Daily Metals Mining Rundown and Peer Table - Free Edition for 18 Feb 2025 (intraday TSX)

Today’s spot metals price movements intraday TSX (over past ~24 hrs) include:

Today’s top metals mining peer group movers intraday TSX (including ASX movements earlier today) include:

Today’s top performing metals mining stocks intraday TSX (including ASX movements earlier today) out of 423 in our Peer Table include:

Metals mining company announcements incorporated into today’s Peer Table (resource updates, economic studies, changes in attributable project ownership) include:

• 18 Feb 2025 - Near-best-in-class gold developer Rupert Resources (TSX:RUP) announced PFS results for its flagship Ikkari project in Finland, which yielded a post-tax NPV5 of US$1.7B with an exceptional IRR of 38% and low AISC of $918/oz Au from initial capex of $575M (at a reported long term consensus gold price of $2,150/oz Au), with expected first gold pour announced to be in 2030. The study included the project’s first-ever mineral reserve of 52Mt grading 2.1g/t - representing a 10% increase in grade and a 27% decrease in total ore tonnes processed compared to the mill throughput in the 2022 PEA, which had also incorporated some additional Ikkari resources that were not converted to reserves, along with the much of the nearby Pahtvarra satellite deposit that contains additional resources of 7.8Mt grading around 2g/t Au (all of which may eventually make it into the mine plan come FS and beyond). While comparatively to 2022 PEA, capex is up slightly, NPV is down slightly, and AISC is up slightly, some of this is due to the shrinking of the overall project size (which may grow back into the size contemplated in PEA and beyond as this PFS is just a snapshot in time), and all of this should be offset by the significant de-risking step forward associated with the more-advanced PFS and maiden reserve estimate (as looks to be confirmed by the RUP share price that is up +2% today on this announcement). RUP trades at a P/NAV (market cap/NPV) of 0.66x (at our Reference gold price of $1,800/oz Au) - a seemingly justified premium (to peer group mean of 0.49x and median 0.25x) for its low-risk/top-tier jurisdiction of Finland, its relatively large overall deposit & project size, and relatively high-grade & low-strip open pit deposit.

  

• 18 Feb 2025 - Nickel and PGM explorer Bravo Mining (TSXV:BRVO) released an updated mineral resource estimate for its flagship Luanga project in Brazil, resulting in roughly a 58% increase in nickel-equivalent resources to 2.8 Blbs NiEq (or 7.6 Moz AuEq or 20.8 Moz PdEq, all at our estimated 3-month trailing metal prices). This project is PGM powerhouse with 72% of its resource metal value coming from Pd+Pt+Rh - with a significant 15% share of this total resource metal value coming from the highly-scarce Rh (Rhodium), amounting to 0.653 Moz Rh grading a decent 0.08-0.09 g/t Rh (Rh trades now at $4,650/oz Rh but in 2008 traded up to nearly $10,000/oz). PGM prices are still largely down in recent years, but may play catch-up to gold soon on precious metals (gold) substitution demand, which would bode well for BRVO’s high PGM exposure. BRVO is up 11% today on this news, making our daily top 40 performers list, and trades at a market cap/oz resource of US$20.8/oz PdEq (with a high Pd metal value share of 36% - excluding the significant Pt and Rh) - a seemingly justified premium for its solid PdEq resource grade reported by company to be just over 2g/t PdEq, and its high PGM share of resources (Pd+Pt+Rh making up 72% by metal value) including near-best-in-class exposure to lesser-known PGM, Rh.