Hot Stocks: Dimerix, NRW Holdings, Nova Minerals

Wall Street edged higher overnight, as Nvidia’s blowout earnings reignited tech optimism. The chipmaker jumped more than 3% after posting US$44bn in quarterly revenue, driven by soaring demand for its new Blackwell AI chips—despite an $8bn hit from China export controls. That helped lift the S&P 500 by 0.4%, the Nasdaq by 0.39%, and the Dow by 117 points.

But political uncertainty loomed, after a US trade court struck down Trump’s sweeping tariffs—only for an appeals court to temporarily reinstate them. The White House is now eyeing a Supreme Court appeal, setting the stage for a drawn-out legal battle over executive powers and trade.

Meanwhile, Fed Chair Jerome Powell met with President Trump for the first time since his return to office. Trump pressed for rate cuts, but Powell held firm, reiterating the Fed’s independence and data-driven approach. Powell remains in his role through 2026.

Dimerix (ASX:DXB) has opened its first clinical trial site in Japan for the Phase 3 ACTION3 study of DMX-200, targeting FSGS (a rare kidney disease), and has triggered a ¥400 million (~AU$4.3m) milestone payment from its Japanese partner FUSO Pharmaceutical. The trial site activation marks a key regulatory milestone in Japan, with approximately 20 patients to be recruited locally. The FUSO agreement is part of a broader licensing strategy that could yield up to AU$1.4bn in milestone payments and royalties. Dimerix retains responsibility for global trial delivery outside Japan and continues to pursue licensing deals in unpartnered territories.

NRW Holdings’ (ASX:NWH) subsidiary Primero Group has secured a AU$157m contract from Rio Tinto for the design and construction of non-process infrastructure at the Hope Downs 1 mine in Western Australia. The project includes design, installation, and commissioning of facilities, with completion expected by December 2026. This reinforces Primero’s role as a key infrastructure partner to Rio Tinto and underscores NRW’s strong pipeline of work in the Pilbara. Site works will begin in late 2025 after approvals.

Nova Minerals (ASX:NVA) has completed its first-phase exploration program at the newly acquired Lionheart Project in Canada, identifying multiple zones of outcropping lithium-bearing pegmatites. Mapping and sampling revealed high-grade spodumene mineralisation, with assays up to 5.2% Li2O. The company will now commence permitting and drill planning to test depth extensions and resource potential. The announcement underscores Nova’s strategic pivot to battery metals and enhances its foothold in a prospective Canadian lithium province.