Daily Metals Mining Rundown for 23 Sept 2025 (after-market TSX)

Platinum pricing continued rising thru North American trading, when it was join by uranium which also rose more than 1%; Silver and gold prices held on to recent gains but remained flat for the day; PGM and uranium stocks mostly gained along with some gold stocks; Fortune Bay announced an updated PEA and Atex Resources announced a resource update.

September 23, 2025

Today’s metal price movements (over past ~24hrs) 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 491 in our Peer Table) intraday TSX/NYSE trading (including earlier ASX closing prices) include:

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

  • 23 Sept 2025 - Gold developer (and uranium explorer) Fortune Bay (TSXV:FOR) announced results of an updated PEA for its flagship Goldfields Gold project in northern Saskatchewan. The study contemplated a lower 5,000 tpd production level (was 7,500tpd in 2022), which helps expedite the path to production by lowering startup capital (to C$301m incl. $51m contingency), and by staying within provincial permitting with valid 2008 EIS and avoiding a federal impact statement. Resources were also updated but remained relatively unchanged at 24Mt grading 1.28 g/t Au for 0.99Moz indicated and 7.4Mt grading 0.90 g/t Au for 0.21Moz Au. PEA contemplated 80% of combined resource for 25.2Mt with a waste-to-ore strip ratio of 3:1 (this strip of 3 combined with grade over 1g/t is quite solid). As a result of the lower throughput, economics took a slight hit - with and after-tax NPV of US$773m at our 3-month trailing average gold price of US$3,350/oz (was $918m with old 7,500 tpd study), which pushed the P/NAV (market cap/NPV) up just slightly to 0.05x (was 0.04x) after the stock rose 9% today to 87c/sh - still a wide 66% discount to our 69-company gold developer peer group median 0.14x.

  • 23 Sept 2025 - Copper explorer Atex Resources (TSXV:ATX) announced a resource update for its flagship Valeriano project in Chile, that grew copper-equivalent ounces by 41% to 33.85 Blbs CuEq (48.1 Moz AuEq) - 67% from Cu, 28% from Au, rest Ag. ATX stock traded down slightly -1.6% today (23 Sept) vs. peer group median flat +0% to C$2.45/sh, market cap C$743m, and market cap/oz resource of US$0.016/oz CuEq ($11/oz AuEq) - a 22% discount to our 38-company copper explorer peer group median US$0.021/oz CuEq ($14.4/oz AuEq).

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