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- Daily Metals Mining Rundown and Peer Table - Free Edition for 3 Mar 2025 (intraday TSX)
Daily Metals Mining Rundown and Peer Table - Free Edition for 3 Mar 2025 (intraday TSX)
Rundown of company announcements, valuations, and underlying metal prices, according to our compilation of publicly available information covering 9 important metals and more than 400 mining stocks, including mineral resource holdings for and project NPV information for some 140+ developers.
Host Rock Capital
March 03, 2025
Today’s metal price and mining company peer group movers (intraday TSX) include:
Metals mining company announcements incorporated into today’s Peer Table (resource updates, economic studies, changes in attributable project ownership) include:
3 Mar 2025 - Gold developer Westhaven Gold Corp (TSXV:WHN) announced an updated PEA and resource estimate for its 100%-owned flagship Shovelnose underground gold project in British Columbia. Resource ounces were up just slightly compared to 2023 estimate due to a slightly lower cut off grade (of 1.3 g/t AuEq vs 2023’s 1.5 g/t AuEq), increasing indicated resources to 677 koz Au @ 6.13g/t Au and 3.6 Moz Ag @ 32 g/t Ag, and total resources including inferred and silver to 1.12 Moz AuEq (at our estimated 3-month trailing average metal prices), which trade at a WHN market cap/oz of US$15/oz AuEq - a 31% discount to our 58-company gold developer peer group median of $22/oz AuEq. The project’s after-tax NPV6 was reported to have doubled since 2023 to C$454 million from initial capex of only C$184 million at a gold price of US$2,400/oz. And while much of the increase in NPV was due to the higher gold price assumptions in this updated study, the NPV is also increased some ~10% at our apples-to-apples Reference metal pricing of US$1,800/oz (based on the NPV sensitivities provided in each study), resulting in a P/NAV of 0.10x - a 52% discount to our gold developer peer group median 0.21x (at same US$1,800/oz).
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