Weekly Metals Mining Rundown for Week Ending 2 May 2025 - A Good Week for the Uranium Price and for Uranium Developer and 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 458) include (share price rounding errors apply, as sourced from Google Finance):

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

• 29 April 2025 - Uranium developer District Metals (TSXV:DMX) announced a compliant resource update for its flagship, 100%-owned Viken project in central Sweden, which compared to the prior historic estimate grew the deposit by 74% to (a huge) 3.2 Blbs U3O8 (equivalent), which is 53% from Uranium resources and rest from Cu, Ni, Zn, Mo, all of which of relatively low grade. DMX traded up 23% intraday on (29 Apr) following this news (vs. U developer peer median +3.5%), for a weekly gain (ending 2 May) of +14% (vs. our uranium developer median gain of +4.5%) to a week ending market cap/lb resource of US$0.01/lb U3O8 ($0.42/oz AuEq) - at the bottom of our Uranium developer peer group and a wide 99% below its median $1.02/lb U3O8 ($47/oz AuEq). On P/NAV (price-to-net-asset-value) based on DMX’s old 2010 PEA for Viken, DMX trades at 0.031x (at our reference uranium price of US$65/lb U3O8) - 95% below its uranium developer peer group median of 0.50x (at same uranium price).

• 29 April 2025 - Gold and nickel developer Horizon Minerals  (ASX:HRZ) announced an updated group mineral resources statement, following the recent completion of its acquisition of Poseidon Nickel (formerly ASX:POS). Overall resources from its gold and nickel projects in Australia remained relatively unchanged from our previously retrieved combined resource inventory (immediately following merger) at 4.55 Moz AuEq (now 52% from Ni, 40% from Au, rest Ag-Co-Zn). HRZ stock traded flat on day of announcement 29 April (vs. gold and nickel developer median performance that were also flat +0%), closed the week up +1% (vs. peer median flat+0%) to a market cap/lb resource of US$0.040/lb NiEq ($17/oz AuEq) at our estimated 3-month trailing average metal prices - just below our 14-company nickel developer peer group median $0.044/lb and a wider 43% below our 64-company gold developer peer group median of $30/oz.

• 29 April 2025 - Copper and nickel explorer Pivotal Metals (ASX:PVT) announced a significant resource update for its flagship high-grade & shallow Horden Lake project in Quebec. Overall resources increased by 38% to 1.06 Blbs CuEq or 670 Mlbs NiEq or 1.7 Moz AuEq (now 49% from Cu, 24% from Ni, rest Co-Ag-Au-Pd-Pt) at our estimated 3-month trailing average metal prices. PVT stock traded up 14% on day of announcement (vs. Cu and Ni explorer peer group median performances that were flat +0%) and closed the week flat +0% (in-line with Cu and Ni explorer peer group median’s +0%) at a market cap/lb resource of US$0.004/lb CuEq or $0.006/lb NiEq or $2.53/oz AuEq - which was 80% below our week-ending copper explorer median of $0.021/lb CuEq ($13/oz AuEq) and 55% below our nickel explorer median of $0.013/lb NiEq ($5.6/oz AuEq).

• 29 April 2025 - Lithium hard rock explorer Delta Lithium (ASX:DLI) announced a resource update for its secondary Mt Ida Gold project in Australia, that the company aims to spin out as a separate ASX entity to be called Ballard Mining Ltd. The update grew project gold resources by 46%, and our retrieved overall resources by 8% to 1.3 Mt LCE (4.6 Moz AuEq). DLI stock traded up +3% on day of announcement (vs. Li hard rock explorer peer group flat +0%), before closing the week down -5.6% (vs. group median down -4.0%) to a market cap/t resource of $58/t LCE ($17/oz AuEq), which is in between our Li hard rock explorer median and means of $40 and $74/t LCE - and 23% below the gold explorer median of $22/oz AuEq.

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