Daily Metals Mining Rundown for 9 July 2025 (intraday TSX)

Today’s metal price movements (over past ~18hrs) 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:

• 9 July 2025 - Gold explorer Emperor Metals (CSE:AUOZ) announced a maiden resource estimate for its flagship 100%-owned Duquesne West project in Quebec, that doubled the contained gold of the project’s prior historic resource of 0.73 Moz Au (which graded 5.4g/t) to a current 1.46 Moz grading 1.69g/t. Overall resources including small resource at second project Lac Pelletier grew by 76% to 1.69 Moz, which trade at a (8 July) AUOZ market cap C$31m and market cap /oz resource of US$14/oz - a 42% discount to our 95-company gold explorer median $24/oz. AUOZ stock has been on a run - rising +35% over the past month (vs. group median monthly performance of flat +0%) - perhaps in anticipation of this maiden resource. AUOZ stock dipped -9% intraday (9 July, vs. gold explorer median flat +0%) following this news, likely due to the drop in grade vs. apparent historic resource grade, but this should be overshadowed by the size increase, and should not pose much challenges or be much of a hinderance to future economics given the current/recent gold price environment given most of this maiden resource is pit-constrained and grading over 1 g/t which is typical for open pit mines and thus can be expected to be relatively cheaply-extractible (pending future possible economic studies along with more potential resource growth).

• 9 July 2025 - Former gold explorer - now gold developer - Radisson Gold (TSXV:RDS) announced long-awaited PEA results for its 100%-owned past-producing O’Brien mine in Quebec, which is one of the highest grade undeveloped gold deposits in Canada. From low initial capex of C$175m and at a gold price of US$2,550/oz Au, a post-tax NPV5% of C$532m was yielded in the study, with an outstanding (after-tax) IRR of 48% and low AISC of US$1,059/oz. The PEA also included an optimized resource estimate at a slightly higher cutoff grade (of 2.2 g/t Au) which yielded +58% more contained gold ounces. Resource grew to 1.51 Moz (including 0.6Moz indicated grading 8.2g/t Au). RDS stock traded up +12% intraday (9 July, vs. developer median flat +0%) to a share price of C$0.43, market cap C$163m, and market cap/oz resource of US$79/oz (reduced from larger resource). Previously (on 8 July) RDS had traded above the upper quartile range of 95-company gold explorer peer group on market cap/oz, but now trades just below our gold developer group’s upper-quartile-range, and just above its mean $62/oz. On P/NAV, RDS still trades closer to the middle of the gold developer pack, with a P/NAV (market cap/post-tax NPV) of 0.19x at recent spot gold of $3,270/oz (just above mean 0.15x).

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