In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.75% to 8,676.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Antipa Minerals Ltd (ASX: AZY)
The Antipa Minerals share price is down 3% to 52.5 cents. This morning, this gold explorer released assay results from the 100%-owned Minyari Gold-Copper Project in the world-class Paterson Province of Western Australia. Antipa's Managing Director, Roger Mason, commented "These latest results continue a steady stream of new discoveries that highlight the broader potential of Minyari Dome, with drilling confirming a new gold-copper discovery and materially extending mineralisation across several deposits." It seems that investors were expecting stronger results.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 2% to $3.67. This appears to have been driven by profit taking from investors after a strong gain on Thursday. Investors have been scrambling to buy the counter drone technology company's shares since the release of its second quarter update. DroneShield reported a 480% increase in revenue to $38.8 million. It also confirmed that it has a total of $176.3 million of revenue that has already been received or is under committed purchase orders for 2025 delivery. And with five months left in 2025, this number could still rise meaningfully.
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is down 15% to 9.3 cents. Investors have been selling this casino and resorts operator's shares following news that it has been unable to sell its stake in Brisbane's Queen's Wharf development. It said: "As of this morning, the parties have been unable to reach agreement on a number of outstanding commercial issues which in turn prevent the finalisation of long form documents. The Star proposed to the Joint Venture Partners an extension of the HoA termination date to 6 August 2025 to allow further time to conclude negotiations. However, the proposed extension by The Star was not accepted by the Joint Venture Partners." Investors appear concerned that this could leave the company on the brink of collapse.
Syrah Resources Ltd (ASX: SYR)
The Syrah Resources share price is down 28% to 27.25 cents. This morning, the struggling graphite miner revealed that it has raised approximately A$42 million (US$28 million) at a 31.6% discount of 26 cents per new share. The miner will now seek to raise A$28 million (US$18 million) from retail investors through the retail component of its fully underwritten entitlement offer.
The post Why Antipa Minerals, DroneShield, Star, and Syrah shares are dropping today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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