The S&P/ASX 200 Index (ASX: XJO) is on form and charging higher on Friday. In afternoon trade, the benchmark index is up 0.9% to 7,930.6 points.
Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are falling:
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Bellevue Gold Ltd (ASX: BGL)
The Bellevue Gold share price is down 22% to $1.43. Investors have been selling this gold miner's shares after it raised funds via an institutional placement. The company revealed that it has received firm commitments for a $150 million fully underwritten institutional placement at $1.55 per new share. This represents a 15.3% discount to where its shares last traded. Proceeds will be used to repay debt, unlocking project free cash flow to allow it to self-fund its expansion in line with its updated five-year growth plan, and to support accelerated exploration and growth. That growth plan also revealed significantly higher than expected costs in FY 2025, which could also be weighing on its shares today.
Chrysos Corporation Ltd (ASX: C79)
The Chrysos share price is down a further 1.5% to $4.91. This mining solutions company's shares have been under pressure since the release of its quarterly update on Thursday. Chrysos reported a 58% increase in fourth quarter revenue to $13.5 million. This meant that FY 2024 revenue was up 69% to $45.4 million. While this was clearly strong growth, this positive was offset by disappointing guidance for FY 2025. In response, Bell Potter downgraded its shares to a hold rating with a reduced price target of $5.70 (from $7.60). It said: "The revenue and EBITDA guidance underwhelmed, coming in materially below expectations at $60-70m (BPe old $78.5m) and $9-19m (BPe old $24.1m), respectively."
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is down 10.5% to 10.75 cents. This decline has also been driven by an institutional placement. The rare earths developer has received firm commitments to raise $27.5 million at an 8.3% discount of $0.11 per new share. Management notes that the placement proceeds "will be applied towards the 100%-owned Caldeira Project, which has the potential to become one of the world's lowest cost sources of rare earths outside of China."
Newmont Corporation (ASX: NEM)
The Newmont share price is down 2.5% to $70.59. This follows a sharp pullback in the gold price overnight after traders took profit following strong gains recently. It isn't just this gold giant that is falling today, the sector is a sea of red. So much so, at the time of writing, the S&P/ASX All Ordinaries Gold index is down 2.5%.
