Why Atlantic Lithium, Coronado Global, Delta Lithium, and Myer shares are falling

These ASX shares are sinking deep into the red on Tuesday. But why?

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The S&P/ASX 200 Index (ASX: XJO) is battling for a small gain on Tuesday. In afternoon trade, the benchmark index is up 0.2% to 7,322.3 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Atlantic Lithium Ltd (ASX: A11)

The Atlantic Lithium share price is down over 14% to 38.5 cents. This morning, this lithium explorer confirmed that the Ghanaian government is looking to introduce a new Green Minerals Policy. This could include changes to the mining royalty rate and the state's carried interest in minerals projects. The company's flagship project is the Ewoyaa Project in Ghana. Management "remains of the belief that it will be granted the Mining Lease required to advance the Project."

Coronado Global Resources Inc (ASX: CRN)

The Coronado share price is down over 11% to $1.46. Investors have been hitting the sell button today after the coal miner reported a sharp drop in half-year profits. Due to lower sales volumes, higher costs, and weaker coal prices, Coronado Global saw its first-half net income fall 64.6% to US$199.2 million.

Delta Lithium Ltd (ASX: DLI)

The Delta Lithium share price is down almost 11% to 83 cents. This follows the release of drilling results from the company's Mt Ida operation. Some investors appear to have been expecting more from these drilling activities.

Myer Holdings Ltd (ASX: MYR)

The Myer share price is down 14% to 61.2 cents. This department store operator's shares have been sold off following the release of a trading update. Although that update reveals that Myer is expecting to post a solid set of numbers for FY 2023, investors appear concerned by a sharp slowdown in sales and significantly weaker second-half margins. This could be a sign that FY 2024 will be a tough period for Myer.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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