Daily Metals Mining Rundown for 31 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 458 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:

• 31 Mar 2025 - Copper (polymetallic) producer Aeris Resources (ASX:AIS) announced an updated resource for its Constellation deposit nearby its flagship producing Tritton mine and 1.8 mtpa plant in Australia. The update grew the deposit’s copper resource by 24% to 153kt Cu and gold by 29% to 161 koz Au (within 7.6 Mt), with the indicated share of resources growing substantially. The increase confirms the company’s confidence in this deposit becoming a major ore source for Tritton in the near future, with the solid 5.3Mt of indicated resources providing a strong foundation for potential conversion to reserves in an upcoming feasibility study. This Constellation resource update grows company wide resources slightly to ~3.8 Blbs CuEq (~6.0Moz AuEq) from ~3.7 Blbs CuEq (5.8 Moz AuEq), which are 50% from copper by metal value, 25% from gold, rest Zn-Ag (at our estimated 3-month trailing average metal prices), and which traded up 5% Monday (31 Mar) in Australia following this news to a AIS market cap/lb resource of US$0.032/lb CuEq - still a 67% discount to our 23-company copper producer peer group median of $0.097/lb CuEq, as shown in below excerpt from our Peer Table.

• 31 Mar 2025 - Lithium hard rock explorer Delta Lithium (ASX:DLI) announced a resource update for its secondary Yinnetharra Lithium and Tantalum project in Australia, incorporating some infill drilling and including a new slightly higher-grade component at the Jameson prospect. Indicated resources increased substantially (including by 140% at main Malinda deposit to 16.1 Mt indicated grading 1% Li20). Overall lithium resources dropped slightly to 21.9 Mt grading 1.0% Li02 for 212 kt Li2O (0.52 Mt lithium carbonate equivalent, LCE, excluding the tantalum), but at a slightly higher average lithium grade. DLI stock traded up 3% Monday (31 Mar) in Australia following this news, and together with its flagship Mt Ida project that hosts additional lithium resources of 14.6 Mt grading 1.2% Li20 for total company lithium resources of 0.96 Mt LCE and also hosts gold resources of 0.752 Moz Au for total company wide resources of 1.2 Mt LCE (4.3Moz AuEq), which are split 82%/18% Li/Au by metal value according to our estimated month trailing average spot metal prices, and which trade at a DLI market cap/t resource of US$68/t LCE ($19/oz AuEq), which is in-line with our 14-company lithium hard rock explorer mean of $71/t LCE ($19oz AuEq) and just above the group median of $39/t LCE ($11/oz AuEq), as shown in below excerpt from our Peer Table, and this slight premium to median appears due to the proximity of this company’s lithium resources to several producing lithium mines co-located Western Australia (and potential for their acquisition), as shown in map below.

• 31 Mar 2025 - Silver (polymetallic) producer Adriatic Metals (ASX:ADT) announced its annual reserves and resources update for its main Ruprice deposit at its flagship producing Vares project in Bosnia, resulting in an 11% drop in reserves tonnes after some mining depletion, and some additions & losses from drilling, for an ore reserve of 12.3 Mt (grading relatively high at 192 g/t Ag, 5.7% Zn, 3.6% Pb, 1.5g/t Au, 0.5% Cu and 0.2% Sb). Overall measured, indicated, and inferred mineral project resources fell a more slight ~6% to 316 Moz AgEq (3.54 Moz AuEq) grading 470 g/t AgEq (5.3 g/t AuEq). And together with additional resources from Vares pipeline satellite Veovaca (not yet in reserves) and historical resources from secondary Raska project in Serbria, ADT’s combined 398 Moz AgEq (4.5 Moz AuEq) are 30% from Ag by metal value, 32% Zn, 17% Au, rest Cu-Pb excluding resources of metalloid antimony (Sb) at our estimated 3-month trailing average metal prices. And these 398 Moz AgEq under ADT stock dipped 10% Monday following this news, to a market cap/oz resource of US$1.07/oz AgEq (96/oz AuEq), which is a 14% discount to our our 18-company peer group median of $1.25/oz AgEq (112/oz AuEq) - excluding the antimony, per below excerpt from our Peer Table.

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