In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form again and sinking into the red. At the time of writing, the benchmark index is down 0.55% to 7,711.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Arafura Rare Earths Ltd (ASX: ARU)
The Arafura Rare Earths share price is down almost 3% to 17.5 cents. This may have been driven by news that Rare Earths Norway has just discovered Europe's largest proven deposit of rare earth elements. Trond Watne, Chief Geologist of Rare Earths Norway, said: "We have now, through an independent third party, confirmed that we have a significant Mineral Resource at Fen. This is a milestone for us that could be extremely important for the local community in Nome, but also Norway and Europe for generations."
Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price is down 14% to 12 cents. This follows the completion of a $10 million institutional entitlement offer and news that Vector Capital has formally withdrawn its non-binding indicative proposal to acquire the company. Though, in respect to the latter, it has requested ongoing engagement with the company with a view of making a new offer to acquire the struggling tech company.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is down 1.5% to $3.70. This morning, this gold miner warned that its Cowal and Mt Rawdon operations have been impacted by continued high levels of rainfall. Restrictions to open-pit operations at Cowal and Mt Rawdon have necessitated the processing of lower grade stockpile ore at various stages during the past two months to maintain full processing feed rates. The good news is that the Cowal underground operation has not been impacted by weather and has continued its planned ramp up following successful commencement of commercial production in April. In addition, material handling systems at Red Lake have been disrupted by localised seismic events at the Balmer and Cochenour areas.
Galileo Mining Ltd (ASX: GAL)
The Galileo Mining share price is down 5.5% to 25 cents. This is despite the release of an update which reveals that its Mineral Resources Ltd (ASX: MIN) farm-in agreement is now complete. Managing director, Brad Underwood, commented: "With completion of the MinRes lithium joint venture agreement, lithium exploration will now begin at the Norseman project. MinRes have an incredible depth of experience in the lithium business and have secured the rights to work on our untested lithium potential at Norseman."
