Daily Metals Mining Rundown and Peer Table - Free Edition for 4 Feb 2025 (intraday ASX)

Today’s metals price movements intraday ASX (over past ~12 hours) include:

• Palladium up +1.3% to $1,055/oz Pd

• Platinum up +0.4% to $994/oz Pt

• Silver up +0.1% to $31.57/oz Ag

• Gold up +0.1% to $2,822/oz Au

• Copper up +0.8% to $4.34/lb Cu

• Nickel price down -0.5% to $6.86/lb Ni

Today’s metals mining peer group movers intraday ASX (including yesterday’s TSX movements) inlcude:

• Intermediate gold producers’ peer group median share performance is up +1.7% to median market cap/oz AuEq resource of US$201/oz AuEq

• Senior gold producers’ median up +1.2% to median market cap/oz of $1.28/oz AgEq ($119/oz AuEq)

• Cobalt producers’ median up +0.9% to median market cap/lb of $0.23/lb CoEq ($57/oz AuEq)

• Silver producers’ median up +0.7% to median market cap/oz of $1.28/oz AgEq ($111/oz AuEq)

• Lithium brine explorers’ median up +0.7% to median market cap/t of $3.54/t LCE ($0.91/oz AuEq)

• Lithium clay developers’ median share perforance is down -4.3% to median market cap/t of $3.0/t LCE ($0.77/oz AuEq) and to a median P/NAV of 0.01x (at our Reference lithium price of $20,000/t LCE)

• Cobalt developers’ median down -2.4% to median market cap/lb of $0.052/lb CoEq ($13/oz AuEq) and to a median P/NAV of 0.044x (at our Reference cobalt price of $20/lb Co)

• PGM producers’ median down -2.3% to median market cap/oz of $12/oz PdEq ($32/oz AuEq)

• PGM developers’ median down -2.0% to median market cap/oz of $3.7/oz PdEq ($10/oz AuEq) and a median P/NAV of 0.12x (at our Reference palladium price of $1,800/oz PdEq)

• Silver explorers’ median down -1.5% to median market cap/oz of $0.26/oz AgEq ($23/oz AuEq)

Metals mining company announcements incorporated into today’s Peer Table (resource updates, economic studies, changes in attributable project ownership) include:

• 3 Feb 2025 - Intermediate gold producer Cerrado Gold (TSXV:CERT) announced that is has agreed to acquire silver (and zinc, lead, copper, gold) developer Ascendant Resources (TSE:ASND) along with exposure to its low cost, 86 Moz AgEq (1 Moz AuEq) Lagoa Salgada VMS project in Portugal, with a post-tax NPV of US147M and IRR of 39% (at $22.5/oz Ag) from initial capex (including contingency) of US$164.35M, according to a 2023 DFS (that will be optimized). CERT reports that Lagoa Salgada has EIA approval due in Q2/25, an optimized feasibility study due in Q3/25 (aims to improve NPV/capex ratio), with a construction decision expected by yearend. The deal is set to include multiple private placements, that are expected to result in CERT issuing 27.7 M additional new shares for a 131.3 million share (pro-forma) upon completion, and with the merged entity owning 80% of the Salgada VMS project (from ASND’s previously reported effective ownership of 21.25% pending additional milestones to increase). We preemptively add (with a footnote) the additional shares to CERT’s market cap in the Peer Table which increases CERT’s market cap to US$42M pro-forma after share price fell 5% today (market cap was US$35M yesterday), and we also add 80% of Lagoa Salfada resources to CERT’s resource holdings, resulting in a pro-forma market cap/oz resource of US$16/oz AuEq (from $20/oz yesterday), which is a steep 86% discount from our intermediate gold producer median market cap/oz resource of US$117/oz AuEq.