EEL.AX up 50.00% intraday on ASX 05 Feb 2026: microcap momentum but watch liquidity

EEL.AX stock surged 50.00% intraday on the ASX on 05 Feb 2026, trading up to A$0.002 after opening at A$0.001. The ENRG Elements Limited (EEL.AX) move has drawn attention because volume of 4,266,745 shares is material for this microcap. We assess what drove the spike, how the company’s thin fundamentals and liquidity shape risk, and the market scenarios that could follow.