Goat pies could well be a sign of resilience, at least at Meedo Station in Western Australia’s Gascoyne region, which is better known for droughts.

The same droughts led to the family running the station to focus on rearing hardy goats, which proved more profitable than more mainstream livestock.

This in turn led to making goat pies that are now in demand even in Perth.

How’s that for Australian resilience?

That neatly segues into the market’s performance for the week. We think.

While the ASX200 is having a challenging time today, it is still on track to close up this week with the benchmark index up 1.27% around midday to 7,511 points.


Here are the best performing ASX small cap stocks for July 30 – August 6 [intraday]:

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Red Hill Iron (ASX:RHI) +286%

It should come as no surprise that Red Hill Iron topped the charts this week after confirming on Monday that it is selling its 40% interest in the 820 million tonne Red Hill Iron Ore Joint Venture (RHIOJV) to Mineral Resources (ASX:MIN) for $400m.

Besides the sale price of $200m on completion and another $200m when the first commercial shipment of iron ore departs port, the company will also receive a royalty of 0.75% of revenue on all iron ore that is extracted and sold from the RHIOJV tenements.

Here’s the kicker – even with the jump in its share price, Red Hill’s market capitalisation stands at just $254.48m.

8Common (ASX:8CO) +77%

While capital raisings typically result in share price drops due to concerns about share dilution, this was not the case for 8Common, which saw its shares rise despite raising $3.78m earlier this week.

The placement of 21 million shares priced at 18c, a 5% discount to the last traded price of 19c, was made to institutional and sophisticated investors.

Proceeds will be used for capital expenditure and working capital to support product, customer success and infrastructure enhancements to facilitate onboarding of recent contract wins.

8Common topped our charts last week after announcing that its subsidiary Expense8 has been mandated to manage the enterprise resource planning for the rollout of a new Australian government platform.

Lithium Energy (ASX:LEL) +47%.

Shares in the company climbed this week after it reported that the environmental assessment for its Solaroz lithium project in Argentina entered the final stages of evaluation.

The EIA can proceed to the next stage, which has a timeframe of two weeks to receive any other technical input from relevant stakeholders, after positive meetings were held with local representatives, various agencies of the unit of environmental management of the Jujuy Province, underlying landowners and First Nations representatives.

Once the EIA is approved Lithium Energy plans to start an extensive work program of geophysical surveys and drilling.

Solaroz has a conceptual exploration target of between 1.5 to 8.7 million tonnes of contained lithium carbonate equivalent based on a range of lithium concentrations of between 500-700 mg/L lithium.


Here are the worst performing ASX small cap stocks for July 30 – August 6 [intraday]:

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