In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is rising after the release of favourable monthly inflation data. At the time of writing, the benchmark index is up 0.5% to 8,328.7 points.

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

Deterra Royalties Ltd (ASX: DRR)

The Deterra Royalties share price is up 2.5% to $3.77. This follows the release of an update on the mining royalty company's Thacker Pass Lithium Project. Deterra Royalties holds a 4.8% gross revenue royalty over Thacker Pass (reducing to 1.05% gross revenue royalty after the expected exercise of a partial royalty buyback). The release notes that Thacker Pass now contains the largest measured lithium reserve and resource in the world. The project operator, Lithium Americas Corporation, has revealed a plan to target 160,000 tonnes per year of battery-quality lithium carbonate production. This is double previous plans.

DroneShield Ltd (ASX: DRO)

The DroneShield share price is up 9% to 83 cents. This counterdrone technology company's shares have been pushing higher this week thanks to some positive news. DroneShield revealed that it has secured a contract in South America worth $9.7 million, which will be delivered to a military end customer in the region. The order is for a combination of dismounted, mobile, and fixed-site counterdrone systems (C-UxS). Management notes that the contract was secured by the company's reseller in the region.

Regis Resources Ltd (ASX: RRL)

The Regis Resources share price is up 5% to $2.72. This follows the release of the gold miner's second quarter update this morning. For the three months ended 31 December, Regis reported a total group gold production of 101,300 ounces. In addition, it revealed record cash and bullion build of $149 million over the quarter. This resulted in Regis Resources holding an all-time high cash and bullion balance of $529 million.

West African Resources Ltd (ASX: WAF)

The West African Resources share price is up 4% to $1.55. This gold miner's shares are lifting today after it released a fourth quarter and full year update. Fourth quarter gold production came in at 51,178 ounces, which brought its full year production to 206,622 ounces. This means that West African Resources achieved the upper end of its 2024 production guidance. The company's executive chairman and CEO, Richard Hyde, commented: "I would like to commend our Sanbrado team for achieving production guidance for a fourth consecutive year. Full year gold production of 206,622 ounces was at the upper end of our 2024 annual guidance of 190,000 to 210,000 ounces. We look forward to providing our full quarterly activities report in the coming weeks."