Weekly Metals Mining Rundown for Week Ending 11 July 2025

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

This past week’s top 40 performing metals mining stocks (out of Peer Table’s 489) include (share price rounding errors apply, as sourced from Google Finance):

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

• 10 July 2025 - Gold explorer Sirios Resources (TSXV:SOI) announced an updated MRE for its 100%-owned Cheechoo gold project in Quebec - 15km from Eleonore gold mine. Total resources grew by +55% to 2.95 Moz Au (including 1.3Moz @ 1.12g/t indicated and 1.7Moz @ 1.23g/t inferred) which had pushed the stock up +17% intraday (10 July), before it closed the week (ending 11 July) flat +0% (in-line with peer group median) at C$0.07/sh, market cap C$21m and market cap/oz resource US$5.1/oz - a 80% discount to 94-company gold explorer group median US$26/oz.

• 10 July 2025 - PGM developer Southern Palladium Limited (ASX:SPD) announced optimized PFS for its 70%-owned Bengwenyama PGM project in South Africa, with improved fundability compared to 2024 PFS by staging development. This is another stock investors ought to hold for its rare primary PGM share of metal value (much to most PGMs are produced as a byproduct), which will allow this project’s construction decision to be tied to rising PGM metal prices (pending final engineering and permitting). Post tax NPV8% was US$857m at basket PGM price of US$1,557/oz PGM (Pd, Pt, Rh) from initial capex $219m. This massive project with a 54 Moz PdEq (16 Moz AuEq) resource (at 3-month trailing average pricing) has a rare/high 75% share of its metal value coming from PGMs - which looks to be on the higher side of typical for South African’s producing Cu-Ni-PGM+Au mines operated by Sibanye-Stillwater (JSE:SSW), Impala Platinum Implats (JSE:IMP), and Valterra Platinum (JSE:VAL) - one of which ought to acquire this SPD at some point, particularly for its outstanding 27% resource share (for 2.7Moz Rh) coming from the scarcest and most highly valued (and volatile) of precious metals, rhodium (which could really drive the economics and stock value if this metal’s price takes off). Our quoted SPD resource 54 Moz PdEq (16 Moz AuEq) resource is estimated from SPD’s reported resources, translated using our 3-month trailing average pricing of US$990/oz Pd, $1,072/oz Pt, $4.75/lb Cu, $7.03/lb Ni, $3,270/oz Au, $5,439/oz Rh, and $4,171/oz Ir (without recovery factors), which traded at a (somewhat surprisingly low) SPD market cap/oz PdEq of US$0.88/oz ($2.9/oz AuEq) on 11 July, and a (somewhat surprisingly) wide 83% discount to our (Toronto-dominated) 9-company PGM developer peer group median of $5.5/oz PdEq ($18/oz AuEq). While the economic study metal price sensitivity is not as reliable for the these polymetalic PGM deposits (largely because platinum and palladium prices are sometimes counter-cyclical), SPD trades (on 11 July) at P/NAV (market cap/70% attributable post-tax NPV) of 0.037x at our reference palladium price of US$1,800/oz, resulting in a similarly wide 66% discount to our PGM developer median of 0.11x (at same reference $1,800/oz Pd).

• 7 July 2025 - Former PGM explorer - now PGM developer - Bravo Mining Corp. (TSXV:BRVO) announced PEA results for its flagship Luanga project in Brazil - a top tier primary PGM junior mining company with a rare 80% of its metal value contribution coming from PGM’s (11% Rh, 40% Pd, and 29% Pt), according to the PEA release. As such, investors like to hold this stock for its high torque on these 3 PGMs and precious metals - especially Rhodium due to this metal’s extreme volatility and BRVO’s relatively abundant Rh resource of 0.65 Moz Rh, making up 11% of project’s metal value. At our estimated 3-month trailing average metal prices, BRVO holds resource of 22 Moz PdEq (6.6 Moz AuEq), and trades at a (11 July) market cap/oz resource of US$12/oz PdEq ($40/oz AuEq) - which had for the past year been at the very top of our 9-company PGM explorer peer group (now 8), and now trades around the upper quartile range of our 9-company PGM developer peer group - just above the mean $7.5/oz PdEq ($25/oz AuEq). The PEA returned a base case post-tax NPV8% of US$1.25b (at metal prices of $1,271/oz Pd, $1,500/oz Pt, $6,000/oz Rh, $3,251/oz Au, and $8/lb Ni - none of which are far from spot currently), from initial capex of only $496m.

