Weekly Metals Mining Rundown for Week Ending 23 Jan 2026

Precious metals prices SURGED this past week, with platinum, silver and gold rising +18%, +14.5% and +11% to new highs above $2,700/oz Pt and $100/oz Ag, and nearly $5,000/oz Au; Base metals, lithium, and uranium prices also rose gently; This all led to a strong week for mining stocks, led by silver, PGM, uranium, and gold miners, all of which rose a median of more than +10% - while most other metals miners added single-digit percentage points.

Author

Host Rock Capital
January 24, 2026

This past week’s top & bottom metal price and mining company peer group movers include:

23 Jan 2026

This past week’s top 40 performing metals mining stocks (out of Peer Table’s 503) 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).

  • Former gold explorer – now gold developer – Galway Metals Inc. (TSXV: GWM) (OTCQB: GAYMF) announced yesterday (21 Jan, after-market) a PEA for its 100%-owned Estrades project in Quebec – which is largely a secondary project to its main (flagship) Clarence Stream gold project in New Brunswick that is still growing at resource-stage. The PEA contemplates a 1,500 tpd underground mine and yielded a post-tax NPV5 of C$212m for an off-site toll milling option at gold price $3,137/oz Au from initial capex of C$117m (for the off-site toll milling option). The ON-site mill option calls for additional capex of C$102m for a (relatively small) 1,500 tpd (~0.5mtpa) mill and tailings infrastructure, yielding a lower post-tax NPV5 of C$186m (from higher initial capital C$219m) at same $3,137/oz Au, which increases to post-tax NPV5 of C$496m at spot gold $4,456/oz. GWM stock traded up +1.7% (in-line with group median +1.5%) intraday (22 Jan) after announcement, before closing the week (ending 23 Jan) up +10% (in-line with gold developer median +1%) to C$0.88/sh and market cap C$111m. GWM’s combined mineral resources of 3.02 Moz AuEq from both Clarence Stream and Estrades (85% from Au, 6% Zn, 4% Ag, 4% Cu, 1% Pb -at our 3-month trailing average metal prices with no recovery factors) trade at market cap/oz AuEq US$27/oz - a 68% discount to our 80-company gold developer group median US$84/oz AuEq. And on P/NAV (market cap/NPV) – completely neglecting flagship Clarence Stream (which does not yet have a PEA) and incorporating the results of today’s announced Estrades PEA’s on-site mill option – GWM trades at P/NAV of 0.26x at 3-month trailing gold $4,149/oz – just above gold developer group mean 0.25x (and median 0.18x) at same $4,149/oz Au.

23 Jan 2026

23 Jan 2026

  • Gold (and copper) explorer Tudor Gold Corp. (TSXV:TUD) announced today (22 Jan) an updated resource estimate for its flagship, 80%-owned Treaty Creek project in Golden Triangle, BC. Indicated gold ounces grew by 15% to 24.9 Moz Au (100%-basis), within 912.3Mt grading 0.85 g/t Au, 0.15% Cu, and 5.07 g/t Ag. Overall attributable indicated + inferred resources (80% basis) grew by ~8% to 28.3 Moz AuEq (82% from Au, 12% from Cu, 6% from Ag) at 3-month trailing average metal pricing with no recovery factors. TUD stock traded up +5% on day of announcement (vs. group median +0%), before closing the week (ending 23 Jan) up A WHOPPING +51% to C$1.57/sh, C$638m, and market cap/oz US$16.4/oz AuEq for this largest-in-class gold-copper open pit deposit – still a 71% discount to our 90-company gold explorer group median US$56/oz.

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.