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

Cardno Ltd (ASX: CDD)

The Cardno share price is down 46% to 33 cents. This has been driven by the professional infrastructure and environmental services company's shares going ex-dividend this morning. Last week, the company announced plans to distribute an unfranked dividend of 27.6 cents per share to shareholders. This equates to a total return of $10.8 million. This reflects the repatriation of US$5.9 million of collections related to three positive legal claims and $1.5 million from the sale of Cardno International Development to DT Global Australia. This dividend will be paid to eligible shareholders later this month on 29 April.

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price is down 2.5% to 88.7 cents. This is despite there being no news from the allogeneic cellular medicines developer. However, it is worth noting that its shares have been on fire in recent weeks, so profit-taking could be happening today. For example, Mesoblast's shares remain up approximately 175% since this time last month. This has been driven by excitement over recent correspondence from the US Food and Drug Administration. Investors appear optimistic that one of the company's stem cell therapies could be approved at long last in the near future.

Perseus Mining Ltd (ASX: PRU)

The Perseus Mining share price is down 2.5% to $2.27. This morning, the gold miner announced that its takeover offer for Orecorp Ltd (ASX: ORR) has been given a boost. Perseus revealed that Silvercorp Metals has accepted the company's offer. This is a big win as Silvercorp's holding represents 15.61% of OreCorp shares on issue. This means that Perseus now has a relevant interest of 74.98% of OreCorp shares on issue. However, it seems that investors don't appear overly keen on the proposed takeover.

Somnomed Ltd (ASX: SOM)

The Somnomed share price is down 47% to 20.5 cents. Investors have been hitting the sell button in response to an earnings downgrade and capital raising. Somnomed downgraded its revenue guidance to 6%-9% growth and EBITDA guidance to negative $1 million to $0 million. This compares to previous revenue guidance of 12%+ and EBITDA guidance of $3 million+ for FY 2024. Management blamed manufacturing constraints and delayed implementation of cost initiatives. It also raised approximately $5.8 million at a deep discount of 21 cents per new share.

The post Why Cardno, Mesoblast, Perseus, and Somnomed shares are dropping today appeared first on The Motley Fool Australia.

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

Arcadium Lithium (ASX: LTM)

The Arcadium Lithium share price is up 6.5% to $10.77. Arcadium Lithium is new on the ASX boards and was formed following the merger of Allkem with Livent Corp. Investors appear to see value on offer here following recent weakness in the lithium industry.

Boart Longyear Group Ltd (ASX: BLY)

The Boart Longyear share price is up 55% to $2.72. This follows news that the drilling services company has entered into a binding arrangement agreement with an affiliate of American Industrial Partners Capital Fund. The agreement will see American Industrial Partners Capital Fund acquire Boart Longyear for US$1.9554 per share, which implies a total equity value of approximately US$371 million.

Opthea Ltd (ASX: OPT)

The Opthea share price is up 24% to 56.5 cents. This morning, this biopharmaceutical company advised that it expects to receive the remaining US$35 million funding from the Development Funding Agreement (DFA) with Carlyle and its life science franchise Abingworth. In addition, it is expecting a further US$50 million financing under an Amended DFA to include a new co-investor. Pleasingly, this financing is non-dilutive to shareholders.

Orecorp Ltd (ASX: ORR)

The Orecorp share price is up almost 13% to 57.5 cents. This has been driven by news that the gold miner has received and accepted a takeover offer from Silvercorp Metals Inc. (TSE: SVM). Silvercorp has offered the equivalent of 58.9 cents per share. This values OreCorp at approximately $276.5 million.

The post Why Arcadium Lithium, Boart Longyear, Opthea, and Orecorp shares are rising today appeared first on The Motley Fool Australia.

This sees the Perseus Mining share price up 2.2% in afternoon trade on Monday, while the junior ASX gold share is down 10.4%.

Any guesses who the ASX 200 gold stock is targeting?

If you said OreCorp Ltd (ASX: ORR) give yourself a virtual gold star.

OreCorp's key project is the Nyanzaga Gold Project. The pre-development project is located in Tanzania. It has a reported Probable Ore Reserve of 40.08 Mt at 2.02 g/t gold for 2.60 million ounces of gold.

Here's what's happening.

