The S&P/ASX 200 Index (ASX: XJO) has started the week in a subdued fashion. In afternoon trade, the benchmark index is down 0.2% to 7,388.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
IGO Ltd (ASX: IGO)
The IGO share price is down 5% to $13.72. This follows the release of the battery materials miner's quarterly update. Although the company delivered record quarterly earnings, its free cash flow generation may have fallen short of expectations. In addition, broad weakness in the battery materials industry could also be weighing on its shares.
Patriot Battery Metals Inc. (ASX: PMT)
The Patriot Battery Metals share price is down 4% to $1.54. The aforementioned weakness in the battery materials industry appears to have offset some big news out of this lithium explorer today. That news is that Patriot Battery Metals has reported its maiden mineral resource (MRE) estimate for the CV5 spodumene pegmatite at its Corvette property in Quebec, Canada. Management believes the MRE makes it the largest lithium pegmatite mineral resource in the Americas.
Silver Lake Resources Ltd (ASX: SLR)
The Silver Lake share price is down 19% to 90.6 cents. Investors have been hitting the sell button after the gold miner released its quarterly update and guidance for FY 2024. The latter sees the company target 210,000 to 230,000 ounces of gold sold in the new financial year. This compares to its record production of 261,604 ounces in FY 2023.
Starpharma Holdings Ltd (ASX: SPL)
The Starpharma share price is down 30% to 22.75 cents. This morning, this biotechnology company revealed that AstraZeneca plc (NASDAQ: AZN) has pulled the plug on the development of AZD0466 following an internal review that was prompted by a small number of asymptomatic adverse events. Starpharma's dendrimer drug delivery technology was being used in the trial.
