Lunchtime ASX small cap wrap: who’s speeding ahead today

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Here are the key ASX small cap winners and losers at lunch Monday Nov 5:

The ASX Small ords index was down 0.08 per cent or 2 points to 2625.8 at 12.30pm AEST

GOING UP

Kids smartwatch-maker MGM Wireless (ASX:MWR) hit its highest point since 2017 today after signing a New Zealand distribution deal.

Spark, a $6.6 billion dollar telecommunications provider, will stock MGM’s “Spacetalk” smartwatch across its 73 New Zealand stores starting November 14.

The news bumped MGM ahead 16 per cent to an intraday high of $3.65 — its highest point since November 2007.

The stock is up ten-fold compared to the 36.5c it was fetching this time last year before a transition from messaging to smartwatches.

Impact Minerals (ASX:IPT) jumped 27 per cent to 1.4c after mining magnate Andrew Forrest increased his stake to almost 15 per cent.

Mr Forrest’s investment vehicle Squadron Resources, which first invested in Impact in 2015, now owns 14.8 per cent of the junior gold and base metals explorer.

The company had $2.7m in cash on hand at the end of the September quarter and is currently exploring a number of projects, including its Blackridge conglomerate gold project, which it announced plans to take 95 per cent of in May.

Tiny Jadar Lithium (ASX:JDR) doubled to 1.5c this morning before going into a trading halt ahead of an announcement expected on Wednesday.

Last month Jadar agreed to buy exploration ground near an advanced project in Austria owned by fellow battery metals hopeful European Lithium.

The under-explored exploration ground was “strategically placed for European manufacturers using lithium”, according to Jadar.

Jadar – which began its foray into lithium exploration in December 2017 – will acquire an 80 per cent share in the exploration licences from private company Exchange Minerals, with first right of refusal over the remaining 20 per cent.

Gina Rinehart-backed Lakes Oil (ASX:LKO) doubled t0 0.1c after moving ahead with an appeal against a court’s rejection of its bid to over-turn Victoria’s ban on gas exploration.

Tiny Lakes Oil  — which is 11 per cent owned by Ms Rinehart’s Hancock Prospecting — last month lost its fight to overturn Victoria’s ban on gas exploration.

The Victorian Supreme Court rejected Lakes Oil’s claims that the government’s state‐wide moratorium on on‐shore gas exploration was unlawful or ineffective.

Lakes chairman Chris Tonkin told Stockhead ahead of the decision — that “it’s likely that we would appeal if it did get to that situation”.

“The company considers that his Honour erred in arriving at his decision,” Lakes Oil said today.

Lakes Oil has filed an “application for leave to appeal”. A response is due November 30.

Australian Mines (ASX:AUZ) rose today on the back of positive driling results at its Sconi cobalt, nickel and scandium project inland from Townsville, Queensland.

The stock gained 13 per cent to an intraday high of 5.3c — close to a two-month high.

AusMines reckons Sconi is “one of the most advanced projects of its type in Australia and represents far more than just an emerging cobalt + nickel + scandium mining project.

“The Sconi project will become a fully-integrated chemical processing operation capable of delivering battery-grade cobalt sulphate and nickel sulphate to our off-take [sales] partner, Korean-based SK Innovation, for direct application at their global electric vehicle battery manufacturing plants without the need for Australian Mines’ cobalt and nickel products to undergo any further processing.”

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Pilbara explorer Artemis Resources (ASX:ARV) moved ahead 11 per cent to 15.5c on the back of three more gold discoveries near its Radio Hill processing plant.

That’s still well down on the 59c it touched at the peak of the Pilbara gold nugget rush last year, however.

Artemis (ASX:ARV) found up to 11.4 grams per tonne gold in rock chip samples across a 4.5km long surface anomaly at the ‘Patterson’s Hut’ prospect. It also found more than 5 grams per tonne across 14km at ‘Ruth Well North’ and a number of nuggets across two 1km trends at its ‘Pipeline’ target.

Anything above 5 grams per tonne is considered a high-grade gold find.

Here are the best performing ASX small cap stocks at 12.30pm AEST Monday, Nov 5: 

Swipe or scroll to reveal the full table. Click headings to sort

GOING UP

Cyber security company WhiteHawk (ASX:WHK) cooled off today after more than doubling last week on the back of a deal to consult for the US government.

The stock jumped from 4c to 8.7c last week — but today fell back 11 per cent to an intraday low of 7.5c.

WhiteHawk — a cloud-based cyber security exchange platform — will provide a tailored version of its 360 Cyber Risk Framework service to various US government departments so they can beef up defences against attacks.

The stocks listed at 22c in January.

Here are the worst performing ASX small cap stocks at 12.30pm Monday, Nov 5: 

Swipe or scroll to reveal the full table. Click headings to sort

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