Daily Metals Mining Rundown for 23 June 2025 (intraday TSX)

Today’s metal price movements (since Friday’s close) and mining company peer group movements intraday TSX/NYSE trading (including earlier ASX movements) include:

Top and bottom 40 daily performing metals mining company stocks (out of 469 in our Peer Table) intraday TSX/NYSE (including earlier ASX closing prices) include:

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

• 23 June 2025 - Gold explorer African Gold (ASX:A1G) announced a substantial update to its inferred resource at its flagship Didievi project in Cote d’Ivoire (link to PR), which more than doubled contained gold to 0.989 Moz, grading high (for open-pits) at 2.5g/t Au. And the deposit has only been tested to ~300m depth, and excludes recent regional discoveries at Pranoi and Poku trends. A1G stock traded up +9.4% today (23 June) following this news, to a share price of A$0.175, market cap of A$92m (US$59m). On market cap/oz resource, these high-grade open pit gold resources trade at US$60/oz Au, which is only a 9% premium to our 89-company gold explorer mean US$55/oz (and a larger premium to median $25/oz). And with resources approaching (a high-grade, open-pittable) 1Moz, economics for this project in a potential PEA scenario should be starting to look quite attractive.

• 23 June 2025 - Gold developer Magnetic Resources (ASX:MAU) announced an updated resource for its Lady Julie project that grew it by 22% to 2.14 Moz, and grew combined Laverton Area (Australia) resources by 17% to 2.32 Moz - majority being open pit resources with solid open pit grades of 1.8-1.9g/t Au. MAU stock rose +0.7% today following this news (vs. our 65-company gold developer peer group median flat +0%) to a market cap/oz resource of US$123/oz - a substantial premium to gold developer mean $65/oz for this near shovel-ready, advanced-stage project with feasibility study underway (and PFS completed in 2024) and permitting advancing, making it an attractive take-out target for an intermediate gold producer, under which MAU’s resources could re-rate upwards to higher market cap/oz multiples (our 55-company intermediate gold producer group trades at median of $167/oz and mean of $274/oz). On P/NAV (taken as market cap/post-tax NPV), MAU trades at 0.20x - a slight premium to group mean 0.16x (both at our estimated 3-month trailing average gold price of US$3,144/oz).

• 23 June 2025 - Gold developer Western Exploration (TSXV:WEX) announced an updated resource estimate for its Gravel Creek and Wood Gulch deposits - part of its 100%-owned Aura project in the top tier mining jurisdiction of Nevada. The upgrade grew inferred share of gold ounces by 56% while increasing grade by 9%. Overall (indicated + inferred) resource ounces grew by 20% to 1.46 Moz AuEq (90% gold by metal value, 10% silver). WEX stock traded down a slight -1.5% today (23 June) intraday (vs. our 67-company gold developer group median flat +0%) to a market cap/oz resource of US$17/oz - a 53% discount to our gold developer group median $36/oz AuEq.

• 23 June 2025 - Intermediate gold producer Westgold (ASX:WGX) announced a maiden resource for its Fletcher zone at its Beta Hunt mine in Western Australia, which nearly doubled resources there, and grew overall company gold resources grow by 27% to ~10.9 Moz Au. WGX stock traded relatively flat today (down -0.3%) following this news, to a share price of A$2.92 and market cap/oz resource of US$161/oz Au - a slight 3% discount to our 55-company intermediate gold producer median US$166/oz AuEq and a wider 40% discount to the group mean of US$272/oz.

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