In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.55% to 8,626.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 2.5% to $1.62. Investors have been selling this mineral exploration company's shares this week following the release of the pre-feasibility study (PFS) for the Gonneville Palladium-Nickel-Copper Project. The PFS confirmed a long life, globally competitive critical minerals mine in Western Australia, which it believes will generate $4.7 billion in free cashflow (pre-tax) over an initial 23 year open-pit mine life. In response to the update, UBS retained its neutral rating but slashed its price target down to $1.75.
Predictive Discovery Ltd (ASX: PDI)
The Predictive Discovery share price is down 7% to 65.5 cents. This morning, fellow gold miner Perseus Mining Ltd (ASX: PRU) revealed that it was ending its pursuit of Predictive Discovery after its proposal was no longer deemed to be superior. It is possible that some investors were counting on a bidding war breaking out between Perseus and fellow suitor Robex Resources.
Premier Investments Ltd (ASX: PMV)
The Premier Investments share price is down 4% to $14.43. This has been driven by the retail conglomerate's shares going ex-dividend this morning for its latest payout. In September, the Peter Alexander and Smiggle owner released its FY 2025 results and reported a sizeable a 31.1% jump in profit. This strong form allowed the company's board to declare a fully franked final dividend to 50 cents per share. Eligible shareholders can now look forward to receiving this dividend next month on 23 January.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down almost 11% to 50 cents. Investors have reacted negatively to news that the gold miner will sell down interests in its Simberi gold operations in Papua New Guinea. Chinese company Lingbao Gold Group (HKG: 3330) has agreed to pay $370 million for a half stake in a subsidiary that would own 80% of the Simberi gold project. The remaining 20% of the project is being sold to Kumul Mineral Holdings for $100 million. The company notes that the "transaction values 100% of the Simberi Gold Project at $800 million which represents a 31% premium to the current St Barbara market capitalisation."
