Daily Metals Mining Rundown for 10 July 2025 (intraday ASX)

Today’s metal price movements (over past ~12hrs) and mining company peer group intra day ASX (including yesterday’s TSX/NYSE movements) include:

Top and bottom 40 daily performing metals mining company stocks (out of 490 in our Peer Table) intraday ASX (including yesterday’s TSX/NYSE movements) include:

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

• 10 July 2025 - PGM developer Southern Palladium (ASX:SPD) announced optimized PFS for its 70%-owned Bengwenyama PGM project in South Africa, with improved fundability compared to 2024 PFS by staging development. This is another stock investors ought to hold for its rare primary PGM share of metal value (much to most PGMs are produced as a byproduct), which will allow this project’s construction decision to be tied to rising PGM metal prices (pending final engineering and permitting). Post tax NPV8% was US$857m at basket PGM price of US$1,557/oz PGM (Pd, Pt, Rh) from initial capex $219m. This massive project with a 54 Moz PdEq (16 Moz AuEq) resource (at 3-month trailing average pricing) has a rare/high 75% share of its metal value coming from PGMs - which looks to be on the higher side of typical for South African’s producing Cu-Ni-PGM+Au mines operated by Sibanye-Stillwater (JSE:SSW), Impala Platinum (JSE:IMP), and Valterra Platinum (JSE:VAL) - one of which ought to acquire this SPD at some point, particularly for its outstanding 27% resource share (for 2.7Moz Rh) coming from the scarcest and most highly valued (and volatile) of precious metals, rhodium (which could really drive the economics and stock value if this metal’s price takes off). Our quoted SPD resource 54 Moz PdEq (16 Moz AuEq) resource is estimated from SPD’s reported resources, translated using our 3-month trailing average pricing of US$990/oz Pd, $1,072/oz Pt, $4.75/lb Cu, $7.03/lb Ni, $3,270/oz Au, $5,439/oz Rh, and $4,171/oz Ir (without recovery factors), which trade at a (somewhat surprisingly low) SPD market cap/oz PdEq of US$0.78/oz ($2.6/oz AuEq), and a (somewhat surprisingly) wide 82% discount to our (Toronto-dominated) 9-company PGM developer peer group median of $4.6/oz PdEq ($15/oz AuEq). While the economic study metal price sensitivity is not as reliable for the these polymetalic PGM deposits, SPD trades at P/NAV (market cap/70% attributable post-tax NPV) of 0.03x at our reference palladium price of US$1,800/oz, resulting in a similarly wide 66% discount to our PGM developer median of 0.10x (at same reference $1,800/oz Pd).

Disclaimer: Provided for informational and educational purposes, and is not intended as investment advice. For full disclosures, visit www.hostrockcapital.com/disclosures.