Lunchtime small cap wrap: who’s powering up and who’s shorting out

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

The ASX Small Ords was down 15 points at 2825 by 1pm AEST.

GOING UP

South Africa-focused copper and zinc explorer Orion Minerals (ASX:ORN) was the lunchtime leader today after announcing mid-tier miner Independence Group (ASX:IGO) was buying in via a $5 million placement at 5c.

Orion shares jumped by about a third to 5c — and were trading around 4.6c by 1pm AEST.

The pair will fast-track redevelopment of Orion’s flagship Prieska zinc and copper project in South Africa and progress a “highly prospective” nickel, copper, cobalt and zinc projects.

Independence also got “preferential rights to joint-venture or purchase Orion’s nickel projects in the highly prospective Areachap Belt located in the Northern Cape, South Africa”, Orion said.

Robo parking cop Smart Parking (ASX:SPZ) bounced after yesterday losing half its value following a management clear-out in its British business.

The shares were up 27 per cent to 33c by 1pm AEST — still a long way from the 50c they were fetching at the start of the week.

Smart Parking revealed today it acted on whistle blower information in the sacking of two of its top UK execs for breaches of corporate policies.

Smart Parking makes smart phone technology that can direct drivers to empty car spaces — but also instantly identifies when a driver has overstayed a time limit, leading to huge jumps in parking fine revenue.

In a call with shareholder this morning, company chief Paul Gillespie described the events leading up to the termination of its UK chief and financial officer.

Ausmon Resources (ASX:AOA) jumped 30 per cent on high volume this morning after it won two mining licences for cobalt and nickel projects in the central-western NSW town of Broken Hill.

The shares were up 20 per cent at 1.2c with 30 million shares changing hands by 1pm AEST.

Ausmon subsidiary New Base Metals won two six-year licences and expects a third to be granted soon.

“The Broken Hill cobalt-nickel project is in close to the Thackaringa cobalt project where Cobalt Blue has announced a major cobalt resource upgrade as well as partnership with multinational conglomerate LG International,” Ausmon told investors.

Broken Hill is “highly prospective” for cobalt deposits, the miner says.

Ivory Coast gold explorer Manas Resources (ASX:MSR) gained 25 per cent to 0.5c with 30 million shares changing hands.

Manas signed an earn-in deal to acquire up to 70 per cent of a northern Ivory Coast project called Mbengué Gold.

The existing owner had “undertaken an extensive regional exploration program across the Mbengué permit and identified a number of soil anomalies” which have had follow-up drilling.

“Included in the results from this drilling was the discovery hole for the K1 prospect which
had a total mineralised intersection of 69m at 7.8 grams per tonne gold.

Anything over 5g/t is regarded as high grade.

“With several walk-up drill targets already outlined from previous exploration work, we look
forward to providing regular news flow on this exciting acquisition in the months ahead,” said Manas chairman Mark Calderwood.

Here are the ASX small cap winners at Friday lunch:

GOING DOWN

Black Star Petroleum (ASX:BSP) was down 50 per cent on no news.

Also in the no-news department, Connexion Media (ASX:CXZ) was down 28 per cent and cryptocurrency investor Chapmans (ASX:CHP) lost 17 per cent.

Here are the ASX small cap losers at Friday lunchtime: