Weekly Metals Mining Rundown for Week Ending 13 June 2025 - Gold and Platinum Prices Rise, Alongside Most Senior Gold Producer Stocks

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 457) 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:

• 11 June 2025 - Nickel and cobalt developer Canada Nickel Company (TSX:CNC) announced a large maiden resource for another one of its secondary projects, the 80%-owned Mann West project near Timmins, Ontario, which company says is the third of eight new resources to be published this year. The resource was significantly larger than the large initial resource for CNC’s flagship Crawford project (also near Timmins), which has since grown and had a feasibility study completed. The Mann West resource estimate was reported to contain indicated resources of 0.95 Mt Ni (2.1 Blbs Ni) grading 0.23% Ni and contains inferred resources of 1.3 Mt Ni (2.9 Blbs Ni). The estimate looks to grow CNC’s company wide resources by 12% to 37.2 Blbs NiEq (91% from Ni, 9% from Co, at our estimated 3-month trailing average metal prices). CNC stock closed the week (ending 13 June) down -14% following this news (to C$0.86/sh), and news of a brokered financing (later announced after-market 11 June) for up to C$8M. After adding 9.4 million new CNC shares (up to which will be issued in connection with this financing), CNC trades at a pro-forma market cap per lb resource of US$0.003/lb NiEq ($1.51/oz AuEq) and a P/NAV (market cap/post-tax NPV from Crawford FS) of 0.05x, resulting discounts of 91% and 44%, from our 15-company nickel developer peer group median market cap/lb of $0.04/lb NiEq ($17.7/oz AuEq) and median P/NAV of 0.09x.
  

• 11 June 2025 - Lithium producer Pilbara Minerals (ASX:PLS) announced a mineral resource update for its main Pilgangoora project in Australia, that delivered a 23% increase to contained lithium for that project. PLS stock traded up +5.6% on 11 June, following this news (vs. 9-company Li producer peer group median +0.8%), before closing the week (ending 13 June) up 5.5% (vs. median +0.1%) to A$1.35/sh and a market cap/t resource of US$170/t LCE ($56/oz AuEq) - now a widened 21% discount to Li producer peer group median $217/t LCE ($71/oz AuEq), and well below the ~$1,000-1,500/t valuation range of the major Li producers of the group (SQM, Albemarle, and Rio Tinto), making PLS an attractive, undervalued acquisition target for them (especially if Li prices start to rise).

• 11 June 2025 - Lithium brine developer Anson Resources (ASX:ASN) announced a maiden JORC resource for its secondary Green River project SE Utah, USA, which is 40km away form its larger flagship Paradox project. Initial resources at Green River totaled contained lithium of 0.103 Mt LCE (grading 93.5mg/L Li), which increased company resources by ~6% to 1.6 Mt LCE, which closed the week (ending 13 June) at a market cap/t of US$27/t LCE ($9/oz AuEq) - just above our 15-company Li brine developer peer group mean of $25/t LCE ($8/oz AuEq) - with premium appearingly attributable to the advanced feasibility-stage of the company´s flagship Paradox asset (and potential synergies with this new nearby Green River resource), which is one of few projects that has a positive NPV at recent low lithium prices, trading at a P/NAV of 0.12x - between groups median 0.11x and mean 0.15x - all at our estimated 3-month trailing average lithium price of $9,623/t LCE. ASN stock traded flat on 11 June following this news (in-line with peer median of flat +0%), before also closing the week (ending 13 June) flat +0% (in-line with median +0%) at A$0.048/sh.

  

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• 9 June 2025 - Former lithium clay explorer, now lithium clay developer, Surge Battery Metals (TSXV:NILI) announced a PEA for its flagship Nevada North Lithium Project, delivering a huge after-tax NPV8% of a US$9.2B and (after-tax) IRR of 22.8%, at at Li price of US$24,000/t LCE, from initial (phase 1) capex of US$2.97B, which could become on the radar of the Trump Administration´s signaled support for domestic critical mineral production including lithium. NILI stock traded up +3.6% (to C$0.29/sh) over the past week (ending 13 June) vs. 9-company Li developer peer group median down -2.9% to a NILI market cap/t resource of US$8.02/t LCE ($2.62/oz AuEq) - in between our Li developer peer group median of $4.87/t LCE ($1.59/oz AuEq) and mean $8.46/t LCE (2.77/oz AuEq). On P/NAV (market cap/after-tax NPV), NILI trades at 0.004x - a 31% discount to peer group median 0.01x - all at our Reference lithium price of US$20,000/t LCE.

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