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

The ASX small ords was down 11.5 points, at 2725 at 12.45 AEDT.

In the green

Gold, lithium and base metal explorer Zenith Minerals (ASX:ZNC) tops the list of the morning’s biggest movers — surging 42 per cent to trade at 25.5c at 1pm AEDT.

Last month the company started drilling at its Split Rocks cobalt and nickel prospect in WA to test the size of the potential for high-grade near-surface minerals.

But there has been little from the company since.

It released its financial report earlier this week, reporting $3 million in the kitty at the end of December.

Ruby-turned-graphite miner Mustang Resources (ASX:MUS) has made something of a resurgence, up 37.5 per cent at 3.3c at lunch.

It told the market the neighbouring site to its former ruby exploration in Mozambique would be on track for graphite production by the middle of next year.

The Caula project contained an exceptional combination of graphite in both high-grade and large flake sizes. And there was potential for the vanadium content of the ore to give an additional cash flow.

King River Copper (ASX:KRC) continues its stellar run, up more than 400 per cent in the last month.

At lunch today the stock was trading up 34 per cent at 13c with more than 27 million shares changing hands.

Since late February the East Kimberly explorer has announced achieving 99.8 per cent vanadium, 99.5 per cent titanium and new resources of 27.2 million tonnes of fluorospar.

Its half-year figures released this week showed the company had $780,000 left in the kitty.

Small business tech 9 Spokes International (ASX:9SP) continues to gain attention from its deal with Bank of New Zealand announced on Tuesday.

Shares were trading up 18 per cent at 6c by 1pm AEDT.

It’s the first agreement by the NZ company in their home country — following contracts with UK business bank lender Barclays and the Bank of Canada.

9SP will provide a white label platform to the bank to provide to its small business customers.

Acquisition of the Trojan Gold Project by Aruma Resources (ASX:AAJ) has pushed its share price 14 per cent to 2.5c by 1pm AEDT.

The project expands its existing Slate Dam project area east of Kalgoorlie, WA by 8.75 sq km.

Previously owned by Westgold Resources (ASX:WGX), this lease integrates exploration prospectivity for the area and includes a JORC 2012 Indicated and Inferred Resource estimate of 2.8 mega tonnes at 1.61g per tonne of gold for 144,800oz of gold.

In the red

Anson Resources (ASX:ASN) is going back to the lab to re-test its brines but investors aren’t convinced.

Stock in the company fell 27 per cent to trade at 11c by 1pm AEDT.

Anson told investors its laboratory analytical techniques were not suitable for oil field brines — where traces of oil masked the results.

Re-testing will take 10 days.

Respiratory and auto-immune drug developer Invion (ASX:IVX) fell 6 per cent following the issue of shares from an entitlement offer.

The stock was trading at 1.6c at 1pm AEDT.

The company raised $2.5 million in the offer, with 92 per cent of eligible shareholders taking part.

Aura Energy (ASX:AEE) fell 10 per cent to trade at 2.6c at lunch after reaching heights of 3c yesterday.

The company’s booming share price prompted a speeding ticket from the bourse yesterday, but said it had no news in the market.

It said progress of its Haggan Battery Metals initiative was continuing, which would result in a seperate international spin-out of the Haggan asset. It had continued to press the Mauritanian Department of Mines for the granting of its gold exploration tenements which were applied for back in 2017.

Hawkstone Mining (ASX:HWK) dropped 11 per cent to 3.2c on no news.

FYI Resources (ASX:FYI) fell 11 per cent to trade at 12c after the release of its half year figures yesterday.

The company told the market it had $887,000 left in the kitty and had burnt through $355,000 in the last half.