Lunchtime ASX small cap wrap: who’s kicking it and who’s flying backwards
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Here are the key ASX small cap winners and losers at 12.15pm AEST Wednesday.
The ASX Small Ords index was steady at 2,806 by lunch.
Cancer drug maker Immutep (ASX:IMM) was heavily traded this morning after announcing new data from a Phase I clinical trial.
The shares rose 13 per cent to 3.5c with more than 15 million changing hands. The stock was at 3.4c at 12.30pm AEST.
This study is evaluating Immutep’s lead product eftilagimod alpha (or “efti”) in combination with another drug pembrolizumab in melanoma patients that have had a poor response or disease progression with pembrolizumab alone.
“The new data is very encouraging, further supporting our hypothesis that the combination of efti and pembrolizumab may be a hopeful solution for cancer patients,” said CEO Marc Voigt.
Gateway Mining (ASX:GML) was also trading up after making “a strong start” to the maiden exploration program of its Gidgee gold project in Western Australia.
The shares gained 24 per cent to a morning peak of 3.1c before settling to 2.9c by 12.35pm AEST.
Gidgee is a 300 sq km project that has historically produced some 1.5 million ounces of gold.
Initial assay (or lab test) results were “clearly demonstrating the potential for a significant high-grade gold system” at a prospect called “Whistler”.
“The results confirm both the quality and accuracy of the historical drilling beneath the previously mined Whistler Open Pit and clearly demonstrate that, with additional drilling, there is excellent potential to delineate a high-quality, large-scale gold mineralised system,” the company said.
Newly-listed Galileo Mining (ASX:GAL) continued to rise after a spectacular ASx debut yesterday.
The Mark Creasy-backed Galileo was up another 24 per cent at one point this morning after almost doubling its issue price in Tuesday intraday trade.
Galileo raised $15 million selling shares at 20c apiece in an initial public offer to fund development of cobalt and nickel projects in Western Australia.
The stock reached a high of 38c before cooing to 36.5c at 12.40pm AEST.
The ASX’s newest high purity alumina (HPA) play Andromeda Metals (ASX:ADN) rose 17 per cent today after announcing first results from testing of a sample from its new Carey’s Well site in South Australia.
Andromeda last month struck a joint venture deal with Minotaur Exploration (ASX:MEP) to acquire up to 75 per cent of the HPA project for expenditure of $6 million over five years.
HPA — created from aluminous clay using various chemical procedures — is used as a base material for making lithium ion battery components, LED lights, electronic displays (including smart phone glass) and surgical tools.
There are only about five ASX-listed HPA players — and they have enjoyed impressive share price gains over the past year.
The tests showed 99.9855 per cent purity with “extremely low level of impurities”. Planning for additional testing was now underway.
The shares were trading at 0.7c at 12.40pm AEST.
Botswana-focused copper and silver explorer Kopore Metals (ASX:KMT) moved ahead 11 per cent to 3c this morning after reporting its quarterly activities and cashflows.
Last quarter Kopore appointed new chairman Peter Meagher. Mr Meagher was previously chairman of Extract Resources where he “performed a key role in the early development of the company’s projects in neighbouring Namibia prior to being acquired by China Guangdong Nuclear Power Group in 2012 for $2.2 billion”.
Kapore last quarter reported “up to 11km in strike length” surveyed in airborne surveys indicated “geometry comparable to known copper projects elsewhere on the Kalahari Copper Belt”.
Infant formula exporter JatEnergy (ASX:JAT) was up 12 per cent at 14.5c after deciding to open a bricks-and-mortar retailer in China.
The company is opening a maternity and children store in a shopping mall owned by its director Xipeng Li, in Zhengzhou, the capital of Henan province.
Internet of Things developer Xped (ASX: XPE) continued to rise today after signing a deal earlier this week with US start-up Heuresy Labs to develop a hardware security device that provides authentication and encryption.
On Monday Xped gained 40 per cent after announcing the deal would bring in “the first significant cash flow realised from the commercialisation of its core technologies”.
The shares were up 33 per cent to 0.4c at 12.45pm AEST Wednesday.
Here’s a snapshot of the best performing ASX small caps at 12.15pm AEST Wednesday:
Sustainable resource developer Greenpower (ASX:GPP) fell 14 per cent to 0.6c today after admitting it had to chuck out the results of two recent tests at Monash University.
Greenpower is working to commercialise its green coal technology Oxidative Hydrothermal Dissolution (OHD) which liquifies coal to “dramatically and cost effectively spur the growth of new plants”.
The aim is to create organic chemicals that can be used to help increase world food production without increasing the use of energy or space.
Late last year Monash University and Chisholm TAFE College undertook two studies of OHD examining its potential to grow tomatoes. The results were reported to Greenpower this month.
“Regrettably, the results from both studies have had to be discarded by Greenpower, as unbeknown to Monash, the OHD material … was at a substantially different strength to that which Monash thought they had received and were utilising.”
New tests are now being planned.
Here’s a snapshot of the worst performing ASX small caps at 12.15pm AEST Wednesday: