Two ASX small-cap shares are shooting the lights out today, both posting intraday gains of more than 50%.
One is a healthcare technology and services company.
The other is a mineral exploration company.
Which high-flying ASX small-cap shares are we talking about?
I'm glad you asked!
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ASX small-cap share rockets on new contract win
Turning to the healthcare technology and services company first, we have Resonance Health Ltd (ASX: RHT).
Resonance Health shares exited a trading halt at 3.8 cents apiece this morning, and investors sent the ASX small-cap share soaring to 6.2 cents, up 63%. After some likely profit-taking, shares are currently changing hands for 5.6 cents each, up 47%.
Investors have been piling into the healthcare stock after the company announced it has been contracted by Sun Pharmaceutical Industries to be the local Australian sponsor and to provide a range of services for its clinical trial of a new drug compound in Australia.
Sun Pharmaceuticals is a listed international pharmaceutical company with global operations.
The clinical trial agreement is worth an estimated $13.8 million in revenue for Resonance Health over the next two years.
Commenting on the agreement sending the ASX small-cap share rocketing today, Resonance Health CEO Andrew Harrison said:
The agreement is a direct result of the incredible work the team have done in executing the existing clinical trial with the customer and more broadly the company's focus on winning more work in the global clinical trials ecosystem.
This illustrates our ability to win repeat work from customers, and our capacity to scale the size of contract wins.
Also shooting higher today
The second ASX small-cap share that's going ballistic today is resource explorer Petratherm Ltd (ASX: PTR).
Shares in the junior explorer entered a trading halt last Friday after closing last Thursday at 4.9 cents each. In earlier trade, investors sent the stock rocketing to 9.4 cents, up 91.8%. Again, after some likely profit-taking, shares have retraced a touch since then, currently changing hands for 8.1 cents each, up 65.3%.
Petratherm shares are soaring today after the company reported on "outstanding results" with its trial heavy mineral separation test.
According to the release, samples taken from historical drilling at the Rosewood prospect returned "highly significant" heavy mineral grades and mineralogy.
Rosewood is part of Petratherm's Muckanippie project, located in South Australia.
The explorer said that composite samples from wide spaced drill holes over 2.5 kilometres returned heavy mineral concentrations of 12.0% and 12.5 % from shallow depths, with laboratory analysis confirming high titanium mineral content.
Titanium is on the critical minerals list for Australia, the United States and the European Union.
Commenting on the results sending the ASX small-cap share flying higher today, Petratherm CEO Peter Reid said:
The initial metallurgical results from historic drilling at the Rosewood prospect are outstanding and beyond our expectations.
As the Muckanippie project evolves, it continues to surprise with emerging potential to be a significant source of high value titanium minerals and transformational for the company.
