These 3 small cap ASX shares are on the rise on Friday

The market may be in selloff mode again, but that hasn’t stopped some shares at the small end of the market from pushing higher.

Three small caps that caught my eye with solid gains today are listed below. Here’s why they are on the rise:

The Lepidico Ltd (ASX: LPD) share price has risen 5% to 2 cents after the lithium exploration company announced that Strategic Metallurgy has been instructed to build and operate its L-Max pilot plant, subject to securing funding. The 15 kilogram per hour research and development facility will be built and operated in Perth, Western Australia. The decision to develop the L-Max pilot plant was made due to positive feedback from prospective offtake/finance parties. These parties will have the opportunity to conduct comprehensive due diligence from April 2019. Good news but still a long way off being investment grade in my opinion.

The Lithium Australia NL (ASX: LIT) share price is up 3% to 10 cents. This morning the lithium company announced that its Sileach pilot plan trial has produced outstanding results. According to the release, the plant operated in continuous mode for five days, processing lepidolite concentrate at approximately 4 kg per hour through leach, pre-neutralisation, and impurity removal stages. Management appears pleased that the trial successfully demonstrated continuous operation of its proprietary SiLeach process, including full recycle of intermediate process streams. As with Lepidico, I feel this is positive news but a little too soon to consider an investment.

The Money3 Corporation Limited (ASX: MNY) share price has risen 4.5% to $2.09. This morning S&P Dow Jones Indices announced its September quarterly rebalance of the S&P/ASX indices. The rebalance will see the financial services company added to the S&P/ASX 300 Index from the start of trade on September 24. One share going the other way is iSentia Group Ltd (ASX: ISD), which has been removed from the index after its sudden fall from grace. I think Money3’s inclusion in the index is deserved and feel it would be a good option for investors.

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Earlier this year, millions of Australians set alarms and watched the world's biggest sporting event, the World Cup, play out. But did you know there was another Australian representative quietly succeeding as the world watched?

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended iSentia Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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