Monthly Metals Mining Rundown and Peer Table - Premium Edition for Month Ending 1 April 2025

This past month’s metal price and top & bottom mining company peer group movers include:

This past month’s top & bottom 40 performing metals mining stocks (out of Peer Table’s 458) include (share price rounding errors apply, as sourced from Google Finance):

Coverage of metals mining announcements incorporated into this month’s Peer Table (resource updates, economic studies, changes in attributable project ownership) include (as previously covered in recent daily or weekly Rundowns / slightly outdated):

• 1 Apr 2025 - Silver explorer Andean Silver (ASX:ASL) announced a resource update for its flagship, high-grade Cerro Bay silver-gold project in Chile, which near doubled tonnage and grew contained precious metal by 22% to a reported 111Moz AgEq at 353g/t AgEq, following the addition of two new initial resources (Pegaso 7 and Cristal). At our estimated 3-month trailing average metal prices, resources grew to 118 Moz AgEq (1.3 Moz AuEq) grading 375 g/t AgEq (4.2 g/t AuEq) and have Ag/Au metal value split of 40% Ag/60% Au. Resources have grown steadily since this project was acquired in 2024, which appears to be rising commensurate with drilling (and now has a solid chunk in the indicated category paving the way for a future reserve). And the company says the potential for growth beyond this is “enormous” (across the company’s large land package containing many historic mines)….So although this relatively high-grade, >100Moz AuEq (>1Moz AuEq) should already be large enough to be demonstrated economic in a PEA or Scoping Study, it probably makes sense to grow these deposit complexes further (given the apparent easy, low-hanging fruit here) before making a first pass at evaluating economics and pivoting towards development. ASL stock sold off gradually following this news (alongside slight downticks in the gold and silver prices intraday ASX), before closing down -9.5% (to share price A$1.15) to a market cap / oz resource of US$1/oz AgEq ($86/oz AuEq), at a premium to silver explorer peer group mean of $0.50/oz AgEq ($44/oz AuEq) which appears justified due to its high-grade, growth-potential, and solid (higher-priced) gold share of resources (altogether also helping make it an ideal takeout target for larger silver and gold companies).

  

  Source: Andean Silver

  

  1 April 2025 intraday prices

• 31 Mar 2025 - Copper (polymetallic) producer Aeris Resources (ASX:AIS) announced an updated resource for its Constellation deposit nearby its flagship producing Tritton mine and 1.8 mtpa plant in Australia. The update grew the deposit’s copper resource by 24% to 153kt Cu and gold by 29% to 161 koz Au (within 7.6 Mt), with the indicated share of resources growing substantially. The increase confirms the company’s confidence in this deposit becoming a major ore source for Tritton in the near future, with the solid 5.3Mt of indicated resources providing a strong foundation for potential conversion to reserves in an upcoming feasibility study. This Constellation resource update grows company wide resources slightly to ~3.8 Blbs CuEq (~6.0Moz AuEq) from ~3.7 Blbs CuEq (5.8 Moz AuEq), which are 50% from copper by metal value, 25% from gold, rest Zn-Ag (at our estimated 3-month trailing average metal prices), and which traded up 5% Monday (31 Mar) in Australia following this news to a AIS market cap/lb resource of US$0.032/lb CuEq - still a 67% discount to our 23-company copper producer peer group median of $0.097/lb CuEq, as shown in below excerpt from our Peer Table.

• 31 Mar 2025 - Lithium hard rock explorer Delta Lithium (ASX:DLI) announced a resource update for its secondary Yinnetharra Lithium and Tantalum project in Australia, incorporating some infill drilling and including a new slightly higher-grade component at the Jameson prospect. Indicated resources increased substantially (including by 140% at main Malinda deposit to 16.1 Mt indicated grading 1% Li20). Overall lithium resources dropped slightly to 21.9 Mt grading 1.0% Li02 for 212 kt Li2O (0.52 Mt lithium carbonate equivalent, LCE, excluding the tantalum), but at a slightly higher average lithium grade. DLI stock traded up 3% Monday (31 Mar) in Australia following this news, and together with its flagship Mt Ida project that hosts additional lithium resources of 14.6 Mt grading 1.2% Li20 for total company lithium resources of 0.96 Mt LCE and also hosts gold resources of 0.752 Moz Au for total company wide resources of 1.2 Mt LCE (4.3Moz AuEq), which are split 82%/18% Li/Au by metal value according to our estimated month trailing average spot metal prices, and which trade at a DLI market cap/t resource of US$68/t LCE ($19/oz AuEq), which is in-line with our 14-company lithium hard rock explorer mean of $71/t LCE ($19oz AuEq) and just above the group median of $39/t LCE ($11/oz AuEq), as shown in below excerpt from our Peer Table, and this slight premium to median appears due to the proximity of this company’s lithium resources to several producing lithium mines co-located Western Australia (and potential for their acquisition), as shown in map below.

