Weekly Metals Mining Rundown for Week Ending 20 Feb 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 504) 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):

• Copper producer and intermediate gold producer Centerra Gold (TSX:CG) announced Thursday (19 Feb) its annual reserves and resources update that grew gold and copper reserves by a reported +58% and +49% to 5.5Moz Au and 3.56 Blbs Cu, with overall resources rising roughly 10% to 24.9 Moz AuEq (62% from Au, 24% from Cu, rest Ag-Mo) - demonstrating excellent year-over-year replacement of both reserves and resources. CG stock gained +1.4% (in-line with intermediate gold producer median +1.6%) Thursday following this news, before closing the week up + 1.5% (in between our Cu producer group median performance of +0% and our intermediate gold producer group median +2.6%) to C$26.05/sh, market cap C$5.2b, and market cap/oz resource US$153/oz AuEq - a 51% discount to intermediate gold producer median $310/oz AuEq.

• Intermediate gold producer St. Barbara (ASX:SBM) announced today (20 Feb) its annual reserves and resources update, which grew resources by +14% or 1Moz to 7.9Moz, with reserves remaining relatively unchanged at 3.8Moz (was 4.0Moz). And a small share of silver resources and reserves (15.3 Moz and 4.5 Moz) are now also reported from Simberi operations in Papua New Guinea. SBM stock traded flat +0% on the day of this news, before closing the week (ending 20 Feb) up +4.1% to A$0.76/sh, market cap A$907m, and market cap/oz resource US$79/oz - for a wide 75% discount to our 60-company intermediate gold producer median US$310/oz AuEq.

• Former gold explorer - now gold developer - Red Pine Exploration (TSXV:RPX) announced Wednesday (18 Feb) a toll-milling PEA for its 100%-owned Wawa gold project in Northwestern Ontario, Canada, with project resources of 1.75 Moz Au. The study outlined a phased development plan beginning with open pit mining followed by underground mining, and assumed material will be crushed and transported by highway truck to an off-site toll milling facility for processing in the region (although no toll milling arrangement has been negotiated or agreed upon yet). Post-tax NPV C$523 from initial capex of C$51m, with AISC US$2,149/oz. RPX stock traded down somewhat following this news - closing the week ending 20 Feb down -4.5% for the week (ending 20 Feb), underperforming our 81-company gold developer peer group median weekly performance of flat +2.5%) - as investors may have questioned the value of this toll-milling PEA with no arrangement in place at a time when most mills ought to be a full capacity due to high gold price. Share price was (on 20 Feb) C$0.21/sh, market cap C$76m, market cap/oz resource US$32/oz AuEq - a 60% discount to our gold developer group median US$80/oz AuEq (although most developers have on-site mills), and a 47% discount to our 85-company gold explorer group median US$60/oz AuEq.

• Copper producer Lundin Mining (TSX:LUN) announced Wednesday (18 Feb) its annual reserves and resources update that grew M&I copper resources by +37% on 100%-ownership basis (+17% on attributable basis), overshadowing a 42% drop in copper reserves (because the now larger M&I resource should ultimately be converted into reserves). And a significant share of these resources are non-cash-flowing from development project Filo del Sol within its broader Vicuña project 50% held by LUN in a JV with BHP - for which a possible looming construction decision could re-rate their market value. LUN’s overall attributable resources grew to 142 Mlbs CuEq (173.5 Moz AuEq) at our 3-month trailing average metal prices (55% from Cu, 35% from Au, 10% from Ag), which helped LUN stock gain +3.6% on 18 Feb after this news (vs. copper producer peer group median performance of flat +0%), before closing the week (ending 20 Feb) up +13.6% to C$39.55/sh (STRONGLY outperforming peer group median gain of nil +0%), market cap C$34b, and market cap/lb resource US$0.17/lb CuEq ($142/oz AuEq) - still a 10% discount to our 24-company copper producer group median US$0.19/lb CuEq ($158/oz AuEq).

• Intermediate gold producer Iamgold (NYSE:IAG) announced Tuesday (17 Feb) its annual reserves and resources update, that saw a +22% jump in M&I resource tonnage to 1.0 Bt and a +16% increase in contained gold ounces to 31Moz Au, overshadowing a slight -7% drop in reserve gold ounces to 9.9Moz. Overall combined M&I + inferred resources grew to 43.5Moz Au, and IAG stock traded roughly flat on this news, and finished the week (ending 20 Feb) up +2.6% (in-line with group median) to US$22.20/sh, market cap US$13.1b, and market cap/oz resource US$302/oz Au - a fairly narrow 7% discount to our 60-company intermediate gold producer median US$325/oz AuEq, and a 51% discount to the more advanced senior gold producer group median US$659/oz AuEq (the group that could acquire IAG for its solid portfolio of multiple producing mines in the great low-risk mining jurisdiction of Canada).

