Weekly Metals Mining Rundown for Week Ending 24 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 509) 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 – WA Gold Limited (formerly BMG Resources) (ASX:WAU) announced Wednesday (22 April) a scoping study for a Stage 1 production scenario at its Abercromby project in Australia, which contemplated toll treatment at an existing CIL processing facility within 70km of Abercromby (and discussions are underway for an alternative toll treatment location at Matilda CIL plant located 20 km away from Abercromby). The Stage 1 mine assessed in the scoping study includes a small open pit transitioning to an underground mine recovering a total of ~114 koz Au from resources of ~121 koz with high recovery of 94% (90% of which are classified in the indicated category according to JORC, making them higher confidence) – out of total available resources of 518 koz (leaving significant leverage to convert additional resources into the future mine inventory).

   

  WAU stock (surprisingly) dropped -11% over past week ending 24 Apr (just underperforming our 85-company gold developer group median weekly drop of -4.4%) to 3.2c/sh, market cap A$40m, 𝗺𝗮𝗿𝗸𝗲𝘁 𝗰𝗮𝗽/𝗼𝘇 𝗿𝗲𝘀𝗼𝘂𝗿𝗰𝗲 𝗨𝗦$𝟱𝟲/𝗼𝘇 𝗔𝘂 (𝗮 𝟮𝟬% 𝗱𝗶𝘀𝗰𝗼𝘂𝗻𝘁 𝘁𝗼 𝗼𝘂𝗿 𝟴𝟱-𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝗴𝗼𝗹𝗱 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗲𝗿 𝗴𝗿𝗼𝘂𝗽 𝗺𝗲𝗱𝗶𝗮𝗻 𝗨𝗦$𝟳𝟬/𝗼𝘇 𝗔𝘂𝗘𝗾), and P/NAV (taken as market cap/70% of pre-tax NPV) of 0.18x (in between median 0.13x and mean 0.20x) – all at our 3-month trailing average gold price US$4,979/oz Au. 𝗔𝗻𝗱 𝘁𝗵𝗲 𝗔𝗯𝗲𝗿𝗰𝗿𝗼𝗺𝗯𝘆 𝗽𝗿𝗼𝗷𝗲𝗰𝘁 𝗶𝘀 𝗹𝗼𝗰𝗮𝘁𝗲𝗱 𝗶𝗻 𝗲𝗹𝗲𝗽𝗵𝗮𝗻𝘁 𝗰𝗼𝘂𝗻𝘁𝗿𝘆 𝗻𝗲𝗮𝗿 𝘀𝗲𝘃𝗲𝗿𝗮𝗹 𝗺𝘂𝗹𝘁𝗶-𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗼𝘂𝗻𝗰𝗲 𝗴𝗼𝗹𝗱 𝗱𝗲𝗽𝗼𝘀𝗶𝘁𝘀 - 𝗶𝗻𝗰𝗹𝘂𝗱𝗶𝗻𝗴 𝗪𝗶𝗹𝘂𝗻𝗮 𝗠𝗶𝗻𝗶𝗻𝗴’𝘀 𝟭𝟮𝗠𝗼𝘇 𝗪𝗶𝗹𝘂𝗻𝗮 𝗽𝗿𝗼𝗷𝗲𝗰𝘁, 𝗡𝗼𝗿𝘁𝗵𝗲𝗿𝗻 𝗦𝘁𝗮𝗿’𝘀 𝟭𝟬𝗠𝗼𝘇 𝗝𝘂𝗻𝗱𝗲𝗲 𝗽𝗿𝗼𝗷𝗲𝗰𝘁, 𝗮𝗻𝗱 𝗶𝘀 𝗼𝗻 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝘁𝗿𝗲𝗻𝗱 𝗮𝘀 𝗕𝗲𝗹𝗹𝗲𝘃𝘂𝗲 𝗚𝗼𝗹𝗱’𝘀 𝗕𝗲𝗹𝗹𝗲𝘃𝘂𝗲 𝗽𝗿𝗼𝗷𝗲𝗰𝘁 - 𝗮𝗹𝗹 𝗼𝗳 𝘄𝗵𝗶𝗰𝗵 𝘀𝘂𝗴𝗴𝗲𝘀𝘁𝘀: (𝗮) 𝘀𝘁𝗿𝗼𝗻𝗴 𝗴𝗿𝗼𝘄𝘁𝗵 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗼𝗳 𝗔𝗯𝗲𝗿𝗰𝗿𝗼𝗺𝗯𝘆’𝘀 𝘀𝘁𝗮𝗿𝘁𝗲𝗿 𝗿𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀 𝗼𝗳 𝟱𝟭𝟴𝗸𝗼𝘇 𝗮𝗻𝗱 (𝗯) 𝘁𝗵𝗮𝘁 𝗪𝗔𝗨 𝗶𝘀 𝗮 𝗽𝗿𝗼𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲 𝘁𝗮𝗸𝗲-𝗼𝘂𝘁 𝘁𝗮𝗿𝗴𝗲𝘁 𝗳𝗼𝗿 𝗮𝗻𝘆 𝗼𝗳 𝘁𝗵𝗲𝘀𝗲 𝘀𝘂𝗿𝗿𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝗹𝗮𝗿𝗴𝗲𝗿 𝗴𝗼𝗹𝗱 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀.