• 31 Mar 2025 - Silver (polymetallic) producer Adriatic Metals (ASX:ADT) announced its annual reserves and resources update for its main Ruprice deposit at its flagship producing Vares project in Bosnia, resulting in an 11% drop in reserves tonnes after some mining depletion, and some additions & losses from drilling, for an ore reserve of 12.3 Mt (grading relatively high at 192 g/t Ag, 5.7% Zn, 3.6% Pb, 1.5g/t Au, 0.5% Cu and 0.2% Sb). Overall measured, indicated, and inferred mineral project resources fell a more slight ~6% to 316 Moz AgEq (3.54 Moz AuEq) grading 470 g/t AgEq (5.3 g/t AuEq). And together with additional resources from Vares pipeline satellite Veovaca (not yet in reserves) and historical resources from secondary Raska project in Serbria, ADT’s combined 398 Moz AgEq (4.5 Moz AuEq) are 30% from Ag by metal value, 32% Zn, 17% Au, rest Cu-Pb excluding resources of metalloid antimony (Sb) at our estimated 3-month trailing average metal prices. And these 398 Moz AgEq under ADT stock dipped 10% Monday following this news, to a market cap/oz resource of US$1.07/oz AgEq (96/oz AuEq), which is a 14% discount to our our 18-company peer group median of $1.25/oz AgEq (112/oz AuEq) - excluding the antimony, per below excerpt from our Peer Table.

• 31 Mar 2025 - Gold explorer Strickland Metals (ASX:STK) announced (another) updated resource estimate, this time for its secondary Yandal gold project in Australia (after last week announcing a substantial increase to its flagship Rogozna gold-polymetallic project resources to an announced ~7.4 MozAuEq, which helped push the stock up 4% Thursday, and another 25% Friday (after we covered Thursday after-market ASX 27 Mar it here). Today’s announced resource update grows secondary Yandal by some ~56% to 400.4Koz grading 1.52 g/t Au (by nearly doubling the size of the Horse Well Camp component to a combined 291.5Koz grading 1.94 g/t). At our estimated 3 month trailing average metal prices, today’s newly added 143.4 koz grows STK’s overall resources by some ~6% to ~7.0 Moz AuEq (~63% from Au, rest Cu, Zn, Pb, Ag from flagship Rogozna in Serbia) which trade intraday ASX Monday (31 Mar) at a STK market cap / oz resource of US$20/oz AuEq (at a flat intraday Monday STK share price of A$0.10) - a ~10% discount to our 77-company gold explorer peer group median of $22/oz AuEq), as shown in below excerpt from our Peer Table.

• 27 Mar 2025 - PGM and Copper developer Generation Mining (TSX:GENM) announced results for its updated feasibility study for its flagship Marathon Palladium-Copper project in Ontario (38% Cu, 35% Pd, rest Pt, Au, by resource metal value, at our estimated 3-month trailing average). The study incorporated results of optimization work, including an optimized/improved mine plan and reduced capex previously mentioned by the company in a 20 Nov 2024 release, and does appear to demonstrate improved economics compared to the prior 2024 study. According to the NPV sensitivity relationships provided in the study, and at our Reference metal prices of $1,800/oz Pd and $3.5/lb Cu, GENM’s post-tax NPV improved by 25% to US$979 million. And this news of these substantially improved economics had pushed GENM stock up 15% intraday TSX Thursday, which closed the week at a (28 Mar) P/NAV (market cap/NPV) of 0.031x, which is now a 79% discount to our 30-company copper developer peer group median of 0.15x (at our Reference metal pricing) and a 69% discount to our 6-company PGM developer peer group median P/NAV of 0.10x, as shown in Peer Table below.

• 27 Mar 2025 - Gold developer Wallbridge Mining (TSX:WM) announced an updated PEA for its flagship Fenelon project on the Quebec side of the Detour Trend. The study showed relatively low AISC of $1,046/oz, and reduced initial capex by 10% to C$579 million compared to the initial 2023 PEA, with more realistic economics that worsened by much more than 10%. WM closed the week down 14.5% to a P/NAV (market cap/NPV from this study) of 0.17x (at our Reference gold price of US$1,800/oz) - a 33% discount to our 62-company gold developer peer group median of 0.27, as shown in Peer Table below.

