Monthly Metals Mining Rundown for Month Ending 29 Aug 2025

This past month’s metal price and top & bottom mining company peer group movers include:

This past month’s top & bottom 40 performing metals mining stocks (out of Peer Table’s 488) include (share price rounding errors apply, as sourced from Google Finance):

Coverage of metals mining announcements incorporated into this month’s Peer Table (resource updates, economic studies, changes in attributable project ownership) include:

• 25 Aug 2025 (after-market) – Copper developer Marimaca Copper (TSX:MARI) announced feasibility study results for its flagship 2.3 Blbs Marimaca pure-play copper project in Chile, delivering outstanding results overall and a world class copper open pit head leach project with capital intensity among the best in its class, and low all-in-sustaining-costs just above the lower-quartile-range of global peers and well below the median. Study contemplated production of 50 ktpa Cu from a 179Mt reserve grading 0.42% Cu with a super low waste-to-ore strip ratio of 0.82 (meaning more ore than waste), which did not incorporate inferred resources accounting for ~28% of the deposit’s contained copper, nor did it incorporate any the potential from Pampa Medina (and Madrugador) satellite deposit where super high grades were recently reported from drilling including 6m of 12% Cu within 26m of 4.1% Cu (hole SMRD-13) for which there is a resource estimate and PEA underway now that management envisions could increase Marimaca’s production to as high as 70 ktpa. MARI appears serious about building this project, as it has signaled strong support by strategic shareholders Assore Group International Holdings and Mitsubishi Corporation Corp., and has recently optioned to acquire a sulfuric acid plant to provide low-cost acid for the heap leach process, and has submitted its permitting documentation for which it expects approval by end of 2025 in time for construction to start as early as 2026. Post-tax NPV8 was $709m at $4.30/lb Cu from initial capital of $587m, which came up shy of 2020 PEA results adjusted for same metal prices (according to metal price sensitivity in the PEA), as is usually the case on this key de-risking step up to feasibility stage and should have been expected by many investors (especially because the PEA was old). MARI stock had traded near the top of our 35-company copper developer pack (3rd from the top, behind only Foran Mining TSX:FOM and Talon Metals Corp. TSX:TLO) at a P/NAV (simplified as market cap/NPV) of 0.76x according to the 2020 PEA adjusted for our 3-month trailing average copper price of US$4.79/lb Cu (prior to announcement). But based on MARI’s 25 Aug close of C$11.44/sh, and according to the announced DFS results with a slightly lower NPV, MARI closed on 25 Aug at P/NAV of 0.91x. Based on this jump in P/NAV, and because some investors may not fully appreciate the importance of the de-risking step of this feasibility study, MARI stock fell some ~10% on these results before recoverying somewhat and closing the week ending 29 Aug down -9% to share price C$10.46 while closing the month ending 29 Aug up +6.2% (in-line with copper developer mean monthly performance of +7%), at a market cap C$1.1b, and P/NAV around 0.86x (at our newly updated 3-month trailing copper price of $4.76/lb), as other investors continue to sieze the buying opportunity (presented by the sell off) in anticipation further derisking steps towards production, in addition to future cumulative additions to the project’s economics from the ongoing/pending PEA for Pampa Medina satellite deposit.

• 25 Aug 2025 - Gold developer Omai Gold Mines (TSXV:OMG) reported an updated mineral resource estimate (MRE) for its Wenot deposit at its 100%-owned Omai Gold project in Guyana, which more than doubled indicated resources to 3.7 Moz @ 1.82 g/t Au while also growing inferred resources by 16% to 0.97 Moz @ 1.46 g/t. Including the project’s other Gilt Creek deposit, project and company resources gres by ~50% to 6.5 moz. OMG stock was up a few percent on 25 Aug intraday following this news, to 90c/sh, before closing the week ending 29 August up +4.5% (in-line with gold developer medain gain +4.4%) and month ending 29 Aug up +23% (vs. peer median +17%) to 92c/sh, market cap C$549m, and market cap/oz of US$61/oz Au - inbetween our 71-company gold developer peer group median $48/oz and mean $74/oz AuEq. Omai’s after-tax NPV5 according to its 2024 PEA (that is now superceded by this substantial resource update), is US$600m, translating to a P/NAV (taken as market cap/NPV) of 0.67x at our reference gold price of US$2,000/oz - above group mean P/NAV of 0.58x. But a larger NPV to reflect this substantial resource upgrade (and at least one additional resource upgrade as 2 rigs continue to aggressively convert inferred resources to indicated) is anticipated by late 2026. Guyana returned to Fraser Institute’s survey of mining companies this year after being excluded last year, and it moved up +13 spots since the prior year to #9 - just ahead of Norway #10 and just behind Newfoundland #8 and Saskatchewan #7 (as we covered on LinkedIn here: https://lnkd.in/dATAkqjb).

• 25 Aug 2025 - Lithium producer Sayona Mining Limited (ASX:SYA) announced an updated JORC mineral resource and ore reserve estimates for its 60%-owned Moblan project in Quebec - located some ~500km away from 100% owned (after recently completing merger with Piedmont Lithium) North American Lithium mine where spodumene is currently being produced and exported. The overall deposit (M&I&I) grew by 30% to 121 Mt grading 1.19% lithium oxide, which increased the companies combined lithium resources by 15% to ~3.46 Mt Lithium carbonate equivalent (LCE). SYA stock was up +4% intraday 25 Aug following this news to 2.7c/sh, before closing the month ending 29 Aug up +30% (vs. peer median up+18%) at 2.6c/sh, market cap A$655m (proforma, post merger with Piedmont Lithium and associated placement for basic proforma shares 25.2b SYA), and market cap/t LCE resource (including Piedmont resources) of US$90/t LCE ($31/oz AuEq) - an ~71% discount to our 8-company Li producer peer group median $309/t LCE ($108/oz AuEq).

