Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Everest Metals Corporation Ltd (ASX: EMC)

The Everest Metals share price is down a massive 32% to 23 cents. Investors have been hitting the sell button amid disappointing results in the company's search for lithium. While Everest Metals uncovered high-grade rubidium, this isn't what the market was betting on.

Global Lithium Resources Ltd (ASX: GL1)

The Global Lithium share price is down 5% to $1.65. This morning, Global Lithium revealed that it has found a bedrock (hard rock) rare earth elements (REE) hosting mineralised system adjacent to the Manna Lithium Project. It will be named the Cardunia Rocks REE Project. Investors appear concerned that this could be a distraction.

GreenX Metals Ltd (ASX: GRX)

The GreenX share price is down 15% to 84.5 cents. This follows news that the Greenland-based copper and gold exploration company has raised $4.2 million at a discount of 80 cents per share. The proceeds will be used to ensure that GreenX retains a strong balance sheet position.

QBE Insurance Group Ltd (ASX: QBE)

The QBE share price is down 2.5% to $15.05. This is despite there being no news out of the insurance giant on Thursday. The decline could be due to US inflation coming in softer than expected, which has sparked hopes that interest rates won't have to rise as much as feared. This could be seen as a negative for QBE, which benefits when bond yields rise.

The post Why Everest Metals, Global Lithium, GreenX, and QBE shares are falling today appeared first on The Motley Fool Australia.

Shares in the ASX mining stock closed yesterday trading for 34 cents. In early morning trade shares were swapping hands for 23.5 cents apiece, down a precipitous 31%.

After what looks to be some bargain hunting, the stock has recovered some, currently trading for 24.5 cents a share, down 28% for the day.

So, what's going on?

Why are ASX investors hitting the sell button on the miner?

If you've been following along with the resources news, you'll know that the Everest Metals share price has been on a tear over the past two months.

Indeed, since the closing bell on 23 May through to yesterday's close, the ASX mining share had soared an eye-watering 386%.

As the Motley Fool covered yesterday, the Everest Metals share price was up 60% in just three days on the back of several promising announcements.

One involved promising diamond drilling results at the miner's Revere gold project in Western Australia. The other flagged a potential future revenue stream from lithium after Rio Tinto Ltd (ASX: RIO) mobilised to Everest Metals' North Rover tenement.

With that in mind, today's big sell-off can be partly seen as some profit-taking.

But investors may also be pressuring the Everest Metals share price following the latest drilling results from the reverse circulation (RC) drill campaign at its Mt Edon LCT Project, also in Western Australia.

With 1,440 metres of RC drilling completed, the miner reported intersecting high-grade rubidium among multiple LCT pegmatites up to 111 metres in depth within a 1.2 kilometre corridor.

"We are very excited with the assay results from such a small drilling campaign," Everest Metals chief operating officer, Simon Phillips said.

But investors may have been hoping for more concrete results.

"The hunt for the source of this recently discovered LCT mineralisation continues with the proposed stage-2 drilling campaign set to commence in early August 2023," Phillips added.

Everest Metals share price snapshot

As mentioned up top, the Everest Metals share price has been on fire recently.

Despite today's fall, shares in the ASX miner remain up 212% so far in 2023.

The post Why is the Everest Metals share price crashing 31% on Thursday? appeared first on The Motley Fool Australia.

In morning trade, the ASX mining share was up as much as 38% to a 52-week high of 34.5 cents.

When its shares hit that level, it meant they were up 64% in the space of three days.

Why is this ASX mining share rocketing higher?

Investors have been buying the company's shares this week following the release of two promising announcements.

The first announcement reveals that Rio Tinto Ltd (ASX: RIO) has mobilised to Everest Metals' North Rover tenement for a planned seven-hole reverse circulation (RC) drilling program looking for lithium.

Rio Tinto has an agreement with the company for an 80% interest in the non-gold mineral rights of this tenement. This means that if a significant lithium resource is found there, the company could benefit without having to lift a finger.

Everest Metals retains all gold mineral rights at the location.

The ASX mining share's chief operating officer, Simon Phillips, commented:

EMC is pleased Rio Tinto Exploration has decided to progress to the next stage of the North Rover earn-in with commencement of this drilling program. It's exciting to have a major earn-in partner in exploring this relatively underexplored part of the EMC portfolio.

What else was announced?

This morning, Everest Metals announced that diamond drilling has identified a DeGrussa style mineralised system under the Revere gold project in Western Australia.

This project sits proximal and along strike of the DeGrussa and Monty Copper-Gold mines, just 55km to the southwest, which are owned by Sandfire Resources Ltd (ASX: SFR).

Phillips adds:

To drill into such a large mineralised system on our first pass drilling is significant and highlights the potential of the target area. The first three diamond drill holes were designed to test electromagnetic conductors identified as having the potential for Volcanic Hosted Massive Sulphides at depth. The similarities in geological sequences when compared to the Sandfire DeGrussa VHMS deposit is geologically very significant.

The post Here's why this ASX mining share you've probably never heard of is up 60% in 3 days appeared first on The Motley Fool Australia.