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- Daily Metals Mining Rundown and Peer Table - Free Edition for 12 Feb 2025 (intraday TSX)
Daily Metals Mining Rundown and Peer Table - Free Edition for 12 Feb 2025 (intraday TSX)
Daily rundown of mining company announcements and movements in metal prices and mining equity valuations according to our attached Metals Mining Peer Table, which is a compilation of publicly available information covering 9 important metals and more than 400 mining stocks listed globally, and includes the mineral resource holdings of all 400+ companies and project NPV information for some 140+ developers, all retrieved from the companies' published technical reports.
Host Rock Capital
February 12, 2025
Today’s spot metals price movements intraday TSX (past ~24 hours) include:
Today’s top metals mining peer group movers intraday TSX (including ASX movements earlier today) include:
Metals mining company announcements incorporated into today’s Peer Table (resource updates, economic studies, changes in attributable project ownership) include:
12 Feb 2025 - Gold developer Saturn Metals (ASX:STN) announced a resource update for its flagship PEA-stage Apollo Hill project in Western Australia, which increased total resources by 10% to 2.03Moz grading 0.53g/t Au and Measured and Indicated resources by 14% to 1.15Moz, following an additional 8,780m of drilling completed since mid-2023. And more resource growth can be expected as this 8,780m is part of an ongoing 65,000m drill program being completed ahead of a PFS targeted for completion in late 2025. What’s particularly impressive is the track record of steadily-increasing resources since the Company listed in 2018 - and there appears to be significantly more mineralization that is already drilled and outside of the current resource pit shell. With this resource update, STN trades at a market cap/oz of US$26/oz - roughly in-line with our gold developer peer group (58 stocks) median of $24/oz - and at a P/NAV of 0.08x (based on company’s 2023 PEA results) at our 3-month trailing average spot gold price estimate of $2,674/oz Au - in line with our gold developer peer group (56 stocks) median P/NAV of 0.08x. STN stock is up 4% today intraday, making our Peer Table’s top 40 performer list.
Oblique block model cross-section (South West – North East, A-A1 on Figure 1 3D diagram) ± 30 m showing gold grade and block locations (Source: Saturn Metals)
Apollo Hill Total Mineral Resource growth in categorization and ounces since Saturn’s incorporation in 2017 (Source: Saturn Metals)
11 Feb 2025 - Gold developer US Gold Corp (NYSE:USAU) announced a PFS update for its 100%-owned CK gold project in Wyoming, that incorporates recent permitting and optimization advances, and paves the way for a feasibility study. The PFS update’s post-tax NPV5 was $356M from initial capex of only $277M, with near-lower-quartile-range AISC of 937/oz AuEq (CK resource is 68% gold, 30% copper, 2% silver, by metal value), which helps justify USAU’s premium P/NAV of 0.49x at our Reference gold price of $1,800/oz (vs. mean 0.48x and median 0.24x) and a P/NAV of 0.19x at our recent gold price estimate of $2,674/oz Au (vs. mean 0.14x and median 0.08x).
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