Monthly Metals Mining Rundown for Month Ending 30 Jan 2026

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 503) 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:

• Gold developer Goldsky Resources (TSXV:GSKR) - formerly First Nordic Metals (TSXV:FNM) announced Wednesday (28 Jan) increased ownership of its Barsele project in Sweden – to 100% from 45%, via acquisition of remaining 55% from senior gold producer Agnico Eagle Mines Limited (NYSE,TSX:AEM). Barsele hosts mineral resources of ~2.4Moz within 31Mt, with 18% of the tonnes in the indicated category (rest inferred), which now become 100% attributable to GSKR, and account for the overwhelming majority of GSKR’s overall resource endowment which increases to 3.64 Moz AuEq (98% from Au, rest Ag-Co), which also includes two other deposits (in Finland), including the 311koz AuEq Au-Ag Kylmäkangas deposit in Central Finland’s Oijarvi Greenstone belt, and the larger ~1Moz AuEq Au-Co Rajapalot project in Northern Finland’s Lapland region. Consideration for this deal will include 75.5m shares GSK, US$20m cash, and a 2% net smelter return (NSR) royalty, with the new shares increasing GSKR’s basic shares by ~42% to ~253.97m shares (while increasing mineral resources by +57%). GSKR stock gained on this news, and closed the month (ending 30 Jan) up +88% (vs. gold developer peer median up +10%) to C$3.94/sh, (proforma) market cap C$1.0b, and (proforma) market cap/oz resource (now lowered to) US$202/oz AuEq from the jump in attributable resources – above our 81-company gold developer mean $124/oz AuEq (and just over double the group median $80/oz AuEq) – and still a wide 69% discount to AEM’s market cap/oz resource of $646/oz AuEq (AEM now owns 32.5% of GSKR with this deal, and may ultimately acquire the remainder down the road, once its projects are more advanced). And GSKR’s valuation is also backstopped by a 2022 PEA for Rajapalot in Finland, which yields a post-tax NPV5 of US$1.33b at our 3-month trailing gold price $4,441/oz, leading to a P/NAV of 0.55x (which entirely excludes GSKR’s other projects including its largest one - Barsele in Sweden where 40-60,000m of drilling and a PEA are planned for 2026), which is around the upper-quartile-range or ~75-percentile valuation range of gold developer group (at least until GSKR adds a second NPV upon completion of another PEA for other/larger project Barsele).

• Copper developer True North Copper (ASX:TNC) announced Wednesday (28 Jan) an updated resource estimate for its Wallace North deposit within its 100%-owned Cloncurry Copper Project (CCP) in NW Queensland, Australia. Open pit resource tonnage grew by 12% to 2.0 Mt @ 1.28% Cu and 0.77 g/t Au for 25 kt Cu (55 Mlbs Cu) and 50 koz Au – and the deposit remains open towards depth. Wallace North is one of some ~half dozen starter-deposits that make up the Cloncurry copper project, with total resources growing slightly on this news to 12.9Mt @ 0.8%Cu, 0.2 g/t Au and 0.01% Co (indicated + inferred), containing 310 Mlbs CuEq (73% from Cu, 20% from Au, 6% from Co, rest Ag – at 3-month trailing average metal prices with no recovery factors). Recently completed scoping study work has already confirmed a low-capital path way for the project, which is being confirmed in a PFS that underway now and due for completion after additional interim resource upgrades - including a MRE update for Great Australia mine deposit due before end of Q1. TNC stock fell -4% on day of this news (vs. 35-company copper developer group median loss of -0.5%), before closing the month (ending 30 Jan) up +21% (strongly outperforming Cu developer median monthly loss of -17%) to A$0.57/sh, market cap A$87m (proforma, pending A$12.5m cap raise announced 8 Dec), and market cap/lb resource US$0.194/lb CuEq – within the upper decile range (top 10%) range of copper developer peer group market cap/lb pecking order, and a 8% discount to next copper producer group median US$0.212/lb CuEq. This TNC valuation of US$0.194/lb CuEq resource is nearly 6x our 35-company copper developer peer group median US$0.034/lb CuEq – which appears due to significant shorting of several Toronto-list copper developer stocks, causing our copper developer peers to trade at a 17% premium to our earlier stage 39-company copper explorer group (based on group median market cap/lb resource $0.034/lb CuEq for developers vs $0.037/lb CuEq for explorers). And this apparent shorting of Toronto-listed copper developer stocks (by bad actors) continues to contribute to the strangling & stifling of Canada's economic potential (and that of Canadians). However, this also creates a buying opportunity – given these (shorted) stocks should rise sharply once the shorts become squeezed on the back of rising copper prices (Cu price is already up +40% over the past year to current record high levels around $6/lb Cu, and is anticipated to continue rising amid strong energy transition demand). And in the words of Canada’s PM Carney in Davos, ”….Canada has what the world wants. We are an energy superpower. We hold vast reserves of critical minerals.” (copper is one of the most critical of critical minerals).