• 27 Mar 2025 - Copper developer Hot Chili (ASX:HCH) announced a first ever reserve in a PFS for its flagship Costa Fuega project in Chile, which resulted in slightly worse economics than the prior 2023 PEA (as can be expected as a PEA is preliminary in nature and relies on inferred resources whereas this PFS relies strictly on those measured and indicated resources that are demonstrated to be economically mined). HCH stock closed the week ending 28 March flat +0, with its resulting P/NAV (market cap/NPV) rising slightly (on this news of a lower NPV) to (a higher confidence) 0.166x now (was 0.09x before this announcement), which is now a modest 17% premium to peer group median of 0.15x (as shown in Peer Table above)

• 27 Mar 2025 - Gold (polymetallic) explorer Strickland Metals (ASX:STK) announced a resource expansion for its flagship Rogozna gold-polymetallic project in Serbia, which is made up of three deposits (Shanac, Medenovac, and Copper Canyon, as shown in map below). The company reports that this update increased Shanac’s contained gold-equivalent inferred resources by 15% (the other two deposits remain the same), for total combined Rogozna project (inferred) resources of 7.4 Moz AuEq grading 1.2 g/t AuEq (which is a lower range grade for underground deposits globally, but can be increased using higher cut-off grades as shown in chart below). Total project resoruces have now grown by ~2Moz AuEq since only acquiring the property in July 2024. At our estimated 3-month trailing average metal prices, this increase grew the combined project resources (all 3 deposits combined) by 17% to 6.60 Moz AuEq (60% Au, rest Cu-Zn-Pb-Ag) from 5.66 Moz AuEq. STK stock gained 4% through ASX trading Thursday before gaining another +25% on Friday to finish the week up +11% to to a market cap/oz resource of US$21/oz AuEq - now in-line with our explorer peer group median market cap/oz resource of $21/oz AuEq, as shown in Peer Table below.

• 26 Mar 2025 - Copper explorer Arctic Minerals AB (STO:ARCT) announced a maiden Mineral Resource Estimate (MRE) for its Hennes Bay copper-silver project in Sweden, and has been added as the 36th peer in our Peer Table’s (resource-stage) copper explorer peer group. The MRE was reported by company to be 55.39Mt grading 0.8% Cu and 20.8 g/t Ag for 1.0% Copper Equivalent ("CuEq") resulting in 543,000t CuEq contained metal. At our estimated 3 month trailing average metal prices, this equates to 567,900t CuEq or 1.25 Blbs CuEq or or 174 Moz AgEq 2.0 Moz AuEq with a Cu/Ag metal value split of 79%/21%. ARCT stock shot up 31% on this news intraday Sweden Wednesday, before continuing to rise for much of the week and closing the week up +214% to a market cap/lb resource of US$0.033/lb CuEq ($21/oz AuEq), which is now in between our 36-company copper explorer peer group median market cap/lb of $0.02/lb CuEq ($13/oz AuEq) and mean of $0.034/lb CuEq (21/oz AuEq), but still a 34% discount to our silver explorer peer group median market cap/oz of $0.38/oz AgEq ($34/oz AuEq) - although we exclude ARCT from our silver explorer peer group due to its relatively small 21% silver share of resource metal value. This is a substantially sized initial resource - 1.25 Blbs CuEq (79% from Cu) is quite relatively large for a first pass. And while grade of 1% CuEq may be on the lower grade side of typical underground mine deposits (underground mining was the mining method assumed in the MRE and open pit mining does not appear to be an open based on deposit geometry), this grade increases somewhat at higher cut-off grades, which might be considered by the engineers to bolster economics in the PEA that that company says is commencing now. Moreover, this lower range grade could be offset by sheer scale of this relatively large starter deposit (especially as it grows further), which is typical for this stratiform copper mineral system (SSC) type of deposit that represents the most important source of copper produced in the world after porphyry deposits - accounting for 20-25% of global production and reserves. This starter Hennes Bay deposit only includes the Dingelvik prospect, which remains open in all directions, and excludes several other zones defined by historic drilling that the company says could be added to resources with limited further drilling (including Asslebyn, Henneviken, Baldersnäs, Åsnebo and Härserud Norra, as shown in map below).

