Here are the key ASX small cap gainers and losers at 1pm AEST Thursday.

The ASX Small Ords was up 37.8 points at 2806 — continuing a run of positive movements since late April.

In the green

Financier PLC Financial Solutions (ASX:PLC) leads the winners at Thursday lunch despite the ASX giving it a six-month timeframe to pull up its socks.

The shares were trading up 56 per cent to 2.5c by 1pm AEST.

PLC  yesterday notified shareholders it had six months to comply with listing rule 12.1 — which requires a company’s operations to be sufficient to warrant continued trading of its shares.

PLC is reviewing a number of proposals and investments though none had reached a stage that required disclosure, it said.

In March PLC said it was reviewing its Malaysian consumer finance business and was exploring options in financial services including fintech and blockchain.

The potential acquisition of a Californian gold mine has spurred Spectrum Rare Earths (ASX:SPX) up 27 per cent to trade at 1.4c.

The company has three months to evaluate the Washing Gold Mine in northern California — a project that has historically produced 250,000 ounces of gold at an average grade of more than 30 grams per tonne.

Anything above 5g/t is considered high-grade.

The project was previously in production until 2015.

Traka Resources (ASX:TKL) was trading up 25 per cent to 5c with no news in the market at 1pm AEST.

The company had a run of newsflow at the end of the month — including expansion of its Gorge Creek joint venture to investigate further base metal and rare earth potential.

That’s alongside a joint venture with Galaxy Resources ramping up on the Mt Cattlin North lithium project.

Canadian explorer Odin Metals (ASX:ODM) was up 21 per cent to 26c at 1pm AEST.

The company last week advised the market its exploration programs at the Sturgeon Lake properties was soon to commence.

Further high-grade manganese finds has seen Bryah Resources (ASX:BYH) jump 30 per cent to 13c.

Latest rock chip sampling at two of its sites found chips with concentration as much as 52 per cent.

Further rock chip sample results were expected in the next two weeks — with electromagnetic survey results over manganese target areas due at the end of the month.

The shares fell back to 12c by 1pm AEST.

In the red

Gold explorer Magnetic Resources (ASX:MAU) dropped 19 per cent to lead the losers at 14.5c by 1pm AEST.

The company had no news in the market — but last week released its cashfow quarterly which showed just $434,000 left in the bank.

Coziron Resources (ASX:CZR) was trading down 18 per cent at 2.3c despite sharing news it had generated mineralised intercepts in all of ten drill holes across a magnetic anomaly.

“The from-surface mineralisation with wide, high grade V2O5 + TiO2 intercepts compare favourably with other high-order regional Australian projects, and together with the presence of nearby port and transport infrastructure add to the emerging development potential of the project,” chair Adam Sierakowski told the market.

Data security tech Covata (ASX:CVT) fell 15 per cent to trade at 3.3c after presenting at an investor event earlier this week.

The company said it was well positioned in the fast-growing cyber security and collaboration markets and was used in 29 Australian and two US government agencies.

Battery tech Redflow (ASX:RFX) fell 15 per cent to 11.5c at 1pm AEST — after issuing shares from its latest raise and entitlement offer.

The $17 million raised is to be used for supply chain raw materials and finished goods inventory and to support cost reduction and product development.

Redflow’s coffers were at $4.3 million at the end of the last quarter with $4 million in expected outgoings.

State Gas (ASX:GAS) was trading down 12 per cent at 21c with no news in the market.

The company says its historic wells in the Bowen Basin indicate significant flows of pipeline quality gas, It’s working through several early stages of exploration at the Southern and Northern permit areas.

The company ‘s quarterly reported $4.8 million in the bank with expected spend of $594,00 for the quarter ahead.