In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.2% to 7,996.1 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
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Catalyst Metals Ltd (ASX: CYL)
The Catalyst Metals share price is up 5.5% to $2.32. This follows the release of the gold miner's three-year production guidance and ore reserves update. Catalyst Metal's ore reserves now total 1 million ounces of gold. Management notes that these reserves provide the foundation for its three-year production guidance, which aims to double production from 100,000 ounces to 200,000 ounces. This will come with a total pre-production capital cost of $31 million.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up 4% to $1.29. This morning, this counterdrone technology company announced a new contract win in the United States. DroneShield revealed that it has received a repeat order worth a total of $3.1 million from a U.S. Government customer for a number of its counterdrone (C-UxS) systems. Delivery of these products is expected to be completed this month, using available stock on hand. After which, payment for the order is expected in the December quarter.
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is up 19% to $36.08. This follows news that the Foreign Investment Review Board has provided unconditional approval for the previously announced sale of a 49% interest in the Onslow Iron haul road to investment funds managed by Morgan Stanley Infrastructure Partners (MSIP). The company expects to receive total proceeds of $1,300 million. In addition, a number of companies with lithium exposure are rallying very strongly today.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 14% to $2.70. This is despite there being no news out of the lithium giant today. However, as mentioned above, most lithium stocks are surging today. This may be due to reports that Chinese battery giant CATL has suspended production at two of its lepidolite lithium mines. Investors may believe this could cause a rebound in lithium prices and are flooding back into the beaten down industry today. In addition, given how many lithium miners are heavily shorted, short sellers may be buying shares to close positions and putting even more pressure on the buy side of the equation.