• Senior gold producer Agnico Eagle Mines Limited (NYSE,TSX:AEM) announced Monday (20 Apr) the acquisition of gold developer Rupert Resources (TSX:RUP) and its PFS stage flagship Ikkari project in Finland, for total consideration of C$15/sh RUP – consisting of share consideration of C$12/sh and contingent cash consideration of C$3/sh (spread over a 10 year period upon reaching certain milestones). The share consideration of C$12/sh represents a value of C$2.9b at 100% ownership basis (or ~C$2.5b at 86.1% equity basis, after the 13.9% already owned by AEM), representing a 67% premium to RUP’s prior close on 17 Apr. This RUP/Ikkari story is near-and-dear to us after our Founder/CEO Mitch Vanderydt had covered it years ago on Toronto sell side – where he forecasted an initial resource of 3.3Moz Au in March 2021 using a spreadsheet-based mineral inventory estimate, with an initial post-tax NPV of US$1.3b according to unit costs adopted from the 2006 and 2008 (43-101 compliant) technical reports for AEM’s producing Kittila mine (also in Finland) along with Mitch’s conceptual mine plan (which had come up just short of RUP’s initial 43-101 compliant numbers of 3.95 Moz released in Sept. 2021 and US$1.6b from PEA released in Nov. 2022). This had initially put Mr. Vanderydt on the map along with his (and his colleague’s) similarly accurate forecasts for Great Bear Resources some months before in Sept. 2020 (which was later acquired by Kinross Gold Corporation in December 2021 for US$1.4b) - together leading to his recruitment for a CEO role in Europe. RUP shareholders will receive 0.0401 shares AEM per share RUP for the share consideration, and RUP stock traded up +60% over the past week (ending 24 Apr) on this news, to C$11.45/sh (on 24 Apr), market cap C$2.7b, and P/NAV of 0.31x (at recent spot US$4,979/oz) – which still leaves ample room for an up-ward re-rating (inside AEM) to P/NAV ~0.6-1x (at spot gold price) by the time Ikkari reaches commercial production some years from now (EIA is targeted for submission in Q4/26 and an FS is due H1/27). AEM's basic shares outstanding will increase by ~1.6% to ~510.08 m shares, while increasing its mineral resources by ~2.8% (based on remaining 86.1% of RUP shares) to 156.9 Moz AuEq (98% from Au, including minor resources from equity holdings in Atex Resources, STLLR Gold, and Maple Gold Mines). AEM stock traded down slightly by -9.0% over past week (ending 24 Apr) – in-line with senior gold producer peer group median drop of -7.8% for same period – to US$200.23/sh, (pro-forma) market cap US$102.1b, and market cap/oz of US$651/oz AuEq (in-line with group median $617/oz and mean $655/oz).

• Intermediate gold producer Regis Resources Ltd (ASX:RRL) announced Wednesday (22 Apr) its annual reserves and resource update for its operations in Australia. It’s overall resources grew by +10.4% to 209 Mt @ 1.2 g/t Au containing 8.28 Moz Au. RRL stock is down slightly this past week (ending 24 Apr) by -2.6% (slightly outperforming our intermediate gold producer median drop of -5.8%) to A$7.35/sh, market cap A$5.6b, and market cap/oz resource of US$480/oz Au – around the upper-quartile-range (75-percentile) of our 61 company intermediate gold producer group (above mediate US$277/oz and mean $360/oz) – or a 22% discount to more advanced senior gold producer median US$617/oz, which could acquire RRL when the time is right for its growing gold production that also comes with steadily growing reserves – even after substantial depletion (particularly at Duketon UG which makes up just over half of overall reserves).

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