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These small cap ASX shares are storming higher on Thursday

The Australian share market is on course to continue its positive run and is up strongly on Thursday.

Three small cap shares that have stood out with strong gains today are listed below. Here’s why they are on the rise:

The Australian Mines Limited (ASX: AUZ) share price has continued its positive run and jumped over 7% to 5.9 cents. On Wednesday the mineral exploration company provided the market with an update on the progress of its research and development project with Metalysis. That update revealed that Metalysis has qualified the company’s high purity scandium oxide as a feedstock for next-generation scandium alloy. This is a big step forward in the eyes of management, which believes that the high value aluminium-scandium alloy continues to pose excellent launch product potential for Metalysis’ highly anticipated Generation 4 industrial plant.

The New Century Resources Ltd (ASX: NCZ) share price has stormed 10.5% higher to $1.07 despite there being no news out of the mineral exploration company. However, on Monday Century released a reasonably positive update on its operations. That update revealed that its first concentrate shipment was fully loaded and sailed, with the company delivering the maximum available shipping parcel of 11,000 tonnes. This was 10% above initial shipment size expectations. Management believes this demonstrates the operational viability of the entire logistics chain for the restarted Century operations

The Rhipe Ltd (ASX: RHP) share price is up 6% to $1.38 on the day of its annual general meeting. Ahead of the event the wholesale subscription software license provider released an update on its first quarter trading. According to the release, revenue is up 30% to $55 million and operating profit has jumped 75% to $2.8 million. Management advised that the strong start to FY 2019 has given it the confidence to lift its full year operating profit guidance range to between $10.5 million and $11.5 million.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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