• 9 July 2025 - Former gold explorer - now gold developer - Radisson Mining Resources Gold (TSXV:RDS) announced long-awaited PEA results for its 100%-owned past-producing O’Brien mine in Quebec, which is one of the highest grade undeveloped gold deposits in Canada. From low initial capex of C$175m and at a gold price of US$2,550/oz Au, a post-tax NPV5% of C$532m was yielded in the study, with an outstanding (after-tax) IRR of 48% and low AISC of US$1,059/oz. The PEA also included an optimized resource estimate at a slightly higher cutoff grade (of 2.2 g/t Au) which yielded +58% more contained gold ounces. Resource grew to 1.51 Moz (including 0.6Moz indicated grading 8.2g/t Au). RDS stock traded up +12% intraday (9 July, vs. developer median flat +0%), before closing the week (ending 11 July) up+5.3% (vs. group median +1.2%) to a share price of C$0.40, market cap C$152m, and market cap/oz resource of US$73/oz (now reduced from larger resource). Previously (on 8 July) RDS had traded above the upper quartile range of 94-company gold explorer peer group on market cap/oz, but now trades just below our gold developer group’s upper-quartile-range, and just above its mean $66/oz. On P/NAV, high-grade RDS trades closer to the middle of the gold developer pack, with a P/NAV (market cap/post-tax NPV) of 0.18x at recent spot gold of $3,270/oz (just above mean 0.16x).

• 9 July 2025 - Gold explorer Emperor Metals (CSE:AUOZ) announced a maiden resource estimate for its flagship 100%-owned Duquesne West project in Quebec, that doubled the contained gold of the project’s prior historic resource of 0.73 Moz Au (which graded 5.4g/t) to a current 1.46 Moz grading 1.69g/t. Overall resources including small resource at second project Lac Pelletier grew by 76% to 1.69 Moz. AUOZ stock rose +17% week ending 11 July (vs. gold explorer peer group median flat+0%) to share price C$0.21, market cap C$29m and market cap /oz resource of US$12.4/oz - a 53% discount to our 95-company gold explorer median $26.4/oz. AUOZ stock had dipped -9% intraday (9 July, vs. gold explorer median flat +0%) following this news, likely due to the drop in grade vs. apparent historic resource grade, but this should be overshadowed by the size increase, and should not pose much challenges or be much of a hinderance to future economics given the current/recent gold price environment and given most of this maiden resource is pit-constrained and grading over 1 g/t which is typical for open pit mines and thus can be expected to be relatively cheaply-extractible (pending future possible economic studies along with more potential resource growth).

• 8 July 2025 - Gold developer West Red Lake Gold Mines Ltd. (TSXV:WRLG) announced PEA results for its smaller-sized Rowan project in Ontario, which supplements a prior 2025 PFS for its flagship Madsen project 30 km away. The PEA reported post-tax NPV of C$125m (at US$2,500/oz Au) from initial capital of C$70m. Together with NPV from Madsen PFS at our estimated 3-month trailing average gold price of US$3,270/oz, and according to the NPV sensitivity to gold price provided in each study, our Peer Table estimates a combined NPV (or NAV) of US$729m, and WRLG trades at a (11 July) P/NAV (market cap/NPV) of 0.296x - around upper quartile range of our 69-company gold developer peer groups (above the median and mean of 0.11x and 0.16x). But we remind investors that Madsen is an already-built, fully-permitted, and past-producing mine that had operated for a short 18 month period (Pure Gold mine) back in 2021/2022 (when gold price was around $1,800/oz) before it went broke and shut down. And WRLG has recently re-started the mine (announced 22 May), before the ramp-up was paused due to an unfortunate fatality (announced 16 June) that justifiably required a comprehensive investigation and review, before the mine was reported to resume its ramp up some days later. If commercial production can be profitably achieved (which it should based on gold price now being ~$3,300/oz vs. ~$1,800/oz when mine shut in 2022) and WRLG graduates to become an intermediate gold producer, then this P/NAV of 0.29x (at spot price) should re-rate to the ~0.6-1x range (at spot) that we might typically expect from an intermediate gold producer.

• 7 July 2025 - Former gold explorer - now gold developer - Dakota Gold Corp. (NYSE:DC) announced results of its Initial Assessment with Cash Flow (IACF) for its Richmond Hill Oxide Head Leach Gold Project in South Dakota (IACF is USA version of a PEA), which forecasted a post-tax NPV5% of US$2.1b (for the M&I&I plan) at gold price of $2,350/oz from initial capital cost of $383m. The lox capex is attributable to the the plans for heap leach processing - which sometimes has its challenges - but apparently not in this neck of the woods where Coeur Mining operates the Wharf mining next door, which generated roughly $95m in free cash flow in 2024 from production of around 98,000 oz. DC and its huge resource of 10.6 Moz AuEq (91% from Au by metal value, rest Ag) trade at a (11 July) market cap of US$463m, market cap/oz resource of $44/oz AuEq (just above our 69-company gold developer group median $39/oz AuEq, and below mean $66/oz), but a P/NAV of only 0.19x - a 42% discount to group median 0.29x (both at our Reference gold price of $2,000/oz).

• 8 Jul 2025 - Gold explorer Banyan Gold Corp (TSXV:BYN) announced an updated mineral resource estimate (MRE) for its flagship 75%-owned AurMac project in Yukon (with right to earn up to 100%). The MRE incorporated an additional 21,000m of drilling completed in 2024, and grew overall project resources by 10% to 7.7 Moz Au (100% basis), and for the first time included an indicated resource accounting for roughly one-third of this. Company attributable resources grow by roughly 9.5% to ~6.3 Moz Au, which trade at a (11 July) BYN market cap/oz resource of US$12/oz - a 54% discount to our 94-company gold explorer peer group median US$25/oz.

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