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- Daily Metals Mining Rundown and Peer Table - Free Edition for 4 Mar 2025 (after-market ASX)
Daily Metals Mining Rundown and Peer Table - Free Edition for 4 Mar 2025 (after-market ASX)
Rundown of company announcements, valuations, and underlying metal prices, according to our compilation of publicly available information covering 9 important metals and more than 400 mining stocks, including mineral resource holdings for and project NPV information for some 140+ developers.
Host Rock Capital
March 04, 2025
Today’s metal price and mining company peer group movers intraday TSX (over past ~16 hrs) include:
Mining company announcements incorporated into today’s Peer Table (resource updates, economic studies, changes in attributable project ownership) include:
4 Mar 2025 - Gold developer Barton Gold Holdings (ASX:BGD) announced an updated resource for its Tunkillia gold project in Australia that grew gold ounces by ~120,000 oz Au and now also includes 3.1 Moz Ag, bringing total Tunkillia project resources to 1.6Moz Au (and 3.1Moz Ag) and total company wide South Australia resources to ~1.74 Moz AuEq. This lowers BGD’s market cap/oz to US$20/oz AuEq - a slight discount to our global gold developer peer group median $21/oz AuEg. This update paves the way for the optimization/expansion of the company’s (now outdated) 2024 Scoping Study, which currently yields a P/NAV (market cap/NPV) of 0.20x (at our Reference gold price of $1,800/oz, according to the NPV sensitivity analysis provided in the 2024 study) - a slight discount to our global peer group median P/NAV of 0.21x.
Cross section 111,700N showing key drill intersections from Nov / Dec 2024 drilling and the extension of the Area 223 MRE block model beyond the 2024 ISS optimised open pit shell (Source: Barton Gold Holdings)
4 Mar 2025 - Gold developer Santana Minerals (ASX:SMI) announced a refined resource estimate for its main RAS deposit at its flagship Bendigo-Ophir gold project in New Zealand, which increased the deposit’s already high open pit grades (while decreasing ounces slightly) to (1.534 Moz Au @) 2.5 g/t Au Indicated and (0.434 Moz Au @) 2.1 g/t Au Inferred (excluding some UG at RAS and other smaller deposits). This brings total project and company resources to 2.337 Moz Au. This higher grade estimate should bode well for the grade profile in an updated PFS that the copmany says is underway now. SMI’s solid multi-gram per tonne open pit grades combined with an appearingly low strip ratio (that is being even further improved in the PFS) helps lead to the stock trading at a premium P/NAV (market cap/ NPV from 2024 PFS) of 0.65x (vs. gold developer mean 0.44x and median 0.21x at our Reference gold price of $1,800/oz), and makes the company look ripe for acquisition by a junior to mid-tier producer looking to developing what looks like one of New Zealand’s most significant gold discoveries in decades (especially as the project continues to advance through development process).
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