Weekly Metals Mining Rundown for Week Ending 26 Sept 2025

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 490) 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):

• 25 Sept 2025 - Chilean lithium brine developer - now also Chilean gold explorer - Wealth Minerals (TSXV:WML) announced a letter of intent (LOI) to acquire 100%-interest in the past-producing Andacollo Oro gold project in Chile with vast historic gold resources of 2.02Moz @ 0.48 g/t (M&I) and 5.06Moz @ 0.45 g/t (Inferred). Past production was 1.12Moz via open pit heap leach from 1998 to 2018 at 20,000 tpd which produced up to 135,000 ozpa, and permits are reported to remain in place (mining rights, land title, and water rights). Purchase price is 12.5m WML shares (post-7-to-1-share-consolidation) or 87.5m shares preconsolidation shares which had closed at 17c/sh on 24 Sept for a value C$14.9m. Although this purchase price excludes deferred payments to be assumed by WML from the Chillean subsidiary, which are set at US$30m over 4 years, up to $7m of which can be made in WML shares. Including these 87.5m of pre-consolidation shares to be issued, and including annother 41.67m shares to be issued in a concurrent non-brokered private placement also included in the announcemnet (at 12c or 29% discount to prior close 17c, with full warrant at 18c for 2 years with right to accelerate exercise period over 36c), but excluding future dilution from deferred aggregate payments of US$30m in cash and shares, WML basic shares will increase by ~35% to 491.53m shares. WML stock gained +15% on 25 Sept, intraday following announcement to 19c/sh where it finished the week ending 26 Sept up +58% (vs. gold expl. median +4.4%), at pro-forma market cap C$93m (excluding future dilution from US$30 deferred payments) or US$6.0/oz AuEq resource (11.2Moz AuEq including 7.1Moz Au and 1.4Mt LCE) - an 86% discount to new 90-company gold explorer peer group median US$43/oz AuEq. And if a cautious investor wanted to be clever and conservatively assume the deferred payment of US$30m or ~C$41.8m is covered with 12c stock (in-line with concurrent C$5m cap raise), basic shares would rise to ~840m sh and market cap/oz would still only be US$10/oz AuEq - still a 77% discount to gold explorer median US$43/oz.

• 23 Sept 2025 - Copper explorer ATEX Resources (TSXV:ATX) announced a resource update for its flagship Valeriano project in Chile, that grew copper-equivalent ounces by 41% to 33.85 Blbs CuEq (48.1 Moz AuEq) - 67% from Cu, 28% from Au, rest Ag. ATX stock traded down slightly -1.6% on 23 Sept following this news vs. peer group median flat +0%, before closing week ending 26 Sept up +2.5% (vs. Cu explorer group median +0.5%) to C$2.46/sh, market cap C$744m, and market cap/oz resource of US$0.016/oz CuEq ($11/oz AuEq) - a 37% discount to our 38-company copper explorer peer group median US$0.025/oz CuEq ($17.4/oz AuEq).

• 23 Sept 2025 - Gold developer (and uranium explorer) Fortune Bay Corp. (TSXV:FOR) announced results of an updated PEA for its flagship Goldfields Gold project in northern Saskatchewan. The study contemplated a lower 5,000 tpd production level (was 7,500tpd in 2022), which helps expedite the path to production by lowering startup capital (to C$301m incl. $51m contingency), and by staying within provincial permitting with valid 2008 EIS and avoiding a federal impact statement. Resources were also updated but remained relatively unchanged at 24Mt grading 1.28 g/t Au for 0.99Moz indicated and 7.4Mt grading 0.90 g/t Au for 0.21Moz Au. PEA contemplated 80% of combined resource for 25.2Mt with a waste-to-ore strip ratio of 3:1 (this strip of 3 combined with grade over 1g/t is quite solid). As a result of the lower throughput, economics took a slight hit - with and after-tax NPV of US$773m at our 3-month trailing average gold price of US$3,350/oz (was $918m with old 7,500 tpd study), which pushed the P/NAV (market cap/NPV) up just slightly to 0.05x (was 0.04x) after the stock rose 9% on 23 Sept before closing the week up +15% to 93c/sh - still a wide 65% discount to our 69-company gold developer peer group median 0.14x.

• 23 Sept 2025 - Silver explorer Unico Silver (ASX:USL) announced a substantial resource update that grew its project resources at 100%-owned Cerro Leon project in Argentina by ~87% to 31Mt @ 62 g/t Ag, 0.55 g/t Au, 0.54% Pb, 1.1% Zn for a reported 162 Moz AgEq @ 161g/t AgEq (30% indicated, rest inferred) following 20.5km of new drilling for low discovery costs of USD 10c/oz AgEq. At our 3-month trailing average metal prices, these silver-equivalent resources translate to 147 Moz AgEq (1.6 Moz AuEq) and are 42% silver by metal value. Some 45Moz AgEq of these resources are reported to be free-milling,open-pittable, 67% of which are in indicated category, providing a solid foundation for a future scoping study. USL stock traded up slightly on 23 Sept following this news, +2.8% (vs. silver explorer median +5%), before closing the week ending 26 Sept up +27.5% to 65c/sh, market cap A$329m or market cap/oz resource of US$1.46/oz AgEq ($133/oz AuEq) - far below the $2.37/oz AgEq ($216/oz AuEq) where USL traded before this update - and in-line with 26-company silver explorer peer group mean $1.27/oz AgEq ($115/oz AuEq), and the company has another upcoming MRE for Joaquin, has another 30km of drilling underway, and has clear line-of-sight to reach resources of ~250Moz AgEq.

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.