Weekly Metals Mining Rundown for Week Ending 8 Aug 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 490) 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:

• 6 Aug 2025 - Uranium developer Denison Mines Corp. (TSX:DML) announced PEA results for its secondary 25.17%-owned Midwest Main ISR project in Saskatchewan. Reported post-tax NPV8 (100% basis) was C$965m at US$80/lb U3O8 from initial capex of C$254m. When combined with results of 2023 FS for Phoenix ISR and PSF update for Gryphon conventional (both 95%-owned), DML’s attributable NPV at our reference uranium price of US$65/lb U3O8 rises to US$1.49b, lowering P/NAV (market cap/NPV) to 1.3x, for this advanced-stage, nearly-permitted Wheeler River project (including super high-grade Phoenix, and nearby Gryphon), along with this new pipeline project Midwest Main (25.17%), which is above our 15-company uranium developer peer group mean P/NAV of 0.76x at same $65/lb U3O8.

• 5 Aug 2025 - Nickel, copper, and cobalt developer The Metals Company (NYSE:TMC) announced the results of two economic studies: PFS for its NORI D project and an initial assessment of cash flow (IACF) for its NORI ABC & TOML project, both at the bottom of the Pacific Ocean. The PFS contains the first ever mineral reserve for a seabed deposit, which amounted to a probable reserve of 51 Mt grading 1.4% Ni, 1.1% Cu, 0.13% Co (and 31% Manganese) which supports the first 7-8 years of mine life in the PFS (the PFS mine plan contemplates mining total resources of 164 Mt out of total NORI D resource base of 363 Mt), resulting in a reported NPV8% of US$5.5b from initial capex of $545m at $9.21/lb Ni ($20,295/t Ni). The IACF contemplated processing resources of 670Mt (out of resource base of 1.3 Bt for NORI ABC & TOML project, for combined resource base of 1.6 Bt across both NORI D and NORI ABC & TOML projects) and yielded a reported post-tax NPV8 of $18.1b from initial capex of $8.85b at US$9.24/lb Ni ($20,360/t Ni). Both studies combined concurrently have a cumulative NPV of US$23.9b at our reference nickel price of US$9.5/lb Ni (according to metal price sensitivity provided in studies), which trade at a P/NAV (market cap/NPV) of 0.09x - just below our 16-company nickel developer peer group median 0.10x, and a 64% discount to our 34-company copper developer peer group median P/NAV of 0.25x at reference $3.5/lb Cu (36% of TMC’s resources come from Cu).

• 4 Aug 2025 Nickel and gold explorer WIN Metals (ASX:WIN) announced a binding memorandum of understanding to acquire the past-producing Radio Gold mine in Western Australia, which is fully-permitted and offers near-term cash flow potential if restarted. WIN stock traded flat +0% today (5 Aug) at A$0.02/sh, before closing the week (ending 8 Aug) flat +0% in-line with gold explorer median performance, at a market cap A$12m, and market cap/oz resource US$0.013/lb NiEq ($6.1/oz AuEq) for its reported resources of 1.29 Moz AuEq or 618 Mlbs NiEq (30% Au from 0.39 Moz Au, 67% Ni from 415 Mlbs Ni, rest Li) at our estimated 3-month trailing average metal prices, which is in-line with our 15-company nickel explorer peer group median US$0.013/lb NiEq ($6.1/oz AuEq) and 88% discount to mean $0.105lb NiEq ($50/lb AuEq). And against our 91-company gold explorer peer group, WIN’s $6.1/oz AuEq trades at cheaper end at a 80% discount to group median $30/oz AuEq.

• 4 Aug 2025 - Lithium brine developer Lake Resources (ASX:LKE) announced a DFS addendum and updated ore reserve and resource statement for its flagship 80%-owned Kachi project in Catamarca province, Argentina, which supplements the Phase 1 DFS from December 2023. Reserves increased to 0.63 Mt lithium carbonate equivalent (LCE) while resources grew to 11.1 Mt LCE, with a 60% improvement to attributable post-tax NPV10 (of US$853m) at our reference lithium price of US$20,000/t LCE compared to 2023 DFS, which trades at a 8 Aug P/NAV (market cap/NPV) of 0.057x - an 11% discount to our 14-company lithium brine developer peer group median 0.064x and 30% discount to mean 0.082x.

• 4 Aug 2025 - Gold developer Tesoro Gold (ASX:TSO) announced a resource upgrade for its flagship 89%-owned El Zorro project (Ternera deposit) in Chile, resulting in a 42% uplift in contained gold to a pit-constrained 1.82 Moz (grading 1.10g/t Au). Unconstrained resource grew to 2.0Moz @ 1.07g/t, which trade at at 8 Aug market cap/oz of US$25/oz AuEq - a 42% discount to our 72-company gold developer peer group median $43/oz AuEq. On P/NAV (market cap/attributable NPV) according to 2023 scoping study (which is now superseded by this resource upgrade), TSO’s 89% share of project trades at 0.23x at our (low) reference gold price of US$2,000/oz - a 33% discount to group median 0.34x (at our estimated 3-month trailing average gold price US$3,318/oz, TSO trades at P/NAV 0.08x - a 39% discount to median 0.12x).

• 5 Aug 2025 - Gold explorer Aurum Resources (ASX:AUE) announced a 50% increase to its JORC resources for its Boundiali project in Cote d’Ivoire in West Africa to 2.41Moz @1.0g/t Au, which grew group resources by 28% to 3.28Moz. AUE trades on 8 Aug at market cap/oz resource $34/oz AuEq - in between our 91-company gold explorer peer group median US$30/oz and mean $60/oz AuEq.

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.