intercept of 6 metres at 9.99 g/t gold from 11m, in hole SCRC016, highlighting the presence of high‑grade mineralisation near surface. [5]
Key context for investors:
- Spring Creek sits on a 12 km mineralised trend (Star of Bingara–Lone Hand) that has seen almost no modern drilling since the mid‑1990s, despite historical shallow holes delivering hits like 6m @ 6.43 g/t Au. [6]
- The new program is designed to test both the near‑surface gold and deeper feeder structures beneath historical work, guided by gold–arsenic soil anomalies. [7]
Today’s move reflects classic exploration re‑rating risk: Cosmo remains a micro‑cap explorer with no production or JORC resource at Bingara, but a single high‑grade intercept has sharply changed market expectations for the project’s potential.
2. Immutep (ASX: IMM) – global licensing deal propels biotech nearly 30% higher
Immuno‑oncology specialist Immutep Ltd is another big gainer, with the share price up roughly 25–30% intraday to the low‑30‑cent range, making it one of the most heavily traded names on the ASX small‑cap healthcare list today. [8]
The catalyst is a strategic collaboration and exclusive licensing deal with India’s Dr. Reddy’s Laboratories for Immutep’s lead drug candidate eftilagimod alfa (efti) in most global markets outside North America, Europe, Japan and Greater China. [9]
Headline deal terms include:
- US$20 million upfront payment to Immutep
- Up to US$349.5 million in regulatory and commercial milestone payments
- Double‑digit royalties on future sales in the licensed territories
- Dr. Reddy’s taking on development and commercialisation responsibilities in those regions [10]
The announcement comes on top of Immutep’s recent update that its AIPAC‑003 Phase II trial in metastatic breast cancer has already satisfied the FDA’s “Project Optimus” requirements and identified 30 mg as the optimal dose for efti, reinforcing its late‑stage potential. [11]
Analyst forecasts:
- Multiple broker‑consensus sources put Immutep’s average 12‑month price target around A$1.10–A$1.20, implying several hundred per cent upside from pre‑deal levels near A$0.26–0.30, with target ranges spanning roughly A$0.46 to A$2.10. [12]
- Street ratings skew “Buy” to “Strong Buy”, though at least one recent TipRanks‑tracked note carried only a Hold with a much more conservative A$0.28 target, underscoring the huge dispersion of views on small‑cap biotech risk. [13]
The takeaway: investors are reacting both to the non‑dilutive funding from the upfront payment and to the external validation that a major generic and specialty pharma player sees commercial value in efti.
3. OD6 Metals (ASX: OD6) – rare earths & copper explorer rides momentum
Rare‑earths and base‑metals explorer OD6 Metals is up by mid‑to‑high‑20% intraday, with the share price around A$0.10–0.11, placing it firmly on the top‑gainers lists by percentage. [14]
While there is no fresh ASX announcement today, several factors underpin the move:
- OD6 is focused on critical minerals, particularly rare earth elements and copper, which have been in the crosshairs of recent critical‑minerals policy shifts and supply‑chain worries. [15]
- Over the past six months, the stock has outperformed the ASX All Ordinaries index by more than 170 percentage points, highlighting strong price momentum even before today’s spike. [16]
Recent corporate activity includes a move to acquire the Gulf Creek copper–zinc project in New South Wales, adding a polymetallic layer to what had been primarily a rare‑earths story. [17]
From a market‑structure perspective, OD6 is a textbook example of micro‑cap momentum: low absolute price, tight free float and exposure to politically sensitive “critical minerals” themes can magnify relatively modest news and order‑flow into large percentage moves.
4. Winsome Resources (ASX: WR1) – Quebec lithium story back in favour
Lithium explorer Winsome Resources is also among today’s biggest Australian stock market gainers, with shares climbing roughly 20–25% intraday to the high‑30‑cent range, after already rallying strongly over the past fortnight. [18]
Winsome is a lithium‑focused exploration and development company with several projects in Quebec’s James Bay region, including its flagship Adina Lithium Project. [19]
Key backdrop for today’s move:
- The company has previously released positive preliminary economic assessment (PEA) results and a mineral resource estimate for Adina, characterising it as a tier‑one lithium asset in a low‑risk jurisdiction. [20]
- Recent drilling at Adina has delivered what management called “impressive” mineralisation, with a combined mineralised length of nearly 160m in one hole, reinforcing the scale potential. [21]
- Consensus data suggests an average 12‑month price target around A$0.76, compared with current levels near A$0.39–0.40, implying substantial upside but also underlining the speculative nature of the stock. [22]
In percentage terms, Winsome has already delivered a roughly 200%+ rebound from its 52‑week low near A$0.12, even after a steep drawdown from earlier highs—exactly the kind of volatility that keeps lithium names near the top of traders’ watchlists. [23]
5. Alchemy Resources (ASX: ALY) – iron ore intercepts fuel a 20%+ surge
Alchemy Resources is riding a wave of interest after releasing maiden RC drilling results from the Southern Ridge iron ore target within its Valley Bore Project in Western Australia. Shares are up around 20–22% in morning trade. [24]
According to coverage of the announcement, standout intercepts include:
- 20m @ 62.9% Fe from 14m
- 22m @ 60.8% Fe from 5m
- 35m @ 60.1% Fe from 42m [25]
The program comprised 15 RC holes (~1,027m) designed as a first‑pass test of depth potential beneath outcropping high‑grade surface ore. Six holes remain pending, with results due later in December, leaving clear short‑term newsflow for traders. [26]
The move slots neatly into the broader market narrative: investors are keenly focused on high‑grade, near‑surface iron ore opportunities that could be fast‑tracked if macro conditions and infrastructure allow.
