In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.2% to 7,428.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Atlantic Lithium Ltd (ASX: A11)
The Atlantic Lithium share price is down 9% to 44.5 cents. This morning, this Ghana-focused lithium developer announced a $7 million equity raising at 44 cents per new share. The proceeds will be used to contribute to the funding of the company's flagship Ewoyaa Lithium Project in Ghana and provide additional working capital.
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is down 4.5% to 22 cents. This may have been driven by profit-taking after a very strong gain year to date. The rare earths explorer's shares have risen by over 300% since the start of 2023.
Stockland Corporation Ltd (ASX: SGP)
The Stockland share price is down 3% to $4.38. This morning, this property company announced its estimated distribution for the six months ending 31 December. It advised that it expects to pay an 8 cents per share distribution in February following the release of its results. This is down from 11.8 cents per share a year earlier.
Strickland Metals Ltd (ASX: STK)
The Strickland share price is down 44% to 8.9 cents. This follows the release of an update on drilling at its 100% owned Horse Well prospects at the Yandal Gold Project and Rabbit Well prospect in the Earaheedy Basin. As you might have guessed from its share price performance, the company's drilling results fell well short of the market's expectations.
