In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1.5% to 7,741.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 8% to $1.51. This morning, this mineral exploration company released a metallurgical testwork and pre-feasibility study (PFS) update. Management advised that results indicate potential upside for overall metal recoveries. However, cleaner stage tests under locked-cycle conditions are required to quantify the impact. Chalice continues to target a final investment decision in late 2026 and is then aiming to commence production all the way out in 2029. It is also worth noting that most miners are sinking on Tuesday and dragging on the performance of the ASX.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down 6% to $13.70. This appears to have been driven by a bleak session for gold on Friday. The precious metal had its worst session in several years at the end of last week. And while it rebounded on Monday, that wasn't enough for investors to stop hitting the sell button today. The S&P/ASX All Ordinaries Gold index is down 5.7% in afternoon trade.
Peninsula Energy Ltd (ASX: PEN)
The Peninsula Energy share price is down 9% to 10 cents. This has been driven by the completion of the retail component of the uranium developer's entitlement offer. It has raised a total of $39.8 million at an offer price of 10 cents per share. This follows the successful completion of a placement which raised approximately $52.9 million and the institutional entitlement offer which raised approximately $13.3 million. In total, the company has now raised A$105.9 million before costs. The proceeds place Peninsula Energy in a strong financial position and is expected to fully fund operations at the Lance Projects through to sustainable free cash flow.
Service Stream Ltd (ASX: SSM)
The Service Stream share price is down 4% to $1.18. This is likely to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded the essential services company's shares to a neutral rating, but with an improved price target of $1.30. Macquarie made the move largely on valuation grounds following a strong run since the release of its half year results. Outside its valuation, the broker is positive on the company's outlook.
