Weekly Metals Mining Rundown for Week Ending 20 June 2025 - Uranium Price Rises Along With Larger Cap Uranium Mining Stocks - Platinum and Palladium Prices Close Green While Most PGM Mining Stocks Close Red

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 458) 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:

• 17 June 2025 - Silver explorer Kootenay Silver (TSXV:KTN) announced a maiden resource estimate for its 100%-owned Columbo silver project in Chihuahua, Mexico, which delivered a solid first pass of 54 Moz Ag grading on the high side at 284 g/t Ag (and 25 Mlbs Pb and 66 Mlbs Zn, low grade), in the inferred category. This grows KTN’s company wide resources by 20% to 339 Moz AgEq (3.5 Moz AuEq), with silver value share of this now increasing to 60% from 53%. KTN stock was down -6.7% on day of announcement (17 June) intraday TSX, before closing the week down -0.8% (vs. 19-company silver explorer group median -2.4%), after rising some on news of its upsized its bought deal public offering to C$17.4 million on 18 June due to strong investor demand. After dilution from the financing (for estimated pro-forma shares of 78.98m), KTN trades at a market cap of C$95m (US$69m) or a market cap/oz resource of US$0.20/oz AgEq ($20/oz AuEq) - a 43% discount to our 19-company silver explorer peer group median US$0.35/oz AgEq ($34/oz AuEq).

• 13 Jun 2025 (after-market) - Intermediate gold producer, and now also silver producer, Dundee Precious Metals Inc. (TSX:DPM) announced an agreement to acquire silver producer Adriatic Metals Plc Metals (LON:ADT1), for consideration in cash and shares totaling US$1.3B or GBP 2.68 per ADT1 share, which is roughly a 9% premium over the GBP 2.45 per share range ADT1 has averaged near over week leading up to announcement. ADT1 shareholders will receive 0.159 shares DPM and 93 pence in cash for each ADT1 share. The acquisition increases DPM's silver production, by adding 100% ownership of the producing Varvas silver-lead-zinc-gold mine in Bosnia and Herzegovina (along with the Raška Zinc-Silver Project in Serbia), and it is expected that DPM shareholders will own approximately 75%, and former ADT1 shareholders 25% of the DPM’s enlarged issue share capital, which we forecast from the terms provided will increase by ~33% to 223.607 M shares DPM (from 168.705M), with mineral resources growing by ~35% or by 392 Moz AgEq (4.1 Moz AuEq), which are made up 31% from Ag by metal value, 19% from Au, rest Zn-Pb-Cu, at a our estimated 3-month trailing average metal prices, to 15.5Moz AuEq (1.5 Boz AgEq) - with DPM’s Au share of overall resources to be lowered slightly to 69%, and Ag share up more significantly to 10% (which led us to now also add DPM to our silver producer peer group, which could have more upside if silver continues to catch up to gold). DPM closed the week (ending 20 June) down -1.1% (vs. our -55-company intermediate gold producer median down -3.7%) at a pro-forma market cap of US$3.4B or market cap/oz resource of US$2.30/oz AgEq ($221/oz AuEq), as DPM’s strong cash-flowing assets trade at a bit of a premium to our our 19-company silver producer peer group mean $1.85/oz AgEq ($177/oz AuEq), but still at a 17% discount to intermediate gold producer group mean $266/oz AuEq (and at a small premium to its median $176/oz AuEq). ADT1 stock traded near flat (on 16 June following announcement), before closing the week (ending 20 June) at a market cap/oz resource of US$1.19/oz AgEq ($114/oz AuEq) - a 27% discount to our 19-company silver producer median $1.63/oz AuEq (157/oz AuEq) - leaving room for these resources to potentially re-rate under DPM with its higher valuation multiples, especially as DPM’s newfound Varvas project ramps up to 0.8 mtpa in back half of 2025, with future potential to go higher to 1.3mtpa.

• 16 June 2025 - Nickel (and now also gold) developer Lunnon Metals Ltd (ASX:LM8) announced results of a scoping study for its Lady Herald gold project in Australia, which presented un-discounted cash flows for the project (but excluded discounted cash flow and NPV info) yielding cumulative pre-tax CF of A$44.7M from minimal startup capital (initial capex reported to be a nominal ~A$1.2M for some roads etc.) and low AISC of A$2,100/oz, pending commercial agreement for off-site processing, which the study assumes will be reached with St Ives Gold Mining Company (SIGM) (see LM8 PR dated 21 March 2025). Processing costs for this scoping study were provided by SIGM, but are commercially sensitive and thus tentative. We now also add LM8 to our gold developer peer group given its recent focus on this Lady Herald gold project and given the state of the nickel market (despite lady Herald’s gold resources only accounting for 4% of LM8’s overall company mineral resources - with lion’s share 87% coming from nickel, at our estimated 3-month trailing average metal prices of US$3,144/oz Au and $7.15/lb Ni). LM8 stock traded up +2.4% following announcement (16 June) vs. Ni developer peer group median performance of flat +0% and gold developer median down -0.8%), before closing the week up +9.5% (vs. Ni developer group median flat +0%). LM8’s overall company resources of 288 Mlbs NiEq (0.66 Moz AuEq) trade at a market cap/lb of US$0.11/ln NiEq (US$50/oz), which is above our 15-company nickel developer peer group mean of US$0.076/lb NiEq ($33.5/oz AuEq), and in between our 65-company gold developer peer group median US$32/oz and mean $64/oz AuEq.

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