The S&P/ASX 200 Index (ASX: XJO) is having a very disappointing session following a selloff on Wall Street overnight. In afternoon trade, the benchmark index is down 1.85% to 8,154.7 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Champion Iron Ltd (ASX: CIA)

The Champion Iron share price is up 2% to $5.76. Investors have been buying the iron ore miner's shares after it announced a partnership with Nippon Steel and Sojitz Corporation. According to the release, the three companies will team up to develop the Kamistiatusset Project. Champion's CEO, David Cataford, said: "We are excited to partner with global industry leaders, who share our long-term vision for Kami to produce high-purity iron ore, which was recently recognized as a critical mineral by the Newfoundland and Labrador, Québec and Canadian federal governments."

EBR Systems Inc (ASX: EBR)

The EBR Systems share price is up 3% to 88.5 cents. This morning, this medical device company announced that its manufacturing Pre-Approval Inspection (PAI) with the U.S. Food and Drug Administration (FDA) has been scheduled for the week commencing 6 January 2025. It notes that the key purpose of the PAI is to confirm EBR's manufacturing, processing, and packing procedures comply with quality system regulations, and that EBR's facility can consistently produce devices that meet the approved specifications.

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price is up 40% to $2.78. This follows news that the US FDA has approved its Ryoncil (remestemcel-L) product as the first mesenchymal stromal cell (MSC) therapy in the United States. Management notes that Ryoncil is the only MSC therapy approved in the U.S. for any indication. It is also the only approved therapy for steroid-refractory acute graft versus host disease (SR-aGvHD) in children 2 months and older, including adolescents and teenagers. It is a life-threatening condition with high mortality rates.

Patriot Battery Metals Inc. (ASX: PMT)

The Patriot Battery Metals share price is up over 17% to 37 cents. After the market close on Wednesday, this lithium developer announced that it has entered into a subscription agreement with Germany's largest car manufacturer, Volkswagen. The auto giant is investing C$69 million at a premium to take a 9.9% stake in the company. It has also signed a major 10-year offtake agreement for its PowerCo business. This will see Patriot supply 100,000 tonnes of spodumene concentrate (SC 5.5 target) per year over the term.