6. EDU Holdings (ASX: EDU) – student growth vs. policy risk
Education provider EDU Holdings is trading roughly 9–11% higher intraday, around A$0.87–0.89, placing it among the notable gainers with more fundamental, cash‑flow‑driven stories behind them. [27]
Recent research commentary has highlighted:
- A surge in student enrolments, particularly international students, positioning EDU for a significant profit uplift in 1H25 and potentially a structural improvement in cash flow in coming years. [28]
- Ongoing on‑market share buy‑backs, with management recently resuming purchases in the mid‑50c range, signalling confidence in valuation. [29]
However, the rally comes against a backdrop of regulatory overhang. Coverage from local financial media notes that EDU is among the higher‑education providers under scrutiny as the Australian government prepares to cap international student numbers, a move that could blunt growth for the sector if implemented aggressively.
Today’s price action suggests the market is currently weighting near‑term earnings momentum and capital‑management signals more heavily than medium‑term policy risk, but that balance can shift quickly if the details of the cap turn out to be harsher than expected.
7. Sunrise Energy Metals (ASX: SRL) – critical minerals favourite extends its run
Shares in Sunrise Energy Metals—one of the hottest names on the ASX in 2025—are up around 8% intraday to roughly A$6.80–7.00, keeping the scandium developer firmly on the top‑gainers lists despite an already extraordinary year‑to‑date rally.
Today’s incremental driver is a small issuance of 12,506 fully paid ordinary securities, which will be quoted on the ASX under code SRL. While tiny in the context of a market cap above A$1 billion, the move is framed as part of the company’s broader effort to enhance its market presence and fund development work.
Under the hood, the Sunrise story is being reshaped by three major developments over the past few months:
- A Letter of Interest (LoI) from the US Export‑Import Bank for up to US$67 million (~A$103m) in debt financing for the Syerston Scandium Project in New South Wales—roughly half the estimated development cost.
- A five‑year option agreement with Lockheed Martin giving the US defence contractor the right to purchase up to 15 tonnes of scandium oxide, representing about 25% of projected annual production, pending final offtake terms.
- Inclusion in the broader US–Australia critical‑minerals investment framework, which is directing billions of dollars into non‑Chinese supply chains for strategic metals such as scandium, lithium and rare earths.
TipRanks data points to a Hold rating with an A$6.00 target price, even as the stock now trades above that level and boasts a year‑to‑date gain in excess of 3,000%. Technical indicators on the same platform screen the stock as a “Buy” on momentum grounds, underlining the tension between traditional valuation metrics and strategic‑asset scarcity.
8. Elevra Lithium (ASX: ELV / ELVR) – lithium name climbs on expectations of further upside
Elevra Lithium appears midway down the Australia top‑gainers tables but is still posting a notable 8–9% intraday move, with ASX‑listed shares trading around A$5.60–6.20 and its US‑listed ADR (ELVR) hovering in the mid‑30‑dollar range.
Key points supporting the current trend:
- Sell‑side forecasts compiled by financial data providers suggest a median 12‑month target price of about A$8.25, with a high estimate near A$9.50 and a low around A$7.00—implying roughly 40–45% upside from recent ASX levels around A$5.75.
- Earlier this quarter, Macquarie upgraded Elevra with an Australian‑dollar target price implying more than 20% upside at the time, prompting a sharp 9% jump on the day of that note.
- Consensus models point to annual revenue growth of about 14% and earnings growth above 100% in coming years, though recent financials still show substantial reported losses as the company invests heavily in development.
Investors chasing today’s move are essentially betting that lithium prices stabilise and that Elevra can translate scale and cost advantages into positive free cash flow faster than currently baked into conservative models.
9. Race Oncology (ASX: RAC) – fresh funding for lung‑cancer trial lifts sentiment
On the healthcare side, Race Oncology is another name tracking higher, with shares up close to 9% intraday to around A$2.90, placing the cancer‑drug developer among the notable ASX gainers by percentage and by absolute price move.
