Gold explorers top last week’s ASX small cap winners and losers list
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A mini gold rush had investors in a lather last week as nearologists rushed out exploration plans in the Pilbara.
Kairos Minerals (ASX:KAI) made a 130 per cent gain for shareholders last week, jumping to 7.2c after announcing it would start exploring “adjacent to the recent gold discoveries announced by Artemis (ASX:ARV), Novo Resources and De Grey Mining (ASX:DEG)”.
The first exploration phase, due to start this week, would focus on Kairos’s Croydon Prospect, close to “one of the major historical alluvial gold mining centres of the Pilbara in the late 19th century”.
Initial results were expected in the next three to four weeks.
A day earlier, De Grey Mining shares more than doubled after it showed off a batch of nuggets from its Pilbara project, Loudens Patch.
Its shares closed up 134 per cent for the week at 15c.
Another Pilbara gold explorer, DGO Gold, had no news – but nevertheless jumped more than 150 per cent, closing the week at $1.61.
DGO told the ASX it had no unannounced information.
The week’s two big floats both delighted investors who managed to get on board.
British oil and gas explorer Doriemus had a stellar ASX debut on Friday, closing at a 92 per cent premium to its issue price after raising $3.5 million.
The dual-listed stock (ASX:DOR) hit a high of 52.5c — more than double its 26c issue price — before cooling to close the day at 50c with more than 300,00 shares changing hands.
Okapi Resources investors celebrated on Thursday as the gold explorer finished its first day on the ASX at a 68 per cent premium.
Chaired by Klaus Eckhof, the stock (ASX:OKR) — which raised $5 million in an initial public offering — skyrocketed as high as 34c, up 70 per cent on its 20c issue price, before cooling slightly to close at 33.5c with 1.8 million shares changing hands.
It was up 65 per cent for the week.
Two of the week’s other big movers, tech investor Fatfish Internet Group and biotech Invion both received speeding tickets from the ASX.
Fatfish Internet Group (ASX:FFG) jumped 141 per cent for the week, closing at 3c.
Invion doubled to 0.5c.
Neither were aware of any unannounced information that could explain heavy buying of their shares.
Here are the best performing ASX Small Cap stocks for Sep 25-29:
At the other end of the table, social marketers Manalto lost 30 per cent after the new board blamed the old board for the company’s woes.
“The new board understand that the existing shareholders had lost confidence in the outgoing directors being able to increase shareholder value and that the outgoing directors were unable to secure any ongoing financial support from existing shareholders or new sources of funding,” the company told investors.
Meanwhile Shaver Shop (ASX:SSG) fell 32.5 per cent for the week after the grooming supplies retailer said it expected lower sales growth for the rest of the year.
“Supply of key products sold through the multi-unit reseller channel have reduced in comparison to the first two months of the financial year, leading to expected moderation in same store sales growth for the remainder of the year,” the retailer told investors.
Here are the worst performing ASX Small Cap stocks for Sep 25-29: