Weekly Metals Mining Rundown for Week Ending 27 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):

• Gold developer (and small-scale producer) New Found Gold Corp. (TSXV:NFG) announced Thursday (26 Feb) a PEA and slightly enlarged resource for its Hammerdown mine in Newfoundland, which just had its first gold pour in Nov. 2025 with production currently ramping up towards commercial levels the company expects to reach by yearend. The study replaces the old 2022 Feasibility study, and ought to better reflect current mine plan and operations. Including the (unchanged) 2025 PEA for NFG’s much larger Queensway development project, NFG’s combined post-tax NPV5 at our 3-month trailing average gold price of US$4,591/oz fell just a hair to US$2.16b from this study, which yields a P/NAV 0.44x (at C$3.79/sh on 27 Feb) after stock rose +4% over past week ending 27 Feb (underperforming gold developer median +8%), which is just above the upper-quartile-range or 75-percentile range of our gold developer peer group with median 0.16x and mean 0.21x. And this P/NAV (market cap/NPV) should rise as production continues to ramp up – perhaps to the ~1x range once commercial production is reached (although most of this NAV or NPV is from non-producing development project Queensway, so perhaps a P/NAV of 0.6-8x is a more likely interim target).

• Nickel developer EV Nickel Inc. (TSXV : EVNI) announced yesterday (26 Feb) a maiden resource estimate for the Gemini North nickel zone at its large Carlang nickel project in Ontario outside of Timmins, which grew the project’s overall metal-equivalent resources by ~9% to 6.57 Blbs NiEq (10.7Moz AuEq) – 88% from Ni. EVNI stock rose gently following this news, and is up +4.5% over past week ending 27 Feb (just outperforming 14-company nickel developer group mean performance of +3.5%) to C$0.23/sh (27 Feb), market cap C$32m, market cap/lb resource US$0.004/lb NiEq ($2.20/oz AuEq) – a 93.5% discount to group median US$0.056/lb NiEq ($35/oz AuEq) and a 47% discount to other (even) large(r) (similarly) low-grade Ni peer in the Timmins camp - Canada Nickel Company TSXV:CNC which trades at market cap/lb US$0.007/lb NIEq (4.2/oz AuEq). And Carlang also has a 2025 PEA, which yields an P/NAV for EVNI of 0.019x at the bottom of our Ni developer peer group (at our reference Ni price of US$9.50/lb) – a 90% discount to group median, and a still-wide 87% discount to peer CNC’s 0.14x at same Ni price.

• Copper developer Gunnison Copper (TSX: GCU | OTC: GCUMF) announced Wednesday (27 Feb) an updated PEA for its Gunnison project in Arizona, which supersedes the prior 2024 PEA, and incorporates operational enhancements including addition of high-grade Strong & Harris satellite deposit, material sorting, cement and limestone co-products, and optimization, with average annual production of 174 Mlbs Cu in first 15 years of mine life. These improvements more than offset any cost inflation over the past 1-2 years since the 2024 study, and actually increased the post-tax NPV8 by just over 12% at both our (newly increased) reference copper price US$4.50/lb and our 3-month trailing average Cu price $5.60/lb, leading to P/NAV (market cap/post-tax NPV8 from this study) of 0.10x and 0.061x at both prices respectively – for 46% and 42% discounts to our 34-company copper developer group medians 0.19x and 0.10x, respectively. And this is after GCU stock already rose +13% on back of this news over past week ending 27 Feb (outperforming copper developer median performance +8%), to C$0.60/sh and market cap C$254m. The reported a post-tax NPV8 at US$4.60/lb Cu was US$1.95b from initial capital of US$1.54b (including contingency) with low all-in-sustaining cash costs of US$2.06/lb Cu.

• Gold, copper, and cobalt explorer Doubleview Gold Corp (TSXV:DBG) announced Wednesday (25 Feb) a substantial resource update for its flagship Hat project, in the northwest of Canada’s western-most frontier of British Columbia, which grew gold-equivalent resources by ~64% to 11.96Moz Au at our estimated 3-month trailing average metal prices with no metal recovery factors (50% Au, 42% Cu, 6% Co, 2% Ag), from a reported 609Mt indicated @ 0.21% Cu, 0.18 g/t Au, 0.008% Co and 0.4 g/t Ag (for a reported 0.43% CuEq) and 503Mt inferred @ 0.18% Cu, 0.19 g/t Au, 0.008% Co, and 0.4 g/t Ag (for a reported 0.41% CuEq), which includes a higher-grade central core grading over 0.50% CuEq. And all this excludes additional mineral resources of Scandium Oxide of 4.4 kt Sc2O3 (indicated + inferred). This ~64% increase in resources helped DBG stock rise +96% over past week ending 27 Feb, to C$2.68/sh, market cap C$604m, and market cap/oz resource US$37/oz AuEq ($0.045/lb CuEq) – which is STILL a 41% discount to our 84-company gold explorer median US$63/oz AuEq (and still a slight ~5% discount to 38-company copper explorer group median US$0.045/lb CuEq or $37/oz AuEq).

• Gold explorer Sitka Gold Corp (TSXV:SIG) announced Wednesday (25 Feb) a significant resource update for its flagship RC Gold project in Canada’s northwestern-most frontier of Yukon. The update added a large maiden inferred resource for the Rhosgobel Gold project amounting to 2.25Moz Au @ 0.70 g/t Au – which includes a higher-grade core at surface grading >1g/t to help boost initial cash flows in prospective future operation, and grew the Eiger gold deposit to 0.535Moz Au @ 0.52 g/t. Along with the project’s main Blackjack deposit that was updated last year, this announcement roughly DOUBLES Sitka’s indicated + inferred resources to 5.12 Moz Au, which investors have started to appreciate as they pushed SIG stock up +11% over past week ending 27 Feb (outperforming gold explorer group median +7%) to C$1.11/sh, market cap C$413m, and market cap/oz resource now roughly halved from this announcement to US$59/oz Au (now a 6% discount to gold explorer group median $63/oz).

• Lithium clay developer Century Lithium Corp (TSXV:LCE) announced Monday (23 Feb) an updated Feasibility Study for its large flagship Angel Island lithium project in Nevada (formerly Clayton Valley in 2024 FS) which optimized its flowsheet that relies on Direct Lithium Extraction technology – which the jury is still on out among the investment community and for which there are no existing large-scale operations, but for which LCE has validated through a reported four years of pilot plant operations in Nevada. After-tax NPV8% was improved to $4b at Li price assumption $24,000/t Li carb from initial capex of $997m for initial 7,500 tpd options (expands to 15,000 tpd later for another $660m). LCE stock gained +20% over past week ending 27 Feb (outperforming Li clay developer median +7.1% on rising Li price) to C$0.61/sh, market cap C$101m, market cap/t Li carb US$11.1/t ($3/oz AuEq), and P/NAV 0.02x at our estimated at our estimated 3-month trailing average Li price US$17,620/t LCE – in-line with our 9-company Li clay developer group median 0.02x (as same Li price).

• Gold (and silver-lead-zinc) developer Excellon Resources Inc. (TSXV:EXN) announced Monday (23 Feb) a substantial resource update for its past-producing Mallay Silver-Lead-Zinc mine in Peru, that grew indicated silver resources 6-fold, and amounted to 0.89Mt indicated @ 195 g/t Ag, 3.33% Pb, 4.83% Zn and 0.36Mt inferred @ 149 g/t Ag, 2.67% Pb, 4.32% Zn. The project also has a 600 tpd mill that was first commissioned in 2012, and this MRE establishes a higher-confidence inventory to underpin a staged restart plan – while new upside targets are also advanced. But this resource is peanuts in size compared to its other Kilgore project in Idaho, that hosts resources of 0.96 Moz Au and has a 2019, which today’s announced update for Mallay increases to 1.08 Moz AuEq at our estimated 3-month trailing average metal prices. But investors seemed to like the existing mine and mill restart potential associated with this Mallay resource update, and EXN stock rose +18% over past week ending 27 Feb on this news (outperforming gold developer peer group median gain of +8% for same period) to C$0.66/sh, market cap C$226m, and market cap/oz resource US$153/oz AuEq (premium to gold developer median and mean $89 and $144/oz AuEq), but on P/NAV based on 2019 PEA for Kilgore gold project (which completely excludes this past-producing Mallay mine with restart potential) EXN trades at 0.32x at our reference gold price of US$2,500/oz – a 31% discount to our 77-company gold developer peer group median 0.46x (at same gold price).

• Gold explorer Bonterra Resources Inc. (TSXV:BTR) reported yesterday (23 Feb) updated mineral resources estimates for its Barry and Gladiator deposits in Quebec, which grew contained M&I resource ounces by 30% and inferred by 21% compared to 2021 estimate. Gold Fields (JSE:GFI) is earning-in up to 70% of the project according to the encompassing Phoenix JV, from a C$5m payment (paid) and C$30m in expenditures over 3 years. BTR stock has traded up +5% over past week ending 27 Feb (roughly in-line with peer group median +7%), to C$0.20/sh, market cap C$43m. And BTR’s proforma 30% of today’s announced resource estimate (1.31 Moz) trades at market cap/oz resource US$30/oz – a 52% discount to our 85-company gold explorer peer group median $63/oz AuEq.

• Gold explorer Aurum Resources (ASX:AUE) announced today (23 Feb) an updated mineral resource estimate (MRE) for its Boundiali gold project in Cote d’Ivoire - reported to be a major milestone for the project that grew its indicated resources by +49% or +450koz to 1.37Moz Au, making it a premier large-scale West African gold asset and paves the way for an upcoming PFS. This reported higher confidence resource growth brings total project resources to 3.03Moz and company resources to 3.90 Moz (up +19%) - including 0.87Moz from Napie gold project which also has an MRE update in the pipeline for delivery this quarter. AUE stock gained +7% this past week ending 27 Fen on back of this news (in-line with group median weekly performance of +7%) to 76c/sh, market cap A$271m, market cap/oz resource US$49/oz - a 22% discount to our 85-company gold explorer group median US$63/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.