Weekly Metals Mining Rundown and Peer Table - Free Edition for Week Ending 24 Jan 2025

This past week’s metals price movements include:

• Precious Metals:

  • Gold up +2.6% over past week to US$2,770/oz Au

  • Silver up +0.8% to $30.57/oz Ag

  • Platinum Group Metals:

    • Platinum up +0.7% to $956/oz Pt

    • Palladium up +4.5% to $990/oz Pd

• Base Metals:

  • Copper down -0.9% to $4.29/lb Cu

  • Nickel down -3.1% to $7.07/lb Ni

  • Cobalt flat at $11.02/lb Co

• Energy Metals:

  • Uranium oxide down -2.3% to $71.80/lb U3O8

  • Lithium carbonate flat at $10,754/t LCE

This past week’s top and bottom 5 performing metals mining peer group movers include:

Top 5 performing peer groups:

1. Uranium producers’ peer group median share performance was up +10.4% to median market cap/lb U3O8 resource of US$9.60/lb U3O8e ($329/oz AuEq)

2. Uranium explorers’ median up +4.2% to median market cap of $0.98/lb U3O8 ($34/oz AuEq)

3. Intermediate gold producers’ median up +4.1% to median market cap of $113/oz AuEq

4. Uranium developers’ median is up +4.0% to median market cap of $0.94/lb U3O8e ($32/oz AuEq) and to median P/NAV of 0.44x (at our Reference uranium price of $65/lb U3O8)

5. Gold developers’ median up +2.9% to median market cap of $20/oz AuEq and to median P/NAV of 0.20x (at our Reference gold price of $1,800/oz Au)

Bottom 5 performing peer groups:

1. Lithium clay developers’ peer group median share performance was down -5.2% to median market cap/t resource of $3.95/t LCE ($1.0/oz AuEq)

2. Lithium hard rock developers’ median is down -4.2% to median market cap of $12.7/t LCE ($33/oz)

3. Lithium hard rock explorers’ median is down -4.0% to median market cap of $23/t LCE ($6.0/oz)

4. PGM developers’ median is down -3.1% to median market cap of $3.8/oz PdEq ($10/oz AuEq) and to median P/NAV of 0.12x (at our Reference palldium price of $1,800/lb U3O8)

5. Gold explorers’ median is flat at median market cap of $19/oz AuEq

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

• 23 Jan 2025 - Intermediate gold producer Gold Road Resources (ASX:GOR) announced its annual resource and reserve statement as at 31 Dec 2024. The company’s reported attributable gold resources increased by 0.3 Moz or 6% to 4.81 Moz.

• 22 Jan 2025 - Lithium producer Pilbara Minerals (ASX:PLS) announced that its acquistion of Latin Resources (ASX:LRS) has become legally effective, and we have added LRS resource holdings to PLS resource holdings in our Peer Table, and removed LRS from the Peer Table, which was to be suspended from ASX trading at market close today. On market cap/t LCE, PLS leads the pack of ASX Li producers at a market cap/t LCE of $326/t LCE ($84/oz AuEq), but this is only a slight premium to our 10 company lithium producer peer group median of $286/t LCEe ($74/oz AuEq), which is still a far cry from the valuation of the most dominant players in the group (SQM, Albermarle, and Arcadium, trading at $1801, $770, and $522/t LCEe) - offering much upside potential for PLS still.

• 21 Jan 2025 - Sitka Gold (TSXV:SIG) announced a resource update for its RC Gold project in Yukon. The project’s Blackjack deposit is growing remarkably fast, with its gold resources increasing by 159% (2.6x) to 2.3 Moz Au (from 0.9 Moz) since just 2023, with the the overall RC project resources (including Eiger deposit) growing by more than double (107%) to 2.8 Moz (from 1.3 Moz).

• 20 Jan 2025 - American Pacific Mining (CSE:USGD) announced a resource update for its 100%-owned Palmer Copper-polymetallic project in Alaska. The update grew USGD’s copper-equivlent resources by just over 8% to to 1.2 Blbs CuEq (27% from Cu). USGD trades at P/NAV (taken as market cap / NPV from company’s 2019 PEA) of only 0.05x - a 58% discount to our copper devleoper peer group (28 company) median of 0.12x (all adjusted for our Reference copper price of $3.50/lb Cu according to NPV sensitivity analysis provided by each company in each economic study), depsite the Palmer project’s relatively high resource grades of both Cu and Zn.

• 28 Nov 2024 - Wildcat Resources (ASX:WC8) delivered a large maiden hard rock lithium resource of 1.8 Mt LCE grading 1.0% lithium oxide (plus tantalum and iron oxide), and the company and resources have now been added to our lithium hard rock explorer peer group (after recently being identified as missing from the Peer Table).