Lunchtime small cap wrap: who’s racing ahead and who’s clinging on
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Here are the key gainers and losers at 12 AEST.
The ASX Small Ords was trading up 12.9 points to 2826 at 12.45pm AEST.
In the green
Nusantara Resources (ASX:NUS) announced an increase to its indicated resource earlier this week – and today it was trading up 31 per cent to 25c.
The company said it had potential to extend the open pit mine life of its Indonesian Awak Mas Gold Project.
“Importantly, 95 per cent of the contained ounces within the Awak Mas deposit and 90 per cent of the contained ounces in the Salu Bulo deposit now report to the Indicated Resource category. This represents a 0.2 million ounce increase in contained gold in the Indicated Resource category compared to the previous Mineral Resource estimate,” it said.
West Australian IPB Petroleum (ASX:IPB) was trading up 27 per cent to 1.4c on the increase of its resource this morning.
The company said it had potential to substantially increase the estimated oil resources at Idris in the company’s Browse Basin offshore permit.
“Results of our continued investment in further technical work at Idris has delivered an increase in our confidence of a substantial and if successful, likely commercial accumulation at Idris,” it told the market.
“We have already received a healthy level of interest from industry in learning more about our recent work.”
Diversified explorer Walkabout Resources (ASX:WKT) bounced 26 per cent to 10.5c with no news in the market.
The company has its hopes pinned on changes to the government in Tanzania, issuing of licences said to commence upon effective working of its newly appointed mining commission.
Mongolian coal explorer Aspire Mining (ASX:AKM) was up 18 per cent to 1.9c with no news in the market.
Earlier this week the company issued a number of securities as performance rights.
Eastern goldfield’s explorer Lefroy Exploration (ASX:LEX) was up 18 per cent to 13c – another one with nothing new to tell investors.
In the red
Property management platform AssetOwl (ASX:AO1) dropped 25 per cent to 5.2c to lead the losers at midday.
The company recently raised $1 million through a renounceable rights issue but with a shortfall of 42 million shares which it said it reserved the right to place within three months of closure of offers.
Caravel Minerals (ASX:CVV) dropped 20 per cent to 7c with no news in the market.
IT service management company CommsChoice Group (ASX:CCG) fell 14 per cent to 15c.
The company, which describes itself as ‘the ultimate ICT disruptor’, listed in December last year.
Bioenergy developer Renu Energy (ASX:RNE) fell 13 per cent to 1.3c on no news.
Earlier this year, the company executed a head of terms with international investment fund to developer a $100 million bioenergy business.
Same goes for Odin Metals (ASX:ODM) – the company down 12 per cent to 22.5c with no news.