Why Evolution Mining, FireFly, Unico Silver, and Weebit Nano shares are tumbling today

The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Tuesday. At the time of writing, the benchmark index is down slightly to 8,717.5 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is down 4% to $12.48. Investors have been selling this gold miner's shares following a sharp pullback in the gold price overnight. This appears to have been driven by traders taking profit after the precious metal rose strongly and hit a new record high. It isn't just Evolution Mining that is falling this afternoon. At the time of writing, the S&P/ASX All Ordinaries Gold index is down by a disappointing 2.75%.

Firefly Metals Ltd (ASX: FFM)

The Firefly Metals share price is down 4% to $2.04. This has been driven by weakness in the gold industry and news the emerging gold miner has doubled the size of its recently announced share purchase plan (SPP) to $10 million. This decision was made following "extremely strong demand for the SPP and reflects the Company's commitment to its supportive retail shareholders." FireFly's managing director, Steve Parsons, said: "We are delighted to have received such strong demand for the SPP. This reflects the outstanding upside at Green Bay and our aggressive strategy to continue creating value by using nine rigs. We have taken the opportunity to reward our loyal retail shareholders by doubling the total SPP provision to A$10m, increasing their ability to secure further exposure to this growth potential."

Unico Silver Ltd (ASX: USL)

The Unico Silver share price is down 6% to 85.5 cents. Investors have been selling this silver miner's shares following a drop in the silver price overnight. The precious metal tumbled 8% on Monday night to US$72.27 per ounce. This also appears to have been driven by profit taking from traders following a big gain in 2025.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down almost 10% to $5.24. This may have been caused by profit taking from some investors after a very strong gain on Monday. Investors were buying the semiconductor company's shares after it revealed that it signed a licensing agreement for its ReRAM technology with Texas Instruments (NASDAQ:TXN). The company's CEO, Coby Hanoch, said: "This agreement is another strong signal that the industry is moving towards ReRAM as the successor to flash memory in SoC designs." Weebit Nano also released revenue guidance for FY 2026, revealing that it expects revenue of at least $10 million.

The post Why Evolution Mining, FireFly, Unico Silver, and Weebit Nano shares are tumbling 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 no position in any of the stocks mentioned. 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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