Daily Metals Mining Rundown for 30 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 470 in our Peer Table) intraday 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:

• 30 June 2025 - Gold explorer Redcastle Resources (ASX:RC1) announced a resource update for its Queen Alexandra and Redcastle deposits that more than tripled total resources to a still rather small 42 koz Au, grading high for an open pit resource at 2.7 g/t, and this includes a pit-constrained 26 koa @ 2.5g/t Au. RC1 also stated that the estimate provides excellent models for further resource delineation, including below the open pit conceptual shells and at other

  prospects within the Redcastle Project East West fairway. RC1 stock traded flat +0% at A$0.008/sh, market cap A$4.8m, and market cap/oz resource of US$7.4/oz - a ~70% discount to our 90-company gold explorer peer group median US$26/oz.

• 30 June 2025 - Gold explorer Gateway Mining (ASX:GML) announced the acquisition of the Yandal gold project (with 400koz resource) from fellow gold explorer Strickland Metals (ASX:STK) for A$45m in GML shares (1.5b shares), such that STK will own roughly 79% of GML stock. This more than quadruples GML’s shares, and nearly double its resource ounces to 0.91 Moz, and importantly includes an active mining licence application for Horse Well resource of 291.5koz that has multiple toll treating option in the region. STK is opting to distribute/issue 80% of these GML consideration shares directly to STK shareholders. GML stock traded flat +0% today (30 June) following this news on strong volume (vs. 80-company gold explorer median of down -2%) at A$0.027/sh, market cap A$57m (pro-forma assuming 1.9b GML shares out) and (pro-forma) market cap/oz resource of US$41/oz - in between our gold explorer median and mean US$26/oz and US$55/oz. STK stock also traded flat +0% today (30 June) vs. peer group median down -2% at A$0.14/sh, market cap A$317m and (a now lower) market cap/oz resource US$29.6/oz (including, for now until distributed to shareholders, STK’s entire proposed ~79% equity stake of GML’s 0.91 Moz, which is more than the 400koz it divested with Yandal) - just above median $25.8/oz and still well below mean US$55/oz.

• 30 June 2025 - Gold developer Ausgold (ASX:AUC) announced DFS results along with a resource update for its flagship Katanning project in Western Australia, further de-risking the open pit mine plan and paving the way for front-end engineering and project financing. Post-tax NPV5 was A$954m (US$0.62b) at A$4,300/oz (US$2,795/oz) from pre-production capital of A$355m (US$231m) and the updated resource was 2.44 Moz grading 1.11g/t (reserve of 1.25Moz also grading 1.11g/t). Encouragingly, the resource grade improved by 5% on an optimized resource pit shell and overall tighter estimate that resulted in contained resources ounces falling by nearly 20%. Project engineering and economics also appears tighter as the NPV came up some short of that of the 2022 PFS (at apples to apples gold prices). This led to AUC trading down -16% today (30 June) to A$0.73/sh (vs. our 67-company gold developer median daily performance of flat +0%), a market cap of A$227m (US$149m), and a market cap/oz of US$61/oz - in between gold developer group median $36/oz and mean $63/oz - for this advanced feasibility stage, near shovel-ready project (pending permitting completion and project financing). On P/NAV (taken as market cap/post-tax NPV), AUC trades at 0.18x - a slight premium to group mean 0.16x - both at our estimated 3-month trailing average gold price of US$3,144/oz.

• 30 June 2025 - Gold developer Brightstar Resources (ASX:BTR) announced a DFS for its 100%-owned Menzies and Laverton gold projects in Western Australia, where large-scale mining is set to begin in early 2026 through a targeted ore purchase agreement at nearby Paddington mill for which there is an existing memorandum of understanding. The study targeted an initial (small subset of resources) 6.4 Mt @ 1.81 g/t Au for 0.34 Moz recovered, outlining a pre-tax NPV5 of A$203m at A$4,500/oz from pre-production capital of only A$14m (as ore is to be initially processed off-site Paddington mill in 2026 before a 1mpta is due to be constructed in 2027 for expansion capex of A$204m on existing mill site). BTR stock traded down -9% today (30 June) (vs. gold developer median +0%) - perhaps because this study excluded much of BTR’s attributable resources of 3Moz for the broader containing Menzies, Laverton, and Sandstone hubs making up this newer flagship project - most of which are left as upside supplementing these study economics. BTR trades at market cap A$210m at A$0.45/sh and market cap/oz resource of US$42/oz Au - in between our 67-company gold developer group median and mean of US$36/oz and $63/oz AuEq (and a ~75% discount to where our intermediate gold producer median of US$163/oz - where BTR aims to graduate to with commencement of large-scale production by next year according to this DFS. On P/NAV (market cap/70% of reported pre-tax NPV), combining the company’s 2024 Scoping Study for other earlier stage project Jasper Hills and this DFS for Mezies/Laverton, BTR trades at 0.48x at 3-month trailing average US$3,144/oz - well above our gold developer mean of 0.16x at same gold price, but well below the ~1x range BTR is headed towards if it graduates to become a large-scale gold producer as planned.

• 30 June 2025 - Gold developer Barton Gold (ASX:BGD) announced a resource update for its South Australian Challenger gold project that grew project resources to 223 koz @ 0.72 g/t. The update focused on higher-grade tailings and open pit materials, and grew company wide South Australia resources by 9% to 1.90 Moz AuEq (98% from Au, rest Ag).

• 30 June 2025 (after-market) - Gold developer Barton Gold (ASX:BGD) announced the acquisition of the 279 koz for payment of A$5.5m made in 2 stages, including A$0.5m cash and A$5m in stock at a recent VWAP of A$0.78, in addition to a contingent benefit of up to A$9.5m in cash conditional on future gold production. The acquisition grows BGD’s South Australia resources by another BGD’s proforma shares now in include additional 6.4m pending shares for this transaction, for proforma shares of 229.6m and proforma market cap of A$184m at 30 June closing price of A$0.80/sh, for a lowered) market cap/oz resource of US$56/oz (now slightly lowered from both today’s resource upgrade and acquisition) - in between our 67-company gold developer peer group median and mean US$36/oz and US$63/oz. Similarly on P/NAV (market cap/70% of reported pre-tax NPV), BGD trades at 0.21x according to results of its 2025 optimized scoping study for only its Tunkilla project (just above group mean 0.16x) - both at our recent trailing average gold price of US$3,144/oz, with a feasibility being completed this year with stage 1 production due as early as late 2026.

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