Closing Bell: Today’s biggest small cap movers on the ASX
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A quick wrap of the key winners and losers on Monday, May 11.
Data is taken after the market closes at 4pm EST.
Stocks highlighted in yellow made potentially market-moving announcements during the day.
Leading the pack from post to post was explorer TNT Mines (ASX:TIN), which is in the process of acquiring a high grade uranium-vanadium project in Utah.
The purchase could be both strategic and timely, as the US government moves to support domestic uranium production ahead of a broader positive trend for uranium pricing over the next 15 years.
The stock was up +200 per cent for much of the day.
Gold explorer Classic Minerals (ASX:CLZ) received a nice 50 per cent bump after raising $800,000 to fund an upcoming drilling program at at its flagship Kat Gap and Forrestania projects.
Beleaguered pot stock Elixinol Global (ASX:EXL) is up +46 per cent after a class action lawsuit against the company was withdrawn – a “vindication of the company’s position that its products are accurately labelled and that the plaintiffs’ misleading conduct claims were without merit”, it says.
New investor favourite Archer Materials (ASX:AXE) jumped another +40 per cent today after a European patent application over its quantum computing chip tech moved to the next stage.
The stock surged earlier this month after announcing a non-monetary agreement with computing behemoth IBM.