Daily Metals Mining Rundown for 8 July 2025 (after-market TSX)

Today’s metal price movements (over past ~26hrs) and mining company peer group movements intraday TSX/NYSE (including earlier ASX movements) include:

Top and bottom 40 daily performing metals mining company stocks (out of 488 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:

• 7 July 2025 - Former PGM explorer - now PGM developer - Bravo Mining (TSXV:BRVO) announced PEA results for its flagship Luanga project in Brazil - a top tier primary PGM junior mining company with a rare 80% of its metal value contribution coming from PGM’s (11% Rh, 40% Pd, and 29% Pt), according to the PEA release. As such, investors like to hold this stock for its high torque on these 3 PGMs and precious metals - especially Rhodium due to this metal’s extreme volatility and BRVO’s relatively abundant Rh resource of 0.65 Moz Rh, making up 11% of project’s metal value (which appears best-in-class). At our estimated 3-month trailing average metal prices, BRVO holds resource of 22 Moz PdEq (6.6 Moz AuEq), and trades at a market cap/oz resource of US$11/oz PdEq ($37/oz AuEq) - which had for the past year been at the very top of our 9-company PGM explorer peer group (now 8), and now trades around the upper quartile range of our 8-company PGM developer peer group (was 7) - just above the mean $7.5/oz PdEq ($25/oz AuEq). The PEA returned a base case post-tax NPV8% of US$1.25b (at metal prices of $1,271/oz Pd, $1,500/oz Pt, $6,000/oz Rh, $3,251/oz Au, and $8/lb Ni - none of which are far from spot currently), from initial capex of only $496m.

• 8 July 2025 - Gold developer West Red Lake Gold (TSXV:WRLG) announced PEA results for its smaller-sized Rowan project in Ontario, which supplements a prior 2025 PFS for its flagship Madsen project. The PEA reported post-tax NPV of C$125m (at US$2,500/oz Au) from initial capital of C$70m. Together with NPV from Madsen PFS at our estimated 3-month trailing average gold price of US$3,270/oz, and according to the NPV sensitivity to gold price provided in each study, our Peer Table estimates a combined NPV (or NAV) of US$729m, and WRLG trades at a P/NAV (market cap/NPV) of 0.29x - around upper quartile range of our 68-company gold developer peer groups (above the median and mean of 0.10x and 0.15x). But we remind investors that Madsen is an already-built, fully-permitted, and past-producing mine that had operated for a short 18 month period (Pure Gold mine) back in 2021/2022 (when gold price was around $1,800/oz) before it went broke and shut down. WRLG has recently re-started the mine (announced 22 May), before the ramp-up was paused due to an unfortunate fatality (announced 16 June) that justifiably required a comprehensive investigation and review, before the mine was reported to resume its ramp up some days later. If commercial production can be profitably achieved (which it should based on gold price now being ~$3,3300 vs. ~$1,800/oz when mine shut in 2022) and WRLG graduates to become an intermediate gold producer, then this P/NAV of 0.29x (at spot price) should re-rate to the ~0.6-1x (at spot) that we might typically expect from an intermediate gold producer.

• 7 July 2025 - Former gold explorer - now gold developer - Dakota Gold Corp (NYSE:DC) announced results for its Initial Assessment with Cash Flow (IACF) for its Richmond Hill Oxide Head Leach Gold Project in South Dakota (IACF is USA version of a PEA), which forecasted a post-tax NPV5% of US$2.1b (for the M&I&I plan) at gold price of $2,350/oz from initial capital cost of $383m. The lox capex is attributable to the the plans for heap leach processing - which sometimes has its challenges - but apparently not in this neck of the woods where Coeur Mining operates the Wharf mining next door, which generated roughly $95m in free cash flow in 2024 from production of around 98,000 oz. DC and its huge resource of 10.6 Moz AuEq (91% from Au by metal value, rest Ag) trade at a market cap of US$454m, market cap/oz resource of $43/oz AuEq (between our 70-company gold developer group median and mean of $37/oz AuEq and $62/oz), but a P/NAV of only 0.19x - a 34% discount to group median 0.29x (both at our Reference gold price of $2,000/oz).

• 8 Jul 2025 - Gold explorer Banyan Gold (TSXV:BYN) announced an updated mineral resource estimate (MRE) for its flagship 75%-owned AurMac project in Yukon (with right to earn up to 100%). The MRE incorporated an additional 21,000m of drilling completed in 2024, and grew overall project resources by 10% to 7.7 Moz Au (100% basis), and for the first time included an indicated resource accounting for roughly one-third of this. Company attributable resources grow by roughly 9.5% to ~6.3 Moz Au, which trade at a BYM market cap/oz resource of US$12/oz - a 52% discount to our 95-company gold explorer peer group median US$25/oz.

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