In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.25% to 7,199 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 12% to $5.68. Investors appear disappointed that the mineral exploration company's scoping study has been delayed. Chalice advised that a revised study completion timeline will be determined once the mineral resource is updated in late Q1 of 2023.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 3.5% to $20.38. Fortescue and other mining giants have come under pressure today after the iron ore price pulled back overnight. The spot iron ore price dropped almost 2% to US$110.25 a tonne. This has led to the S&P/ASX 200 Materials index falling 1.1% this afternoon.
Mincor Resources NL (ASX: MCR)
The Mincor share price is down 6% to $1.49. This morning the nickel explorer announced the successful completion of a $55 million institutional placement. These funds were raised at $1.39 per new share, which represents a 12.3% discount to its last close price. The proceeds will be used to accelerate underground development at the Northern Operations and accelerate underground exploration and drilling at its new Cassini Operation.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down almost 8% to 66 cents. This follows news that the buy now pay later provider has raised $13.6 million from institutional investors at a 13.2% discount of 62 cents per new share. Zip advised that the proceeds will be used to fund the conversion of some of its notes earlier than planned. In other news, management revealed that trading has been in line with expectations so far in FY 2023.
