Daily Metals Mining Rundown and Peer Table - Free Edition for 6 Mar 2025 (intraday TSX)

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

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

• 6 Mar 2025 - Diversified producer Rio Tinto (NYSE:RIO) completed its acquisition of lithium producer Arcadium Lithium (NYSE:ALTM), and we have now also added RIO to our lithium producer peer group with its newfound 31% of resource metal value coming from lithium and now only 54% coming from copper (excluding significant resources of non-metallics/iron ore/ bauxite/ aluminum/ titanium/ borate/ diamonds - all of which investors get essentially for free compared to most pure-play copper or lithium producer alternatives). RIO trades at the top of both our diversified and lithium producer peer groups on market cap / unit resource, at US$0.72/lb CuEq or $1,760/t LCEe or $458/oz AuEq - a premium to our 3-company diversified producer peer group median of $0.22/lb CuEq ($140/oz AuEq) and to our lithium producer median of $254/t LCEe ($66/oz AuEq), which leaves RIO in a dominant position to acquire mostly any company it chooses (most of which are currently relatively cheap).

  

• 6 Mar 2025 - Gold developer (and small-scale gold producer) i-80 Gold Corp (NYSE:IAUX) announced an updated PEA for the underground portion of its Granite Creek project in Nevada, which appears to have replaced an old 2021 PEA for same project but excluded the open pit portion that is due to be captured in a separate PEA to be released later this year in Q4. Excluding the company’s ongoing small-scale production and the OP portion of this Granite Creek project (for which an updated PEA is due in Q4 2025) and including 3 other previously announced PEAs (2025 PEA for Cove, 2025 PEA for Ruby Hill Complex Mineral Hill Open Pit, and 2025 PEA for Ruby Hill Complex Archimedes UG) and including today’s Granite Creek UG PEA, IAUX trades at P/NAV (market cap/combined NPVs) of 0.14x at our estimated 3-month trailing gold price of $2,740/oz Au - a 93% premium to our 57-company gold developer peer group median of 0.07x (at same gold price). And interestingly, IAUX with its 4 PEAs is the only stock out of 57 gold developers that has a negative NPV at our Reference gold price of $1,800/oz, making it one of the torquiest of the group. On market cap / oz resource, IAUX trades at $26/oz AuEq - only a 23% premium to gold developer group median $21/oz AuEq, and perhaps more importantly a stark 77% discount to our intermediate gold producer peer group median market cap/oz of $114/oz - making IAUX an ideal acquisition target and re-rating opportunity for any of these intermediate gold producers looking to invest in, and ramp-up, IAUX’s portfolio of near-development/past-producing Nevada gold projects.