With all the lockdowns and flight restrictions, it appears at a first glance that this pilot flying out of Sydney might have forgotten where Hobart was.

The flight path was probably decided way beforehand to keep flights separated, but it is still a nice analogy for the Australian market — with the All Ords appearing to have lost its way and falling down slightly over the week from 7,325.8 points to 7,304.1 points.

ASX SMALL CAP WINNERS

Brockman Mining (ASX:BCK) +224%

Shares in Brockman skyrocketed this week after it reached a deal that will see its Ophthalmia iron ore project included in its joint venture with Mineral Resources (ASX:MIN).

The mining major plans to develop Marillana and Ophthalmia into an iron ore hub capable of producing at least 25 million tonnes of iron ore per annum for export.

To top it off, it has agreed to loan its partners with funding by way of a project loan sufficient to cover the forecast project capital costs for each development.

 

Rumble Resources (ASX:RTR) +206%, Zenith Minerals (ASX:ZNC) +92%

The discovery of a big lead-zinc play at the Earaheedy project in Western Australia was clearly welcomed by punters who sent Rumble’s shares flying.

Drilling at the Chinook prospect hit visual lead-zinc with results topping up at 34m grading 4.22% zinc and lead from 66m, including a higher grade 14m ‘core’ grading 7.05% zinc and lead.

Shares in 25 per cent partner Zenith also nearly doubled this week on the news.

 

Lion Energy (ASX:LIO) +71%

Green hydrogen is hot on the market right now as Lion Energy found out today when it announced its entry into the sector.

The company is raising $2.8m to explore opportunities in green hydrogen in Australia as well as on Seram Island in Indonesia where it currently has oil interests.

 

Here are the best performing ASX small cap stocks for April 16 – April 23 [intraday]:

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ASX SMALL CAP LOSERS

Middle Island (ASX:MDI) -43%

Punters were unimpressed by Middle Island’s feasibility study for its Sandstone gold project, undoubtably due to the company admitting the economic outcome was “marginal”.

It blamed the decrease in gold price, exchange rate movements, and escalation in the cost of some capital items, personnel, contract mining and fuel since mid-2020 for the adverse impact on the economics.

However it noted the mill upgrade study, which evaluated the plant being expanded to 750,000 tonnes per annum, has a modest capital cost and would significantly lower operating costs.

 

Here are the worst performing ASX small cap stocks for April 16 – April 23 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

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