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- Daily Metals Mining Rundown and Peer Table - Free Edition for 14 Feb 2025 (intraday ASX)
Daily Metals Mining Rundown and Peer Table - Free Edition for 14 Feb 2025 (intraday ASX)
Daily rundown of mining company announcements and movements in metal prices and mining equity valuations according to our attached Metals Mining Peer Table, which is a compilation of publicly available information covering 9 important metals and more than 400 mining stocks listed globally, and includes the mineral resource holdings of all 400+ companies and project NPV information for some 140+ developers, all retrieved from the companies' published technical reports.
Host Rock Capital
February 13, 2025
Today’s metal price movements intraday ASX (over past ~10 hrs) include:
Today’s metals mining peer group movers today intraday ASX (including yesterday’s TSX movements) include:
Metals mining company announcements incorporated into today’s Peer Table (resource updates, economic studies, changes in attributable project ownership) include:
Senior gold producer Agnico Eagle (NYSE:AEM) provided an update on its 2024 exploration results and exploration plans for 2025. The update included an updated mineral reserve and resource statement. Reserves increased 1% year-over-year to 54.3Moz, with measured and indicated resources (exclusive of reserves) decreasing 2.3% to 43Moz, and total resources also including reserves and inferred resources increasing by 2.3% to 145.6Moz AuEq (94% from Au). While not the most appropriate valuation method for producers, AEM trades at a market cap/oz resource of $349/oz AuEq - a 61% premium to the 9 company senior gold producer median of $217/oz. This premium seems well justified given AEM’s dominant size of US$51B vs median $14B and its total resources of 146Moz vs median 61Moz, and on top of this the company’s especially low country risk profile versus most of its peers, and the fact that much of its production is higher-grade and lower-cost than most of its peers.
Copper developer Trilogy Metals (TSE:TQM) filed a PEA Technical Report for its 50%-owned Bornite project in Alaska (secondary project). The study results were pre-released on 15 Jan 2025 but had excluded the NPV sensitivity analysis that is now provided in the technical report and added to our Peer Table. Post-tax NPV8 was US$522M (100% ownership basis) at $4.2/lb Cu from initial capex of $504M. This study increases the company’s combined NPV (including the 2023 FS-stage Arctic project also in Alaska) to $1,046M (50% basis for each project, at our 3-month trailing average copper price which also happens to be $4.20/lb Cu), and the stock trades at a market cap of 19% of this (inferring a P/NAV of 0.19x) - a slight premium to our copper developer mean of 0.17x in part due to the advanced feasibility-stage of its main Arctic project.
TQM Bornite Project: After-Tax NPV @ 8% − Sensitivity (Source: 2025 PEA)
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