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- Daily Metals Mining Rundown and Peer Table - Free Edition for 4 Feb 2025 (intraday TSX)
Daily Metals Mining Rundown and Peer Table - Free Edition for 4 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 04, 2025
Today’s metals price movements intraday TSX include:
Silver price up +2.5% to $32.32/oz Ag
Uranium price up +2.0% to $72.80/lb U3O8
Platinum price up +1.3% to $1,003/oz Pt
Copper price up +1.1% to $4.35/lb Cu
Gold price up +0.8% to $2,843/oz Au
Nickel price up +0.6% to $6.96/lb Ni
Lithium price up +0.1% to $10,827/t LCE
Palladium price is down -3.1% to $1,010/oz Pd
Today’s top metals mining peer group movers intraday TSX include:
Lithium clay developers’ peer group median share performance is up +6.6%, to a peer group median market cap/t resource of $3.57/t LCEe ($0.91/oz AuEq) and to a median P/NAV of 0.014x (at our Reference lithium price of $20,000/t LCE)
PGM developers’ median is up +5.0% to median market cap/oz of $3.0/oz PdEq ($8.1/oz AuEq) and to a median P/NAV of 0.12x (at our Reference palladium price of $1,800/oz PdEq)
Silver explorers’ median is up +4.2% to median market cap/oz $0.29/oz AgEq ($25/oz AuEq)
Silver developers’ median is up 3.3% to median market cap/oz of $0.36/oz AgEq ($31/oz AuEq) and to a median P/NAV of 0.56x (at our Reference silver price of $22/oz Ag)
Lithium brine explorers’ median is up +2.7% to median market cap/t of $3.53/t LCE ($0.91/oz AuEq)
Metals mining company announcements incorporated into today’s Peer Table (resource updates, economic studies, changes in attributable project ownership) include:
4 Feb 2025 - Intermediate gold producer and copper developer McEwen Mining (NYSE:MUX) announced a resource upgrade at its Grey Fox gold mine in the Timmins Gold camp, which increased the project’s gold resources by 42% to 2.0 Moz Au (and increased the company’s attributable mineral resources slightly to 35 Moz AuEq from 34.4 Moz). MUX produces gold and trades realtively cheap in our intermediate gold producer peer group at a market cap/oz attributable AuEq resource of $13/oz AuEq - a sharp 89% discount to our 54 company intermediate gold producer peer group median of $120/oz AuEq. Meanwhile we also include MUX in our copper developer peer group given its 48% ownership exposure to its Loz Azulez copper project in Argentina (which is among the best in its class). And we also value MUX on the basis of this 48% ownership in Moz Azulez alone as a copper developer on P/NAV (while excluding all of MUX’s other producing and development assets) among its non-producing copper developer peers, and MUX still trades within the copper devloper range - at a P/NAV of 0.43x (excluding all of MUX’s actual production) vs. the non-producing copper developer (only) peer group mean P/NAV of of 0.38x.
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