• Copper developer Carnaby Resources Limited (ASX:CNB) announced Tuesday (27 Jan) an updated resource estimate for its flagship Greater Duchess project in Queensland, Australia. Indicated resources grew by +49% to 17 Mt @ 1.5% Cu and 0.3g/t Au (1.7% CuEq) containing 249.6kt Cu (550 Mlbs Cu) and 145.7koz Au (288.1 kt CuEq or 635 Mlbs CuEq), which paves the way for a high-grade maiden open pit copper-gold reserve in a PFS that is underway now, and due for completion this quarter. Overall indicated + inferred resources grew by 10% to 0.44 kt CuEq (971 Mlbs CuEq) within 29.2Mt of rock – roughly two-thirds of which are 100% owned, the rest being 51%-owned. And this estimate is already outdated as it excludes recently drilled depth-extensions (to Trek 1 zone, see attached cross section). CNB stock gained +5.8% (27 Jan) on this news (vs. copper developer group median loss of -1.1%), before closing the month ending 30 Jan up +6.5% (strongly outperforming Cu developer group median loss of -17.2%) to A$0.49/sh, market cap A$134m, and market cap/lb attributable resource US$0.12/lb CuEq – around upper-quartile-range of our 35-company copper developer peer group for this scoping-stage (soon to be PFS) high-grade copper open pit project. CNB's market cap/lb resource of US$0.12/lb CuEq resource is still a ~40% discount to the more-advanced copper producer group median US$0.21/lb CuEq, but is more than 3x higher than our global Cu developer group median US$0.034/lb CuEq – largely because many of the Toronto-listed copper developers appear to remain shorted (by bad actors), and this drags down the Cu developer averages (our earlier-stage Cu explorer median US$0.037/lb CuEq is uncharacteristically higher than our Cu developer median $0.034/lb CuEq). And this creates a buying opportunity for many undervalued (shorted) Toronto-listed copper developers – given these stocks should rise sharply if the shorts become squeezed on the back of rising copper prices (Cu price is already up +40% over the past year to current record high levels around $6/lb Cu, and is anticipated to continue rising amid strong energy transition demand).

• Copper explorer Metallic Minerals Corp (TSXV:MMG) announced Monday (26 Jan) an updated inferred resource for its La Plata copper-silver project in southwest Colorado, which grew tonnage by 23% to 181.4 Mt @ 0.36% CuEq, including a pit-constrained 136 Mt @ 0.35% CuEq. Together with MMG’s Keno silver project in Yukon, company mineral resources grew by ~15% to 1.8 Blbs CuEq, which are 73% from Cu by metal value, 18% from Ag, rest Au-Pd-Pt-Zn-Pb at 3-month trailing average metal prices. MMG stock traded up +6.8% intraday following this news, before closing the month (ending 30 Jan) down -12% (underperforming Cu explorer group median monthly gain of +8%) to C$0.37/sh, market cap C$78m, and market cap/lb resource of US$0.034/lb CuEq ($27/oz AuEq) – an 8% discount to our 39-company copper explorer peer group median US$0.037/lb CuEq resource.

