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 0.6% to 8,794.8 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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29Metals Ltd (ASX: 29M)
The 29Metals share price is up 3.5% to 43.5 cents. This follows the release of results from Near Mine Exploration, Resource Extension, and Resource Conversion drilling at Golden Grove. According to the release, the drilling highlights the Cervantes mineralised system's potential as a high-quality future growth option at Golden Grove. 29Metals' CEO, James Palmer, said: "Many of the high-grade Resource Extension results released today are in easily accessible areas of Gossan Hill, which in addition to mine life extensions, provides opportunity to leverage existing underground infrastructure and development to build flexibility into the Golden Grove life of mine plan."
Cobram Estate Olives Ltd (ASX: CBO)
The Cobram Estate Olives share price is up 2% to $3.30. This is despite the olive oil producer raising capital today. The company has successfully completed an institutional placement to raise $175 million at $3.20 per new share. It will also now launch a non-underwritten share purchase plan to raise up to a further $10 million. The proceeds will be used to accelerate the execution of its growth strategy in the United States, including the purchase of additional freehold farmland and the development of approximately 1,600 hectares of olive groves on this additional land.
Ora Banda Mining Ltd (ASX: OBM)
The Ora Banda Mining share price is up 9% to $1.15. Investors have been buying this gold miner's shares following the release of drilling results from the Sand King operation. Ora Banda's managing director, Luke Creagh, said: "We started the Sand King Underground mine on a reserve of 55,000 oz and our initial thinking was that it would be a support play to our main underground operation at Riverina. However, these remarkable hits from step out drilling, coupled with consistent resource infill drilling intercepts, show that Sand King Underground is bigger than we first thought and that the tenor of the mineralisation is potentially higher than initially expected."
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price is up 2.5% to $13.95. This morning, this radiopharmaceuticals company revealed that it has reached an agreement with the United States Food and Drug Administration (FDA) regarding the resubmission of its New Drug Application (NDA) for TLX101-CDx (Pixclara). It is an investigational agent for the imaging of glioma, a rare and life-threatening brain cancer. The company also confirmed its plan to resubmit the NDA during the fourth quarter of 2025.