• 21 Aug 2025 - Gold explorer White Gold Corp. (TSXV:WGO) announced a resource update for its flagship White Gold project in Yukon that grew indicated resources by 44% to 1.73 Moz @ 1.53g/t Au and inferred resources by 13.4% to 1.27 Moz @ 1.22 g/t Au. Combined indicates + inferred resources grew by 29% to 3.00 Moz. WGO stock closed day before announcement (on 20 Aug) at 46c/sh and market cap C$90m, before finishing the month ending 29 Aug up +66% (vs. peer median +12.5%) at a share price of 63c, market cap C$115m, and market cap/oz resource of US$28/oz Au - a 15% discount to our 91-company gold explorer median market cap/oz of US$33/oz AuEq a 59% discount to mean US$68/oz AuEq.

• 6 Aug 2025 - Uranium developer Denison Mines Corp. (TSX:DML) announced PEA results for its secondary 25.17%-owned Midwest Main ISR project in Saskatchewan. Reported post-tax NPV8 (100% basis) was C$965m at US$80/lb U3O8 from initial capex of C$254m. When combined with results of 2023 FS for Phoenix ISR and PSF update for Gryphon conventional (both 95%-owned), AND 2020 PEA results for Waterbury project (70.32% owned) (4 cumulative studies), but excluding uranium production cash flows from toll-milling at DML’s 22.5% McLean Lake mill, DML’s attributable NPV at our reference uranium price of US$65/lb U3O8 sits at US$1.6b, and a P/NAV of 1.3x, which is above our 15-company uranium developer peer group mean P/NAV of 0.79x at same $65/lb U3O8 (but importantly excludes DML’s cash flow from production at McLean Lake mill, and includes some justified premium for the company’s super high grade, advanced FS stage, and nearly permitted Phoenix ISR project). DML stock is up +9.7% over past month vs. developer peer median +5.2%.

• 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 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 0.09x, and a 51% discount to our 34-company copper developer peer group median P/NAV of 0.19x at reference $3.5/lb Cu (36% of TMC’s resources come from Cu).

• 4 Aug 2025 Nickel and gold explorer WIN Metals (ASX:WIN) announced a binding memorandum of understanding to acquire the past-producing Radio Gold mine in Western Australia, which is fully-permitted and offers near-term cash flow potential if restarted. WIN stock traded flat +0% today (5 Aug) at A$0.02/sh, before closing the week (ending 8 Aug) flat +0% in-line with gold explorer median performance, and before closing the month ending 29 Aug flat +0% (just below nickel explorer mean monthly performance of +2%) at a market cap A$10m, and market cap/oz resource US$0.011/lb NiEq ($5.3/oz AuEq) for its reported resources of 1.3 Moz AuEq or 622 Mlbs NiEq (30% Au from 0.39 Moz Au, 67% Ni from 415 Mlbs Ni, rest Li) at our estimated 3-month trailing average metal prices, which is a 46% discount to our 15-company nickel explorer peer group median US$0.020/lb NiEq ($9.9/oz AuEq). And against our 91-company gold explorer peer group, WIN’s $6.1/oz AuEq trades at cheaper end, at a 84% discount to group median $33/oz AuEq.

• 4 Aug 2025 - Lithium brine developer Lake Resources (ASX:LKE) announced a DFS addendum and updated ore reserve and resource statement for its flagship 80%-owned Kachi project in Catamarca province, Argentina, which supplements the Phase 1 DFS from December 2023. Reserves increased to 0.63 Mt lithium carbonate equivalent (LCE) while resources grew to 11.1 Mt LCE, with a 60% improvement to attributable post-tax NPV10 (of US$853m) at our reference lithium price of US$20,000/t LCE compared to 2023 DFS, which trades at a 29 Aug P/NAV (market cap/NPV) of 0.055x - a 15% discount to our 14-company lithium brine developer peer group median 0.065x and 35% discount to mean 0.085x.

• 4 Aug 2025 - Gold developer Tesoro Gold (ASX:TSO) announced a resource upgrade for its flagship 89%-owned El Zorro project (Ternera deposit) in Chile, resulting in a 42% uplift in contained gold to a pit-constrained 1.82 Moz (grading 1.10g/t Au). Unconstrained resource grew to 2.0Moz @ 1.07g/t, which trade at at 29 Aug market cap/oz of US$27.5/oz AuEq - a 43% discount to our 72-company gold developer peer group median $48/oz AuEq. On P/NAV (market cap/attributable NPV) according to 2023 scoping study (which is now superseded by this resource upgrade), TSO’s 89% share of project trades at 0.25x at our (low) reference gold price of US$2,000/oz - a 27% discount to group median 0.34x (at our estimated 3-month trailing average gold price US$3,350/oz, TSO trades at P/NAV 0.08x - a 34% discount to median 0.12x).

• 5 Aug 2025 - Gold explorer Aurum Resources (ASX:AUE) announced a 50% increase to its JORC resources for its Boundiali project in Cote d’Ivoire in West Africa to 2.41Moz @1.0g/t Au, which grew group resources by 28% to 3.28Moz. AUE trades at 29 Aug at market cap/oz resource $34/oz AuEq - in-line with our 91-company gold explorer peer group median US$33/oz - and well below mean $68/oz AuEq.

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