• Former gold explorer – now gold developer – Gold X2 (TSXV:AUXX) announced on Monday (26 Jan) the results of a PEA (and updated resource estimate) for its flagship 100%-owned Moss gold project in Ontario, which contemplated open pit mining and mill-flotation-leach operation producing roughly 265 koz Au and 374 koz Ag per annum – which would make it a top 10 gold producer in Canada. After-tax NPV5 was C$2.2b at gold price US$2,750/oz Au from initial capex of C$2.0b, which increases to NPV C$6.6b at spot gold US$4,600/oz Au. The project’s estimated ~6Moz resource was also updated/tightened following improved geological model and some drilling in 2025, with a 73% increase in the indicated portion – paving the way for a maiden reserve in feasibility study (and permitting) set to start H2/27. AUXX stock gained +5.3% intraday (26 Jan) vs. gold developer median +3.2%, before closing the month (ending 30 Jan) down -12% (underperforming group median up +8%) to C$1.18/sh, market cap C$586m, market cap/oz resource US$70/oz AuEq (still a 12% discount to gold developer median US$83/oz AuEq), and P/NAV (market cap/post-tax NPV) of 0.094x at our 3-month trailing gold price US$4,441/oz – a 31% discount to our 76-company gold developer group median 0.14x (at same US$4,441/oz Au).

• Former gold explorer – now gold developer – Galway Metals Inc. (TSXV: GWM) (OTCQB: GAYMF) announced on 21 Jan (after-market) a PEA for its 100%-owned Estrades project in Quebec – which is largely a secondary project to its main (flagship) Clarence Stream gold project in New Brunswick that is still growing at resource-stage. The PEA contemplates a 1,500 tpd underground mine and yielded a post-tax NPV5 of C$212m for an off-site toll milling option at gold price $3,137/oz Au from initial capex of C$117m (for the off-site toll milling option). The ON-site mill option calls for additional capex of C$102m for a (relatively small) 1,500 tpd (~0.5mtpa) mill and tailings infrastructure, yielding a lower post-tax NPV5 of C$186m (from higher initial capital C$219m) at same $3,137/oz Au, which increases to post-tax NPV5 of C$496m at spot gold $4,456/oz. GWM stock traded up +1.7% (in-line with group median +1.5%) intraday (22 Jan) after announcement, before closing the month (ending 30 Jan) down -10% (underperforming gold developer median monthly gain of +10%) to C$0.75/sh and market cap C$94m. GWM’s combined mineral resources of 3.04 Moz AuEq from both Clarence Stream and Estrades (85% from Au, 6% Zn, 4% Ag, 4% Cu, 1% Pb -at our 3-month trailing average metal prices with no recovery factors) trade at market cap/oz AuEq US$23/oz - a 71% discount to our 80-company gold developer group median US$80/oz AuEq. And on P/NAV (market cap/NPV) – completely neglecting flagship Clarence Stream (which does not yet have a PEA) and incorporating the results of today’s announced Estrades PEA’s on-site mill option – GWM trades at P/NAV of 0.19x at 3-month trailing gold $4,441/oz – just above gold developer group mean 0.19x (and median 0.14x) at same $4,441/oz Au.

• Gold (and copper) explorer Tudor Gold Corp. (TSXV:TUD) announced on 22 Jan an updated resource estimate for its flagship, 80%-owned Treaty Creek project in Golden Triangle, BC. Indicated gold ounces grew by 15% to 24.9 Moz Au (100%-basis), within 912.3Mt grading 0.85 g/t Au, 0.15% Cu, and 5.07 g/t Ag. Overall attributable indicated + inferred resources (80% basis) grew by ~8% to 28.3 Moz AuEq (82% from Au, 12% from Cu, 6% from Ag) at 3-month trailing average metal pricing with no recovery factors. TUD stock traded up +5% on day of announcement (vs. group median +0%), before closing the month (ending 30 Jan) up A WHOPPING +49% to C$1.25/sh, C$508m, and market cap/oz US$13/oz AuEq for this largest-in-class gold-copper open pit deposit – still a 77% discount to our 90-company gold explorer group median US$56/oz.

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.