ASX 200 gold stock snapping up shares

Perseus Mining reported it has acquired 15.03% in OreCorp as "a strategic equity investment".

"Perseus continues to assess and, where considered commercially appropriate, deploy its reserves of cash, bullion and undrawn debt facilities totalling approximately US$900 million," Perseus executive chairman Jeff Quartermaine said.

He noted that the ASX 200 gold stock is pursuing opportunities that complement its existing asset portfolio and organic growth program.

Quartermaine added:

Acquiring the 15.03% interest in OreCorp via this share acquisition is a strategic investment for Perseus. It provides an investment in an attractive African gold project located in a jurisdiction that has a long and successful history of gold mining.

Perseus said it would welcome the opportunity to engage with OreCorp to expedite and streamline the development of the Nyanzaga Gold Project.

"Perseus has the ability, should the opportunity arise, to deploy its engineering, development and operating expertise and balance sheet to meaningfully contribute to the successful development and operation of this project," Quartermaine said.

The ASX 200 gold stock also revealed that it intends to use its shares to vote against the Silvercorp Metals Inc (NYSE: SVM) takeover scheme at the upcoming OreCorp scheme meeting. That meeting is scheduled for Friday, 8 December.

This could explain why the OreCorp share price is sliding today, with Silvercorp having offered a total implied consideration of 54.3 cents per OreCorp share.

The post Guess which little-known explorer this ASX 200 gold stock is buying up appeared first on The Motley Fool Australia.

The OreCorp Ltd (ASX: ORR) share price is surging 31% at the time of writing to 55 cents. In earlier trade, the company's share price exploded nearly 43% to 60 cents.

Let's take a look at what is going on with this ASX All Ords gold share.

What's going on?

OreCorp is exploring the Nyanzaga Gold Project in Tanzania.

The spot gold price is up just 0.15% to US$1,812.30 an ounce, according to CNBC.

Recently, OreCorp received debt funding proposals to fund the development of this project.

OreCorp received non-binding expressions of interest from banks in Europe, Africa and Tanzania for more than US$400 million. This is US$100 million more than the company's US$300 million debt target.

Commenting on this news, OreCorp executive chairman Matthew Yates said:

We are pleased with the strong interest we have received to date from banks with respect to
financing the project.

OreCorp is aiming to produce 242,000 ounces of gold per year for 10 years from this project at an all-in sustaining cost (AISC) of US$954/oz.

In early November, OreCorp announced changes to its board and management team. Henk Diedericks was appointed CEO and managing director, while Matthew Yates was appointed executive chairman.

The company is aiming for first gold production from the Nyanzaga project by 2025.

OreCorp share price snapshot

OreCorp shares have fallen 19% in the last year, while they have descended 31% in the year to date.

For perspective, the ASX All Ords has climbed 0.29% in the last year.

OreCorp has a market capitalisation of about $219.4 million based on the current share price.

The post Guess which ASX All Ords mining share is exploding 43% today appeared first on The Motley Fool Australia.

On Thursday, many prominent gold explorers on the ASX saw a rise in share price. For instance, the Hammer Metals Ltd (ASX: HMX) share price rose by 10%, Orecorp Ltd (ASX: ORR) experienced a 7.5% rise and Red 5 Limited (ASX: RED) saw its share price increase by 6.52%. 

The Bellevue share price begins trading today after being in a trading halt on Thursday pending this announcement. Bellevue is exploring and developing one of the highest-grade new gold discoveries globally consisting of 2.3 million ounces (Moz) at 10 grams per tonne (g/t). Equally important, is the fact that this discovery is located in the Wiluna Greenstone Belt. Other notable ASX gold miners including the likes of Northern Star Resources Ltd (ASX: NST) and Saracen Mineral Holdings Limited (ASX: SAR), as well as Hammer Metals, also operate within close proximity to this area.

Why is the Bellevue share price on watch?

Bellevue is undertaking raising $100 million via a fully underwritten share placement. Moreover, the placement issue price of $1.00 per share is at a 10.7% discount to the last closing price. The company will also undertake a non-underwritten share purchase plan (SPP) for all eligible shareholders to raise up to $20 million at the same issue price as the placement.

