Weekly Metals Mining Rundown for Week Ending 4 April 2025 - Metal Prices and Mining Stocks Take a Dive Amid Tariff News and Broader Equities Selloff

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 457) include (share price rounding errors apply, as sourced from Google Finance):

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

• 3 Apr 2025 - Lithium hard rock developer Green Technology Metals (ASX:GT1) announced a resource update for its 100% owned Root Project in Ontario, located 200km west of its flagship Seymour project. The update grew Root project resources by 38% from recent drilling to 20.1 Mt grading 1.24% Li2O, and overall company resources (incl. Seymour) by 26% to a combined Ontario mineral resource inventory of 30.4Mt @ 1.17% Li2O for 0.88 Mt lithium carbonate equivalent (LCE), which on 3 April closed flat +0% in Australia on light volume (vs. our global 14-company Li hard rock developer peer group median down -2.7%) before closing the week (ending 4 April) flat +0% (vs. peer median -6.7%) at a GT1 market cap/t resource of US$12/t LCE ($3.3/oz AuEq), which was 83% below the group’s median valuation of $69/t LCE ($19/oz AuEq), as shown in below except from our Peer Table.

• 3 Apr 2025 - Uranium explorer Cauldron Energy (ASX:CXU) announced a maiden resource for its Manyingee South deposit at its Yanrey project in Western Australia, which added 11.1 Mlbs uranium oxide (U3O8) grading 325 ppm U3O8 to the project’s existing 30.9 Mlbs at Bennet Wells deposit. This equates to resource growth of 36% to 42 Mlbs U3O8. CXU closed flat +0% on 3 April following this news (vs. peer group median down -1.9%), before closing the week (ending 4 April) flat +0% (vs. peer group median down -6.7% for the week) at a CXU market cap/lb resource of US$0.21/lb U3O8 ($8.9/oz AuEq), which is stil a significant 73% discount to our 15-company uranium explorer peer group median market cap/lb of $0.78/lb ($33/oz AuEq), as shown in excerpt from our Peer Table below.

• 1 Apr 2025 - Intermediate gold producer and silver producer First Majestic (TSX:AG) announced its annual reserves and resources update for its mines and projects in Mexico, resulting in large increases to both reserves and resources, bring resources to the highest level in the company’s history. Reserves grew by 45%, while M&I resources (inclusive of reserves) grew 25% and inferred resources 23%, resulting in big gains across the board. Overall resources (M&I&I) grew some ~20% to 791 Moz AgEq (8.9 Moz AuEq), according to our Peer Table’s estimated 3-month trailing average metal prices, which our Peer Table shows below is 66% from Au and 27% from Ag (rest Zn-Pb-Cu) by metal value, according to our Peer Table. AG stock opened roughly flat in NY and Toronto following this news, before dipping intraday (alongside the silver price), and closing the week down -18% (vs. peer group median down -8%) to a week ending (4 April) AG market cap/oz resource of US$3.4/oz AgEq ($304/oz AuEq) - at a premium to our intermediate gold producer mean of $200/oz AuEq and silver producer mean of $122/oz AuEq ($1.37/oz AgEq), which appears justified due to decent (higher-priced) gold share of resources, AG’s strong cash flowing assets (generating record quarterly free cash flow of $68M in Q4/24) with solid grades (resource grade of 386 g/t AgEq or 4.3 g/t AuEq at our estimated 3-month trailing average metal prices), low production costs (2025 AISC guidance in the $18-19/oz AgEq range), and its potential to be taken out by a major gold producer looking to add free cash flow and perhaps some silver share of production, by adding AG’s primary gold-silver assets that appear to rank near the top of their class.

• 1 Apr 2025 - Intermediate gold producer Jaguar Mining (TSX:JAG) announced its annual reserves and resources update for its mines and projects in Brazil, which grew reserves by a solid 63% net of depletion (to 0.764 Moz Au grading 4.03%) after adding a first ever mineral reserve at the Onças de Pitangui project. Total mineral resources (inclusive of reserves) grew by a few % to 3.38 Moz (leaving lots of future reserves conversion upside). JAG closed the week ending 4 April down -11.6% (vs. int. gold producer peer group median down -7.9%), which lowered JAG’s week ending market cap/oz resource to US$43/oz Au - a stark 64% discount to our 55-company peer group median of $121/oz AuEq, as shown in the above excerpt from our Peer Table.

• 1 Apr 2025 - Silver explorer Andean Silver (ASX:ASL) announced a resource update for its flagship, high-grade Cerro Bay silver-gold project in Chile, which near doubled tonnage and grew contained precious metal by 22% to a reported 111Moz AgEq at 353g/t AgEq, following the addition of two new initial resources (Pegaso 7 and Cristal). At our estimated 3-month trailing average metal prices, resources grew to 118 Moz AgEq (1.3 Moz AuEq) grading 375 g/t AgEq (4.2 g/t AuEq) and have Ag/Au metal value split of 40% Ag/60% Au. Resources have grown steadily since this project was acquired in 2024, which appears to be rising commensurate with drilling (and now has a solid chunk in the indicated category paving the way for a future reserve). And the company says the potential for growth beyond this is “enormous” (across the company’s large land package containing many historic mines)….So although this relatively high-grade, >100Moz AuEq (>1Moz AuEq) should already be large enough to be demonstrated economic in a PEA or Scoping Study, it probably makes sense to grow these deposit complexes further (given the apparent easy, low-hanging fruit here) before making a first pass at evaluating economics and pivoting towards development. ASL stock sold off gradually following this news (alongside slight downticks in the gold and silver prices intraday ASX), before closing the week (ending 4 April) down -24% (to share price A$0.96) to a market cap / oz resource of US$0.79/oz AgEq ($70/oz AuEq), at a premium to silver explorer peer group mean of $0.40/oz AgEq ($35/oz AuEq) which appears justified due to its high-grade, growth-potential, and solid (higher-priced) gold share of resources (altogether also helping make it an ideal takeout target for larger silver and gold companies).

