Lunchtime small cap wrap: who’s scoring and who’s dropping the ball
Link copied to
Here are the key ASX small cap winners and losers at 12pm AEDT.
The Small Ords was up 10.6 points at 2729 by 12.45pm AEDT.
In the green
Underground coal gasification tech Carbon Energy (ASX:CNX) was the biggest winner on Friday morning despite no news in the market.
Gasification is a process that converts organic or fossil fuel based material into synthetic gas and carbon dioxide.
Carbon Energy is looking to commercialise its technology — starting with projects in China in lieu of its Queensland projects after a moratorium was introduced for UCG last year.
Palm oil producer Sterling Plantations (ASX:SBI) hit the 1c mark, up 25c in morning trade.
It is developing a 11,000 acre oil palm plantation in Malaysia and had $745,000 left in the kitty at the end of December.
Thomson Resources (ASX:TMZ) surged 20 per cent to trade at 6c.
Earlier this week the company announced the completion of its latest drilling program at Bygoo near Ardlethan in NSW as well as at Bald Hill, and at the Harry Smith project for prospective gold.
Multiple quartz veins were encountered in all holes, hosted by Ordovician shale and sandstone and a total of 424 drill samples taken for testing.
Results are expected in early April.
Key investor Australian Mineral & Waterwell Drilling upped its stake in the company to fund advances for exploration activity — taking its holdings to a 8.57 per cent stake.
Queensland miner Moreton Resources (ASX:MRV) climbed 9 per cent at 1.2c.
Earlier this month the company told shareholders it was taking strides at its South Burnett coal project, with three drill holes returning excellent results.
Early indications supported a mine plan review — expected to be completed later this month.
Dempsey Minerals (ASX:DMI) rose 16 per cent to trade at 14c.
News of its acquisition of an Argentinian Lithium project has buoyed the stock since last month, reaching highs of 16c just two weeks ago.
In the red
Since the announcement of a strategic review, Lion Energy (ASX:LIO) has been on a downward ride.
Today, it fell 22 per cent to trade at 3.9c.
Less than a month ago its board said it was reviewing its oil and gas assets with a view to rationalise any non-core assets to focus on a production oriented portfolio of projects.
Results of the review are expected this month.
Wolf Petroleum (ASX:WOF) continued its trip south, taking a 20 per cent hit to trade at 1.2c.
The stock was the worst performer at midday yesterday but there’s still no news in the market.
Cross-border investors ASF Group (ASX:AFA) got booted out of the All Ordinaries today.
The stock fell 18 per cent to trade at 18c on the news.
Castillo Copper (ASX:CCZ) told the market it had extensive mineralisation at its Cangai Copper Mine, but investors weren’t buying it.
The stock was trading down 18 per cent at 4.5c.
It reported intersections of up to 2.66 per cent copper, 20 per cent silver and 2.35 per cent zinc.
Gold Cross Resources (ASX:GCR) dropped 16 per cent to trade at 1.5c on no news.