Weekly Metals Mining Rundown for Week Ending 17 Apr 2026

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 511) include (share price rounding errors apply, as sourced from Google Finance):

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

• Gold explorer Strickland Metals Ltd (ASX:STK) announced Wednesday (15 Apr) an updated resource estimate for its Shanac deposit within its Rogozna gold and base metals project in Serbia, which included a maiden indicated category resource, grew the deposit to a company reported 5.35 Moz AuEq, and which grew overall Rogozna resource by ~8.4% to 7.4 Moz AuEq (70% from Au, 12% from Cu, 9% from Ag, 8% from Zn, rest Pb) at our estimated 3-month trailing average metal pricing. STK stock surprisingly traded down slightly on this news – by -8.7% over past week ending 17 Apr (underperforming our 84-company gold explorer group median weekly performance of flat +0) to 21c/sh, market cap A$553m, and market cap/oz resource US$54/oz AuEq (4% discount to gold explorer group median US$56/oz AuEq and a 36% discount to group mean US$85/oz AuEq excluding the group’s top outlier).

• Copper explorer Osisko Metals Incorporated (TSXV:OM) announced Tuesday (14 Apr) a VERY SUBSTANTIAL resource upgrade for its flagship Gaspe project in eastern Quebec, which QUADRUPLED contained copper-equivalent resources (from its prior maiden estimate) to 18.8 Blbs CuEq (12.9 Blbs Cu only) within 2.07 Bt (88% M&I), including a measured category share ff 136.5 Mt @ 0.37% Cu, 0.014% Mo 1.98 g/t Ag (for a reported 0.42% CuEq), with the overall 18.8 Blbs CuEq being 68% attributable to Cu, 23% from Mo, with remaining 9% from Ag – at our estimated 3-month trailing average metal pricing with no metal recovery factors. Surprisingly, OM stock only traded up +4.8% over past week ending 17 April on this news (just a hair over our 41-company copper explorer group median performance of +3.2% for same period) to C$1.54/sh, market cap C$1.14b, and market cap/lb resource US$0.044/lb CuEq – in between our copper explorer median $0.033/lb CuEq and mean $0.068/lb CuEq. And this deposit’s 18.9 Blbs CuEq is a WHOPPING 12x the median copper explorer deposit size of 1.55 Blbs CuEq (and 3.7x the mean of 5.1 Blbs CuEq) and this 12.9 Blbs Cu excluding Mo/Ag is 21x the size of group median deposit size of 0.62 Blbs Cu (and 4x the mean of 3.1 Blbs Cu) – which as management states in the release makes Gaspe one of the largest undeveloped Cu-Mo deposits in North America.

• Copper and gold developer Seabridge Gold Inc. (TSXV:SEA) announced Tuesday (14 Apr) a maiden resource estimate for its Snip North deposit at its Iskut Project in BC which amounted to 633.3Mt (95% inferred with small indicated potion) which was just over half pit-constrained and rest underground. The indicated resources were entirely pit-constrained and totaled 27.6Mt @ 0.38 g/t Au, 0.06% Cu, 1.3 g/t Ag, and 0.0066% Mo. This encompassing Iskut project was also reported to now be called the Bronson Corridor project, and this maiden Snip North resource estimate grew the company’s overall resources by +3.1% to 374 Moz AuEq (314.6 Blbs CuEq) – 57% from Au, 35% from Cu, 8% from Ag (excluding the super low-grade Molybdenum). SEA stock traded up slightly in the days following this news (after initially trading down slightly), and is up +6.8% over past week (ending 17 Apr) – just outperforming our 85-company gold developer median gain of +3.5% for same period, to C$46.05/sh, market cap C$3.5b, and market cap/oz resource US$6.8/oz AuEq ($0.0061/lb CuEq) – a 91% discount to our gold developer group median $74/oz AuEq and a 68% discount to our 34-company copper developer group median US$0.025/lb CuEq ($21.3/oz AuEq). The lion’s share of SEA’s resources (and net asset value) come from its HUGE KSM project in BC, which according to its 2022 PFS (combined with a 2024 PEA for other, much smaller Courageous project in NWT) yields a post-tax NPV5 of US$20.4b at low gold price of US$3,000/oz (and copper price $4.50/lb Cu) – yielding a P/NAV (market cap/combined NPV) of 0.124x – a 62% discount to gold developer median 0.32x at same gold price $3,000/oz and a 19% discount to copper developer median 0.15x at same copper price $4.50/lb.

• Former silver explorer – now silver developer - Silverco Mining (TSXV:SICO) announced today (13 April) a PEA for its flagship Cusi project in Mexico. Company has sufficient funds to finance the restart of this past-producing mine, which it aims to achieve by end of 2026, with full ramp up by mid-2027. Cusi is a rare primary silver deposit, with a highest-in-class 88% of its revenue to come from silver, according to the study’s recovery assumptions (rest Pb-Au-Zn). The PEA contemplated underground mining and trucking via 30-tonne highway trucks to the company’s existing 1,200 tpd mill located 40 km from the mining areas, which yielded a post-tax NPV5 of US$312m at the study’s spot silver price case of US$75/oz Ag from initial capital of only US$19m, resulting in a P/NAV (market cap/NPV) of 0.95x (after SICO stock traded up +2% over past week ending 17 Apr to C$10.70/sh and market cap C$406m or 295m - underperforming silver developer group median weekly gain of +7.1%) – a P/NAV that should roughly double to the ball park of ~2x once full commercial production is reached (for this rare high-silver content primary silver project) – making it an excellent take-out target for any of the many nearby operators (First Majestic Silver, Kootenay Silver, Discovery Silver, Endeavour Silver, Pan American Silver, Agnico Eagle, Alamos Gold, or Coeur Mining). Cusi hosts mineral resources of 9.0 Mt (M&I+I) including M&I share of 4.9Mt grading 206 g/t Ag, 0.15 g/t Au, 0.73% Pb, 0.86% Zn (262 g/t AgEq) – which amount to 63 Moz AgEq or 1.1 Moz AuEq at our estimated 3-month trailing average metal prices, and which are set to grow from an ongoing 30,000m drill program.

Disclaimer: Provided for informational and educational purposes on an ‘as-is’ basis, and is not investment advice. For full disclosures, visit www.hostrockcapital.com/disclosures.