In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up slightly to 7,505.7 points.
Four ASX shares that are dragging on the market today are listed below. Here's why they are falling:
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Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down almost 2% to $1.68. This could have been driven by profit-taking after a strong rebound recently. The mineral exploration company's shares are up 20% this month. Though, they remain down approximately 75% over the last 12 months despite this recent rebound.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 21% to 26 cents. Investors have been selling this lithium miner's shares after it revealed that it may curtail production because of weak lithium prices. The miner has also suspended its BP33 underground mine development for the time being to conserve cash.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down 7% to 6.5 cents. This may have been in response to Core Lithium's update. Investors may believe that Sayona Mining will have to do the same with its operations if lithium prices don't improve in the near term.
Synlait Milk Ltd (ASX: SM1)
The Synlait Milk share price is down 6% to 87.5 cents. This follows the release of an update on its dispute with A2 Milk Company Ltd (ASX: A2M). The two parties have jointly appointed an arbitrator and are agreeing on an arbitration agreement and timetable for the matters to be resolved during 2024. This relates to A2 Milk's decision to cancel exclusive manufacturing and supply rights. In other news, Synlait advised that it expects its half-year profit after tax to be down compared to the corresponding period.
