Weekly Metals Mining Rundown for Week Ending 27 June 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 470) include (share price rounding errors apply, as sourced from Google Finance):

Covered metals mining company announcements incorporated into this week’s Peer Table (resource updates, economic studies, changes in project ownership) include:

• 26 June 2025 - Gold explorer Tudor Gold (TSXV:TUD) announced further consolidation of its flagship Treaty Creek project (a large gold-copper porphyry in BC, Canada) through its acquisition of minority 20% project holder American Greek Resources (TSXV:AMK) in an all-share deal at an implied transaction value not far from market price, which increases TUD’s ownership in this massive project to 80%. TUD’s attributable mineral resources increases by 25% to 26.5 Moz AuEq (80% basis). TUD stock was up intraday 26 June by +4% to C$0.51 following this announcement vs. AMK’s stock that had been flat +0% and our 88-company gold explorer median that had also been flat +0%, before TUD closed the week (ending 27 June) down -1.9% (vs. AMK down -8.3% and vs. our 89-company gold explorer median flat +0%). On market cap/oz resource, TUD trades cheap vs. peers at US$5.2/oz at C$0.51/sh (and AMK just above at $5.7/oz at C$0.11/sh), which is a wide 80% discount to gold explorer group median $25.4/oz AuEq.

• 24 June 2025 - Former gold explorer - now gold developer - Snowline Gold Corp (TSXV:SGD) announced PEA results for its flagship 100%-owned Valley Gold project in Yukon, which reported a post-tax NPV of C$3.4b at US$2,150/oz from initial capex of C$1.7b. This project had been one of Canada’s major discoveries of the past decade, with the deposit beginning to take shape back in early 2022 on follow up drilling that returned intersections that included 1.01 g/t Au over 136.8m, 1.27 g/t Au over 108m, and 1.25 g/t Au over 168.7m, which ultimately led to a huge open pit resource estimate containing 8.83Moz Au (including high M&I share of 7.94 Moz grading 1.21 g/t Au). This top tier gold explorer had traded just above the upper quartile range of our gold explorer peer group on market cap/oz over much of past year, and now graduates to our gold developer peer group, and trades at a (27 June) market cap/oz resource of US$114/oz - a premium to our 68-company gold developer mean $65/oz (which appears justified due to SGD’s sheer size, strong economics with multi-billion dollar NPV, decent grade over 1g/t, but ESPECIALLY due to its SUPER LOW open pit strip ratio of 1.09:1 (waste:ore), which led to SUPER LOW LOM AISC of $844/oz ($569/oz in years 2-6) in this PEA, all of which was well received by the market on 24 June following this news (as we said it would an hour before market opened here) when the stock closed 8% higher for the day (after some apparently mis-informed or un-informed investors/traders had initially sunk some ~half a million CAD trading the stock down to nearly -2% at the start of the day’s trading), before closing the week (ending 27 June) up +10.8% (vs. our 67-company gold developer peer group median of down -2.9%,). On P/NAV (taken as market cap/post-tax NPV), SGD now (27 June) trades at P/NAV of 0.64x (at our Reference gold price of US$1,800/oz) - a 21% DISCOUNT to our gold developer mean 0.81x (and above median 0.43x).

• 23 June 2025 - Gold developer Magnetic Resources (ASX:MAU) announced an updated resource for its Lady Julie project that grew it by 22% to 2.14 Moz, and grew combined Laverton Area (Australia) resources by 17% to 2.32 Moz - majority being open pit resources with solid open pit grades of 1.8-1.9g/t Au. MAU stock rose +0.7% on day of announcement (vs. our 65-company gold developer peer group median that had been flat +0%), before closing the week (ending 27 June) down -2.6% (vs. our 67-company gold developer median down -3.2%) to a market cap/oz resource of US$121/oz - a substantial premium to gold developer mean $65/oz for this near shovel-ready, advanced-stage project with feasibility study underway for a ~2Moz open-pittable ounces grading near 2g/t Au (and PFS completed in 2024) with permitting advancing, making it an attractive take-out target for an intermediate gold producer, under which MAU’s resources could re-rate upwards to higher market cap/oz multiples (our 55-company intermediate gold producer group trades at median of $163/oz and mean of $255/oz). On P/NAV (taken as market cap/post-tax NPV), MAU trades at 0.40x - a premium to group mean 0.17x and median 0.10x (both at our estimated 3-month trailing average gold price of US$3,144/oz).

• 23 June 2025 - Gold developer Western Exploration (TSXV:WEX) announced an updated resource estimate for its Gravel Creek and Wood Gulch deposits - part of its 100%-owned Aura project in the top tier mining jurisdiction of Nevada. The upgrade grew inferred share of gold ounces by 56% while increasing grade by 9%. Overall (indicated + inferred) resource ounces grew by 20% to 1.46 Moz AuEq (90% gold by metal value, 10% silver). WEX stock traded down a slight -1.5% on 23 June intraday following announcement (vs. our 67-company gold developer group median that had been flat +0%), before closing the week (ending 27 June) down -13.4% (vs. group median down -2.9%) to a market cap/oz resource of US$15/oz AuEq - a ~58% discount to our gold developer group median $36/oz AuEq.

• 23 June 2025 - Gold explorer African Gold (ASX:A1G) announced a substantial update to its inferred resource at its flagship Didievi project in Cote d’Ivoire (link to PR), which more than doubled contained gold to 0.989 Moz, grading high (for open-pits) at 2.5g/t Au. And the deposit has only been tested to ~300m depth, and excludes recent regional discoveries at Pranoi and Poku trends. A1G stock traded up +9.4% on 23 June following this news, before closing the week (ending 27 June) up +11% to A$0.20/sh to and market cap of A$103m (US$67m). On market cap/oz resource, these higher-grade open pit gold resources trade at US$68/oz Au, which is now a slightly widened 21% premium to our 89-company gold explorer mean US$56/oz (and a larger premium to median $26/oz). And with resources approaching (a high-grade, open-pittable) 1Moz, economics for this project in a potential PEA scenario should be starting to look quite attractive.

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