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

The ASX Small Ords was up 6 points to 2828 at 12.45pm AEST.

In the green

News of a “farm-in” deal with mining giant Rio Tinto has spurred SIPA Resources (ASX:SRI) up 75 per cent to lead the winners at 1pm AEST Monday.

A farm-in deal is a written agreement under which one party is entitled to acquire an interest in a mining tenement by carrying out exploration work.

The stock was trading at 1.4c by 1.20pm AEST after announcing a “landmark farm-in and JV [joint venture] agreement” with Rio Tinto at a nickel and copper site in Northern Uganda.

Under the agreement, Rio has the option to earn up to a 75 per cent interest in the project by funding up to $75 million in exploration expenditure and making $2.65 million in payments.

SIPA says its Akelikongo discovery is one of the more significant magmatic nickel-copper discoveries to be made globally in the last few years.

Embattled retailer Specialty Fashion Group (ASX:SFH) is showing signs of getting back on its feet. The stock today surged 48 per cent after releasing details of a structural review.

The company will divest major brands such as Millers, Katies and Crossroads for $31 million in cash from Noni B (ASX:NBL) and retain just its budget fashion chain City Chic.

Stock in the company was trading at 57c by 1.20pm AEST — and as high as 64c in mid-morning trade.

The sale proceeds would help it recapitalise and create a stronger platform for future growth.

Copper and zinc explorer Enterprise Metals (ASX:ENT) jumped 35 per cent to 1.9c with no news in the market.

A new cornerstone investor buoyed Orminex (ASX:ONX) up 26 per cent to 8.7c at midday.

Orminex last week announced Perth-based investors Wyllie Group had taken up a 6 per cent shareholding in the company as part of its latest $7 million raise and re-instatement to the ASX.

So-called “bonanza” gold grades from Alt Resources (ASX:ARS) have seen its share price jump 22 per cent to 6.2c at midday.

The company reported grades as high as 140 g/t of gold at its Southwark Deposit in the Bottle Creek project.

Anything above 5g/t is regarded as high-grade. The zones were open and widening at depth, Alt said.

In the red

Reedy Lagoon Corp (ASX:RLC) ceased drilling at its Big Smoky South project — sending its stock down 37 per cent to 1.2c at 1.20pm AEST.

Reedy said it stopped at 401 meters after intersecting a thick sequence of sediments which was beyond where lithium should have been found.

Reedy isn’t giving up on the project and says further work is being planned for new drilling targets.

A negative cashflow query from the ASX has seen blockchain aspirant 8Common (ASX:8CO) drop 22 per cent to 4.5c.

The ASX quizzed it on how long it would be operating in the red. 8Commons is hoping for an improvement in the final quarter due to seasonal impact.

Pegasus Metals (ASX:PUN) and Voltage IP (ASX:VIP) both dropped 20 per cent to 1.9c and 4c respectively, with no news in the market.

A profit downgrade for trailer maker MaxiTrans (ASX:MXI) has seen its trade fall 18 per cent to 56.5c at midday.

It predicted full-year profit to be in the range of $9.8 million to $10.4 million — of which $7.7 million had already been reported for the first half.

The company partly blamed a Chinese labour dispute for the lower second-half performance.