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

Legend Mining Ltd (ASX: LEG)

The Legend Mining share price is down 14.5% to 4.1 cents. This morning, this mineral exploration company released an update on diamond drilling at the Octagonal prospect within the Rockford Project in Western Australia. Management described the results as "encouraging."

Medibank Private Ltd (ASX: MPL)

The Medibank share price is down 3.5% to $3.45. Investors have been selling this private health insurer's shares after it was dealt a blow by APRA. The prudential regulator has announced an increase of Medibank's capital adequacy requirement by $250 million following a review of its major data breach.

Starpharma Holdings Ltd (ASX: SPL)

The Starpharma share price is down 13% to 28.2 cents. This follows news that a clinical trial with AstraZeneca using Starpharma's technology has been suspended following asymptomatic events. However, the company notes that the events leading to the voluntary partial hold were assessed as not related to Starpharma's technology.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down over 12% to $6.08. This is despite there being no news out of the semiconductor company. But with many labelling Weebit Nano as a meme stock, it could be a combination of profit taking after a strong gain or short sellers loading up on its shares. The Weebit Nano share price is up 171% in 12 months and has a ~$1.2 billion market capitalisation on zero revenue.

The post Why Legend Mining, Medibank, Starpharma, and Weebit Nano shares are sinking appeared first on The Motley Fool Australia.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) is in the green today, up about 1%.

Let's take a look at these three ASX mining shares in more detail.

Legend Mining Ltd (ASX: LEG)

The Legend Mining share price is soaring 7% today to 4.7 cents at the time of writing. The company's share price surged 9% this morning following the release of its quarterly report before retreating slightly

Legend is exploring the Rockford nickel and copper project in Western Australia.

Legend reported cash of $12.8 million as of 31 December. The company completed octagonal 3D seismic survey data collection in the December quarter at the Rockford Project.

One major highlight from the report is news of a $2.93 million tax refund in December. Legend said this means cash at 31 December is $600K greater than the previous quarter.

The company said this places it in a "well-funded position for the commencement of 2023".

The Legend Mining share price has descended 40% in the last year.

Perseus Mining Limited (ASX: PRU)

Perseus Mining also released a quarterly report to the market today. The company explores three gold mines in Africa.

Perseus shares are down nearly 2% today. The gold price is up 0.07% to US$1932.67 a tonne, according to trading economics.

Perseus reported it had produced 130,911 ounces of gold in the December quarter. This was down on the company's record gold production of 137,460 ounces in the September quarter.

Overall in 2022, Perseus delivered 521,221 ounces of gold at an all in sustaining cost (AISC) of US$941 an ounce. This exceeded the company's production guidance.

The company achieved a weighted average realised gold price of US$1,748 a tonne, up from US$103 on the September quarter.

The Perseus share price has surged nearly 52% in the last year.

De Grey Mining Limited (ASX: DEG)

De Grey Mining shares have been bouncing around today and are currently climbing 0.32%.

The De Grey mining share price is leaping 0.64% at the time of writing to $1.585. De Grey shares fell 1.26% in earlier trade before picking up.

De Grey is exploring gold at the Mallina Gold Project in the Pilbara region of Western Australia. In today's quarterly, De Grey reported 160 million in cash and no debt at the end of the December quarter.

Highlights included completing a $130 million placement and $19 million share purchase plan to fund a definitive feasibility study and a final investment decision in 2023.

The De Grey share price has lifted nearly 16% in the last year.

The post 3 ASX mining shares on the move after quarterly updates appeared first on The Motley Fool Australia.

Below, we take a look at the latest drill results from the ASX resource explorer.

What results did Legend Mining report?

Legend Mining's share price is surging after the company reported its drilling campaign had intersected more nickel-copper sulphide and mineralised intrusion at Mawson. Mawson is the company's nickel-copper-cobalt prospect within its Rockford project in Western Australia.

The latest results come from 9 completed diamond drill holes at the prospect. Legend Mining has 2 drill rigs on-site that are continuing double-shift diamond drilling.

The company revealed that one hole (RKDD053) intersected a 31.2-metre sulphide zone including:

• 1 metre of massive and semi-massive nickel-copper sulphide, and
• 77 metres matrix nickel-copper sulphide

It also said 3 other drill holes (RKDD046/049/051) intersected wide sulphide zones that have extended the prospective intrusion 200 metres north and west of the previous drilling site.

