Lunchtime ASX small cap wrap: who’s backing a winner today

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Here are the key ASX small cap winners and losers at lunch on Melbourne Cup day:

The ASX Small Ords was up 12 points or 0.4 per cent to 2,615 at 12.30pm AEST.

GOING UP

Buxton Resources (ASX:BUX) jumped 16 per cent this morning after the diversified explorer agreed to buy a project next to its “Merlin” nickel and copper prospect in the West Kimberley region of Western Australia.

Buxton shares gained 2c to an intraday high of 14.5c in morning trade. They’ve fluctuated between 10c and 21.5c over the past year.

Buxton will take over New World Cobalt’s (ASX:NWC) “West Kimberley” project, which includes a continuation of the same type of rock composition as Merlin.

This means it is considered highly prospective for nickel, copper ad cobalt, Buxton told investors.

Lithium explorer AVZ Minerals (ASX:AVZ) jumped 12 per cent to 9.2c after reporting “further high-grade results” from drilling at its Manono project in the Democratic Republic of Congo.

AVZ has “continued to confirm the initial drilling results” at the Manono site which it believes could be one of the biggest lithium deposits in the world.

“Our focus [is] now on moving ahead to the definitive feasibility study,” the company said.

It has received results from a further seven diamond drill holes, none of which were included in the Maiden JORC Mineral Resource estimate reported in early August 2018.

“We are very happy that the scale of the Roche Dure mineralisation [a desposit within the Manono site] continues to grow and we look forward to releasing an updated mineral resource estimate for Manono before the end of the year,” said AVZ’s managing director Mr Nigel Ferguson.

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3D mapper Pointerra (ASX:3DP) bounced 40 per cent to 6.7c — even though there’s been no follow-up news on last month’s signing of two new customer contracts.

Pointerra makes cloud-based technology that manages the huge amounts of data contained in 3D files such as maps. It provides super-detailed mapping datasets without the need for high-performance computing.

Pointera last month surged to its highest level in six months after announcing new customers including a company operating in the autonomous car sector.

Today the stock jumped from 4.8c to an intraday high of 6.8c.

Here are the best performing ASX small cap stocks at 12.15pm AEST Tuesday, Nov 6: 

Swipe or scroll to reveal the full table. Click headings to sort

GOING DOWN

Wind farmer Windlab (ASX:WND) fell 15 per cent to a record low of $1.11 today after its only investor in a Queensland wind farm project pulled out.

UK investor InfraRed Capital Partners pulled out of a 106 megawatt (MW) Lakeland Wind Farm project south of Cooktown, Queensland.

Windlab shares have traded between $1.11 and $1.85 over the past year.

“InfraRed Capital Partners of the UK has withdrawn from the project, citing its inability to price risks associated with the project’s grid connection, including risk of network losses and risk of curtailment,” Windlab said.

Grid connection risk is a rising problem as more and more renewable energy projects are built in areas where transmission lines are not “strong” enough to carry large amounts of intermittent wind and solar-generated energy.

Here are the worst performing ASX small cap stocks at 12.15pm AEST Tuesday, Nov 6: 

Swipe or scroll to reveal the full table. Click headings to sort

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