Daily Metals Mining Rundown for 29 April 2025 (intraday TSX)

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

Top and bottom 40 daily performing metals mining company stocks (out of 458 in our Peer Table) through TSX trading (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:

• 29 April 2025 - Uranium developer District Metals (TSXV:DMX) announced a compliant resource update for its flagship, 100%-owned Viken project in central Sweden, which compared to the prior historic estimate grew the deposit by 74% to (a huge) 3.2 Blbs U3O8 (equivalent), which is 53% from Uranium resources and rest from Cu, Ni, Zn, Mo, all of which of relatively low grade. DMZ traded up 23% today on this news (vs. U developer peer median +3.5%) to a market cap/lb resource of US$0.01/lb U3O8 ($0.44/oz AuEq) - at the bottom of our Uranium developer peer group and a wide 98% below its median $0.89/lb U3O8 ($37/oz AuEq). On P/NAV based on DMX’s old 2010 PEA for Viken, DMX trades at 0.034x - 93% below its uranium developer peer group median of 0.51x.

• 29 April 2025 - Gold and nickel developer Horizon Minerals (ASX:HRZ) announced an updated group mineral resources statement, following the recent completion of its acquisition of Poseidon Nickel (formerly ASX:POS). Overall resources from its gold and nickel projects in Australia remained relatively unchanged from our previously retrieved combined resource inventory (immediately following merger) at 4.55 Moz AuEq (now 52% from Ni, 40% from Au, rest Ag-Co-Zn). HRZ stock traded flat today (vs. gold and nickel developer median performance that were also flat +0%) at a market cap/lb resource of US$0.046/lb NiEq ($18/oz AuEq) at our estimated 3-month trailing average metal prices - just below our 14-company nickel developer peer group median $0.047/lb and a wider 38% below our 64-company gold developer peer group median of $29/oz.

• 29 April 2025 - Copper and nickel explorer Pivotal Metals (ASX:PVT) announced a significant resource update for its flagship high-grade & shallow Horden Lake project in Quebec. Overall resources increased by 38% to 1.06 Blbs CuEq or 670 Mlbs NiEq or 1.7 Moz AuEq (now 49% from Cu, 24% from Ni, rest Co-Ag-Au-Pd-Pt) at our estimated 3-month trailing average metal prices. PVT stock traded up 14% today following this news (vs. Cu and Ni explorer peer group median performances that were flat +0%) and closed at a market cap/lb resource of US$0.003/lb CuEq or $0.005/lb NiEq or $1.9/oz AuEq - which was 85% below our copper explorer median of $0.021/lb CuEq ($13/oz AuEq) and 47% below our nickel explorer median of $0.009/lb NiEq ($3.5/oz AuEq).

• 29 April 2025 - Lithium hard rock explorer Delta Lithium ASX:DLI) announced a resource update for its secondary Mt Ida Gold project in Australia, that the company aims to spin out as a separate ASX entity to be called Ballard Mining Ltd. The update grew project gold resources by 46%, and our retrieved overall resources by 8% to 1.3 Mt LCE (4.6 Moz AuEq). DLI stock traded up today +3% following this news (vs. Li hard rock explorer peer group flat +0) to a market cap/t resource of $64/t LCE ($17/oz AuEq), which is in between Li hard rock explorer median and means of $35 and $67/t LCE - and 19% below the gold explorer median of $21/oz AuEq.

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