Management commentary

Commenting on the results, Legend Mining's managing director Mark Wilson said:

We are very pleased to announce a new zone of massive/semi massive nickel copper sulphide around holes 43 and 53. With ongoing downhole EM and further drilling we expect this zone will evolve over time.

Equally pleasing is that our strategy of systematic step out drilling continues to expand the 3D footprint of the mineralised intrusive and open up further prospective horizons for future planned drilling.

Downhole electromagnetic (EM) surveys are ongoing and are also reported to be identifying multiple prospective targets.

Legend Mining share price snapshot

The Legend Mining share price has been highly volatile over the past year. In fact, shares closed as low as 9 cents per share on 25 November and as high as 17 cents per share on 3 September. Currently, shares are trading for 14 cents.

All up, Legend Mining shares have lost 10% over the past 12 months, compared to a 24% gain on the All Ordinaries Index (ASX: XAO).

Year-to-date the Legend Mining share price is up 23%.

The post Here's why the Legend Mining (ASX:LEG) share price is rocketing 21% today appeared first on The Motley Fool Australia.

At the time of writing, the Legend Mining share price is up 10%, trading at 13 cents each.

Let's take a closer look at today's news from the miner.

Massive nickel-copper sulphide intercepts

According to Legend Mining's release, the company has intercepted a wide sulphide zone at its flagship Mawson Ni-Cu-Co prospect in Western Australia.

Results from the 2 drill holes have been described by the company as "massive nickel-copper sulphide intercepts". The results came from a drilling program made up of 4 holes, conducted at the site over the second half of April.

Of the 2 intercepts, 1 was east-south-east of the Mawson discovery zone. It included:

• 45 metres of semi-massive and massive sulphide, and
• 4 metres of net-textured and semi-massive sulphide.

The other was in the northeast of the discovery zone. It included:

• 15 metres of massive sulphide, and
• 75 metres of net-textured and semi-massive sulphide.

Commentary from management

Commenting on the discoveries, Legend Mining managing director Mark Wilson said:

The success of this year's diamond drill program has ramped up with two new intercepts of massive nickel copper sulphide within broad bands of sulphide mineralisation.

The distance between these holes and the discovery zone, along with the developing story from downhole EM surveys, continue to demonstrate a very large system driving Mawson, which is consistent with the potential of a significant deposit.

Legend Mining share price snapshot

The Legend Mining share price has had a good 2021 on the ASX, but its last 12 months overall have been poor.

Currently, the Legend Mining share price is up 18% year to date, although it's down 35% over the last 12 months.

The company has a market capitalisation of around $330 million, with approximately 2.76 billion shares outstanding.

The post The Legend Mining (ASX:LEG) share price is up 10% today. Here's why appeared first on The Motley Fool Australia.

Four ASX shares that are climbing more than most today are listed below. Here's why they are surging higher:

AVZ Minerals Ltd (ASX: AVZ)

The AVZ share price is up 6% to 21.2 cents. Investors have been buying the lithium-focused mineral exploration company's shares following the announcement of a second offtake agreement. According to the release, AVZ and Shenzhen Chengxin Lithium Group have signed a binding offtake agreement for the supply of up to 180,000 tonnes per annum of spodumene concentrate from the Manono Lithium and Tin Project.

Legend Mining Limited (ASX: LEG)

The Legend Mining share price is up 4% to 13 cents. The catalyst for this has been news that diamond drilling has commenced at its Mawson prospect within the Rockford project in Western Australia. Investors appear optimistic the nickel and copper focused mineral exploration company will unearth a lucrative resource.

Nuix Ltd (ASX: NXL)

The Nuix share price has jumped 16% to $5.46. This appears to have been driven by bargain hunters swooping in to buy shares after they fell to a 52-week low on Monday. When the Nuix share price hit that level, it meant it was down a massive 61% from its 52-week high. A disappointing half year result has been weighing on its shares.

Vocus Group Ltd (ASX: VOC)

The Vocus share price has surged over 8% higher to $5.43. Investors have been buying the specialist fibre and network solutions provider's shares after it entered into a Scheme Implementation Deed with a consortium owned by Macquarie Infrastructure and Real Assets (MIRA) and Aware Super. The consortium has tabled a $5.50 per share offer, which the Vocus board is recommending shareholders accept.

The post Why AVZ, Legend Mining, Nuix, & Vocus shares are surging higher appeared first on The Motley Fool Australia.

