Here are the key ASX small cap winners and losers at lunch Thursday December 13:

The ASX Small Ords was up 16 points or 0.6 per cent to 2,530.6 at 12.15pm AEST.

Miner Ramelius Resources (ASX:RMS) has made an “improved, best and final” off-market takeover offer for sought-after gold junior Explaurum (ASX:EXU).

And investors approve, sending the Explaurum shares up almost 30 per cent in morning trade to 11c per share.

The dramatic three-month wrestle for Explaurum looked like it was over in late November, after mid-tier gold miner Ramelius bailed on its hostile takeover bid because it couldn’t beat an alternative offer made by Alkane Resources (ASX:ALK).

Ramelius now says it will improve its offer to about 13.4c per share – a 57 per cent premium to Explaurum’s last closing price and a 11.7 per cent premium to the Alkane transaction.

Casino owner Donaco International (ASX:DNA) believes its current share price is “in no way reflective of the value of the company’s assets” and so it is launching a strategic review to “consider various ways to eliminate or restructure the Mega Bank debt, and free up cash flow to conduct capital management initiatives”.

That sent shares up a whopping 116 per cent to 7.6c.

The debt owed is equivalent to $55.3m Australian dollars.

Shares in Eon NRG (ASX:E2E) shot up 30 per cent to 1.3c this morning after it told investors it had successfully re-completed a gas well at its Silvertip Field.

“The well will be monitored and tested over the next 60 days to determine if the gas flow can be increased by implementing an acid wash to remove the cement damage. The well is now online and gas is being sold with existing production,” it said.

It’s been a little quiet on the Pilbara gold front of late, but today the market stirred briefly on news Castle Minerals (ASX:CDT) had found more gold while panning at its Beasley Creek project.

The news moved shares a little, albeit on low volume. Castle was up more than 11 per cent at 1c in morning trade.

The junior explorer panned fine-grained gold from 21 of the 39 bulk samples of stream sediments draining the Hardey and Mt Roe conglomerates at Beasley Creek.

Here are the best performing ASX small cap stocks at 12.15pm Thursday December 13: 

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ASX Code Name Intraday price change Price 12:30pm Volume Market cap
DNA Donaco International 116% 7.6c 23,870,480 $30.5m
IKW Ikwezi Mining 100% 0.2c 5,165,000 $1m
HCO Hylea Metals 100% 0.2c 299,999 $1.8m
OEX Oilex 40% 0.7c 1,810,025 $11.8m
LRS Latin Resources 33% 0.4c 1,062,000 $8.3m
QFY Quantify 33% 0.8c 2,721,604 $4.9m
MSR Manas Resources 33% 0.4c 2,100,000 $7.9m
E2E Eon NRG 30% 1.3c 8,748,901 $4.1m
HGM High Grade Metals 27% 1.5c 180,000 $3.3m
EXU Explaurum 26% 11c 5,311,637 $40.9m
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Mortgage Choice (ASX:MOC) shares hit an eight-year low on Thursday morning after it issued a profit downgrade.

The company has warned investors its 2019 profit will be up to 15 per cent lower than original forecasts due to a slowing property market.

That sent the shares down half a per cent to $1.18, the lowest point in more than eight years.

Shares in Flinders Mines (ASX:FMS) fell 36 per cent to 4.5c after it told investors this morning that it was looking to delist from the ASX.

“Due to various challenges faced by the company in continuing to progress the Pilbara Iron Ore Project, it is the board’s unanimous view that the delisting is in the best interests of Flinders’ shareholders at this time, due to the lack of capital support from public markets, low levels of trading liquidity of Flinders shares, concentrated shareholding, costs associated with maintaining the ASX listing, greater potential access to future funding alternatives as an unlisted company and the company’s material future capital requirements,” it said.

Here are the worst performing ASX small cap stocks at 12.15pm Thursday December 13: 

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ASX Code Name Intraday price change Price 12:30pm Volume Market cap
LHB LionHub Group -50% 2c 50,000 $33.1m
FMS Flinders Mines -50% 3.5c 2,538,751 $244m
AGE Alligator Energy -25% 0.3c 28,750 $4m
KPL Kina Petroleum -21% 5.7c 10,000 $27.6m
GIB Gibb River Diamonds -20% 5.1c 50,000 $11.5m
SLZ Sultan Resources -20% 10.5c 876,249 $3.3m
AUT Auteco Minerals -20% 0.4c 1,000,000 $4.5m
TTB Total Brain -16% 3.1c 228,500 $19.7m
ENT Enterprise Metals -15% 1.1c 14,874 $5m
MTC Metalstech -14% 3c 72,760 $1.9m
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