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

The ASX Small Ords was down 12 points to 2685 at 12.45pm AEST.

In the green

Data manager Cirrus Networks (ASX:CNW) was leading the winners list at midday — putting on 60 per cent to 2.4c after the release of its latest quarterly results.

Cirrus reported $28 million in customer receipts in the past three months — and had $4.6 million in the bank at the end of March.

Recent contract wins with the Peter Mac centre and Austrade were contributing to rapid growth, it said.

The shares fell back to 2.2c by 1pm AEST — just shy their 2.6c high for the past year.

Betting platform TopBetta (ASX:TBH) has surged on its reinstatement to trade after it announced the sale of its retail business last week.

Shares gained 63 per cent to an intraday high of 18c before cooling to 14.5c at 1pm AEST.

Last week the company announced the sale of the TopBetta and Mad Bookie retail businesses to PlayUp for $6 million plus 20 per cent on ongoing retail revenue.

It told the market the deal greatly reduced the cost base of the business and provided substantial funding for the wholesale business and The Global Tote.

Aura Energy (ASX:AEE) has continued its rise after announcing news of a vanadium find last week.

Today, shares were up 29 per cent to 3.1c — returning to the same highs after the news was released on Thursday.

The company said its project contained 13.1 billion pounds of vanadium and it would review downstream battery business to value-add to the find.

The shares were 2.8c at 1.10pm AEST.

Archer Exploration (ASX:AXE) has confirmed the grades of its Jamieson Tank manganese project — sending its share price up 23 per cent to 16c.

It told the market test work by an independent lab confirmed its manganese could make electrolytic manganese dioxide (EMD).

EMD is a critical component used in cathodes for lithium ion, alkali and other types of batteries — and is  a fast-growing focus of manganese production.

Jamieson Tank was drilled by previous explorers and Archer expects to announce a manganese exploration target in the coming weeks.

The stock was 15c by 1.10pm AEST.

Strong results have buoyed shares in Hot Chili (ASX:HCH) — the shares trading up 17 per cent at 3.5c.

Historical sampling showed a standout 7.5m grading of 10.4 per cent copper and a 30m wide main lode at its new El Fuego project in Chile.

Exploration surface sampling programs were continuing across priority areas at El Fuego ahead of a second campaign of detailed mapping in May.

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In the red

Insurer iSelect (ASX:ISU) dropped 68 per cent to 32.5c after announcing an earnings downgrade of almost two-thirds of previous forecasts.

iSelect said the last five weeks had been negatively impacted by market volatility and lowered its earnings guidance from $26-29 million down to $8-12 million.

The shares recovered to 48.5c by lunch.

Chief and managing director Scott Wilson jumped ship effective immediately, leaving director Brodie Arhold to take the reins.

iSelect said it was undertaking a strategic review to address lead-generation performance.

Lithium junior Reedy Lagoon (ASX:RLC) was 40 per cent to 2.2c at 1.15pm AEST.

In an exploration update it said brine samples it collected had not recovered lithium in concentrations high enough to warrant further work.

Palm oil producer Sterling Plantations (ASX:SBI) continued to slide, today down 20 per cent to 2c at 1.15pm AEST.

The company started last week as a 10-bagger — prompting questions from the bourse — but it has since slumped back to previous trading levels.

It has released no news to the market since its half-yearly report in February.

Cassius Mining (ASX:CMD) dropped 18 per cent to trade at 5.9c on no news.

The company earlier this month started a high-resolution aerial magnetic survey at its Gbane licence using what it says is the world’s only true three-axis heli-gradometer.

European lithium miner Infinity Lithium (ASX:INF) dropped 16 per cent to 10c with no news.