ASX Small Caps Lunch Wrap: Stocks flashing red this morning, as all eyes glued on RBA, Vauban

ASX starts sluggish, eyes on RBA rate decision
Betting favours Vauban for Melbourne Cup win
Domino’s drops, MinRes rises

The ASX is off to a sluggish start on Tuesday, down by 0.6%, mirroring losses on Wall Street overnight.

Traders are also bracing for the Reserve Bank of Australia’s rate decision later at 2.30pm AEST.

But the big question on everyone’s lips is: who will take home the coveted Melbourne Cup trophy this year?

The experts are backing Vauban to bounce back after a disappointing run last year. The seven-year-old gelding, trained by the legendary Irishman Willie Mullins, is the current $6.50 favourite.

Meanwhile, all ASX sectors were flashing red this morning, with Tech stocks lagging the most.

Banks, gold and Mining also struggled.

Oil prices were boosted after OPEC+ delayed its production hike, calming fears of a supply glut, but ASX energy stocks didn’t budge. Traders are closely watching developments in the Middle East after Iran hinted at a potential response to Israel’s recent strikes.

In the large caps space, Domino’s Pizza Enterprises (ASX:DMP)’s shares were down almost 7% after CEO Don Meij announced he’s stepping down after 22 years at the helm.

Mineral Resources (ASX:MIN) bounced back 3% following a sharp drop yesterday after news of founder Chris Ellison’s upcoming exit.

Lifestyle Communities (ASX:LIC) jumped 12% after HMC Capital, the activist investor group led by dealmaker David Di Pilla, revealed it had taken a 2.7% stake in the company.

NOT THE ASX

Over in the US last night, markets were a little bit quiet, and the “Trump trade” unwound as the presidential race tightens.

With polls showing a coin toss finish, traders are pulling back on bets that Trump will win.

US Treasury yields dropped, and the US dollar slid, as a new poll suggested Harris might have a better chance than expected.

Nvidia was up 0.5%, pushing its market cap closer to $3.5 trillion. Nvidia’s ticker will replace Intel in the iconic Dow Jones Industrial Average, starting November 8.

Apple slipped 0.4% after news that Warren Buffett’s Berkshire Hathaway had reduced its stake in Apple by about 25% during the third quarter.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for November 5 [intraday]:

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

Code	Name	Price	% Change	Volume	Market Cap
MNC	Merino and Co	1.450	62%	70,118	$47,503,530
IBG	Ironbark Zinc Ltd	0.003	50%	147,272	$3,667,296
AL8	Alderan Resource Ltd	0.004	33%	1,400,000	$5,727,876
ASR	Asra Minerals Ltd	0.004	33%	425,000	$6,694,674
EXL	Elixinol Wellness	0.004	33%	14,868	$4,680,214
TYX	Tyranna Res Ltd	0.004	33%	450,000	$9,863,776
AD1	AD1 Holdings Limited	0.005	25%	1,794,960	$4,389,394
AYT	Austin Metals Ltd	0.005	25%	20,000	$5,296,765
LPD	Lepidico Ltd	0.003	25%	2,126,691	$17,178,250
AUK	Aumake Limited	0.006	20%	18,128,907	$13,566,205
EPM	Eclipse Metals	0.006	20%	250,000	$11,264,278
JRV	Jervois Global Ltd	0.013	18%	2,082,299	$29,730,402
PPG	Pro-Pac Packaging	0.020	18%	1,150,000	$3,088,691
AAU	Antilles Gold Ltd	0.004	17%	31,016	$5,567,228
DOU	Douugh Limited	0.008	14%	294,613	$7,574,482
SP8	Streamplay Studio	0.008	14%	176,567	$8,054,366
OLH	Oldfields Holdings	0.073	12%	15,783	$13,783,843
BVR	Bellavistaresources	0.510	12%	53,376	$39,843,942
HCT	Holista CollTech Ltd	0.019	12%	5,608	$4,739,601
LIC	Lifestyle Communit.	9.420	11%	797,209	$1,028,703,456
AUG	Augustus Minerals	0.050	11%	721,057	$5,363,614
NC6	Nanollose Limited	0.020	11%	20,000	$3,096,115
ZEU	Zeus Resources Ltd	0.010	11%	500,000	$4,753,558

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Wool producer Merino and Co (ASX:MNC) jumped over 60% this morning before the company’s shares were put on voluntary trading halt.

In a statement, Merino said: “Trading in the securities of the entity will be temporarily paused pending a further announcement.”

Augustus Minerals (ASX:AUG) has acquired the Music Well Gold Project, located 35km north of Leonora in Western Australia’s Leonora/Laverton Greenstone Belt.

The project covers 1,345 km² and is surrounded by major gold mines, including Northern Star’s Thunderbox Mine (4.2 million ounces of gold resources) and Genesis Minerals’ Hub Project (0.7 million ounces). The region has a gold endowment of over 12 million ounces and substantial ongoing production. Augustus aims to explore the area over the next two years, with geophysics, soil sampling, and rock chipping already completed.

Meanwhile Ghana’s Minerals Income Investment Fund (MIIF) is set to invest approximately US$2 million in the Kambale Graphite Project.

This includes US$500,000 in Castle Minerals (ASX:CDT) and US$1.5 million in its subsidiary Kambale Graphite. The investment marks a significant step forward for the project, with MIIF becoming the largest equity shareholder in Castle.

