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

Base metal prices rose over past day, led by cobalt for second day straight rising +6.8% to $17.67/lb; Most mining stocks are in the red; PEA announced by Clean Air Metals for Thunder Bay North project contemplating toll milling at nearby Lac-des-Iles mine.

Author

Host Rock Capital
October 09, 2025

Today’s metal price movements (over past ~26hrs) and mining company peer group movements intraday ASX (including earlier TSX movements) include:

Top and bottom 40 daily performing metals mining company stocks (out of 493 in our Peer Table) intraday TSX/NYSE trading (including earlier TSX closing prices) include:

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

  • 9 Oct 2025 - Former PGM explorer - now PGM developer - Clean Air Metals (TSXV:AIR) announced PEA results for its Thunder Bay North Critical Minerals (Pt-Pd-polymetallic) project in Ontario. The study contemplates an 11-year mine life producing 2.5ktpd and yielded a post-tax NPV8 of C$157.5m from initial capital cost of C$89.5m (including 25%) contingency, in a toll milling scenario at Impala Canada (Impala Platinum, JSE:IMP)’s Lac-des-Iles (LDI) mine located 65km away where production is due to cease, and AIR hopes to take advantage of that (however there is no certainty that any business arrangement with Impala will be reached). And while this project will be mined as an underground deposit which typically generates little tailings, the grade is not so high and so a considerable amount of tailings will be generated, although notably there is no capex allowance for the LDI site - which may require some additional tailings water management infrastructure at some point in order to receive the additional tailings from AIR. So we await future studies with more detail on water management at DLI and more concrete arrangements with DLI. Mineral resources were also updated and grew slightly from 2.8 Moz PdEq to 3.0 Moz PdEq (0.96 Moz AuEq), which are ~30% from Pt (fairly high vs peers), and ~24% from Pd at our 3-month trailing average prices with no recovery factors, rest Cu, Ni, Au, Ag. DLI trades at market cap/oz resource of US$5.1/oz PdEq ($16/oz AuEq) - a 41% discount to our 10-company PGM developer peer group median $8.7/oz PdEq ($27/oz AuEq) and slight premium to PGM explorer peer group median $4.3/oz PdEq ($13/oz AuEq).

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