Monthly Metals Mining Rundown and Peer Table - Premium Edition for Month Ending 31 Dec 2025

Metal prices surged this month, led by lithium, and followed by silver and PGMs which rose to record highs before correcting; Li closed the month +28% higher to nearly US$17,000/t Li carb, leading to a median Li producer peer group monthly performance of +13%, while Li brine junior miners also gained - outperforming the Li hard rock peers. Silver rose +27% to $71.50/oz Ag, platinum +23% to $2,050/oz Pt, palladium +13% to $1,630/oz Pd, and rhodium +13.5% to $9,025/oz Rh, which together helped most silver and PGM mining stocks rise - led by PGM developers rising a median +20% and silver explorers a median of +17%; Base metal prices also rose, led by nickel +13% to ~9-month high of $7.60/lb Ni followed by copper and cobalt +9% to $5.64/lb Cu (after retreating from record highs of almost $6/lb Cu) and $23.95/lb Co, which helped most larger cap Ni, Cu, and Co miners rise +10% or more; Gold rose only +2.4% during the month to $4,318/oz (after retreating from record highs around $4,500/oz) which helped most gold stocks rise by multiple percent; Includes covered announcements by: GTWO, BML, HMMC, HSTR, TLO, LM1, SICO, MAU, A1G, TAU, CTGO, DV, LIFT, WR1, CNC, STN.

Host Rock Capital
January 01, 2026