Lunchtime small cap wrap: who’s jumping higher and who’s hitting the net
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Here are the key ASX small cap gainers and losers at 12pm AEST Wednesday.
The ASX Small Ords was up 6.6 points to 2829 at lunch.
In the green
It’s a lucky strike indeed for Lefroy Exploration (ASX:LEX) which today reported high grade gold intersections at its Lucky Strike site.
The stock was trading up 42 per cent at 18.5c to lead the winners at lunch.
Intersections from the drilling program included 3 metres at 22.3 grams of gold per tonne from 85m — results it says strengthen and expand the previously discovered gold system.
Lefroy told investors it had applied for a mining lease given the robust nature of the developing gold system.
The project is located 50km south-east of Kalgoorlie in the Eastern Goldfields of Western Australia — close to Silver Lake’s (ASX:SLR) open pit and processing plant.
Environmental management tech Envirosuite (ASX:EVS) won a contract in the Middle East, sending its shares up 36 per cent to 5.6c.
Envirosuite said the contract was its biggest yet — worth $1.5 million over 12 months — and the first in the region.
The deal is with a State-owned public works authority for a city-wide odour-monitoring and management system to keep sewer gases under control.
Envirosuite says it’s hopeful the contract will be retained under a “software-as-a-service” (SaaS) business model which means recurring revenue in the years following.
Results from AusMex Mining (ASX:AMG) have seen its share price surge 28 per cent to 5c.
The company said a second “Sub Audio Magnetic Geophysical” (SAM) survey had produced outstanding results — identifying a 2km structure to confirm the high prospectivity of its Mt Freda Complex.
SAM surveys use a technique that allows for the simultaneous high-definition mapping of magnetic and electrical properties in the ground without sacrificing quality or efficiency.
Results will help the company plan an upcoming 3000m drilling program targetting potential open cut extensions along the zone.
Copper explorer Pacifico Minerals (ASX:PMY) has been granted a strategic licence for its EL 31354 site from the NT Department of Primary Industry and Resources, sending its shares up 27 per cent to 1.4c.
Earlier reconnaissance geology at the site discovered 600m of strike, open to the southwest and north east under shallow cover, and of several metres in thickness.
Now they have approvals, the company is planning drilling to test the zinc-lead stretch.
Vitamin debutant Star Combo Pharma (ASX:S66) surged on its admittance to the market — up 23 per cent from its 50c issue price to trade at 61.5c.
The company has its eye on the Chinese vitamin market — which makes up 14.3 per cent of the global industry according to the Nutrition Business Journal.
The company made a $1.5 million profit in the 2016-17 financial year and revenue of $9.8 million. Profit the year before was $1.6 million and revenue was $9.4 million.
Star Combo now makes 70 per cent of its revenue from contract manufacturing for other vitamin businesses and 30 per cent from sales of its branded products — but is looking to swap those numbers around.
In the red
Advertising tech AdSlot (ASX:ADJ) was trailing 12 per cent at 2.2c at lunch with no news in the market.
Despite forecasts of increasing spend in the advertising sector, the company has largely traded under 5c since the start of the year.
Last quarter, it announced a successful pilot with a US agency and further scheduled for the June quarter, but it has failed to rake in substantial receipts — down 7 per cent in the last quarter.
Underwater surveyor Neptune Marine Services (ASX:NMS) was down 11 per cent with no news.
The company last year reported a 17 per cent decrease in revenue, equating to a loss of $29 million — including a $13 million goodwill impairment — in what it called a difficult market.
Despite that, it remained upbeat, reporting its first underwater welding project in Brazil and ongoing diving and engineering scopes for the Groote Eylandt islands in the Gulf of Carpentaria.
Mobile payments tech iSentric (ASX:ICU) fell 11 per cent to trade at 3.2c.
The company previously reported high cash outflows for the quarter, what it said was the result of investment in new business opportunities, especially in Myannmar.
iSentric is planning to release a new social gaming platform, SKM 2.0, this month. It’s expected to result in a significant improvement in revenue with further games to launch in the quarter following.
Terramin Australia (ASX:TZN) was down 10 per cent to 13c with no news.
PLC Financial Solutions (ASX:PLC) was down 10 per cent to 1.8c.