In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record a disappointing decline. At the time of writing, the benchmark index is down 1.5% to 7,818 points.

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

Astral Resources NL (ASX: AAR)

The Astral Resources share price is up 6% to 17.5 cents. This follows the release of a mineral resource estimate update from the gold explorer. According to the release, Astral's mineral resource at the 100%-owned Mandilla Gold Project 70km south of Kalgoorlie in Western Australia has increased 49%. Management notes that this will underpin the pre-feasibility study, which is due to be finalised in the June 2025 quarter. Managing Director Marc Ducler said: "Our strategy has been highly successful, with this updated 2025 MRE recording an increase in the Mandilla Indicated Mineral Resource of 49% to 1.03Moz. These ounces will form the backbone of our ongoing PFS, with additional contribution from the Kamperman and Think Big deposits at Feysville."

Newmont Corporation (ASX: NEM)

The Newmont Corporation share price is up 2.5% to $78.07. Investors have been buying gold miners today after the price of the precious metal neared a record high following the announcement of tariffs from US President Donald Trump. The S&P/ASX All Ords Gold index is up 1.2% at the time of writing.

Ramelius Resources Ltd (ASX: RMS)

The Ramelius Resources share price is up 4.5% to $2.40. This has been driven by the release of a quarterly update from the gold miner this morning. Although Ramelius revealed a small quarter on quarter decline in gold production, it still delivered record underlying free cash flow of $223 million for the three months. Managing Director, Mark Zeptner, said: "The March 2025 Quarter has delivered our second consecutive record underlying free cash flow, finishing the Quarter with over $657 million in cash and bullion. The operations team continues to maximise cash flows from our existing operations in this elevated gold price environment."

Synlait Milk Ltd (ASX: SM1)

The Synlait share price is up 3% to 68.5 cents. This morning, this dairy processor announced that its strategic workstream to secure its future milk supply has passed a major milestone. Synlait advised that the significant majority of the cease notices issued to the company have now been withdrawn. Acting CEO, Tim Carter, commented: "In the days after we presented our half year result, there was a positive uplift in cease withdrawal numbers. Our farmers are the backbone of Synlait, their support provides us with valuable certainty and reflects growing confidence in the company on the back of our return to profitability."