Here are the key ASX small cap winners and losers at lunchtime Wednesday June 6.

The ASX Small Ords index is at a near seven-year high, putting on 8 points to 2845.1 by 1pm AEST.

GOING UP

MinRex Resources (ASX:MRR) jumped 33 per cent to an intraday high of 6.5c in Wednesday morning trade after delivering an initial cobalt resource for its NSW Pacific Express project three months after announcing the planned acquisition.

The findings outline contained metal of 806 tonnes of cobalt, 6301 tonnes of nickel and 27.5 tonnes of scandium.

This marks the completion of pre-acquisition due diligence on the Pacific Express project. The geology team has now delivered a positive recommendation to the board.

Exhausted shareholders of organic food chain Oliver’s Real Food (ASX:OLI) seem pleased that founder Jason Gunn has been shown the door.

The shares gained 12 per cent to 14.5c after Mr Gunn’s involvement with the business came to an end. He had earlier stepped down as CEO.

Oliver’s went public last year, raising $15 million selling shares to investors at 20c a pop. The shares were trading this morning at 14.5c — up 11 per cent.

Investors reacted sharply to an earnings downgrade in May – just two months after its earnings forecast had been reaffirmed – by dumping the shares to an end-of-day low of 11c. That was well below the post-IPO high of 39c a year ago.

Nickel explorer St George Mining (ASX:SGQ) is emerging as the small cap story of the week, today jumping another 20 per cent to hit 20.5c.

On Monday St George confirmed tests showed “multiple significant intersections of high-grade nickel-copper-cobalt-PGE mineralisation” at its Mt Alexander Project — initially pushing the shares to 14.5c.

“We are very pleased to see laboratory assays confirming the thick intersections of high-grade nickel-copper sulphides at Stricklands from the recently completed drill program,” St George Mining chairman John Prineas said at the time.

Silicon Valley-based Internet Of Things play Connected IO (ASX:CIO) pushed ahead today after a positive sales update.

Connected has banked $660,000 so far this quarter and reduced its US overheads by 40 per cent.

Manufacturing costs had been renegotiated “to increase gross margin on sales from 30 per cent to approximately 50 per cent on some products”.

CEO Yakov Temov said: “CIO has built a solid recurring customer base in the North American market. Over 80 per cent of our business is generated from existing customers.”

The shares climbed 13 per cent to 1.7c by 1.45pm AEST.

Gina Rinehart-backed Lakes Oil (ASX:LKO) has had to reassure investors its wells are not “plugged and abandoned” after a Victorian government department incorrectly updated the status of the company’s projects on its website.

The shares moved ahead to 0.3c — they have traded between 0.1c and 0.4c for a year.

Lakes Oil said Victoria’s department of resources changed the status of the Wombat-1, Wombat-3 and Wombat-4 wells to “other” and the Wombat-2 and Trifon-2 wells to “plugged and abandoned”.

“These changes to the status of the above wells were made by the department without any prior consultation with the company, and without its knowledge,” Lakes said.

According to Lakes, the five gas wells are still pending further work.

Six Sigma (ASX:SI6) also moved ahead after the first exploration pass over its Shamva project in Zimbabwe proved fruitful with the project unveiling its high-grade lithium wares.

The shares gained 9 per cent to 1.2c in early trade.

Lithium grades of between 1 per cent and 3.13 per cent were evident in 240 rock chip samples taken from a target called the Bonnyvale pegmatite.

Here’s a snapshot of the best performing ASX small caps at 12.45pm AEST Wednesday Jun 6:

ASX code Company Price change today (12.45pm AEST) Price (12.45pm AEST) Volume (intraday) Market Cap
MXR MAXIMUS RESOURCE 1 0.002 3.2M 5M
APG AUSTPAC RES 1 0.002 1.8M 2M
KKL KOLLAKORN CORP 0.666666666667 0.015 1.7M 24k
VPR VOLT POWER GROUP 0.5 0.003 20.6M 363k
T3D 333D 0.5 0.003 2.2M 35k
LNY LANEWAY RESOURCE 0.5 0.003 8.4M 1M
LKO LAKES OIL NL 0.5 0.003 55.3M 457k
EMP EMPEROR ENERGY 0.5 0.003 1.8M 167k
TTA TTA HOLDINGS 0.466666666667 0.022 2.1M 2k
ACP AUDALIA RESOURCE 0.4 0.021 6.0M 145k
XST XSTATE RESOURCES 0.4 0.007 3.9M 150k
EPM ECLIPSE METALS 0.4 0.007 5.7M 28M
SRO SHAREROOT 0.25 0.005 5.5M 1M
LCY LEGACY IRON ORE 0.25 0.005 5.9M 150k
AUH AUSTCHINA HOLDIN 0.25 0.005 4.5M 50k
IPE IPE 0.222222222222 0.077 8.5M 34k
PDZ PRAIRIE MINING 0.20253164557 0.475 83.8M 344k
GBZ GBM RESOURCES 0.2 0.006 4.3M 801k
ODM ODIN METALS 0.19512195122 0.245 31.5M 39k
AVC AUCTUS ALTERNATI 0.190476190476 0.05 9.3M 38k
ZMI ZINC OF IRELAND 0.166666666667 0.007 10.5M 1M
DEV DEVEX RESOURCES 0.166666666667 0.007 5.5M 1M
AOP APOLLO CONSOLIDA 0.161290322581 0.18 27.6M 68k
WBE WHITEBARK ENERGY 0.142857142857 0.008 6.9M 800k
MRR MINREX RESOURCES 0.142857142857 0.056 4.5M 2M
MED MERLIN DIAMONDS 0.142857142857 0.008 21.8M 21M
AYR ALLOY RESOURCES 0.142857142857 0.008 10.2M 1M
RVR RED RIVER RESOUR 0.140350877193 0.325 139.6M 176k
CIO CONNECTED IO 0.133333333333 0.017 13.3M 2M
SGQ ST GEORGE MINING 0.117647058824 0.19 47.4M 617k
SI6 SIX SIGMA METALS 0.0909090909091 0.012 5.0M 3M
TNO TANDO RESOURCES 0.0888888888889 0.245 37.3M 3k
IAB INABOX GROUP 0.0847457627119 0.64 14.1M 53k
OLI OLIVER'S REAL FO 0.0769230769231 0.14 27.7M 216k
AVZ AVZ MINERALS 0.0695652173913 0.123 214.9M 7M

