European Lithium Limited jumped 42.31% to A$0.53, closing out the day as the biggest winner among small cap shares on the Australian stock market today.

Coming in second was Latrobe Magnesium Limited, which gained 22.95% to A$0.08.

Third was Nexus Minerals Limited, which gained 16.67% to A$0.46.

Next was Infinity Lithium Corporation Limited, which gained 15.38% to A$0.23.

And rounding out the top five was Cannindah Resources Limited, which increased by 13.64% to A$0.50.

NOTE: Small Cap stocks on the ASX are those with a market valuation between A$50 and A$500 million.