Daily Metals Mining Rundown and Peer Table - Free Edition for 11 Feb 2025 (intraday ASX)

Today’s metal price movements after-market ASX (over past ~10 hrs) include:

• Gold price is up +0.9% to $2,935/oz Au

• Palladium price is down -0.9% to $998/oz Pd

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

• Senior gold producers’ peer group median share performance is up +3.6% to a median market cap/oz resource of $216/oz AuEq

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

• PGM producers’ median is up +2.1% to median market cap/oz of $12/oz PdEq ($32/oz AuEq)

• Intermediate gold producers’ median is up +2.0% to a median market cap/oz of $122/oz AuEq

• Silver producers’ median market cap is up +1.9% to median market cap/oz of $1.15/oz AgEq ($99/oz AuEq)

• PGM explorers’ median is down -4.2% to median market cap/oz of $2/oz PdEq ($5.6/oz AuEq)

• Lithium hard rock explorers’ median is down -2.3% to median market cap/t of $24/t LCE ($6/oz AuEq)

• Lithium clay developers’ median is down -2.3% to median market cap/t of $3.42/t LCE ($0.88/oz AuEq) and to a P/NAV of 0.013x (at our Reference lithium price of $20,000/t LCE)

• Lithium producers’ median is down -1.6% to median market cap/oz of $8.14/lb U3O8 ($289/oz AuEq)

• Lithium hard rock developers’ median is down -0.6% to median market cap/t of $279/t LCE ($71.5/oz AuEq)

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

• 10 Feb 2025 - Low-cost, intermediate gold producer Emerald Resources NL (ASX:EMR) announced a resource and reserve update for its flagship producing Okvau gold mine in Cambodia, which increased its reserves by a net 143 koz (245 koz including depletion of 102 koz), resulting in a new reserve of 700 koz Au grading 1.5g/t Au (including a higher-grade in-pit portion of 0.6 koz grading 1.7g/t Au) - a 27% increase from the 550 koz reserve announced in March 2024. And this reserves growth after depletion was achieved while ALSO growing the mine’s combined mineral resources by a net 34koz (136koz including 102koz of depletion), resulting in a slightly larger resource of 910 koz compared to that of March 2024, which the company highlights continues to support its view that resources will be replenished on an ongoing basis.” Total company mineral resources including the company’s two non-producing development projects stand at 3.05Moz grading 1.5g/t Au. EMR trades in our Peer Table at a premium to most peers, at a market cap of US$1.8B (or market cap/oz Au resource of US$623/oz), apparently given the high productivity and profitability of its flagship producing Okvau (and the anticipated productivity of its two development stage projects for which feasibility studies are underway and development activities are slated to begin before yearend: Memot project also in Cambodia with similar high open-pit grades, and Dingo project in Western Australia). EMR’s high productivity/profitability of its mineral assets is driven by its relatively high open-pit reserve grade of 1.7g/t Au, which has helped lead to consistent near-lower-quartile-range AISC below $1,000/oz recently and solid cash flows (Q4 pre-tax operating cash flow from Oktvau was US$58.4M, up from $37.8M in Q3 on higher gold prices) after the mine just came online in 2021. This high productivity/profitability of EMR’s assets make EMR a good potential take-out target for larger gold producer looking to add growing cash flow from EMR’s single producing mine and 2 near-development projects - perhaps comparable to how Roxgold was acquired by (merged with) Fortuna Mining (TSX:FVI) in 2021 for a transaction value of C$1.1B, for Roxgold’s low-cost, producing Yaramoko mine in Burkina Faso along with its feasibility-stage Seguela project in Cote D’Ivoire (which FVI later constructed and is now producing) and a pipeline of exploration projects. And although Cambodia may still be considered an emerging mining jurisdiction (not so different than some West African jurisdictions such as Burkina Faso and Cote d’Ivoire), investors may be encouraged to see that it was included in the Fraser Institute’s annual survey for the first time ever earlier this year in its latest 2023 survey (new 2024 survey is due for release in the coming weeks). https://www.fraserinstitute.org/sites/default/files/2023-annual-survey-of-mining-companies.pdf