While the Province Resources ship may have already left the port, here are three small cap ASX shares in the exploration and commodity space that have received a 'speculative buy' rating from broker Euroz Hartleys. 

Sovereign Metals Limited (ASX: SVM) 

Sovereign Metals has a 100% interest in the Kasiya project located in Malawi. Kasiya is a saprolite-hosted rutile deposit, otherwise known as an eluvial deposit. Rutile prices have been increasing recently.

Hartleys believes that Kasiya has all the hallmarks of developing into a significant rutile producer in the medium term. Based on the broker's speculative assumptions, it seems possible the deposit could likely support a production size of 100 to 130 kt pa based on a 10mtpa plant. Despite the project's medium to long term potential, the broker acknowledges its key risks, including project location (Malawi) and potential challenges in obtaining development capital. 

The broker maintains a target price of 60 cents which represents an upside of 42%. 

Tietto Minerals Ltd (ASX: TIE) 

Tietto Minerals continues to de-risk the development of its Abujar gold project, with the aim of becoming "West Africa's next gold mine". The company recently increased ownership in the project to 88% (at the mining stage) and pending its pre-feasibility study (PFS) results in the coming weeks, which will be the first look at the project's economic parameters. 

Hartleys sees significant exploration upside with its current 3 million oz expected to grow. Ongoing drilling is improving resource confidence for optimised mine plans feeding into development studies. News flow from drilling is expected to be strong, and the PFS delivery a key milestone for the ultimate project development.

The Abujar PFS is due late in the first quarter of the calendar year 2021, with the study investigating a potential 3.5Mtpa open operation.

Hartleys coverage rates the company as a speculative buy with a target price of 70 cents per share or an upside of 89% to its current price. 

Legend Mining Limited (ASX: LEG) 

Legend Mining's early metallurgical test work from the Mawson prospect within the Rockford project, Fraser Range in Western Australia, looks positive with high recoveries for copper and nickel.

Hartleys describes the project as catalyst rich, with a large and growing footprint auguring well for the next major discovery. 

The report cites that although the mineralised intrusive source has not yet been drilled out to economic status, this is just a matter of time. Based on the occurrence of high-grade massive sulphides within ultramafic intrusive rocks, net textures consistent with analogous major deposits and the presence of platinum group elements and gold.

The broker is 'unwavering' in its conviction with a speculative buy maintained and a target price of 30 cents.

Foolish takeaway

Small-cap ASX shares in the mining and exploration sector are fraught with risks as projects attempt to transition closer to producer status.

While Province Resources may have delivered eye-watering returns last week, investors who bought the top would have otherwise found a -40% hole in the pocket. 

The post Broker rates these 3 small cap ASX shares as a speculative buy  appeared first on The Motley Fool Australia.

Despite some promising drilling data, the Legend share price is flat in afternoon trading, still sitting at its opening price of 12 cents.

What did Legend Mining report this morning?

In an ASX announcement this morning, Legend Mining said the latest assay results from a diamond drillhole at its Mawson prospect in Western Australia revealed it to be the best hole to date.

The Mawson prospect holds both nickel (Ni), Copper (Cu) and Cobalt (Co).

The results showed nickel values up to 3.26%, copper values up to 3.84%, and cobalt values up to 0.17%. The company said that metallurgical test work is under way.

Commenting on the results, Legend Mining managing director Mark Wilson said:

These assay results are further confirmation of our earlier assessment that hole 34 is the best hole drilled at Mawson to date. The combination of the widths and grades of the massive sulphides in this hole support our conviction that we are dealing with a mineralised system of substance at Mawson.

The purpose of the hole was to conduct Phase 1 metallurgical tests and the results of this test work will be reported once received.

Meanwhile further assay results from 2020 drilling programs are rolling in for compilation and assessment. Once integrated with existing data, they will assist in future drill planning for the 2021 field season.

Legend Mining share price and company snapshot

Legend Mining is an Australian minerals exploration company. The company's focus is its nickel-copper Rockford Project in the Fraser Range of Western Australia. Legend Mining shares first listed on the ASX in August 1995.

Analysts are widely predicting the demand for nickel and copper to grow, as both metals are needed for the transition to sustainable energy sources and both are used in infrastructure and building construction. Copper prices reached 8-year highs last Thursday, trading at US$8,179 (AU$10,622) per tonne.

Year-to-date, the Legend Mining share price is up 9.1%. That compares to a 0.3% gain for the broader All Ordinaries Index (ASX: XAO).

