The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. In afternoon trade, the benchmark index is down 0.5% to 6,792.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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IGO Ltd (ASX: IGO)
The IGO share price is down 9.5% to $9.63. Investors have been selling this battery materials producer's shares following the release of its quarterly update. Although it reported record free cash flow for the quarter, management warned that the current quarter could be tough due to volatility in the lithium market.
Neometals Ltd (ASX: NMT)
The Neometals share price is down 22% to 24.5 cents. This morning, this battery materials recycler revealed that it will not proceed with the construction of a vanadium recovery facility in Finland. It said: "Despite the potential lowest-quartile operating cost and low-carbon footprint, the state of the global financial markets dictate that the Company preserves its cash balance and not contribute further material funding to VRP1 evaluation activities."
Pantoro Ltd (ASX: PNR)
The Pantoro share price is down almost 28% to 2.9 cents. This follows the release of the gold miner's quarterly update. Although production at its Norseman operation is continuing to improve, investors appear alarmed by its cash burn. Pantoro ended the period with cash and gold of $35 million, down from $46.7 million three months ago. That's despite raising $30 million during the quarter.
Star Entertainment Group Ltd (ASX: SGR)
The Star share price is down 9% to 54 cents. Investors appear concerned by proposed reforms to Queensland casino regulations. The proposed reforms include the introduction of mandatory carded play, cash and time play limits, restrictions on the use of cash, mandatory player pre-commitment restrictions on expenditure by customers for certain games and activities and a supervisory levy payable by casino licence holders.
