Lunchtime ASX small cap wrap: who’s scoring so far today
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Here are today’s notable ASX small cap gainers and decliners at 1pm AEDT Monday.
The ASX Small Ords was up 1 point at 2,740 by 1pm AEDT.
Broken Hill Prospecting (ASX: BPL) gained 26 per cent to 10c by 1pm AEDT Monday — after hitting an intraday high of 12c.
The tech metal explorer announced “a significant upgrade” for its Thackaringa cobalt project near Broken Hill in central NSW.
BPL announced a 31 per cent increase in total tonnes and a 23 per cent increase in contained cobalt (to 61,500 tonnes) compared with the last estimate in June.
“This represents a major step forward in the project’s viability,” the company told investors.
Cancer drug maker Patrys (ASX:PAB) hit a new high of 7.6c today after tests showed its PAT-DX1 drug candidate “significantly improves survival in animals with gioblastoma”.
Glioblastoma is an aggressive, highly malignant form of brain cancer that acounts for 17 per cent of all primary brain cancers. Almost 12,000 new cases are diagnosed in the US each year.
Patrys shares have been soaring since it provided evidence last month to show its brain tumour treatment could cross the blood-brain barrier and reduce the size of a growth.
“Based on groups of seven mice in each study arm, mice treated with PAT-DX1 showed a median survival of 87 days, more than 20 per cent longer than controls (median 72 days),” the drug developer told investors on Monday morning.
The shares went into overdrive with some 70 million changing hands by 11.30am AEDT.
The stock was trading at 6.8c by 1pm — up 26 per cent on Friday’s close.
Peninsula Mines (ASX:PSM) rose to 1.4c after telling investors it had received “high-grade results” samples at its Gapyeong graphite project, 50km east of Seoul in South Korea.
“The new rockchip and channel sampling results … confirm the high-grade graphite resource potential of this large and intensely conductive graphitic unit,” the company said.
“Resource-delineation drill planning is underway and drilling will commence as soon as the metallurgical testing is progressed and access agreements are finalised with local landholders.”
In the “no news is good news” department Golden Cross Resources (ASX:GCR) put on 50 per cent to 1.5c, Ask Funding (ASX:AKF) gained 43 per cent to 3c and Environmental Clean Technologies (ASX:ESI) rose 9 per cent to 1.2c.
Zyber (ASX:ZYB) — one of the most speculated small caps in recent times — fell 27 per cent to 1.9c by 1pm AEDT Monday after resuming trade and announcing a potential investment had fallen through.
“The Board of Zyber advises that the investment in the private company that it was reviewing will not be proceeding,” the company told investors on Monday morning.
“The Board will continue to review opportunities to further develop the Zyber platform and its portfolio of product offerings.”
In January the shares surged on expectation of a potential blockchain deal before falling back to earth.
Tikforce (ASX:TKF), a workforce compliance platform that verifies employee identities and credentials, fell 33 per cent to 1.4c by 1pm AEDT Monday after its shares resumed trade.
Tikforce is raising up to $2 million via a convertible note to “fund working capital requirements and for debt restructuring purposes” via corporate advisory Regency Corporate.
Regency gets to appoint a director and company secretary.
“Via this agreement with Regency Corporate, we have secured the company’s immediate future,” said TikForce boss Kevin Baum.
Elsewhere, profit-takers pushed “hearables” play NuHeara (ASX:NUH) down 13 per cent to 11.7c after a spectacular performance last week.
TBG Diagnostics (ASX:TDL) was down 15 per cent to 6.1c on no news.
Lithium and cobalt exporer Cougar Metals (ASX:CGM) lost 14 per cent to 0.6c by 1pm AEDT Monday.