Despite shares crashing more than 45% during the wider COVID-19 market selloff in February and March last year, patient Legend Mining shareholders are unlikely to be complaining.

Over the past 12 months the Legend Share price is up 50%. The All Ords, over that same time, remains down 0.7%.

The post What's with the Legend Mining (ASX:LEG) share price today? appeared first on The Motley Fool Australia.

By comparison the All Ordinaries Index (ASX: XAO) is flat year to date, despite a strong performance today.

What does Legend Mining do?

Legend Mining is an Australian minerals exploration company. Its focus is on the company's nickel-copper Rockford Project in the Fraser Range of Western Australia, alongside its Joint Venture partners and major shareholders, Creasy Group and Independence Group NL.

The Legend Mining share price first began trading on the ASX in 1999.

What did Legend announce to send its share price higher today?

In its ASX release this morning, Legend Mining reported it had achieved its best diamond drillhole results to date at its Mawson prospect within the Rockford Project.

The company stated its first drillhole, RKDD033, tested the northern extension of the "strong 25,000-70,000S off hole conductor", which had been identified during previous test drilling.

Legend drilled its second drillhole, RKDD034, to provide a representative massive nickel-copper sulphide sample for Phase 1 metallurgical test work.

Commenting on the drill results, Legend Managing Director, Mark Wilson, said:

The 2020 field season has ended in spectacular fashion at Mawson with hole RKDD034 intersecting 43.1m of massive nickel-copper sulphide including one section of 31.1m of continuous massive mineralisation. The scale of the massive mineralisation in this hole talks to the potential of Mawson. The hole was designed to provide samples for phase 1 met testing, the results of which are expected in February next year.

Diamond hole RKDD033 has also provided a potentially significant pointer for work next year, with nickel-copper sulphide intersected within intrusive host rocks at a deeper level than previously drilled at Mawson.

Both nickel and copper are forecast to remain in strong demand over the coming years. Nickel is primarily used in stainless steel, but you'll also find it in batteries and mobile phones. Copper is used in plumbing and electrical wiring, and its demand is forecast to grow as the world turns towards renewable energy solutions and electric vehicles.

With the company potentially having unearthed a trove of both, it will be interesting to see where the Legend share price goes from here.

The post The Legend Mining (ASX:LEG) share price is rocketing 15% higher. Here's why appeared first on The Motley Fool Australia.

What was in the announcement?

The company announced that a diamond drill hole at its Mawson site had intersected a total of 24.65 metres of nickel copper sulphides across two intervals. This included 9.3 metres of heavy disseminated to net-textured sulphide from 132.2 metres to 141.5 metres, along with 15.35 metres of net-textured, heavy disseminated and semi massive sulphide from 219.1 metres to 234.45 metres.

Legend Managing Director, Mr Mark Wilson, commented on the result, stating:

The observations from this step out hole are an exciting development in the Mawson story. Geologically we have now intersected significant mineralisation several hundred metres to the east north-east of our previous discovery and our geophysical advice is that we probably have not hit the best part of this conductor.

"Our proven systematic methodology of DHTEM and structural logging of this hole on completion will provide the data for the design of the next diamond holes in this immediate vicinity. Meanwhile, the diamond, RC and aircore programmes are ongoing at Mawson and regionally within the Rockford Project.

About the Legend Mining share price

Legend Mining is a minerals exploration company with a primary focus on its Rockford project in Western Australia's Fraser Range where the company is exploring for copper and nickel. Well known mining entrepreneur Mark Creasy is a major shareholder in the company.

In July, Legend Mining announced that drilling at its Mawson site had revealed assays including 5 metres at 1.63% nickel, 1.29% copper and 0.09% cobalt from 141 metres.

The company had cash at 30 June of $26,591,000, up from $9,551,000 at the end of the previous quarter.

In June, Legend Mining was added to the All Ordinaries Index (ASX: XAO), which is made up of the largest 500 companies by market capitalisation listed on the ASX.

Legend Mining raised $20 million in June via a placement to existing major shareholders, institutional and sophisticated investors. The issue price was 14 cents per share.

Legend Mining shares are up 416.13% from their 52-week low of 3.1 cents. The Legend Mining share price has returned 100% since the beginning of the year and is up 433.33% since this time last year.

The post Here's why the Legend Mining share price is up 15% today appeared first on The Motley Fool Australia.