  

  Hennes Bay Project - Geological Map showing Dingelvik prospect (included in MRE) and other prospects (Source: Arctic Minerals)

  

  Dingelvik Prospect – Geological Cross Section 1550S (Source: Arctic Minerals)

  

  28 Mar 2025 week ending prices

• 25 Mar 2025 - Former gold (and cobalt) explorer (now gold developer) Latitude 66 (ASX:LAT) announced results of a scoping study for its flagship KSB project in Finland, which should have been much anticipated after the company just acquired this project in a restructuring completed last year with DiscovEx. LAT now appears to have successfully taken its inherited existing high-grade Au-Co resource of 0.65 Moz [email protected]/t and 5,840t [email protected]% to the next step with this study, which yields solid economics including a post-tax NPV8 of US$310M (at $2,500/oz Au) with IRR of 74% and low costs across the board including low capex of $101M and AISC of $996/oz AuEq ($1,038/oz Au). And although this scoping study is preliminary in nature and significant additional engineering (prefeasibility and/or feasibility) and permitting work is required prior to development, we now move LAT to our gold developer peer group from explorer peer group, as this scoping study meets the criteria to do so set out in our Peer Table’s standardized information retrieval process. An notably, the study shows that the planned 0.75mpta plant (associated with initial capex of $101M) could be doubled to 1.5mtpa (for only $140M or 38% more), which is encouraging given the numerous exploration targets surrounding the deposit with potential to grow resources. It’s also good to see that 90% of the mine plan resources in this scoping study already come from indicated resources, which should bode well for upcoming maiden mineral resource in a PFS. LAT stock closed up +9% Tuesday on this news, before closing the week flat +0% at a market cap/oz AuEq of US$6.5/oz AuEq (including LAT’s 17.5% share of resource from Greater Duchess Cu-Au project in Australia accounting for ~22% of of LAT’s attributable resources), which is a ~74% discount to our 64-company gold developer peer group median of $26/oz AuEq as shown in Peer Table below (and a ~69% discount to our 76-company gold explorer median of $20/oz). On price-to-net-asset-value or P/NAV (taken as market cap / NPV from this study), LAT trades even cheaper - at a P/NAV of 0.033x (at our Reference gold price of $1,800/oz, according to the NPV sensitivity analysis included in today’s announced scoping study, and including a small share from its 17.5% of Greater Duchess 2024 scoping study results accounting for ~10% LAT’s of combined NPV). And this P/NAV is an 88% discount to our gold developer group median P/NAV of 0.27x (at same $1,800/oz), as shown in gold developer Peer Table above (scroll up).

  

  Location of the KSB project (Source: Latitude 66)

  

  28 Mar 2025 week ending prices

• 24 Mar 2025 (after-market Monday) - Gold explorer New Found Gold (TSXV:NFG) announced its much anticipated initial mineral resource estimate (MRE) for its flagship Queensway project in Newfoundland, which yielded an impressive first pass of 2.0Moz (indicated+inferred). And so NFG has now been added to our Peer Table’s (resource-stage) gold explorer peer group. This 2Moz certainly ranks on the high side in the global realm of initial resource size. And importantly, 63% of the resource tonnes are already in the indicated category. And even more importantly, these indicated resources include a particularly attractive 1.25 Moz of high-grade core open pit resources grading multi-gram at 2.25 g/t Au, which should lead to top tier initial cash flow and overall economics to be confirmed by the company in an upcoming PEA targeted for release in late Q2/25 (and then in a PFS or FS which the company is already well prepared for with solid indicated share of resources). NFG closed Monday (before the stock traded on this news) at a market cap of US$315M (according Google Finance), or $157/oz resource, ranking NFG around the ~90th percentile valuation of our gold explorer peer group market cap/oz. And although a premium appears somewhat justified for NFG’s large starter resource size, high indicated resource content, and high open pit grades, it would appear based on this valuation (and on the abundance of drill results released since the project’s initial discovery was announced in 2020), that investors might have been expecting a larger initial resource, perhaps by some ~1Moz or 33% (as seemed to be the case when the stock opened and closed down around ~28-30% Tuesday, before closing the week down -31% to a market cap/oz AuEq resource of US$118/oz Au. But those additional ounces investors were looking for appear to be on the not-so-far horizon, given: (a) the recently announced high-grade drill results from beyond this initial MRE footprint that are not yet incorporated to the MRE, (b) the potential for infill drilling (of lower grade zones) within the MRE pit shell, (c ) drilling at depth (most drilling to date has been in upper 200m), and (d) the regional camp potential along remaining portions of the 110km long strike length of two major structures. This announcement also impact’s uranium and gold explorer, Palisades Goldcorp (TSXV:PALI), which owns 21.63% of outstanding NFG shares (according to PALI’s press release on 25 Mar 2025). Including its 21.63% share of these new NFG resources and PALI’s pre-existing 100% share of it’s Eco Ridge uranium project resource (107 Mlbs U3O8) acquired in Radio Fuels deal completed earlier this year, PALI trades cheaper than NFG on market cap/oz AuEq resources, at US$37/oz AuEq (although PALI does not appear to get much value in the market for its uranium, based on its stock also closing the week down -31% same as NFG), resulting in more modest premiums to our gold explorer peer median of $21/oz AuEq and our uranium explorer median of $37/oz AuEq ($0.88/lb U3O8).

