Daily Metals Mining Rundown for 27 Mar 2025 (intraday TSX)

Today’s metal price movements (over past ~24 hrs) and mining company peer group movements intraday TSX (including earlier ASX movements) include:

Top and bottom 40 daily performing metals mining company stocks (out of 455 in our Peer Table) intraday TSX (including earlier ASX movements) include:

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

• 27 Mar 2025 - PGM and Copper developer Generation Mining (TSX:GENM) announced results for its updated feasibility study for its flagship Marathon Palladium-Copper project in Ontario (38% Cu, 35% Pd, rest Pt, Au, by resource metal value, at our estimated 3-month trailing average). The study incorporated results of optimization work, including an optimized/improved mine plan and reduced capex previously mentioned by the company in a 20 Nov 2024 release, and does appear to demonstrate improved economics compared to the prior 2024 study. According to the NPV sensitivity relationships provided in the study, and at our Reference metal prices of $1,800/oz Pd and $3.5/lb Cu, GENM’s post-tax NPV improved by 25% to US$979 million. And these substantially improved economics has pushed GENM stock up 15% intraday TSX Thursday, to a P/NAV (market cap/NPV) of 0.031x, which is still a 69% discount to our 30-company copper developer peer group median of 0.14x (at our Reference metal pricing) and a 68% discount to our 6-company PGM developer peer group median P/NAV of 0.10x.

• 27 Mar 2025 - Gold developer Wallbridge Mining (TSX:WM) announced an updated PEA for its flagship Fenelon project on the Quebec side of the Detour Trend. The study showed relatively low AISC of $1,046/oz, and reduced initial capex by 10% to C$579 million compared to the initial 2023 PEA, with more realistic economics that worsened by much more than 10%. Resulting P/NAV (market cap/NPV) was 0.17x - still a 37% discount to our 62-company gold developer peer group median of 0.27x (at our Reference gold price of US$1,800/oz).

• 27 Mar 2025 - Copper developer Hot Chili (ASX:HCH) announced a first ever reserve in a PFS for its flagship Costa Fuega project in Chile, which resulted in slightly worse economics than the prior 2023 PEA (as can be expected as a PEA is preliminary in nature and relies on inferred resources whereas this PFS relies strictly on those measured and indicated resources that are demonstrated to be economically mined). HCH’s overall P/NAV (market cap/NPV) rose slightly on worsened economics to (a higher confidence) 0.18x now (was 0.09x before this announcement), which is now a modest 17% premium to peer group median of 0.15x.

Disclaimer: Provided for informational and educational purposes, and is not intended as investment advice. For full disclosures, visit www.hostrockcapital.com/disclosures.