Lunchtime small cap wrap: who’s up and who’s down
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In the green
China-focused exporter Jat Energy (ASX:JAT) has doubled in early trade after it recommenced trade today.
The company had been suspended since December 8 after the ASX questioned the change in the scale and nature of its business after it acquired milk formula operations.
Today it lodged a notice of general meeting to be held next month, where shareholders will vote on the change – but judging by the shareholder movement today it shouldn’t be a problem. The stock was trading up 107 per cent to 14.5c at 1pm AEDT.
Battery metals play Australian Mines (ASX:AUZ) continues to surge after partnering with a global electric vehicle battery manufacturer yesterday.
AUZ stock was up 34 per cent at 12.2c at 1pm AEDT Tuesday.
The initial agreement with Korean SK Innovation is for seven years with “off-take” (future sales) volumes of 12,000 tonnes per year, and potential for a further six-year extension option, in what the company says confirms its Sconi Project’s status as “Australia’s most advanced project of its type”.
Orinoco Gold’s (ASX:OGX) “Bonanza” gold grades had pushed its shares up 11 per cent to 9.9c by 1pm AEDT.
The company told the market six batches from its Cascavel project returned significant grades and takes the number of batches processed to 35 with a total average grade of 36.17 g/t.
Anything above 5g/t is high-grade.
Water and waste treater De.mem (ASX:DEM) released positive commercial scale trials today — pushing its share price up 17 per cent to 24c at 1pm AEDT.
The trials in Singapore and Vietnam are said to confirm a wide commercial application for its proprietary nanofiltration membrane.
Jadar Lithium (ASX:JDR) rounds out the top five with a 13 per cent gain to 2.6c at 1pm AEDT.
It follows a road show and commencement of its 2018 work program.
MSE MetalSearch -26 1.9c
SPQ Superior Resources -22 1.4c
FUN Funtastic -21 18c
DM1 Direct Money -20 3.5c
MOB Mobilicom -17 7.3c
In the red
Metal Search (ASX:MSE) leads the losers today with a 31 per cent decrease to 1.8c by 1pm AEDT Tuesday.
All this despite “encouraging” gold test results released today. The company told investors its latest find was helping to delineate areas of elevated mineralisation. But they are yet to put the finger on exactly where.
A similar result for Superior Resources (ASX:SPQ) after the release of a exploration update at its Greenvale Project.
The stock was down 22 per cent at 1.4c by 1pm AEDT.
Funtastic’s (ASX:FUN) share price continues to yo-yo – today down 22 per cent at 18c after surging to highs of 23c yesterday.
P2P lender and so-called fintech pioneer Direct Money (ASX:DM1) was trading down 21 per cent at 3.5c on no news.
While Mobilicom (ASX:MOB) was down 18 per cent at 7.3c after releasing its financial statements late last week.