Why Emerald Resources, Liontown, Pexa, and Wildcat shares are dropping today

These ASX shares are falling more than most today.

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The S&P/ASX 200 Index (ASX: XJO) has run out of steam on Thursday. In afternoon trade, the benchmark index is down 0.4% to 7,505.4 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Emerald Resources NL (ASX: EMR)

The Emerald Resources share price is down 6% to $2.92. This follows the release of the maiden gold resource at its 100% owned Memot Gold Project in Cambodia. The maiden open pit inferred resource is 8Mt at 1.84g/t gold for 470,000 ounces. It seems that some investors were expecting a larger resource. Though, it is worth noting that drilling continues.

Liontown Resources Ltd (ASX: LTR)

The Liontown share price is down 8% to $1.54. This follows weakness in the lithium industry, a broker downgrade from Macquarie, and the announcement of legal proceedings relating to royalties from the Kathleen Valley Lithium Project. Management advised that it doesn't expect the latter to be material.

PEXA Group Ltd (ASX: PXA)

The PEXA share price is down almost 4% to $10.51. This may have been driven by a broker note out of Morgans. In response to the property settlement technology company's update yesterday, its analysts have downgraded its shares to a hold rating with a reduced price target of $11.65. PEXA's guidance for FY 2024 was softer than it was expecting.

Wildcat Resources Ltd (ASX: WC8)

The Wildcat Resources share price is down almost 6% to 72.5 cents. This is despite the lithium explorer releasing initial diamond drill results from the Leia Pegmatite at its Tabba Tabba Lithium Project in Western Australia. Among the encouraging results were five diamond holes that have returned significant lithium intersections over widths of 92m to 135m.

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 Macquarie Group and PEXA Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. 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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