Weekly ASX small cap wrap: who jumped and who fell back

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ASX Small Cap Winners May 4-11

Oil was the major small cap theme of the week.

More than 30 ASX-listed oil juniors gained in price this week after Donald Trump’s exit from the Iran nuclear agreement put upward pressure on oil prices.

Scroll down for full lists of this week’s ASX small cap winners and losers.

The price of West Texas Intermediate oil, the US benchmark, broke through $US70 for the first time in three and a half years this week.

Brent crude, the main global benchmark, is trading around $US77 per barrel — a high not seen since November 2014.

Bass Oil (ASX:BAS) says it’s getting prices not seen since 2014 and Fremont Petroleum (ASX:FPL) says strong prices mean it’s now cashflow positive. Both made weekly gains.

West Australian IPB Petroleum (ASX:IPB) was one of the biggest small cap movers this week with an 88 per cent jump to 1.5c after foreshadowing a substantial increase in estimated oil resources at its Browse Basin site off the coast of Broome, WA.

“Results of our continued investment in further technical work at Idris has delivered an increase in our confidence of a substantial and if successful, likely commercial accumulation at Idris,” it told the market.

Other weekly winners among oil juniors included Brookside Energy (ASX:BRK) up 25 per cent to 1.5c, Po Valley (PVE:ASX) up 19 per cent to 3.7c and Otto Energy (ASX:OEL) up 21 per cent to 7.4c.

>> Here’s a list of ASX oil juniors and their recent share price movements

Elsewhere, Spanish online classifieds publisher Mitula Group (ASX:MUA) soared 73 per cent on Thursday after announcing a takeover offer from Tokyo-listed real estate data business LIFULL.

The shares finished up 56 per cent for the week at 72c.

Mitula’s board “unanimously recommended” shareholders vote in favour of the deal, which would give them 0.0753 LIFULL shares for each Mitula share — equating to about 85c per share.

LIFULL wants to merge Mitula with its European Trovit classifieds sites to “create a significant global player in online classifieds operating in 63 countries with 170 million visits per month”.

Why is Mitula so attractive? Tech expert Tim Knapton explains in this video guide.

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Titomic (ASX:TTT) — which will next week launch the world’s biggest 3D metal printer in Melbourne — jumped 56 per cent this week after signing a deal to make golf clubs — and adding Mitsubishi as a significant shareholder.

It’s understood Mitsubishi has been buying parcels of shares in Titomic since January — and has now amassed a 5.5 per cent holding.

Separately, the 3D printer signed a deal with Californian golf club maker Callaway Golf — the world’s largest golf club maker. Under the the 12-month deal Titomic will develop “novel products” for Callaway.

Titomic last month closed a $12 million capital raising at $1.25 per share.

The stock this week closed at $2.37 — up from $1.52 last week Friday.

It’s an extraordinary story considering the stock only listed in August after a $6.5 million initial public offering at 20c.

A so-called “game changer” for gold explorer Azumah Resources (ASX:AZM) spurred its shares 56 per cent for the week.

Perth-based Azumah is digging for gold in the Upper West region of Ghana in west Africa.

Azumah this week reported an intercept of 44m at 5.37 grams of gold per tonne from 99m — including zones of 7.86g/t, 10.27g/t and as much as 144 g/t.

Anything over 5g/t is considered high grade.

“These excellent intercepts are a genuine game-changer for the Wa Gold Project and increase our confidence that we can materially boost mineral resources and ore reserves,” managing director Stephen Stone said.

Azumah finished the week at 3.6c compared to last week’s close of 2.3c. The stock has traded beteeen 1.8c and 4.6c over the past year.

“Internet of Things” tech developer Quantify Technology (ASX:QFY) recovered somewhat this week, putting on 40 per cent after signing up with US aged care provider Electronic Caregiver.

Quantify makes Internet-enabled devices that help monitor and manage lighting, heating and cooling systems in “intelligent buildings”.

Under the deal, the pair will adapt the technology for use in retirement, assisted living and home care markets in the United States and Australia.

Earlier this month Quantify hit a one-year low of 2.5c, but the announcement spurred the stock back to 3.5c.

Vanadium explorer Pursuit Minerals (ASX:PUR) hiked 35 per cent for the week after identifying “high grade vanadium mineralisation” at its Koitelainen V prospect in Finland.

The malleable, ductile metal is mainly used in steel-making but has rocketed in price recently, because of its requirment in  vanadium redox flow batteries which can store more power and last longer than other batteries (though they take up more space).

“With an average grade of 2.3 per cent V2O5 (vanadium oxide) the magnetite concentrates produced from nine holes at the Koitelainen V prospect place the mineralisation at the upper echelon of vanadium mineralisation globally,” Pursuit said.

Anything greater than 1.5 per cent was considered high grade, Pursuit said.

“Only the Maracas Mine in Brazil (3 per cent) and the Rhovan mine in South Africa (2.3 per cent) produce magnetite concentrates with vanadium levels consistently above 2.2 per cent.

Pursuit climbed to 13.5c this week — up from 10c seven days ago.

Here are the best performing ASX small cap stocks for May 4-11:

Swipe or scroll to reveal the full table. Best viewed on a laptop or desktop:

ASX Small Cap Losers May 4-11

The ASX’s newest cobalt explorer Ausmon Resources (ASX:AOA) fell back to earth after its shares went on a huge run last week.

The former gold and silver miner this week confirmed it was buying three cobalt projects in Australia. The stock tripled from 0.6c to 1.9c after the news last month.

This week the shares fell back 35 per cent to 1.1c.

Turmoil continued at gold and copper explorer Caravel Minerals (ASX:CVV), driving the shares down 20 per cent to 7c this week.

Dissident shareholders who gained two seats on Caravel Minerals’ board earlier this week moved to oust the remaining three directors.

Alasdair Cooke and Alexander Sundich were elected to the board on Monday and immediately called a general meeting to have chief Marcel Hilmer and directors Peter Alexander and James Harris evicted.

Caravel had been pursuing legal action against Mr Cooke and two associated companies.

Here are the worst performing ASX small cap stocks for May 4-11:

Swipe or scroll to reveal the full table. Best viewed on a laptop or desktop:

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