Daily Metals Mining Rundown and Peer Table - Free Edition for 21 Feb 2025 (after-market ASX)

Today’s metal price movements after-market ASX / pre-market TSX (over past ~8 hrs) include:

Today’s metals mining peer group movers today after-market 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:

• 21 Feb 2025 - Lithium hard rock developer Green Technology Metals (ASX:GT1) announced an optimized PEA for its wholly-owned flagship Seymour project in Ontario, which paves the way for a DFS and then mine development. The PEA contemplates Seymour on a standalone basis after a prior 2023 PEA also incorporated the company’s other Root project, also in Ontario. Initial capex was reduced by $10M to $172M, with an after-tax NPV8 of US$251M (based on a 5.5% spodumene product priced at $1,851/t FOB Thunder Bay, which was lower than the price assumed in 2023 PEA). GT1 trades super cheap relative to peers, at a market cap / t resource of $0.73/t LCE ($0.19/oz AuEq) - a massive 99% discount to our lithium hard rock developer peer group median of $30/t LCE (which is a substantial premium to lithium brine and clay developer medians of $2.1/t LCE and $0.84/t LCE due to the nearer-term cash flow potential of being able to sell concentrated spodumene to China for final processing into lithium carbonate or lithium hydroxide, whereas for brines and clays it is not possible to produce and sell such an intermediary product requiring so little processing). Spodumene concentrate’s composition and its pricing (often dependent on demand from various Chinese buyers) are somewhat variable, and are not as commoditized as final product counterparts lithium carbonate and hydroxide are. As such, spodumene concentrate pricing is less predictable and transparent, and cannot always be reliably pegged to some factor of lithium carbonate pricing. Spodumene is not one of the 9 important precious metals or critical minerals covered in our Peer Table, and cannot be easily compared to other economic study results that are dependent on lithium carbonate or hydroxide pricing, so we are unable to incorporate economic study results (and P/NAV) in our Peer Table for studies that contemplate spodumene concentrate as a final saleable product (as is the case with most lithium hard rock developer peers currently).

  

  Rendered Seymour Project layout model showing views of processing plant, mining, and water management infrastructure (Source: Green Technology Metals)

  

  Source: Google Finance, Mining Company Reports, Host Rock Capital

• 20 Feb 2025 - Intermediate gold producer and copper producer Centerra Gold Inc. (TSX:CG) announced its 2024 year-end estimates for mineral reserves and mineral resources, which were largely unchanged from last year demonstrating solid replacement of reserves and resources (gold reserves down slightly, copper reserves up slightly, overall resources up slightly on back of the initial 736 koz Au resource at the Goldfield project in Nevada). CG’s resources of 26Moz AuEq (42% Au, 38% Au, rest Ag) trade at market cap/oz resource of US$54/oz AuEq ($0.085/lb CuEq), which is a 53% discount to its intermediate gold producer peer group median of $115/oz and a 25% discount to its copper producer peer group median of $0.11/lb CuEq.