Weekly Metals Mining Rundown for Week Ending 7 Nov 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 499) 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):

• 6 Nov 2025 - Copper developer Solaris Resources (TSX:SLS) today announced a PFS and maiden reserve for its large Warintza project including a substantial increase to mineral resources, which grew to 42 Blbs CuEq (58 Moz AuEq) including 27 Blbs Cu and very low grade Au, Mo, and Ag (65% Cu by metal value at our 3-month trailing average metal pricing), including M&I 3.7 Bt @ 0.24% Cu, 0.01% Mo, 0.04 g/t Au, 1.2 g/t Ag for a reported 0.32% CuEq. Reported post-tax NPV8 was US$4.6b at $4.50/lb Cu from initial capex of $3.7b. SLS and this now fairly advanced stage large copper project traded up +4.7% on 6 Nov on this news to C$9.4/sh, before closing week (ending 6 Nov) up +11% to C$9.85/sh, market cap C$1.6b, P/NAV (market cap/post-tax NPV) of 0.44x - in between (near the middle of) our 34-company copper developer peer group median 0.23x and mean 0.63x at same Cu price.

• 4 Nov 2025 - Gold developer Antilles Gold (ASX:AAU) announced updated PFS economics for its 50%-owned Nueva Sabana copper-gold mine project in Cuba. Pre-tax NPV8 was US$137m from inital capex of US$7m. AAU stock traded up +12.5% on 4 Nov after this news to ~1c/sh, where it closed the week (ending 7 Nov) at market cap A$25m, market cap/oz resource US$15.7/oz (vs. median $47/oz AuEq), P/NAV (market cap/70% of 50% attributable pre-tax NPV for two half-owned JV projects in Cuba) of 0.15x - a 62% discount to gold developer median 0.39x (both at our reference gold price of US$2,000/oz AuEq).

• 4 Nov 2025 - Gold developer Horizon Gold Ltd (ASX:HRN) announced an updated resource for its flagship Gum Creek gold project in West Australia, which grew ounces by 8% to 2.3Moz and grade by 26% to 1.89 g/t. HRN stock rose +1.4% on 4 Nov after this news (vs. gold developer median loss -0.6% for the day) to 74c/sh, market cap A$124m, market cap/oz resource US$35/oz Au (vs. developer median $50/oz AuEq), P/NAV of 0.10x (22% discount to group median 0.13x).

• 3 Nov 2025 - Gold developer Denarius Metals (OTC:DNRSF) announced an updated resource for its 100%-owned Zancudo project in Colombia, following 7,225m of drilling completed in the Company’s 2024 drill campaign. The deposit strikes for 2,500m with known vertical extent of 400m, and remains open for further expansion in all directions. The update used a slightly lower cutoff grade of 3.25 g/t AuEq (compared to 4g/t AuEq in 2023), which together with new drilling helped grow overall resource tonnage by 37% to 5.6 Mt, including 0.98Mt indicated grading 6.9 g/t Au, 84 g/t Ag (7.9 g/t AuEq). Overall contained metal grew 16% to a reported 1.2Moz AuEq (indicated + inferred). Including the companies other polymetallic projects in Spain, company resource grow by 6% to 3.68 Moz AuEq (50% from Au, 22% from Zn, 12% from Ag, rest Cu-Ni-Pb-Co-Pd-Pt). From combined 2023 PEA for this Zancudo project and 2024 PFS for other Aguablanca project in Spain, Denarius stock trades at P/NAV of 0.15x at our Reference gold price US$2,000/oz Au - a 69% discount to gold developer median 0.48x. On market cap/oz, Denarius trades at US$12.7/oz AuEq, for a 75% discount to gold developer median $52/oz AuEq.

• 3 Nov 2025 - Silver producer and intermediate gold producer Coeur Mining, Inc. (NYSE:CDE) announced the acquisition of intermediate gold producer New Gold Inc. (NYSE:NGD) in an all-stock US$7b deal, which includes a 16% premium to NGD’s last price. NGD shareholders are to receive 0.4959 shares CDE per NGD share and will own 28% of combined company (CDE 62%). CDE gets NGD’s mineral resources of ~8.6Moz AuEq (including 2 producing mines in Canada), which are 70% from Au, 27% from Cu, and 3% from Ag (with no recovery factors at our 3-month trailing average metal pricing) for a price of US$785/oz AuEq, which initially sounds pricey relative to intermediate gold producer median $224/oz AuEq and even to CDE’s prior (31 Oct) market cap/oz of US$638/oz. Stemming in part from these initial optics, CDE stock sold off by -12% today to ~US$15/sh and pro forma market cap ~US$16b. But based on simple equating of NAV multiples, we ultimately exepct CDE stock to gain by as much as ~50% on this deal. Here’s why: We’d expect an intermediate gold producer to trade at NAV multiple (P/NAV or price-to-net-asset-value) around ~1x, whereas we’d expect a SILVER dominant precious metals producer or SENIOR GOLD producer to receive a NAV premium of up to +1x, for a 2x NAV multiple overall. CDE looks like had already warranted this ~2x NAV multiple from its high 38% of resources (and similarly high share of production) coming from silver (based on CDE’s market cap/oz AuEq resource being more than double intermediate gold producer group median). BUT there is a special sweet spot implied here, IF a company can achieve BOTH: (1) Silver dominance, AND (2) Senior gold producer status, this company should warrant multples as high as ~3x! This type of multiple has recently only been reserved for the likes of Wheaton Precious Metals (NYSE:WMP) with its 50% of resource metal value (and high share of production) coming from silver, which helps WPM trade at the very top of the senior gold producer pack on market cap/oz resource. That’s what this deal is about for CDE, which now graduates to our SENIOR GOLD PRODUCER peer group (and also remains a SILVER PRODUCER with it’s (still) relatively high 26% of metal value coming from silver - second only to WPM in senior gold group), and so CDE’s warranted NAV multiple could increase by as much as 50% from ~2x to ~3x. A 50% rise from CDE’s (3 Nov) proforma market cap/oz AuEq of US$609/oz AuEq (at US$15.14/sh) would yield US$911/oz (not even HALF of WPM’s existing US$1,866/oz AuEq). The good folks on Bay Street SHOULD have picked this up (altough they tend to be overly-obsessed with cash flow multiples, so might have missed it 😉). NAV incorporates cash flow, but also reserves/resources replacement, and is better for rules of thumb and comparisons between peer groups (AND is more proportionate to market cap/oz resource, which is handy vis a vis our Peer Table).

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.