Daily Metals Mining Rundown for 17 Dec 2025 (after-market ASX)

PGMs and silver prices continued steadily rising thru TSX trading yesterday, ASX trading today and the hours that followed - all rising around ~5% to over $1,900/oz Pt, nearly $1,700/oz Pd, and $66/oz Ag - while other metal prices rose more gently; This helped most metals producer stocks gain thru last trading session, while the impact to explorers and developers appears to have been largely muted; Covered announcements include (last week's) updated PFS for Cerro del Gallo project in Mexico by Heliostar Metals.

Author

Host Rock Capital
December 17, 2025

Today’s metal price movements (over past ~26 hrs) and mining company peer group movements through ASX trading (including yesterday’s TSX/NY movements):

Top and bottom 40 daily performing metals mining company stocks (out of 502 in our Peer Table) through ASX trading (including yesterday’s TSX/NY movements):

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

  • 11 Dec 2025 - Gold developer (with growing small-scale production) Heliostar Metals (TSXV:HSTR) announced an updated PFS for its large, 100% owned Cerro del Gallo project in Mexico, which is next in-line for development after its (also-large, flagship) Ana Paula project - all in Mexico where HSTR holds another project (San Antonio) and 2 past-producing/operating mines with growing small-scale gold production (La Colorado and San Agustin) - for 5 projects/mines in total, all with recent economic studies including NPVs. This announced Cerro del Gallo PFSU reported an after-tax NPV5 of US$424m at US$2,300/oz Au from initial capex of only US$195.3m for heap leach mine. This NPV is slightly lower than in the 2020 PFS (at apples-to-apples metal pricing), but cost estimates and mine plan are now updated/tightened. Combined post-tax NPV for all 5 projects at 3-month trailing average gold price US$3,914/oz stands at US$3,709m, and based on a (basic) HSTR market cap of US$512, stock trades at P/NAV 0.14x - exactly in-line with our 72-company gold developer group median 0.14x (but HSTR actually has growing small-scale production from ongoing operations unlike most other developers in this group, so this P/NAV should continue to rise, ultimately reaching 0.6-1x upon achieving mid-tier gold producer status).

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