  

  MRE Area – AFZ Core, AFZ Peripheral and JBP areas (Source: New Found Gold)

  

  Section A-A’: AFZ Core area east of the Appleton Fault Zone composite long section with proposed pits and resource block model (looking northwest, +/-250m). (Source: New Found Gold)

  

  28 Mar 2025 week ending prices

  

  28 Mar 2025 week ending prices

• 19 Mar 2025 - Copper producer AIC Mines Limited (ASX:A1M) announced an updated resource for its Australian Eloise Copper underground mine and nearby satellites, following exploration and definition drilling completed in 2024. Importantly, resources grew significantly at the closest satellite (Jericho) which remains open along strike and at depth, with its indicated resources growing most by 54% in contained copper and 68% in contained gold which should bode well for future reserves conversions and plans for mill expansion to 1.1mtpa from 0.725mtpa for capex of A$60M. Overall combined resources across 4 deposits grew by 16% (copper) and 14% (gold) to 603 Mlbs CuEq (0.94 Moz AuEq) at a decent grade of 2.0% CuEq (2.6 g/t AuEq) - both at our estimated 3-month trailing average metal prices according to our Peer Table. A1M stock has outperformed since this announcencement, trading up 11% over past week (vs. peer group median flat +0%) to a Friday (21 Mar) closing market cap/lb of US$0.10/sh (vs. management’s stated discovery cost of A$0.02/lb Cu for these new resources) - now in-line with our copper producer median market cap/lb of $0.10/lb CuEq ($62/oz AuEq). But what makes A1M most attractive is growing resource potential (feeding growing future production) from its wide open Jericho deposit, along with its vast regional land package of additional growth potential, all feeding its central processing hub at Eloise (for which there may even be room for additional expansion beyond 1.1mtpa in the longer-term).

• 16 Mar 2025 - Intermediate gold producer Ramelius Resources (ASX:RMS) and past-producer Spartan Resources (ASX:SPR) announced a transformational combination, where RMS will acquire all ordinary shares of SPR for A$0.25 and 0.6957 new RMS shares (for each SPR share), representing a value of A$1.78 per SPR share, and a 11% premium to Friday 14 Mar closing price and market cap of US$1.3B (which we would attribute roughly half towards SPR’s mill replacement value and half to its mineral resources). SPR’s assets include its Dalgaranga mine with 2.9 Moz Au resources with 2.5 mtpa processing plant (mill), which is nearby to RMS’s strong cash-flowing Mt Magnet mine in Western Australia. The deal looks like it makes sense for both sides - SPR gets an 11% premium to its already solid market cap/oz resource of US$489/oz ($544/oz with premium) - which sounds high but also includes a 2.5 mtpa mill - and SPR also gets needed access to capital to bring Dalgaranga back online. This helped SPR shares rise 9% on Monday 17 Mar (vs. gold peer group medians rising 1-6%). RMS on other hand sold off -1% Monday, but closed the week-ending 21 Mar up 1% (vs. peer group median drop of -1%). This follows RMS’s announced 2.1 Moz, 17-year Mt Magnet mine plan update on 11 Mar that included mineral reserves of only 1.1 Moz (remainder of mine plan included resources) that re-rated RMS’s share price down -16% over past month (vs. peer group median gain of +9%). So while RMS had been in good shape with its March 11th announced 9.2Moz resources and strong near-term, low-cost, production profile; its mine plan’s reserves of 1.1Moz together with production guidance falling from 270-300koz this FY to 200koz next FY appeared to concern some investors. This acquisition of SPR should ultimately help alleviate that, especially once RMS has a chance to convert a chunk of Dalgaranga’s 2.9Moz resource to reserves (in a reserve update targeted before CYE 2025). Pending a shareholder vote, this deal is due to close July-Aug 2025. And the proforma combined entity closed trading Tuesday at a proforma RMS market cap of US$2.9B (including an additional 891M sh to be issued to SPR) which equates to a week-ending (21 Mar) market cap/oz resource of US$233/oz including the SPR resources (only slightly above where RMS traded before the deal, but leaving it much better positioned on market cap/oz reserve). This proforma RMS market cap/oz just over 70th-percentile of our intermediate gold producer peer group - a justified premium to middle-of-pack for RMS’ 100-200kozpa+, low-cost, strong-cash flowing near-term production profile. And this premium could widen as this strong production profile is extended and shored up for the coming decade through conversion of the companies vast growing resources already at 12.1 Moz, which also makes RMS an attractive acquisition target for senior gold producers, whose peer group median market cap/oz of US$213/oz is more in line with that of RMS.