 

GOING DOWN

Social-media-turned-augmented-reality app Thred (ASX:THD) was down 25 per cent to 0.3c ahead of the released of escrowed shares.

Thred said yesterday that 234,506,123 shares would be released to the market June 17 after a two-year escrow period lapsed.

The shares are at a three-year low.

Digital customer acquisition company Impelus (ASX:IMS) fell 16 per cent to 2.1c after announcing a placement of 100 million new shares at 2c each.

Chairman Ian Elliot and CEO Neil Wiles had agreed to participate in the placement, the company said.

The money would be used to accelerate the roll-out of new products and expand its UK operation.

Here’s a snapshot of the worst performing ASX small caps at 12.45pm AEST Wednesday Jun 6:

Ticker C Price change today (to midday) Last Px Volume (I) Market Cap
MXR MAXIMUS RESOURCE -50 0.001 2M 4.8M
T3D 333D -33.3333333333 0.002 35k 2.6M
EMP EMPEROR ENERGY -33.3333333333 0.002 1M 2.7M
PGY PILOT ENERGY -25.7142857143 0.026 391k 2.2M
WPG WPG RESOURCES -20 0.016 6M 18.1M
TOU TLOU ENERGY -19.2307692308 0.105 27k 42.8M
DMI DEMPSEY MINERALS -17.5 0.165 280k 14.0M
OXX OCTANEX -16.6666666667 0.02 25k 6.5M
ADR ADHERIUM -14.8148148148 0.115 37k 23.5M
DEV DEVEX RESOURCES -14.2857142857 0.006 1M 6.6M
TSN TRANSACTION SOLU -12.5 0.007 475k 17.4M
LRS LATIN RESOURCES -12.5 0.007 14M 21.0M
CL8 COLLABORATE CORP -12.5 0.014 2M 9.9M
UCM USCOM -11.7647058824 0.15 46k 23.3M
OLV OTHERLEVELS HOLD -11.6279069767 0.038 70k 9.7M
FPL FREMONT PETROLEU -11.1111111111 0.008 15M 6.1M
AGE ALLIGATOR ENERGY -11.1111111111 0.008 2M 5.5M
VMX VALMEC -10.9375 0.285 184k 39.9M
DRK DRAKE RESOURCES -10.5263157895 0.017 1M 6.0M
ODM ODIN METALS -10.2040816327 0.22 28k 37.7M
RXH REWARDLE HOLDING -10 0.009 550k 3.3M
RVY RIFT VALLEY RESO -10 0.018 100k 15.8M
ORM ORION METALS -10 0.018 19k 8.1M
GTG GENETIC TECH -10 0.009 963k 24.4M
AHQ ALLEGIANCE COAL -10 0.045 20k 23.3M
BUG BUDERIM GROUP -9.67741935484 0.28 23k 26.7M
KPO KALINA POWER -9.52380952381 0.019 100k 9.3M
ECG ECARGO HOLDINGS -9.375 0.145 13k 98.4M
IMS IMPELUS -9.09090909091 0.02 300k 9.7M
CTL CENTENNIAL MININ -9.09090909091 0.01 171k 11.5M
ADO ANTEO DIAGNOSTIC -8.33333333333 0.011 2M 13.8M
DVL DORSAVI -8.33333333333 0.11 19k 20.2M
AOU AUROCH MINERALS -7.86516853933 0.082 135k 8.6M
AWV ANOVA METALS -7.8431372549 0.047 193k 31.9M
LSX LION SELECTION G -7.69230769231 0.3 188k 41.1M