Daily Metals Mining Rundown for 3 July 2025 (intraday TSX)

Today’s metal price movements (over past ~20hrs) and mining company peer group movements through TSX/NYSE trading (including earlier ASX movements) include:

Top and bottom 40 daily performing metals mining company stocks (out of 473 in our Peer Table) through TSX/NYSE (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) include:

• 3 July 2025 (intraday) - Gold developer Spanish Mountain Gold (TSXV:SPA) announced results of a PEA for its flagship Spanish Mountain gold project in BC, Canada, which included several changes compared to the prior 2021 PFS, including: larger project scale (now 26 ktpa, was 20 ktpd), improved flowsheet, optimized open pit slopes, upsized power to accommodate future electrification of equipment, filtered/dewatered tailings, and an updated/tightened resource estimate including main deposit Measured and Indicated resources of 292Mt @ 0.44 g/t Au for 4.2Moz Au + Ag credits (total resources are down slightly to ~4.7Moz AuEq). After-tax NPV5% was C$1.0b at US$2,450/oz from initial capital costs of C$1.25b (including $259m project contingency), or at our estimated 3-month trailing average gold price of $3,270/oz, NPV was down slightly to US$1.6b. SPA stock traded flat +0% today (3 July) intraday on this news (vs. our 67-company gold developer group median also flat +0%) to a market cap of C$75m, market cap/oz resource of US$12/oz AuEq (vs. group median $37/oz AuEq) and P/NAV (market cap/post-tax NPV) of 0.03x (vs. group median 0.10x) based on NPV of US$1.67b that was down slightly from old 2021 PFS - at our estimated 3-month trailing average metal prices (US$3,270/oz Au.)

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