• 12 Mar 2025 - Intermediate gold producer and silver producer Fortuna Mining (TSX:FVI) announced its annual reserves and resources update. Total Measured and Indicated (M&I) resources (inclusive of reserves) grew by ~2-3% to ~4.2 Moz AuEq (including Au and Ag, excluding minor Zn and Pb), which included an 11% decrease in reserves to 2.7 Moz AuEq, and a 36% increase in M&I resources exclusive of reserves to 1.5 Moz AuEq. Drop in reserves was due to depletion of 526 koz AuEq, partly offset by conversion of 204 koz resources (both excl. Zn and Pb). So while the past year’s mined reserves were not completely replaced, the total mined M&I resources were more than replaced (by infill drilling) - and those M&I resources should be easily converted to reserves later. Inferred gold-equivalent resources also increased (including from some newly discovered inferred resources) by 29% to 2.7 Moz AuEq (excl. Zn & Pb), leading to an increase in total mineral resources (excluding minor Zn and Pb) of ~7% to 5.93 Moz AuEq (also excluding Zn and Pb, at our estimated 3-month trailing average metal prices) or to 6.31 Moz AuEq including the Zn and Pb, also at our estimated 3-month trailing average metal prices. These 6.31 Moz AuEq of resources (88% from Au, 6% from Ag, rest Zn-Pb) trade at a FVI market cap/oz resource of US$257/oz AuEq - ranking near the upper-quartile-range (75th-percentile) of the intermediate gold producer peer group valuation range, and near the top of the silver producer peer group. This premium is expected, in part due to the typical premium on the silver share of its production (and its resources/reserves), and also in part due to its multiple highly-productive/strong-cash-flowing producing mines including in Latin America and Africa. This could make FVI either a good take-out target for a major looking to grow their cash flow, or perhaps even better for shareholders in the long-run would be if FVI leveraged its strong cash-flow and relatively high market cap/oz valuation to acquire a smaller-scale gold and/or silver producer with a larger/cheaper resource base in which it could invest & ramp production up (as FVI has done before, including years ago when it acquired/merged with African smaller-scale gold producer Roxgold).

• 10 Mar 2025 - Nickel, Cobalt, and PGM explorer Alaska Energy Metals (TSXV:AEMC) announced a significant increase in mineral resources for its flagship Nikolai nickel-polymetallic project in Alaska, which nearly doubled contained nickel-equivalent resources since the 2024 estimate to a whopping 29 Blbs NiEq (including nickel, copper, cobalt, gold, palladium, platinum, chromium, iron) grading 0.30% NiEq (excluding chromium and iron), 36% in the indicated category. Excluding chromium and iron and at our estimated 3-month trailing average metal prices, we estimate a 85% increase to the deposit size, to 21.1 Blbs NiEq (70% from Ni, 12% Cu, 8% Co, 8% Pd+Pt, 2% Au). AEMC traded down -2.3% following this news yesterday amid the broader equity selloff, outperforming our nickel explorer peer group median share price performance of -3.9% yesterday, suggesting a slight positive relative impact from this announcement. Nickel is largely out of favor due to its price trading near historical lows (at $7.45/lb Ni) , however the nickel price has been inching up in last few months suggesting that the tide may be starting to turn for the banged-up nickel sector. This huge nickel-polymetallic deposit (excluding chromium and iron) trades dirt cheap at a AEMC market cap/lb resource of $0.001/lb NiEq ($0.20/oz AuEq) - more than a 90% discount to our nickel explorer peer group median market cap/lb of $0.008/lb NiEq ($3.1/oz AuEq). This discount is perhaps due to the project’s relatively low grade of 0.3% NiEq. Although encouragingly, this grade is not out of line of other projects globally and should ultimately be economically open-pittable, especially given the project’s low strip ratio implied by the cross section shown in Figure 2 of the release for the project’s main Eureka deposit. More advanced nickel developer Canada Nickel Company (TSX:CNC)’s feasibility-stage Crawford project has a comparable (M&I) resource grade of 0.25% NiEq (including Ni, Co, Pd, Pt, and excluding iron, chromium, sulfur) and also a low open pit strip ratio of 2.3. AEMC’s Nikolai resource also has a solid 8% share of its metal value coming from cobalt, which is in-line with our cobalt explorer peer group median. Cobalt price has been rising more sharply than nickel lately. Cobalt price gains crushed those of all other major metals this past week, closing the week up some +39% to 15.22/lb Co. AEMC also trades at the bottom of this cobalt explorer peer group - at a week-ending market cap /lb resource of $0.001/lb CoEq ($0.20/oz AuEq) - an even steeper 96% to this cobalt explorer peer group median $0.021/lb CoEq ($5.6/oz AuEq).

