Why Chalice Mining, Core Lithium, Perpetual, and Polynovo shares are racing higher

These ASX shares are having a very strong session on Wednesday. But why?

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The S&P/ASX 200 Index (ASX: XJO) is rebounding strongly on Wednesday. In afternoon trade, the benchmark index is up 1.5% to 7,166 points.

Four ASX shares that are rising more than most today are listed below. Here's why they are racing higher:

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is up 13% to $1.68. This morning, this mineral exploration company announced significant regional exploration access approval for its Julimar Exploration Project. According to the release, the Government of Western Australia has approved the Stage 3 Conservation Management Plan and Programme of Work for exploration drilling across the full >30km interpreted strike length.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 14% to 26.2 cents. This is despite there being no news out of the lithium miner. However, it seems that some investors believe that recent weakness has created a buying opportunity. In addition, it's possible that short sellers could be buying shares to close their positions today.

Perpetual Ltd (ASX: PPT)

The Perpetual share price is up 5.5% to $23.63. Investors have been buying the fund manager's shares after it announced a strategic review. Perpetual advised that it will be exploring the benefits of unlocking additional value for shareholders through separation of its Corporate Trust and Wealth Management businesses and creating a more focused Asset Management business.

Polynovo Ltd (ASX: PNV)

The Polynovo share price is up 11.5% to $1.50. This has been driven by news that the medical device company delivered record sales during November. Polynovo reported unaudited sales of $8 million for the month. This was driven by strong growth in both the United States and its Rest of World businesses. Total group revenue for the month including BARDA was $9.5 million, which is up ~110% year on year.

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 positions in and has recommended PolyNovo. 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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