Daily Metals Mining Rundown for 20 Nov 2025 (after-market TSX)

Metal prices were largely flat thru NA trading, while rhodium inched higher and lithium remained elevated from ASX trading, which helped NA listed Li stocks play catch up; Coverage includes resources update by Independence Gold for 3Ts project in BC and increased ownership for Colombian development project by Aris Mining.

November 20, 2025

Today’s metal price movements (over past ~24hrs) and mining company peer group movements through TSX/NYSE trading (including earlier ASX movements):

Top and bottom 40 daily performing metals mining company stocks (out of 504 in our Peer Table) through TSX/NYSE trading (including earlier ASX closing prices):

Covered company announcements incorporated into today’s after-market TSX Peer Table (resource updates, economic studies, changes in attributable project ownership):

  • 20 Nov 2025 - Intermediate gold producer Aris Mining (TSX:ARIS) announced it has entered into a binding term sheet to acquire the remaining 49% interest in the Soto Norte development project in Colombia, where it has ongoing gold production from its Segovia mine. The deal grows ARIS’ M&I resources by +3.4Moz consideration of US$80m ($60m cash, $20m shares at US$11.50/sh) which translates to US$23.5/oz M&I - a fair price for both parties, and most importantly this deal positions ARIS for growth and to become a 1,000,000 oz pa producer from full ownership of producing Segovia, and pipeline projects Marmato, Toroparu, and now also Soto Norte. Somewhat surprisingly, ARIS traded down -3.7% today (20 Nov, intraday) following this news - underperforming our intermediate gold producer median -2.4% (intraday), to share price C$16.11, (proforma) market cap C$3.3b, and proforma market cap/oz resource of US$72/oz Au (based on ARIS’ M&I&I resources which grew by 22% on this deal to 32.6Moz) - a steep 68% discount to our 58-company gold producer median US$227/oz AuEq.

  • 20 Nov 2025 - Gold explorer Independence Gold (TSXV:IGO) announced a significant update to its mineral resource estimate for its flagship 3Ts project in BC. The update grew open pit and underground gold equivalent resources by roughly 10% to 0.765 Moz (78% from Au, 22% from Ag - at 3-month trailing average metal pricing), and for the first time includes an indicated category - paving the way for a future reserve. IGO stock traded flat +0% today (20 Nov, intraday) following this news to 10c/sh, market cap C$20m, and market cap/oz resource US$19/oz AuEq - a steep 57% discount to 93-company gold explorer group median $44/oz AuEq.

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