Lunchtime small cap wrap: who’s melting the Internet today
The Internet was in meltdown today as pop star Beyonce reformed Destiny's Child at the Coachella concert in California. Pic: Getty
Here are the key ASX small cap gainers and losers 1.15pm AEST Monday.
The ASX Small Ords was down 1.3 points to 2667 at 1pm AEST.
In the green
Canadian explorer Odin Metals (ASX:ODM) has surged 32 per cent to trade at 25c on no news.
The company is developing the Sturgeon Lake Project for copper and zinc in Ontario — last month announcing progress of its initial data compilation as it puts together its 2018 work program.
Admiralty Resources (ASX:ADY) was up 26 per cent to 1.9c — continuing its climb after last week winning approval from Chilean authorities for its Mariposa Project.
Today’s trading price is a 90 per cent premium to last Monday’s open price of 1c.
The company described the approval as a significant achievement and a step forward in commercial exploitation of the Mariposa project which had taken almost 18 months of negotiations with Chilean authorities.
Admiralty now plans to start mining works at the site.
The shares cooled to 1.8c by 1.15pm AEST.
A new drilling program has buoyed trading of Syndicated Metals (ASX:SMD) — the stock was up 22 per cent to 1.1c at midday, before cooling to 1c by 1.15pm AEST.
Syndicated told investors it was entering a new phase of gold drilling at its Monument Gold project in WA’s Laverton district — results of which will allow it to calculate a maiden mineral resource.
Drilling has been designed to extend previously intersected gold mineralisation where as much as 7.28g/t of gold was intercepted.
Pacific Bauxite (ASX:PBX) has bounced since announcing big exploration targets last month — today trading up 19 per cent to 3.8c.
In late March the company confirmed its initial exploration target at its South West New Georgia Bauxite Project sending its stock to 4c before it fell back to 3.2c.
Celsius Resources (ASX:CLA) shares hit an all-time high today after the cobalt explorer announced better-than-expected results from a project in Namibia.
The stock hit highs of 21c before falling back to 20.5c at 1.15pm AEST — an increase of 28 per cent.
It declared a maiden resource at its Opuwo cobalt project in north-west Namibia including 112.4 million tonnes at a grade of 0.11 per cent cobalt, 0.41 per cent copper and 0.43 per cent zinc.
In the red
Soon-to-be-delisted jetpack maker Martin Aircraft Co (ASX:MJP) fell 28c to trade at 1c today.
Last week it gave notice of a special meeting to discuss its delisting from the ASX — and proposed listing on NZ’s Unlisted Securities Exchange (USX) — and adoption of a new constitution.
If all goes to plan the company will be removed from the ASX by June 1.
Sabre Resources (ASX:SBR) has fallen 32 per cent to trade at 1.5c. Loyalty platform Mobecom (ASX:MBM) was down 17 per cent to 21.5c — both on no news.
IT manager CPT Global (ASX:CGO) dropped 22 per cent to 12.5c despite no news in the market.
Blue Sky Alternative Investments (ASX:BLA) continued its dramatic fall from grace — down 22 per cent at 1.15pm AEST to $4.12.
Today’s trading price is about a third of the fund’s price at March 27 — when it was hit by a brutal research note by a short seller.
Adding insult to injury, today it downgraded full-year underlying profit guidance to between $20 million and $25 million — down from a range of $34 million to $36 million.