The Ghanaian government is keen to develop a local supply chain for critical minerals, including graphite and lithium, supporting both the Kambale project and Atlantic Lithium. This investment positions Kambale to be part of the growing EV and energy storage supply chains in the US and Europe.

Recce Pharmaceuticals (ASX:RCE) is making significant progress in its Phase II clinical trial for RECCE 327 Topical Gel (R327G), targeting Acute Bacterial Skin and Skin Structure Infections (ABSSSI).

With 20 of 30 patients dosed, the trial is on track to be completed by the end of 2024. Early results are promising, with all patients showing either a complete cure or notable improvement after treatment. Importantly, there have been no serious adverse events reported. The positive outcomes reinforce the potential of R327G as a new solution for complex bacterial infections, including diabetic foot infections.

Imugene (ASX:IMU) announced a milestone in its Phase 1 MAST (Metastatic Advanced Solid Tumours) trial, with a bile tract cancer patient now maintaining a complete response for over two years.

The first cohort of three patients in the Bile Tract Cancer Expansion of the VAXINIA trial has been cleared, with no safety concerns or dose-limiting toxicities. The trial is now open for full enrolment of up to 10 patients. In addition, VAXINIA has received FDA Fast Track and Orphan Drug Designation for its treatment of bile tract cancer, speeding up the development process and offering incentives like market exclusivity upon approval.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for November 5 [intraday]:

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

Code	Name	Price	% Change	Volume	Market Cap
PEK	Peak Rare Earths Ltd	0.120	-37%	1,794,230	$50,621,825
OAR	OAR Resources Ltd	0.001	-33%	357,500	$4,951,252
AKN	Auking Mining Ltd	0.003	-25%	37,337	$1,565,401
BNL	Blue Star Helium Ltd	0.003	-25%	529,774	$10,779,541
BP8	Bph Global Ltd	0.003	-25%	37,800	$1,586,566
SBM	St Barbara Limited	0.360	-22%	16,251,793	$376,437,076
BYH	Bryah Resources Ltd	0.004	-20%	250,000	$2,516,434
INP	Incentiapay Ltd	0.004	-20%	768,229	$6,326,200
SRN	Surefire Rescs NL	0.004	-20%	3,245,000	$9,931,539
LU7	Lithium Universe Ltd	0.011	-19%	6,107,235	$7,666,830
SMN	Structural Monitor.	0.565	-18%	165,856	$94,777,746
PLG	Pearlgullironlimited	0.014	-18%	411,211	$3,477,210
GUE	Global Uranium	0.071	-15%	1,505,609	$22,317,728
ADN	Andromeda Metals Ltd	0.006	-14%	1,380,774	$24,001,035
AOK	Australian Oil.	0.003	-14%	886,000	$3,506,240
PUA	Peak Minerals Ltd	0.006	-14%	200,000	$17,479,772
XAM	Xanadu Mines Ltd	0.055	-14%	12,334,693	$109,824,385
KLI	Killiresources	0.057	-14%	192,629	$9,254,767
CXM	Centrex Limited	0.027	-13%	2,569,742	$26,854,248
BMO	Bastion Minerals	0.007	-13%	395,000	$4,114,940
G88	Golden Mile Res Ltd	0.014	-13%	1,633,001	$6,579,566

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Peak Rare Earths (ASX:PEK) dropped 36% after announcing a $6 million equity placement.

The placement includes two tranches: Tranche 1, raising around $4 million, and Tranche 2, which will raise an additional $2 million. Peak’s largest shareholder, Shenghe, has committed to increasing its stake to 19.9% (subject to shareholder and regulatory approval).

Megado Minerals (ASX:MEG) has secured an agreement to acquire an 80% interest in the Iberian Copper Project, located in Northern Spain. The project spans 956 km², covering a 200 km strike of historically copper-rich areas. Assay results from previous mining activities show high grades, including 9.66% copper and 141g/t silver. Copper is a critical strategic mineral under the EU’s 2024 Critical Raw Materials Act, adding significant value to this acquisition.

IN CASE YOU MISSED IT

The environmental licence for Bubalus Resources’ (ASX:BUS) Nolans East rare earths project has been approved by the Northern Territory Department of Lands, Planning and Environment.

With this in place, the company has paid the required security to the Department of Industry, Tourism and Trade, which issued the statutory Notice of Authority to Commence Mining Activities.

BUS is continuing discussions with the owner of the pastoral station on which Nolans East falls to agree a Land Access Agreement due to a recent change of ownership.

All heritage approvals have already been received for the planned drilling at Nolan’s East pending securing the Land Access Agreement.

Raiden Resources (ASX:RDN) has started drilling at its Arrow gold project after securing all necessary regulatory approvals and heritage survey approvals.

The planned 3500m aircore drill program will test a range of geochemical and geophysical targets in the search for Hemi-style gold mineralisation.

All gold drilling is financed by joint venture partner Mallina Co Pty Ltd with RDN retaining 100% of the lithium-caesium-tantalum rights.

“The commencement of drilling at the Arrow gold project marks the third drilling program to commence in this quarter, which is proving to be a very exciting time for the company and the shareholders,” managing director Dusko Ljubojevic said.

“With the ongoing drilling programs on the Andover South lithium project and the Mt Sholl copper-nickel-PGE deposit, our shareholders now gain discovery potential on an exciting project within an emerging tier one gold district.”

At Stockhead, we tell it like it is. While Bubalus Resources and Raiden Resources are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should really consider obtaining independent advice before making any financial decisions.