In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another sizeable decline. At the time of writing, the benchmark index is down 1.55% to 7,766.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
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Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 4% to 7.7 cents. Investors have been buying the lithium miner's shares after it released an update on its gold exploration. Commenting on the drilling results, the company's CEO, Paul Brown, said: "Now that all results from our 2024 drill program at Mt Shoobridge have been returned, we have a greater appreciation for the potential size of the system. There appears to be a large, shallow body of oxide mineralisation and areas of higher grade material along the 800m of strike tested." The company also confirmed that it expects to release the results of its lithium restart study during the June quarter of 2025.
Lotus Resources Ltd (ASX: LOT)
The Lotus Resources share price is up 3% to 17 cents. Investors have been buying this uranium developer's shares after it released an updated scoping study for its Letlhakane Uranium Project in Botswana. Management revealed that the scoping study has confirmed the project's potential to become a significant uranium operation. It will also complement its production at the Kayelekera Uranium Project in Malawi, which is on track to restart in the third quarter of 2025. In total, it believes the two projects could turn Lotus Resources into a 5.5Mlb per annum producer.
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price is up 6% to 64.2 cents. This may have been driven by bargain hunters swooping in after a major selloff on Tuesday. Investors were selling the nickel producer's shares amid reports that the Indonesian government was planning to increase mining royalties. However, this may have been an overreaction. Management explained today that the impacts would be somewhat minimal. It said: "Based on the PT Hengjaya Mineralindo (Hengjaya Mine) sales revenue of US$205 million in 2024, if the proposed royalty increases were legislated, the royalties paid would have increased by approximately US$8m."
Regal Partners Ltd (ASX: RPL)
The Regal Partners share price is up 3% to $2.92. This morning, analysts at Bell Potter reaffirmed their buy rating and $5.00 price target on the fund manager's shares. The broker said: "RPL is not immune to volatility, however the track record, distribution, product mix, and liquidity restraints mean we would expect RPL to come through this in good shape and continue to grow FUM. At this juncture we are not changing our forecasts or price target. After strong results in February, the shares are down 24% YTD or 34% from recent peak (Nov 22 : $4.27), and we reiterate our BUY recommendation."