• 4 Mar 2025 - Gold developer Barton Gold Holdings (ASX:BGD) announced an updated resource for its Tunkillia gold project in Australia that grew gold ounces by ~120,000 oz Au and now also includes 3.1 Moz Ag, bringing total Tunkillia project resources to 1.6Moz Au (and 3.1Moz Ag) and total company wide South Australia resources to ~1.74 Moz AuEq. This lowers BGD’s market cap/oz to US$20/oz AuEq - a slight discount to our global gold developer peer group median $21/oz AuEg. This update paves the way for the optimization/expansion of the company’s (now outdated) 2024 Scoping Study, which currently yields a P/NAV (market cap/NPV) of 0.22x at Friday’s close (at our Reference gold price of $1,800/oz, according to the NPV sensitivity analysis provided in the 2024 study) - in-line with our week-ending global peer group median P/NAV of 0.22x.

  

  Cross section 111,700N showing key drill intersections from Nov / Dec 2024 drilling and the extension of the Area 223 MRE block model beyond the 2024 ISS optimised open pit shell (Source: Barton Gold Holdings)

  

  7 Mar 2025 closing prices

  

  7 Mar 2025 closing prices

• 4 Mar 2025 - Gold developer Santana Minerals (ASX:SMI) announced a refined resource estimate for its main RAS deposit at its flagship Bendigo-Ophir gold project in New Zealand, which increased the deposit’s already high open pit grades (while decreasing ounces slightly) to (1.534 Moz Au @) 2.5 g/t Au Indicated and (0.434 Moz Au @) 2.1 g/t Au Inferred (excluding some UG at RAS and other smaller deposits). This brings total project and company resources to 2.337 Moz Au. This higher grade estimate should bode well for the grade profile in an updated PFS that the copmany says is underway now. SMI’s solid multi-gram per tonne open pit grades combined with an appearingly low strip ratio (that may be even further improved in the PFS) helps lead to the stock to trade at a premium P/NAV (market cap/ NPV from 2024 PFS) of 0.65x (vs. gold developer mean 0.44x and median 0.21x at our Reference gold price of $1,800/oz), and makes the company look ripe for acquisition by some intermediate gold producer seeking to develop one of New Zealand’s most significant gold discoveries in decades (especially as the project continues to advance through development process).

• 5 Mar 2025 - Lithium clay developer Ioneer (ASX:INR) announced an updated resource estimate for its flagship DFS-stage Rhyolite Ridge lithium (and boron) project in Nevada, which increased Rhyolite Ridge South resources by 45% and increased overall lithium resources by ~17% to 3.97 Mt LCE (plus 14.66 Mt boric acid), paving the way for upcoming mineral reserve update (and updated DFS with optimized economics) due to be released this April . INR with its large, advanced-stage project (with initial DFS completed in 2020 and major permitting milestones completed in 2024) trades at the top of its class on market cap/t LCE (excluding boron) at US$55/t LCE ($14/oz AuEq), and looks ripe to be acquired by a lithium producer (whose peer group median is a much higher $241/t LCE or $63/oz AuEq) looking to add US lithium production.

• 5 Mar 2025 - Gold explorer James Bay Minerals (ASX:JBY) announced a maiden JORC resource estimate for its flagship Independence Gold project in Nevada, which grew the historic 43-101 skarn resource by 24% to 0.984 Moz (inferred) grading high at 6.67 g/t Au. Total resources including near surface low grade grow to 1.37 Moz Au. JBY stock traded up +1.2% over past week (outperforming gold explorer peer group median performance of flat +0%) which trades at a week-ending market cap/ oz resource of US$18.5/oz - just above our 62 company gold explorer median market cap/oz of $15.4/oz AuEq and well below the mean of $38/oz AuEq.

