The market may be storming higher again on Tuesday but the same cannot be said for the ASX mining shares listed below.
Here's why these four shares are underperforming the market and dropping into the red this morning:
29Metals Ltd (ASX: 29M)
The first ASX mining share that has taken a tumble today is 29Metals. Its shares are down over 5% to 44.5 cents.
This morning, the copper miner released its quarterly update and posted an 11.5% increase in copper production but a 77.3% decline in zinc production. Also heading in the wrong direction were its C1 costs, which increased 32% quarter on quarter to US$4.05 per pound of copper sold.
This reflects production disruption at the Capricorn Copper operation following heavy rainfall. This operation is now being suspended.
Chrysos Corporation Ltd (ASX: C79)
Another ASX mining solutions share falling on Tuesday is Chrysos Corporation. It is an assay services provider to the global mining industry through its PhotonAssay technology.
Chrysos shares are down 2% to $6.72 at the time of writing.
This morning, it released its quarterly update and reported revenue of $12.9 million for the three months. This represents a 28% quarter on quarter increase and a 96% year on year.
The main disappointment appears to have come from management's guidance for FY 2024. It expects to report revenue of $45 million and EBITDA of $8.5 million. The former is short of its original guidance range of $48 million to $58 million and the latter is at the bottom end of its guidance range of $7 million to $17 million.
De Grey Mining Limited (ASX: DEG)
The De Grey Mining share price is down 5% to $1.26 this morning.
This ASX gold mining share appears to have been dragged lower largely by a sharp decline in the gold price overnight.
In other news, the gold developer released its quarterly activities report after the market close on Monday. It ended the period with cash of $319 million and no debt.
De Grey also confirmed that it continues to target first gold production in the second half of 2026, subject to receipt of regulatory approvals.
In other news, there is speculation that Gold Road Resources Ltd (ASX: GOR) could sell its stake in De Grey Mining to fund a major acquisition.
Winsome Resources Ltd (ASX: WR1)
A third ASX mining share under pressure on Tuesday is Winsome Resources. Its shares are currently down 2.5% to $1.26.
And while the lithium explorer released its quarterly update today, this decline appears to be largely down to broad weakness in the lithium industry.
After all, as Winsome is still in the exploration stage, its update didn't contain anything unexpected.
