Daily Metals Mining Rundown for 11 Sept 2025 (after-market ASX)

Metal prices drifted south through ASX trading; Larger cap ASX gold stocks outperformed among ASX metals miners, most of which closed the session flat or down slightly. Coverage includes upgraded scoping study by Tesoro Gold (ASX:TSO) for flagship El Zorro project in Chile.

Author

Host Rock Capital
September 11, 2025

Today’s metal price movements (over past ~14hrs) and mining company peer group through ASX trading (including yesterday’s TSX/NYSE movements) include:

Top and bottom 40 daily performing mining company stocks (out of 485 in our Peer Table) through ASX trading (including yesterday’s TSX/NYSE movements) include:

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

  • 11 Sept 2025 - Gold developer Tesoro Gold (ASX:TSO) announced the outcome of a scoping study for its 90%-owned flagship El Zorro open pit project in Chile, which more than doubled total mill throughput to 40.7 Mt @ 1.02 g/t Au (was 17.1 Mt @ 1.25 g/t Au) since the 2023 Phase 1 scoping study. Reported all-in-sustaining-costs were low at $1,216/oz Au. And economics improved sunstantially compared to 2023 study due to the much larger project, to a post-tax NPV7.5 of US$663m at $2,750/oz from initial capital of $248m (includes $41m capitalized pre-strip), which rises substantially to $966m at the reported spot case of $3,330/oz Au. TSO stock rose +9% on 11 Sept following this news, to 5c/sh and market cap A$91m. At our estimated 3-month trailing average gold price of $3,350/oz, and according to the metal price sensitivity analysis provided in the release, TSO’s NPV rises to $894m (was $619m with old 2023 study) and P/NAV (market cap/NPV) falls to 0.07x (was 0.10x) at TSO price of 5c/sh - which is a 45% discount to our 67-company gold developer peer group median 0.12x. And it’s still early days for this project which is still growing fast. Not only is this Ternerra open pit deposit at El Zorro still open within the existing pit shell, underground potential beneath the open pit deposit has also already been identified, and this Ternerra deposit is “the first of multiple deposits capable of contributing to a signficantly larger future operation,” as stated by management in the release.

Disclaimer: Provided for informational and educational purposes on an “as-is” basis, and is not investment advice. For full disclosures, visit www.hostrockcapital.com/disclosures.