• 31 Mar 2025 - Copper (polymetallic) producer Aeris Resources (ASX:AIS) announced an updated resource for its Constellation deposit nearby its flagship producing Tritton mine and 1.8 mtpa plant in Australia. The update grew the deposit’s copper resource by 24% to 153kt Cu and gold by 29% to 161 koz Au (within 7.6 Mt), with the indicated share of resources growing substantially. The increase confirms the company’s confidence in this deposit becoming a major ore source for Tritton in the near future, with the solid 5.3Mt of indicated resources providing a strong foundation for potential conversion to reserves in an upcoming feasibility study. This Constellation resource update grows company wide resources slightly to ~3.8 Blbs CuEq (~6.0Moz AuEq) from ~3.7 Blbs CuEq (5.8 Moz AuEq), which are 50% from copper by metal value, 25% from gold, rest Zn-Ag (at our estimated 3-month trailing average metal prices), and which traded up 5% Monday (31 Mar) in Australia following this news, before closing the week down -10% (vs. peer group median down -15%) to a AIS market cap/lb resource of US$0.027/lb CuEq ($17/oz AuEq) - still a 67% discount to our 23-company copper producer peer group median of $0.082/lb CuEq ($51/oz AuEq), as shown in below excerpt from our Peer Table.

• 31 Mar 2025 - Lithium hard rock explorer Delta Lithium (ASX:DLI) announced a resource update for its secondary Yinnetharra Lithium and Tantalum project in Australia, incorporating some infill drilling and including a new slightly higher-grade component at the Jameson prospect. Indicated resources increased substantially (including by 140% at main Malinda deposit to 16.1 Mt indicated grading 1% Li20). Overall lithium resources dropped slightly to 21.9 Mt grading 1.0% Li02 for 212 kt Li2O (0.52 Mt lithium carbonate equivalent, LCE, excluding the tantalum), but at a slightly higher average lithium grade. DLI stock traded up 3% Monday (31 Mar) in Australia following this news. And together with its flagship Mt Ida project that hosts additional lithium resources of 14.6 Mt grading 1.2% Li20 for total company lithium resources of 0.96 Mt LCE and also hosts gold resources of 0.752 Moz Au for total company wide resources of 1.2 Mt LCE (4.3Moz AuEq) - which are split 82%/18% Li/Au by metal value according to our estimated month trailing average spot metal prices - and which traded down -5.6% this past week ending 4 April (in-line with peer group median -5.9%) to a DLI market cap/t resource of US$65/t LCE ($18/oz AuEq), which is in between our 14-company lithium hard rock explorer mean of $71/t LCE ($19oz AuEq) and its group median of $33/t LCE ($9/oz AuEq), as shown in below excerpt from our Peer Table. And this slight premium to median appears justified due to the proximity of this company’s lithium resources to several producing lithium mines co-located Western Australia (and potential for their acquisition), as shown in map below.

• 31 Mar 2025 - Silver (polymetallic) producer Adriatic Metals (ASX:ADT) announced its annual reserves and resources update for its main Ruprice deposit at its flagship producing Vares project in Bosnia, resulting in an 11% drop in reserves tonnes after some mining depletion, and some additions & losses from drilling, for an ore reserve of 12.3 Mt (grading relatively high at 192 g/t Ag, 5.7% Zn, 3.6% Pb, 1.5g/t Au, 0.5% Cu and 0.2% Sb). Overall measured, indicated, and inferred mineral project resources fell a more slight ~6% to 316 Moz AgEq (3.54 Moz AuEq) grading 470 g/t AgEq (5.3 g/t AuEq). And together with additional resources from Vares pipeline satellite Veovaca (not yet in reserves) and historical resources from secondary Raska project in Serbria, ADT’s combined 398 Moz AgEq (4.5 Moz AuEq) are 30% from Ag by metal value, 32% Zn, 17% Au, rest Cu-Pb excluding resources of metalloid antimony (Sb) at our estimated 3-month trailing average metal prices. And these 398 Moz AgEq under ADT stock dipped 10% Monday following this news, before closing the week (4 April) down slightly -0.7% (vs. peer group median down -14%) to a market cap/oz resource of US$0.99/oz AgEq (89/oz AuEq), which is a 9% discount to our our 18-company peer group median of $1.10/oz AgEq (96/oz AuEq) - excluding the antimony, per below excerpt from our Peer Table.

• 31 Mar 2025 - Gold explorer Strickland Metals (ASX:STK) announced (another) updated resource estimate, this time for its secondary Yandal gold project in Australia (after last week announcing a substantial increase to its flagship Rogozna gold-polymetallic project resources to an announced ~7.4 MozAuEq, which helped push the stock up 4% Thursday, and another 25% Friday (after we covered Thursday after-market ASX 27 Mar it here). This announced resource update grows secondary Yandal by some ~56% to 400.4Koz grading 1.52 g/t Au (by nearly doubling the size of the Horse Well Camp component to a combined 291.5Koz grading 1.94 g/t). At our estimated 3 month trailing average metal prices, this newly added 143.4 koz grows STK’s overall resources by some ~6% to ~7.0 Moz AuEq (~63% from Au, rest Cu, Zn, Pb, Ag from flagship Rogozna in Serbia) which traded down -27% this past week ending 4 April (vs. peer group median -6.4%) to a STK market cap / oz resource of US$16/oz AuEq - a ~20% discount to our 77-company gold explorer peer group median of $20/oz AuEq), as shown in below excerpt from our Peer Table.

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