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- Daily Metals Mining Rundown and Peer Table - Free Edition for 3 Feb 2025 (intraday TSX)
Daily Metals Mining Rundown and Peer Table - Free Edition for 3 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 03, 2025
Today’s metals price movements intraday TSX (over weekend) include:
Silver price up +0.8% to $31.54/oz Ag
Gold price up +0.8% to $2,819/oz Au
Copper price up +1.1% to $4.30/lb Cu
Platinum price is down -4.1% to $990/oz Pt
Palladium price down -2.0% to $1,042/oz Pd
Today’s top metals mining peer group movers intraday TSX include:
Senior gold producers’ peer group median share performance is up +1.5%, to a peer group median market cap/oz resource $199/oz AuEq
Silver producers’ median is up +0.9% to median market cap/oz of $1.11/oz AgEq ($96/oz AuEq)
Intermediate gold producers’ median is up +0.9% to median market cap/oz of $118/oz AuEq
Lithium brine explorers’ median is down -6.7% to median market cap/t of $3.17/t LCE ($0.81/oz AuEq)
Lithium hard rock explorers’ median is down -2.8% to median market cap/t of $113/t LCE ($29/oz AuEq)
Lithium brine developers’ median is down -4.0% to median market cap/t of $7.93/t LCEe ($2.03/oz AuEq) and to a median P/NAV of 0.042x (at our Reference lithium price of $20,000/t LCE).
Lithium clay developers’ median is down -3.7% to median market cap/t of $3.44/t LCEe ($0.88/oz AuEq) and to a median P/NAV of 0.011x (at our Reference lithium price of $20,000/t LCE).
Uranium developers’ median is down -3.7% to median market cap/lb of $0.76/lb U3O8e and to a median P/NAV of 0.42x (at our Reference uranium price of $65/lb).
Metals mining company announcements incorporated into today’s Peer Table (resource updates, economic studies, changes in attributable project ownership) include:
3 Feb 2025 - Intermediate gold producer Cerrado Gold (TSXV:CERT) announced that is has agreed to acquire silver (and zinc, lead, copper, gold) developer Ascendant Resources (TSE:ASND) along with exposure to its low cost, 86 Moz AgEq (1 Moz AuEq) Lagoa Salgada VMS project in Portugal, with a post-tax NPV of US147M and IRR of 39% (at $22.5/oz Ag) from initial capex (including contingency) of US$164.35M, according to a 2023 DFS (that will be optimized). CERT reports that Lagoa Salgada has EIA approval due in Q2/25, an optimized feasibility study due in Q3/25 (aims to improve NPV/capex ratio), with a construction decision expected by yearend. The deal is set to include multiple private placements, that are expected to result in CERT issuing 27.7 M additional new shares for a 131.3 million share (pro-forma) upon completion, and with the merged entity owning 80% of the Salgada VMS project (from ASND’s previously reported effective ownership of 21.25% pending additional milestones to increase). We preemptively add (with a footnote) the additional shares to CERT’s market cap in the Peer Table which increases CERT’s market cap to US$42M pro-forma after share price fell 5% today (market cap was US$35M yesterday), and we also add 80% of Lagoa Salfada resources to CERT’s resource holdings, resulting in a pro-forma market cap/oz resource of US$16/oz AuEq (from $20/oz yesterday), which is a steep 86% discount from our intermediate gold producer median market cap/oz resource of US$117/oz AuEq.
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