• Copper producer Aeris Resources Limited Resources (ASX:AIS) announced Thursday (12 Feb) the acquisition of the South Cobar copper project from copper (and silver) explorer Peel Mining Limited (ASX:PEX), in an arrangement where AIS acquires all outstanding shares of PEX for its main copper asset (South Cobar with MRE 10.64Mt @ 1.85% Cu, 18 g/t Ag, 0.22 g/t Au, 0.10% Zn, 0.12% Pb) according to a share exchange ratio of 0.3363 sh AIS per share PEX valued at 19c/sh (16% premium to recent share price 16c/sh), and where PEX shareholders retain full ownership of its remaining precious and base metals assets in the Cobar Basin by way of new ASX listing/spin-out (valued at an additional 20c/sh PEX, increasing the combined equity premium for PEX shareholders to 49% at recent VWAP) – including the high-grade zinc-polymetallic Southern Nights complex (MRE of 10Mt @ 7.69% ZnEq) and the May Day deposit (1.6Mt @ 0.98g/t Au, 25 g/t Ag, 0.92% Zn, 0.61% Pb) as mentioned in the news release, but also appearing to include the South Cobar zinc-dominant deposit for an additional (significant) 10.66Mt @ 2.87% Zn, 0.42 g/t Au, 52 g/t Ag, 0.36% Cu, 1.34% Pb. The deal increases AIS’ basic shares by ~25% to 1.506b to grow its copper resources by ~25% (and copper-equivalent resources by ~15%) to 4.5 Blbs CuEq (5.6 Moz AuEq) – now (a larger) 48% from Cu (was 44%), 26% Au, 12% Ag, rest Zn-Pb at 3-month trailing average metal pricing with no recovery factors. The added project comes with 2 large high-grade copper deposits within trucking distance of AIS’ producing Tritton mine complex with its 1.8 mtpa processing plant – pushing out the mine's life to 10+ years, and creating a platform for further consolidation in the Cobar Region. Copper price is up ~40% in the past year, including ~20% in the last few months, while AIS is ramping up production (guiding for 24-29 kt Cu in 2026 – up from 19 kt in 2025) with a now enlarged resource base. AIS stock dropped -6% on 12 Feb after this announcement (vs. Cu producer group mean daily drop of -2.7%), before closing the week (ending 20 Feb) flat +0% at A$0.51/sh, proforma market cap A$786m or US$0.12/lb CuEq resource ($98/oz AuEq) – a 37% discount to 24-company Cu producer median US$0.19/lb CuEq ($158/oz AuEq) and a 70% discount to our 60-company intermediate gold producer median US$325/oz AuEq.

• (2/2) And the deal looks even sweeter with even more upside for PEX shareholders – via the proposed NewCo junior miner (Peel Mining Limited "NewCo"), which effectively swaps ~30% of its pre-existing 2.38Moz mineral resource inventory (31% Cu, 29% Ag, 17% Au, rest Zn-Pb) for 20.5% equity ownership share of AIS’ proforma 4.5 Blbs CuEq (5.6 Moz AuEq) while retaining ownership of PEX’s other assets, which actually GROWS PEX (NewCo) attributable mineral resources by 18% (compared to former PEX) to 2.80 Moz AuEq (174 Moz AuEq) – which is now quite silver-dominant with 26% of its metal value coming from Ag, 25% Au, 26% Cu, 20% Zn, res Pb – and 𝘄𝗵𝗶𝗰𝗵 𝗴𝗿𝗮𝗱𝘂𝗮𝘁𝗲𝘀 𝗣𝗲𝗲𝗹 𝗠𝗶𝗻𝗶𝗻𝗴 𝗡𝗲𝘄𝗖𝗼 𝘁𝗼 𝗼𝘂𝗿 𝟯𝟬-𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝘀𝗶𝗹𝘃𝗲𝗿 𝗲𝘅𝗽𝗹𝗼𝗿𝗲𝗿 𝗽𝗲𝗲𝗿 𝗴𝗿𝗼𝘂𝗽 (PEX had been considered a copper-dominant copper explorer previously, but the silver explorer group enjoys a higher market cap/oz peer group median that is ~2.5x higher than Cu explorer group on metal-equivalent basis). The proposed ASX listing/spin-co effectively acts as a 4.6-to-1 share consolidation where PEX shareholders will receive 1 share NewCo valued at 4.4c/sh NewCo (~20c/sh PEX) for every 4.6 shares PEX (reducing PEX basic shares from 917m to 199.4m NewCo shares), and was announced to be combined with a A$4m Initial Public Offering (IPO) at 20c/sh NewCo (equivalent to 4.4c/sh PEX) – which will increase Peel Mining NewCo shares by ~10% to 219.4m. PEX stock traded up +12.5% on 12 Feb, before closing the week (ending 20 Feb) down -10.5% at $0.17/sh, proforma (NewCo) market cap A$37m, or market cap/oz US$0.16/oz AgEq ($9.5/oz AuEq) – an 86% discount to our 30-company silver explorer group median $1.35/oz AgEq ($82/oz AuEq) – and a 75% discount to (former) PEX’s recent/pre-deal (copper-dominant) market cap/oz resource of US$38/oz AuEq.

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.