Daily Metals Mining Rundown and Peer Table - Free Edition for 12 Mar 2025 (intraday TSX)

Today’s metal price and mining company peer group movers intraday TSX (over past ~24 hours including prior intraday ASX changes) include:

Mining company announcements incorporated into today’s after-market ASX TSX Peer Table (resource updates, economic studies, changes in attributable project ownership) include:

• 12 Mar 2025 - Intermediate gold producer and silver producer Fortuna Mining (TSX:FVI) announced its annual reserves and resources update. Total Measured and Indicated (M&I) resources (inclusive of reserves) grew by ~2-3% to ~4.2 Moz AuEq (including Au and Ag, excluding minor Zn and Pb), which included an 11% decrease in reserves to 2.7 Moz AuEq, and a 36% increase in M&I resources exclusive of reserves to 1.5 Moz AuEq. Drop in reserves was due to depletion of 526 koz AuEq, partly offset by conversion of 204 koz resources (both excl. Zn and Pb). So while the past year’s mined reserves were not completely replaced, the total mined M&I resources were more than replaced (by infill drilling) - and those M&I resources should be easily converted to reserves later. Inferred gold-equivalent resources also increased (including from some newly discovered inferred resources) by 29% to 2.7 Moz AuEq (excl. Zn & Pb), leading to an increase in total mineral resources (excluding minor Zn and Pb) of ~7% to 5.93 Moz AuEq (also excluding Zn and Pb, at our estimated 3-month trailing average metal prices) or to 6.31 Moz AuEq including the Zn and Pb, also at our estimated 3-month trailing average metal prices. These 6.31 Moz AuEq of resources (88% from Au, 6% from Ag, rest Zn-Pb) trade at a FVI market cap/oz resource of US$257/oz AuEq - ranking near the upper-quartile-range (75th-percentile) of the intermediate gold producer peer group valuation range, and near the top of the silver producer peer group. This premium is expected, in part due to the typical premium on the silver share of its production (and its resources/reserves), and also in part due to its multiple highly-productive/strong-cash-flowing producing mines including in Latin America and Africa. This could make FVI either a good take-out target for a major looking to grow their cash flow, or perhaps even better for shareholders in the long-run would be if FVI leveraged its strong cash-flow and realtively high market cap/oz valuation to acquire a smaller-scale gold and/or silver producer with a larger/cheaper resource base in which it could invest & ramp production up (as FVI has done before, including years ago when it acquired/merged with African smaller-scale gold producer Roxgold).