Here are the notable ASX small cap gainers and decliners at 1pm AEDT Wednesday:


Investors applauded tech veteran NetComm Wireless (ASX:NTC) after it announced a 317 per cent jump in half-year profit compared to the same period last year.

The shares in the Sydney-based computer networking provider rose 18 per cent to $1.34 in early Wednesday trade. That’s their highest point since October — but still well down on the 52-week high of $1.99 in June.

The shares were trading at $1.26 at 1pm AEDT.

Profit hit $3.7 million “which is a significant positive turnaround compared to the $1.7 million loss reported in the prior period”, the company said.

Revenue jumped 89 per cent to $88.6 million.

Tiny coal explorer Nucoal Resources (ASX:NCR) soared 166 per cent to 3.2c on no news.

Nucoal is embroiled in legal actions against the NSW government after an exploration licence was cancelled  without compensation.

Last quarter NuCoal said it “continued to implement the legal and political strategy previously announced to seek redress for shareholders following the unfair and unjust cancellation”.

Primary Gold (ASX:PGO) rose 30 per cent after it agreed to be bought out by shareholder Hanking Australia in an off-market takeover at 5.75c per share, valuing the company at $37.5 million.

Primary shares rose to 5.1c by 1pm AEDT.

Hanking Australia is Primary’s biggest shareholder with an existing 8.4 per cent interest. Hanking’s managing director Dr Mark Yumin Qiu has served as a non-executive director of Primary since 2014.

Brookside Energy (ASX:BRK) was up 18 per cent at 1.7c this morning after reporting significant cash flow from its oil holdings in Oklahoma’s Anadarko Basin.

Production had steadily ramped up to 300 barrels of oil equivalent (BOE) per day.

Brookside expected net cash flow of $US2 million ($2.5 million) over the next year.

“Brookside’s interest in a further 14 wells that are either already drilling, being completed or are currently permitted is expected to boost production to 1000 BOE per day,” the company said.

The shares fell back to 1.6c by 1pm AEDT.

Other small caps that made big jumps — with no news — included Austral Gold (AX:AGD) which put on 15 per cent to 11.5c and Paradigm Biopharma (ASX:PAR) which was up 14 per cent at 28.5c.

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Embattled software maker GetSwift (ASX:GSW) tumbled another 42 per cent to 55c by 1pm AEDT today after confirming it “has been served by law firm Squire Patton Boggs with an application to commence class action proceedings against the company in the Federal Court”.

GetSwift said in an ASX announcement: “The application alleges that the company breached its continuous disclosure obligations and that it engaged in misleading and deceptive conduct, and seeks damages as a result.

“The company intends to contest this action and legal counsel has been engaged.”

The shares hit a high of $4.60 in December. The market cap of the company has now fallen to $100 million.

Castle Minerals Ltd (ASX:CDT) fell 17 per cent to 2.4c after releasing mixed results from its Pilbara gold tenements.

Castle’s MD Stephen Stone said the “broader prospectivity” had been considerably enhanced after a “detailed review and interpretation of recent mapping and historical drilling data in respect of its Beasley Creek Conglomerate-Hosted Gold Project”.

Beasley Creek was “a credible and sizable target for conglomerate-hosted gold mineralisation”.

However, a number of nuggets recovered by a metal-detecting team could not be confirmed as having been “originally in-situ”.

No nuggets were detected on the Beasley East Prospect.

Southern Hemisphere Mining (ASX:SUH) was trading down 25 per cent at 9c after spiking to 12c last week.

The company announced it was joining forces with Canadian heavyweight Hudbay Minerals, who would fork out $5.8 million in cash for a 70 per cent stake.