The main news driver is a A$3.22 million private placement to “supportive existing sophisticated shareholders” to fund the HARNESS‑1 Phase 1a/b trial of RC220 in combination with AstraZeneca’s Tagrisso (osimertinib) for non‑small cell lung cancer.
Placement details include:
- 1,139,028 new shares to be issued on 10 December at A$2.83 per share
- The issue price represents a 6% premium to the last close of A$2.67 on 8 December and is broadly in line with the recent five‑day VWAP
The premium pricing and the fact that the round was covered by existing sophisticated investors are being read as votes of confidence in the trial program, in contrast to many biotech capital raisings that price at a discount and trigger selling pressure.
What today’s top gainers say about the Australian stock market
A few themes stand out from today’s list of biggest stock gainers on the ASX:
- Stock‑specific catalysts still matter in a macro‑driven market
- Even as the index trades sideways ahead of the RBA and US Fed meetings, discrete events—drill hits, licensing deals, strategic funding—are generating 20–30% single‑day moves in smaller names.
- Critical minerals remain in the policy spotlight
- Sunrise Energy Metals, Winsome Resources, Elevra Lithium and OD6 Metals all sit at the intersection of energy transition, geopolitics and industrial policy, benefiting from US‑Australia critical‑minerals frameworks, EXIM Bank support and strategic offtake discussions.
- Healthcare and biotech are regaining momentum
- The Immutep–Dr. Reddy’s deal, Race Oncology’s funded HARNESS‑1 program and broader interest in healthcare stocks globally suggest capital is rotating back toward long‑duration growth stories in life sciences after a difficult couple of years.
- Regulatory risk is a key swing factor
- EDU Holdings’ jump sits alongside mounting concerns over a potential cap on international students, which could reshape the economics of Australian higher education exports. Today’s move underlines that markets can simultaneously price near‑term earnings upgrades and long‑term regulatory risk—often in unstable proportions.
Analyst forecasts and risk considerations
Across today’s biggest gainers, analyst and model‑based forecasts tend to imply sizeable upside from current prices—but also underscore how uncertain these trajectories are:
- Immutep (IMM) – average 12‑month target around A$1.10–1.20, several times today’s price, but with a wide range of valuations and the usual high binary risk attached to clinical and commercial milestones.
- Sunrise Energy Metals (SRL) – a TipRanks‑tracked analyst target of A$6.00 now sits below the market price after a parabolic run, while commentators debate whether US EXIM support and the Lockheed option justify further re‑rating or call for caution.
- Elevra Lithium (ELV) – median target of A$8.25 versus recent levels around A$5.75, with models banking on strong revenue growth and a swing toward profitability despite current losses.
- Winsome Resources (WR1) – average target near A$0.76 against a price in the high‑30‑cent range, but entirely dependent on the eventual economics and financing of Adina and related Canadian lithium assets.
For all of these names, investors face some combination of:
- Exploration and resource‑definition risk
- Development and capex‑inflation risk (particularly in critical minerals)
- Clinical, regulatory and competitive risk (in biotech)
- Dilution risk from future capital raisings
- Macro uncertainty around rates, commodity prices and policy regimes
None of today’s sharp moves change the underlying reality that these are high‑risk segments of the Australian stock market, where volatility is a feature rather than a bug.
Bottom line
On 9 December 2025, the headline ASX 200 may look uneventful, but underneath, a series of company‑specific catalysts in gold exploration, scandium and lithium development, education services and cancer immunotherapy are driving some of the biggest stock gains on the Australian market.
For traders, today is a reminder that newsflow and narrative can overpower macro drift, at least for a day. For long‑term investors, the challenge is separating durable fundamental change—like Immutep’s global licensing deal or Sunrise’s EXIM‑backed funding path—from the kind of noise that often accompanies speculative rallies in small‑cap resources.
References
1. www.marketindex.com.au, 2. www.brecorder.com, 3. www.marketindex.com.au, 4. stockhead.com.au, 5. www.marketindex.com.au, 6. discoveryalert.com.au, 7. www.linkedin.com, 8. au.investing.com, 9. www.immutep.com, 10. www.stocktitan.net, 11. www.immutep.com, 12. www.marketscreener.com, 13. www.tipranks.com, 14. www.marketindex.com.au, 15. www.marketindex.com.au, 16. www.stockopedia.com, 17. smallcaps.com.au, 18. stockhead.com.au, 19. smallcaps.com.au, 20. winsomeresources.ca, 21. smallcaps.com.au, 22. fintel.io, 23. www.intelligentinvestor.com.au, 24. stockhead.com.au, 25. stockhead.com.au, 26. stockhead.com.au, 27. au.investing.com, 28. www.thesis-tracker.com, 29. x.com
