Daily Metals Mining Rundown for 5 Aug 2025 (after-market TSX)

Silver price rose another 1% through TSX trading for 2% total gain since Friday's close; Silver mining stocks outperform.

Author

Host Rock Capital
August 05, 2025

Today’s metal price movements (since Friday’s close) 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 489 in our Peer Table) through TSX/NYSE trading (including earlier ASX closing prices) include:

Covered mining company announcements incorporated into today’s after-market TSX Peer Table (resource updates, economic studies, changes in attributable project ownership) include:

  • 5 Aug 2025 - Nickel, copper, and cobalt developer The Metals Company (NYSE:TMC) announced the results of two economic studies: PFS for its NORI D project and an initial assessment of cash flow (IACF) for its NORI ABC & TOML project, both at the bottom of the Pacific Ocean. The PFS contains the first ever mineral reserve for a seabed deposit, which amounted to a probable reserve of 51 Mt grading 1.4% Ni, 1.1% Cu, 0.13% Co (and 31% Manganese) which supports the first 7-8 years of mine life in the PFS (the PFS mine plan contemplates mining total resources of 164 Mt out of total NORI D resource base of 363 Mt), resulting in a reported NPV8% of US$5.5b from initial capex of $545m at $9.21/lb Ni ($20,295/t Ni). The IACF contemplated processing resources of 670Mt (out of resource base of 1.3 Bt for NORI ABC & TOML project, for combined resource base of 1.6 Bt across both NORI D and NORI ABC & TOML projects) and yielded a reported post-tax NPV8 of $18.1b from initial capex of $8.85b at US$9.24/lb Ni ($20,360/t Ni). Both studies combined concurrently have a cumulative NPV of US$23.9b at our reference nickel price of US$9.5/lb Ni (according to metal price sensitivity provided in studies), which trade at a P/NAV (market cap/NPV) of 0.09x - in-line with our 16-company nickel developer peer group median, and a 62.5% discount to our 34-company copper developer peer group median P/NAV of 0.24 at reference $3.5/lb Cu (36% of TMC’s resources come from Cu).

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