The ASX Small Ords index was down 1.4 per cent to 2693.7 at 1pm AEDT. Here are the key small cap gainers and decliners at 1pm AEDT:

In the green

Copper and gold junior Kalia (ASX:KLH) was trading up 42 per cent to 1c following a move to up its ownership of the Mt Tore Project announced earlier this week.

Under the agreement, Kalia will own 100 per cent of available non-landowner interest in the project, allowing it to explore the site in Bougainville — the island that is also home to the giant Panguna mine, now held by RTG Mining.

The company — which previously was pinged for negative cashflows — will take on $3 million in debt to fund the project, which it says holds “exceptional potential”.

A thick, high-grade cobalt and nickel discovery boosted Venus Metals Corp (ASX:VMC) by 29 per cent to trade at 15.5c at 1pm AEDT.

Venus found mineralisation zones that could extend over strike lengths of 1.8km and 1km at its Estonia prospect, encountered at shallow depth.

RhinoMed (ASX:RNO) shares jump 22 per cent to 13.5c.

An increase in chief Michael Johnson’s pay means he will take home $325,000 as fixed renumeration, with a bonus of $150,000 if he reaches financial, innovation and business development plan targets before June.

Mining equipment provider LaserBond (ASX:LBL) surged 20 per cent on Friday to 14.5c by lunch.

Results released earlier this week showed it was growing revenue by 35 per cent, but profit was  down 57 per cent to $160,000.

LaserBond told investors there was further growth to come from an increase in resource activity — a sentiment echoed across the mining services sector.

Central Petroleum (ASX:CTP) was trading up 19 per cent at 12.5c after a consumer watchdog decision to allow the company to jointly market its gas with Macquarie Mereenie.

The two companies are joint venture partners at the Mereenie oil and gas field, 250km west of Alice Springs.

The ruling means the pair can begin negotiating joint supply agreements ahead of the establishment of the Northern Gas Pipeline linking the Northern Territory to the east coast gas markets later this year.

Taruga Gold (ASX:TAR) slipped back 32 per cent after a triumphant resumption of trading yesterday.

The stock doubled to heights of 39c yesterday, but was trading at 23.5c by 1pm AEDT.

The company — which counts Klaus Eckhof as an advisor — backed out of a cobalt and copper deal in the Congo earlier this year. But it has put its foot on a 7.5 sq km lithium project in the same country.

Medical instrument maker Medigard (ASX:MGZ) slipped 14 per cent to trade at 1.8c.

Its results released earlier this week reported a loss of $504,000 for the half, with $27,633 in revenue.

Directors said royalties from sales of its blood collection device were slower than expected and they would review a number of new technologies such as next-generation needles.

K2 Energy (ASX:KTE) dropped 21 per cent to 1.1c on no news at 1pm AEDT.

Recent results showed revenue dropped 98 per cent to just $263.

Redbank Copper (ASX:RCP) settled down 12 per cent to 4.4c after highs of 5c earlier this week.

It told the market on Tuesday it had reviewed its tenures and was now actively targeting cobalt at its site.

China-focused exporter JATenergy (ASX:JAT) also settled from highs earlier this week — down 9 per cent to 16c.

The company resumed trade last week and as much as trebled its share price, but it remains on close watch from the regulator.