In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.5% to 7,235.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is down 4% to 96.2 cents. This follows the release of a definitive feasibility study (DFS) update this morning for its Tumas uranium project. While the base case assumptions now include a meaningfully higher uranium price and higher net present value, the market appears to believe that a major capital raising will be required to fund the $530.1 million capital costs.
Resolute Mining Ltd (ASX: RSG)
The Resolute Mining share price is down 2% to 42.2 cents. Investors have been selling Resolute and other ASX gold shares today following a pullback in the gold price overnight. A reduction to interest rate cut bets dragged the precious metal below the US$2,000 an ounce mark again.
WA1 Resources Ltd (ASX: WA1)
The WA1 share price is down 8% to $7.33. Investors have been selling this mineral exploration company's shares since the release of a drilling update on Monday. While assays from the central zone demonstrate continuity of the shallow high-grade blanket of niobium mineralisation between the western and eastern zones at its Luni carbonatite, it appears that some investors were expecting stronger results.
Winsome Resources Ltd (ASX: WR1)
The Winsome Resources share price is down 8% to 96.5 cents. This may be due to weakness in the lithium industry today. Though, in other news, on Monday the lithium explorer released the maiden inferred mineral resource estimate (MRE) for the Adina Lithium Project in Canada. It is 59Mt at 1.12% Li2O across two adjacent large spodumene-bearing pegmatite zones. It's possible that some investors were betting on a bigger MRE.
