The S&P/ASX 200 Index (ASX: XJO) is out of form on Tuesday and giving back yesterday's gains. In afternoon trade, the benchmark index is down 0.4% to 7,289.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down a further 18% to $2.74. Investors have been hitting the sell button since the release of a decidedly disappointing scoping study last month. Not only is production many years away, but its commodity price forecasts appear ambitious. Additionally, this morning analysts at Jefferies downgraded the mineral exploration company's shares to an underperform rating and cut the price target on them by 69% to $2.00.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down 4% to $11.23. This has been driven partly by the gold miner's shares trading ex-dividend this morning for its upcoming dividend payment. Last month, the company declared a final dividend of 15.5 cents per share. This will be paid to eligible shareholders on 12 October.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 2% to $4.68. This has also been driven by its shares going ex-dividend today. Last month, this lithium miner released its FY 2023 results and declared its first-ever final dividend of 14 cents per share. This fully franked payout will be paid to eligible shareholders later this month on 27 September.
Tietto Minerals Ltd (ASX: TIE)
The Tietto share price is down almost 23% to 36 cents. Investors have been selling this gold miner's shares after it downgraded its production guidance materially. Instead of second-half production of 105,000 ounces to 120,000 ounces of gold with an all-in sustaining cost (AISC) of US$875 to US$975 per ounce, it now expects 85,000 ounces with an AISC of US$1,175 to US$1350 per ounce.
