The Australian Securities Exchange has hit fledgling WA contract brewer Gage Roads with a "please explain" after the stock soared 42 per cent over two days.

Investors shared in some profit-taking this morning after Gage Roads climbed for 6¢ on Friday to a high of 8.5¢ yesterday, slipping to 7.6¢ at 11.25am.

But Gage Roads said the share price rally was most likely driven by the brewer's bullish market update on Friday, when it flagged plans to bring forward an expansion of its brewing capacity from 350,000 cartons to one million after better than expected sales of new brew Dry Dock.

It brews the product for Woolworths under contract after striking a partnership deal with the supermarkets giant earlier this year which saw it gain a welcome $2 million cash injection in exchange for giving the retailer an equity stake and a board seat.

Gage Roads said on Friday first-quarter sales volume had grown 109 per cent, with revenue up 106 per cent on a year earlier.

"The company is in discussions with financial institutions and major shareholders in relation to funding the expansion plans," Gage Roads said in its response to the ASX's query this morning.