In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the month in the red. At the time of writing, the benchmark index is down 0.75% to 7,231.7 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Argosy Minerals Limited (ASX: AGY)
The Argosy Minerals share price is up 6% to 52 cents. Investors have been buying this lithium developer's shares following an update on its Rincon project in Argentina. The release reveals that 83% of the total works are now completed for the development of the 2,000tpa lithium carbonate production operation. In light of this, Argosy remains on schedule to commence production during the third quarter of calendar year 2022.
Arafura Resources Limited (ASX: ARU)
The Arafura Resources share price is up 15% to 48.3 cents. This is despite there being no news out of the rare earth developer. However, its shares have been storming higher in recent sessions. This appears to have been driven by a delayed reaction to recent news that it has signed an offtake agreement with auto giant Hyundai.
Beach Energy Ltd (ASX: BPT)
The Beach share price is up 3% to $1.69. This follows a strong rise in oil prices during overnight trade. The catalyst for the strengthening oil prices was news that China is easing its COVID-19 restrictions and the EU has agreed a partial ban on Russian oil imports.
De Grey Mining Limited (ASX: DEG)
The De Grey Mining share price is up 4% to $1.12. This follows the release of an update on its Mallina Gold Project. The release highlights that the Hemi deposit's mineral resource estimate is now 25% higher than its previous estimate at 8.5Moz. This increases the project's total mineral resource estimate to 10.6Moz.
