The S&P/ASX 200 Index (ASX: XJO) is having a good session on Wednesday. In afternoon trade, the benchmark index is currently up 0.75% to 8,965.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
29Metals Ltd (ASX: 29M)
The 29Metals share price is down 22% to 41.5 cents. This follows the release of the struggling copper miner's quarterly update. Copper production rose 3.6% quarter on quarter to 5.8kt, whereas zinc production sank 84% to 2kt. This was driven by restricted access to high-grade zinc stopes due to the impacts of seismic activity. The miner also reported a jump in all-in sustaining costs for the quarter. 29Metals' CEO, James Palmer, commented: "A challenging quarter at Golden Grove, with ongoing restricted access to Xantho Extended. Putting safety first, we have temporarily ceased mining from Xantho Extended whilst we implement a plan to safely and sustainably reestablish mining in that section of Gossan Hill."
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down over 6% to $5.29. This may have been driven by profit taking from investors. Not even the release of another promising announcement this morning has been able to stop the selling. It announced the launch of the DroneSentry-C2 Enterprise (C2E) platform, which is able to connect multiple DroneSentry-C2 solutions across geographically dispersed sites. It explained: "By consolidating multi-site operations, C2E enables faster decision-making, improved coordination and enhanced resilience across national-level security networks. This means that DroneShield customers can now maintain complete situational awareness and operational control across geographically dispersed sites, including at a nationwide level, with ease."
Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is down 12% to $6.06. This is also likely to have been driven by profit taking from investors. After all, this defence and space company's shares have been on fire this year thanks to some big counter-drone contracts. For example, even after today's heavy decline, the EOS share price is still up by a massive 350% since the start of the year.
Tamboran Resources Corp (ASX: TBN)
The Tamboran Resources share price is down over 2% to 21.5 cents. This is despite the energy explorer announcing that it has successfully completed the 2025 Shenandoah South drilling program. This is the largest program ever conducted in the Beetaloo Basin. Management notes that the average spud-to-total depth across the program was 26.7 days, with the drilling and casing time delivered within the 35-day forecast.
