Weekly Metals Mining Rundown for Week Ending 30 May 2025 - Fairly Quiet Week on the Metals & Mining Pricing Front

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 458) 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:

• 29 May 2025 (after-market) - Lithium brine developer LithiumBank (TSXV:LBNK) announced a resource update for its large lithium brine project, Park Place, which is the company´s second project in Alberta after its more advanced Boardwalk project. The resource update reflects some reductions in mineral license holdings to focus on higher-priority resource areas, which now contain an estimated 15.08 Mt LCE grading 80 mg/L Li (entirely in the inferred category), which is still clearly more than enough of a resource base to be contemplated in a future PEA. Together with the company´s flagship Boardwalk project (with a PEA already completed in 2023 and with the majority of its resources already in the measured and indicated category) total company mineral resources fell by 22% to 23.1 Mt LCE (still much higher than our 15-company lithium brine developer peer group median resource inventory of 3.3 Mt LCE, and still higher than fellow oil well-field brine developer peer E3 Metal´s (TSXV:ETL) resource base of 16.9 Mt LCE, both of which we lump together with higher-grade Latin American salt brine developer counterparts in this peer group). LBNK´s newly reduced 23.1 Mt LCE closed the week ending 30 May flat +0% at a share price of C$0.25 and market cap/t resource of US$0.49/t LCE ($0.16/oz AuEq) - 93% below our 15-company group median of $7/t LCE ($2.3/oz AuEq) and 84% below fellow Alberta oil well-field brine developer ETL´s market cap/t of $2.82/t LCE ($0.92/oz AuEq). On P/NAV, based on the results of 2023 PEA for Boardwalk project, LBNK stock trades at 0.006x, which is 81% lithium brine developer peer group median of 0.032x and 76% below ETL´s P/NAV of 0.025x (all at our Reference lithium price of US$24,000/t LCE).

• 26 May 2025 - Intermediate gold producer Genesis Minerals (ASX:GMD) announced the acquisition of the Laverton Gold project from smaller intermediate gold producer Focus Minerals (ASX:FML). GMD says the project has clear potential to supply its existing operating 3 mtpa mill some 30 km away. The terms include upfront cash consideration of A$250 million, and the deal is expected to be completed in early June 2025. The acquisition adds +3.9 Moz of resources, growing GMD’s overall resources by ~27% to ~18.6 Moz Au. GMD stock traded up following this news, and closed the week (ending 30 May) up +8.8% (vs. peer group median +2.7%) to a share price of A$4.72 and market cap/oz resource of US$184/oz - in between our 56-company intermediate gold producer median of $166/oz and mean of $256/oz.

• The Laverton project sale by FML frees up cash that can be spent on exploration and development at FML’s Bonnie Vale Underground Mine and open pit mining operations at the Coolgardie Gold Project, which has small-scale production from the company’s nearby Three Mile Hill mill. FML’s mineral resources appear to now include some 2.55 Moz - strictly those from its Coolgardie (according 2021 resource estimate on company website). FML stock rose more sharply than GMD´s following this news, and actually took the number 2 top weekly performing spot among our Peer Table´s 459 stocks, closing the week (ending 30 May) up a whopping +70% to a FML share price of A$0.39 and market cap/oz resource of US$28/oz - still a sharp 83% discount to our 56-company intermediate gold producer peer group median’ $166oz.

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