Shares in Chalice Mining Ltd (ASX: CHN) are falling today, despite the company releasing no news. The Chalice Mining share price is currently 8.18% lower than its previous close. Shares in the company are swapping hands for $6.85.
Today’s fall comes one week after the former gold miner turned nickel, copper, and platinum group minerals producer announced it was demerging its gold assets.
Let’s take a look at Chalice Mining’s most recent announcement.
The latest from Chalice Mining
Last Monday, Chalice Mining announced it will be demerging its gold assets into a new ASX-listed company.
The soon-to-be company will own Chalice Mining’s Pyramid Hill Gold Project and its 70% interest in the Viking Project.
Chalice Mining also announced assay results from Pyramid Hill, potentially exciting market watchers who were already planning to get in on Chalice’s spin off’s Initial Public Offering (IPO).
While the Chalice Mining share price flopped during intraday trade last Monday, it recovered to end the session 1.09% higher than the previous session.
However, for no obvious reason, it fell 2.49% on Friday and has plummeted again today.
The demerger is conditional upon shareholder and regulatory approval.
Chalice Mining share price snapshot
Despite slipping the last few days, the Chalice Mining share price is well and truly in the green.
Right now, it has gained 75% since the start of 2021. It has also gained a mammoth 549% since this time last year.
The company has a market capitalisation of around $2.3 billion, with approximately 346 million shares outstanding.