In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.6% to 8,296.5 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
The Arcadium Lithium share price is up 8% to $9.13. Investors have been buying the lithium miner's shares today after it released an update on its proposed takeover by Rio Tinto Ltd (ASX: RIO) for US$5.85 per share in cash. Arcadium Lithium revealed that the Committee on Foreign Investment in the United States has concluded its review of the proposed acquisition of Arcadium Lithium by Rio Tinto and determined that there are no unresolved national security concerns. This means that merger control clearance has now been satisfied or waived in Australia, Canada, China, Japan, South Korea, the United Kingdom, and the United States.
The Bellevue Gold share price is up almost 3% to $1.09. This appears to have been driven by bargain hunters swooping in after the gold miner's shares were sold off earlier this week. Investors were selling Bellevue Gold's shares after it downgraded its production guidance. Management revised its full year gold production guidance range to 150,000 ounces to 165,000 ounces. This compares to its original guidance range of 165,000 ounces to 180,000 ounces for FY 2025. Bell Potter believes investors should be buying the dip. In response to the update, the broker retained its buy rating with a trimmed price target of $1.90.
The Catalyst Metals share price is up almost 8% to $2.88. This follows the release of a quarterly production update from the gold miner this morning. Catalyst Metals revealed that its Plutonic and Henty operations both delivered another consistent performance. This meant that group gold production was 28,400 for the three months, up slightly from the previous quarter. Management notes that this performance allowed Catalyst to end the quarter with $84 million in cash and bullion. It also repaid the final instalment of a gold loan, inherited through the acquisition of Superior Gold. As a result, Catalyst is now debt free.
The Northern Star share price is up 3% to $16.58. Investors have been buying the gold miner's shares after the price of the precious metal pushed higher overnight. It isn't just Northern Star that is rising. At the time of writing, the S&P/ASX All Ordinaries Gold index is up 1.4%.
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