Why Evolution, Galan Lithium, Life360, and Resolute shares are dropping today

These ASX shares are missing out on the good times today.

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A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is well and truly back on form and charging higher. At the time of writing, the benchmark index is up 1.4% to 7,162.5 points.

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

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is down 14% to $3.57. This has been driven by a combination of weakness in the gold sector and the completion of the institutional component of its capital raising. Evolution has raised $525 million via a fully underwritten institutional placement at $3.80 per new share. These funds will be used for the acquisition of an 80% interest in the Northparkes Copper-Gold Mine.

Galan Lithium Ltd (ASX: GLN)

The Galan Lithium share price is down 3.5% to 55 cents. This is despite the release of an update on the development of its Hombre Muerto West (HMW) Phase 1 lithium brine project. Management revealed that construction is progressing to schedule and it expects to deliver lithium chloride production the first half of 2025.

Life360 Inc (ASX: 360)

The Life360 share price is down a further 3% to $7.35. Investors have been selling this location technology company's shares this week following some insider selling. According to the release, Life360 co-founder and CEO Chris Hulls has sold US$4 million (A$6 million) worth of shares. Hulls revealed that he plans to diversify his holdings over the next five years in line with US market norms.

Resolute Mining Ltd (ASX: RSG)

The Resolute share price is down over 1% to 43.5 cents. This follows weakness in the gold sector after a pullback in the spot gold price. This has led to the S&P/ASX All Ordinaries Gold index falling 2.2% this afternoon.

Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. 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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