• 5 Mar 2025 - Gold explorer Galway Metals (TSX:GWM) announced filing of a NI 43-101 Technical Report for a resource update from its secondary Estrades gold-zinc-polymetallic project in Quebec, for which results were previously announced on 27 Jan 2025 alongside (buried under) some encouraging metallurgical test results that showed gold recoveries improving by 31% to 86.6%. The revamped resource estimate was largely unchanged and showed gold value share of indicated resources now making up 48%. The estimate grew total Estrades project gold-equivalent resources by ~5% to 0.85 Moz AuEq @ ~6g/t AuEq (37% Au, 29% from Zn, rest Cu-Ag-Pb) at our estimated 3 month trailing average metal prices, with overall company resources (including flagship Clarence Stream Project in New Brunswick) increasing by more than 1% to 3.10 Moz AuEq (83% from Au). These resources trade at a week-ending GWM market cap/oz of US$11.3/oz AuEq - a 27% discount to our 63 company gold explorer peer group median market cap / oz of $15.4/oz AuEq.

• 4 Mar 2025 - Copper explorer Canadian Critical Minerals (TSXV:CCMI) announced a resource update for its flagship Bull River Mine project in BC Canada, which increased indicated copper resource pounds (grading high at 1.58% Cu) by 11% and increased indicated gold resource ounces (grading 0.389 g/t Au) by 17%. Overall project resources grew to 751 Mlbs CuEq (71% from Cu, rest Au-Ag) or 1.2 Moz AuEq at our estimated 3-month trailing average metal prices, which trade at a week-ending CCMI market cap/oz of US$0.011/lb CuEq ($7.1/oz AuEq) - a 39% discount to our 34 company copper explorer peer group median market cap/lb of $0.018/lb CuEq ($11.7/oz AuEq).

• 6 Mar 2025 - Diversified producer Rio Tinto (NYSE:RIO) completed its acquisition of lithium producer Arcadium Lithium (NYSE:ALTM), and we have now also added RIO to our lithium producer peer group with its newfound 31% of resource metal value coming from lithium and now only 54% coming from copper (excluding significant resources of non-metallics/iron ore/ bauxite/ aluminum/ titanium/ borate/ diamonds - all of which investors get essentially for free compared to most pure-play copper or lithium producer alternatives). RIO trades at the top of both our diversified and lithium producer peer groups on market cap / unit resource, at US$0.70/lb CuEq or $1,721/t LCE or $448/oz AuEq (at Friday’s close) - a premium to our 3-company diversified producer peer group median of $0.22/lb CuEq ($140/oz AuEq) and to our lithium producer median of $254/t LCEe ($66/oz AuEq), which leaves RIO dominantly well-positioned to acquire mostly any company it chooses (most of which are currently relatively cheap).

• 6 Mar 2025 - Gold developer (and small-scale gold producer) i-80 Gold Corp (NYSE:IAUX) announced an updated PEA for the underground portion of its Granite Creek project in Nevada, which appears to have replaced an old 2021 PEA for same project but excluded the open pit portion that is due to be captured in a separate PEA to be released later this year in Q4. Excluding the company’s ongoing small-scale production and the OP portion of this Granite Creek project (for which an updated PEA is due in Q4 2025) and including 3 other previously announced PEAs (2025 PEA for Cove, 2025 PEA for Ruby Hill Complex Mineral Hill Open Pit, and 2025 PEA for Ruby Hill Complex Archimedes UG) and including today’s Granite Creek UG PEA, IAUX trades at P/NAV (market cap/combined NPVs) of 0.14x at our estimated 3-month trailing gold price of $2,740/oz Au - a 93% premium to our 57-company gold developer peer group median of 0.07x (at same gold price). And interestingly, IAUX with its 4 PEAs is the only stock out of 57 gold developers that has a negative NPV at our Reference gold price of $1,800/oz, making it one of the torquiest of the group. On market cap / oz resource, IAUX trades at $23/oz AuEq - a slightly premium to gold developer group median $22/oz AuEq, and perhaps more importantly a stark 80% discount to our intermediate gold producer peer group median market cap/oz of $113/oz - making IAUX an ideal acquisition target and re-rating opportunity for any of these intermediate gold producers looking to invest in, and ramp-up, IAUX’s portfolio of near-development/past-producing Nevada gold projects.

Disclaimer: Provided for informational and educational purposes, and is not intended as investment advice. For full disclosures, visit www.hostrockcapital.com/disclosures.