Daily Metals Mining Rundown and Peer Table - Free Edition for 7 Feb 2025 (after-market ASX)

Today’s metal price movements after-market ASX/pre-market TSX (over past ~16 hrs) include:

• Copper price up +1.4% to $4.50/lb Cu

• Palladium price up +1.1% to $996/oz Pd

• Platinum price up +1.1% to $1,022/oz Pt

• Gold price up +0.6% to $2,869/oz Au

• Silver price up +0.5% to $32.38/oz Ag

• Uranium price is down -0.6% to 69.95/lb U3O8

Today’s metals minig peer group movers today after-market ASX/pre-market TSX (including yesterday’s TSX movements) include:

• Lithium brine explorers’ peer group median share performance is up +2.3% to a median market cap/t resource of $3.80/t LCE ($98/oz AuEq)

• Cobalt developers’ median is up +1.8% to median market cap/lb of $0.069/lb Co ($17/oz AuEq) and to a median P/NAV of 0.044x (at our Reference cobalt price of $20/lb Co)

• Diversified producers’ median is up +1.3% to median market cap/lb (excluding iron ore resources) of $0.25/lb Cu ($20/oz AuEq)

• Copper producers’ median is up +0.4% to median market cap/lb of $0.21/lb CuEq ($20/oz AuEq)

• Nickel producers’ median is up +0.3% to median market cap/lb of $0.13/lb Ni ($50/oz AuEq)

• Lithium clay explorers’ median is down -3.8% to median market cap/t of $1.44/t LCE ($0.37/oz AuEq)

• Uranium producers’ median is down -3.5 % to median market cap/lb of $8.14/lb U3O8 ($289/oz AuEq)

• PGM developers’ median is down -3.1% to median market cap/oz of $4/oz PdEq ($10/oz AuEq) and to a median P/NAV of 0.1x (at our Reference palladium price of $1,800/oz Pd)

• Uranium developers’ median is down -2.9 % to median market cap/lb of $0.77/lb U3O8 ($27/oz AuEq) and to a median P/NAV of 0.4x (at our Reference uranium price of $65/lb U3O8)

• Silver explorers’ median is down -2.8% to median market cap/oz of $0.29/oz AgEq ($25/oz AuEq)

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

• 7 Feb 2025 - Gold developer (and small-scale gold producer) Horizon Minerals (ASX:HRZ) announced that its scheme of arrangement to merge with Poseidon Nickel (ASX:POS) has been approved by the Surpreme Court of Western Australia, and the deal is due to be effective on 10 Feb 2025. HRZ acquires all outstanding POS shares on the cheap for ~A$30M (announced on 25 Oct 2024) in stock given the suppressed nickel market, which comes with the Black Swan nickel-polymetallic mine/project (with a 2022 feasibility study) currently on care and maintenance. The mine has an existing 2.2 mtpa mill (with reported replacement value of ~A$150M) that the company aims to repurpose to accept mill feed from its existing mineral resources around Kalgoorie some ~40km away from Black Swan, which could expedite HRZ’s graduation into a mid-tier (intermediate) commercial gold producer. HRZ’s existing Kalgoorie area projects include the PFS-stage Penny’s Find gold project and a existing small-scale producing mine (Boorara). We add POS’s Black Swan nickel polymetallic resources of 1.1 Blbs NiEq or 2.9Moz AuEq (89% Ni plus small share Cu-Co-Ag-Au) to HRZ’s mineral resource holdings in our Peer Table, which more than doubles HRZ’s AuEq resources from 1.8Moz to 4.7Moz AuEq (now 42% Au, 55% Ni, rest Cu-Co-Ag), while we preemptively increase HRZ’s shares outstanding in our Peer Table by ~30% to 2.06B sh according to the terms of the transaction announced 25 Oct 2024 that is due to take effect 10 Feb 2025. Our Peer Table now shows that HRZ trades pro-forma at a market cap/oz of $14/oz AuEq - a 33% discount to our gold developer median $21/oz AuEq and an 88% discount to our intermediate gold producer median $117/oz AuEq. We also now include HRZ in our Nickel developer peer group (and remove POS from the Peer Table which is due to be delisted in the coming days).

• 6 Feb 2025 (after-market TSX) - Gold explorer Dakota Gold (NYSE:DC) announced a substantial S-K 1300 compliant resource upgrade for its Richmond Hill project in South Dakota, which increased its total gold resources by some ~4x to 9.7 Moz Au + some silver totalling 10.7 Moz AuEq, which includes a potentially heap leachable 3.65 Moz Au portion in the Measured and Indicated category grading 0.463 g/t Au. While the resource grades are modest in the 0.38-0.54 g/t Au range (plus some silver), the majority of the resources are reported to be potentially heap leachable, which could result in low capex and opex to be evaluated in an initial economic assessment expected by mid-2025 (which would graduate DC to our gold developer peer group). For now (pre-market TSX 7 Feb), DC trades at a market cap/oz resource of $11.9 / oz AuEq - a 16% discount to our gold explorer median market cap/oz of $13.8/oz AuEq (and a 43% discount to our gold developer peer group median of $21/oz AuEq).