Metals Mining Peer Table - Free Weekly Edition for Week Ending 17 Jan 2025

As shown in below attached Weekly Peer Table, this past week's metals price movements included:

Lithium Carbonate up +2.9% week-over-week to $10,628/t LCE

Nickel up +2.6% to $7.29/lb Ni

Gold up +0.8% to $2,701/oz Au

Platinum down -2.9% to $949/oz Pt

Also shown in below attached Peer Table, this past week's metals mining peer group movers inlcuded:

Cobalt producers peer group median share performance up +6.2% week-over-week to median market cap/lb resource of $0.26/lb CoEq ($62/oz AuEq)

Nickel producers median up +6.2% to median market cap/lb of $0.15/lb NiEq ($56/oz AuEq),

Lithium producers median up +5.5% to median market cap/t of $287/t LCEe ($74/oz AuEq)

PGM developers median up +5.4% to median market cap/oz of $3.9/oz PdEq ($10/oz AuEq) and to a median P/NAV of 0.14x (at our Reference palladium price of $1,800/oz Pd),

Lithium hard rock developers median up 5.0% to median market cap/t of $129/t LCE ($33/oz AuEq),

Diversified producers median up +3.8% to median market cap/lb (excluding iron ore) of $0.20/lb CuEq ($125/oz AuEq), and

PGM producers median was our only peer group in the red over the week, being down -3.4% to median market cap/oz of $11.5/oz PdEq ($31/oz AuEq).

Metals mining company announcements incorporated into this week’s Peer Table (resource updates, economic studies, changes in attributable project ownership) include:

14 Jan 2025 - Heliostar Metals (TSXV:HSTR) released 3 updated techincal reporrs with economic studies for 3 different development stage projects recently acquired in Mexico. The post-tax NPV5 of US$25.9M for the most advanced project - La Colorada past-producing mine where small-scale production resumed earlier this month - was somehwat dwarfed by its capex of 53.9M, which seemed to disappoint some investors based on the 5% drop in the HSTR share price that day and 13% drop over past week (vs. our Peer Table’s flat 0% gold developer peer group median share performance for both periods). However, the combined NPVs for all 3 projects, together with the NPV for a 2023 PFS for a 4th Mexican development project, Ana Paula, together equate to US$722M (adjusted for our Reference gold price of $1,800/oz, according to the NPV sensivity analysis provided in each study). HSTR’s week ending market cap of only US$102M implies a price-to-net-asset-value (“P/NAV”, taken as mkt cap/NPV) of only 0.14x - a 34% discount to our gold developer peer group median P/NAV of 0.21x (based on study results for 54 companies in our gold developer peer group – also adjusted to our apples-to-apples Reference gold price of $1,800 using the NPV sensitivity information provided in each study). On mkt cap/oz Au resource, HSTR’s existing 8.4 Moz AuEq (85% from Au) trade similarly cheap, at a market cap of US$12.2/oz AuEq – a 33% discount to our gold developer median US$18.2/oz AuEq. This is all particularly interesting given how close HSTR is to becoming a mid-tier producer, once it expands current small-scale gold production at La Colorada to a commercial-scale 50+ koz/yr (as it plans to do, following another updated technical report due mid-2025, targeting lower capex). Our mid-tier (intermediate) gold producer peer group of 50 producers has a median mkt cap / oz is US$104/oz AuEq resource (offering 8.5x upside to HSTR’s market cap of $12.2/oz or 5.7x upside to our gold developer median mkt cap of $18.2/oz).

15 Jan 2025 - Uranium Energy (NYSE:UEC) announced the purchase of 107.1M shares of Anfield Energy (TSXV:AEC), bringing total holdings up to 203.4M shares for 17.8%

15 Jan 2025 - Encore Energy (NYSE:EU) sold 15M shares of AEC and now owns 170M shares for 16.84%

16 Jan 2025 - Gogold Resources’ (TSX:GGD) announced Feasibility Study (FS) results for its Los Ricos South (LRS) Silver-polymetallic project in Mexico, replacing old 2023 PEA results for that project. The FS NPV results were in-line with 2023 PEA results (down slightly, at apples-to-apples metal pricing). And this FS excluded the ecnomics of the company’s neighbouring project, Los Ricos North (LRN), where a PEA was released in 2023. If both the NPVs from this 2025 FS (for LRS) and 2023 PEA (for LRN) are combined, they together equate to US$1.3B (adjusted for our Recent Spot silver price of US$31.12/oz Ag, based on the NPV sensitivity information provided in each study), neglecting additional NPV contribution from small-moderate scale silver-polymetallic production from the Company’s Parral tailings reprocessing project. GGD’s week ending market cap of only US$324M implies a price-to-net-asset-value (“P/NAV”, taken as mkt cap/NPV) of only 0.25x - in-line with our silver developer peer group median P/NAV of 0.24x (based on study results for 12 companies in our silver developer peer group – also adjusted to our apples-to-apples Recent spot silver price of $31.12/oz Ag using the NPV sensitivity information provided in each study). This is interesting, becaused GGD also has steadily rising small (moderate) scale silver-polymetallic production from its Parral tailings reprocessing project (which has steadily risen to 551 Koz AgEq in Q4/24 from 301 koz AgEq in Q2/23). And our silver producer peer group of 16 producers has a median mkt cap / oz resource of US$1.24/oz AgEq ($105/oz AuEq), offering 3.6x upside from our silver developer peer group of 12 companies whose median market cap is $0.34/oz AgEq ($29/oz AuEq).