New shares issued under the placement and SPP will rank equally with existing fully paid Bellevue shares on issue. The record date was Wednesday 8 July, meaning any shares purchased after this date are ineligible to participate. 

The Bellevue project has a significant, and growing, mineral resource of 2.3 Moz of gold. In addition, there is existing infrastructure close to the high-grade resource. Therefore, the capital costs of development are expected to be low. To illustrate further, the high-grade core is 480,000 oz at 15.5g/t.

The company intends to use the funds for a range of activities. First, to grow the known 2.3 Moz resource further. At present, the resource has grown by ~75,000 oz per month. The discovery cost of this has been A$18/oz since since December 2017.

Second, ongoing exploration for further discoveries as all gold veins remain open in every direction. Third, to fund underground mine development and non process infrastructure.

Management commentary

Bellevue Managing Director, Steve Parsons said the "…proceeds from the raising will help ensure we can unlock the full value of what is clearly an exceptional asset with extremely high grades and immense scope for further inventory growth". He went on to say "By implementing our dual exploration and development strategy, we will seek to maximise our ability to create value for shareholders through both resource growth and project development".

Bellevue share price

On Wednesday, the company's share price was not far off all time highs and closed the day at $1.12, valuing the company at $766.7 million.

As a growing gold explorer, Bellevue has no current revenues and pays no dividends. At the time of writing, the gold price is trading at US$1808, just shy of the US$1884.20 all-time high reached in September 2011.

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Four shares that have climbed more than most today are listed below. Here's why they are ending the week on a high:

The Afterpay Touch Group Ltd (ASX: APT) share price has continued its stellar run and is up a further 12% to $15.19. Today's gain is likely to be attributable to a note out of Bell Potter which saw the broker retain its buy rating and double the price target on the fintech company's shares to a massive $21.00. Bell Potter believes Afterpay is a next generation Paypal and has suggested investors focus more on market share gains than earnings for now.

The Cochlear Limited (ASX: COH) share price has pushed almost 3% higher to $209.60. Investors appear to have responded to a favourable broker note out of investment research and management company Bernstein. I think that the hearings solutions company is a great long-term investment, especially given its exposure to the ageing population tailwind.

The Magnis Resources Ltd (ASX: MNS) share price has climbed almost 3% higher to 37 cents after advising that testing programs on the commencement of lithium-ion battery manufacturing are well advanced. Magnis and its partner C4V have made significant progress in qualifying patented next generation materials for leading battery performance and commercial supply chain partners.

The Orecorp Ltd (ASX: ORR) share price has rocketed 56% higher to 26.5 cents after the gold miner provided an update on its Nyanzaga Gold Project in Tanzania. According to today's release, Orecorp has now completed its earn-in obligations. OreCorp fulfilled this by spending approximately US$14 million in completing a pre-feasibility study and additional feasibility study related work. It also exercised its option to acquire an additional 26% interest in the project.

The post Why these 4 ASX shares are ending the week on a high appeared first on The Motley Fool Australia.

Four shares which weren't able to follow the market higher and started the week in the red are listed below. Here's why they sank:

The 8I Holdings Ltd (ASX: 8IH) share price fell 7% to 39 cents. Unfortunately for its shareholders, the Singapore-based investment company's shares have been amongst the worst performers on the market this year. Year-to-date its shares are down over 45% due largely to weak full-year guidance which revealed an expected 26% to 35% decline in profits.

The Lynas Corporation Ltd (ASX: LYC) share price fell 8% to 11 cents. With no news out of the company, yesterday's decline is likely to be attributable to profit-taking. After all, the rare earth minerals producer's shares have rallied almost 30% since this time last month.

The Nearmap Ltd (ASX: NEA) share price fell almost 7% to 62.5 cents despite there being no news out of the aerial imagery company. Unfortunately this latest decline means its shares have now given back all the gains made following the release of a strong preliminary full-year result last week. I think this could make it an opportune time to snap up shares.

The Orecorp Ltd (ASX: ORR) share price fell a massive 32% to 19 cents after the gold miner provided a further update on proposed legislative changes in Tanzania. According to the update, the Tanzanian government will take not less than a 16% free carried interest in all mining operations under a mining licence or special mining licence. This could result in a reduction of OreCorp's potential attributable share of earnings from its Nyanzaga joint venture.

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