Lunchtime ASX small cap wrap: Who’s faking it till they make it today?
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US markets were buoyed last week by a healthy jobs report, not too strong wage data, and positive murmurs around US-China trade talks, according to Fat Prophets.
This positive sentiment flowed through to Aussie markets, with the ASX Small Ords trading 0.63 per cent higher on Monday morning at 2,781.80 points.
Junior explorer Twenty Seven Co (ASX:TSC) jumped nearly 67 per cent to 0.5c on news it had picked up more ground, expanding the size of its Rover project in Western Australia to around 260 sq km.
The new licence covers the historic “Creasy 1” gold prospect, where past drilling returned shallow hits of gold.
CEI Ian Warland told investors the new ground gives Twenty Seven Co a dominant position in two highly prospective and underexplored Archean greenstone belts in an area with known significant gold, nickel and cobalt anomalism.
King Island Scheelite’s (ASX:KIS) share price advanced nearly 51 per cent after it revealed it had locked in an off-take agreement with a “world-leading” supplier of tungsten powders.
The company will supply 140,000 tonnes of tungsten to Austria’s Wolfram Bergbau und Hutten AG, a wholly owned subsidiary of Sandvik, over a four-year period.
The deal accounts for about 20 per cent of proposed production from King Island’s Dolphin mine in Tasmania.
The news saw shares hit a high of 9.8c today.
Underwater drone and robotics company Aquabotix (ASX:UUV) climbed as much as nearly 43 per cent to trade at an intra-day high of 2c before edging back to 1.7c by midday.
The company said it had been awarded a contract worth about $US30,500 to supply its SwarmDiver system to the United States Navy.
Aquabotix manufactures and sells commercial and industrial-grade underwater drones for commercial, industrial and military purposes.
Base and precious metals explorer Valor Resources (ASX:VAL) also moved on no news, gaining 50 per cent to 0.3c.
Here are the best performing ASX small cap stocks at midday on Monday, April 8:
Oil and gas explorer Red Sky Energy (ASX:ROG) dipped over 33 per cent to 0.2c on no news.
Gold minnow Cervantes Corp (ASX:CVS) is down 25 per cent today at 0.3c after getting a grilling from the ASX.
The company responded on Friday night to a series of ASX queries about the timing and accuracy of drilling announcements pertaining to its Albury Heath gold project — most of which took place in January when the company was also carrying out a capital raising.
Here are the worst performing ASX small cap stocks at midday April 8: