Daily Metals Mining Rundown for 17 June 2025 (intraday ASX)

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

Top and bottom 40 daily performing metals mining company stocks (out of 459 in our Peer Table) intraday ASX (including yesterday’s TSX/NYSE movements) include:

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

• 13 Jun 2025 (after-market) - Intermediate gold producer, and now also silver producer, Dundee Precious Metals Inc. (TSX:DPM) announced an agreement to boost its silver share of production by acquiring silver producer Adriatic Metals (LON:ADT1), for consideration in cash and shares totaling US$1.3B or GBP 2.68 per ADT1 share, which is roughly a 9% premium over the GBP 2.45 per share range ADT1 has averaged near over past week week of trading. ADT1 shareholders will receive 0.159 shares DPM and 93 pence in cash for each ADT1 share. The acquisition comes with 100% ownership of the producing Varvas silver-lead-zinc-gold mine in Bosnia and Herzegovina, and it is expected that DPM shareholders will own approximately 75%, and former ADT1 shareholders 25% of the DPM’s enlarged issue share capital, which we forecast from the terms provided will increase by ~33% to 223.607 M shares DPM (from 168.705M), with mineral resources growing by ~35% or by 392 Moz AgEq (4.1 Moz AuEq), which are made up 31% from Ag by metal value, 19% from Au, rest Zn-Pb-Cu, at a our estimated 3-month trailing average metal prices with no recovery factors, to 15.5Moz AuEq (1.5 Boz AgEq) - with DPM’s Au share of overall resources to be lowered slightly to 69%, and Ag share up more significantly to 10% (which led us to now also add DPM to our silver producer peer group, which could have more upside if silver continues to catch up to gold). Resulting DPM pro-forma market cap is US$3.5B or market cap/oz resource of US$2.34/oz AgEq ($224/oz AuEq), as DPM’s strong cash-flowing assets trade at a bit of a premium to our our 19-company silver producer peer group mean $1.86/oz AgEq ($179/oz AuEq), but still at a 17% discount to our 56-company intermediate gold producer group mean $270/oz AuEq (and at a small premium to its median $176/oz AuEq). DPM stock traded down -0.8% yesterday (16 June) following this news from after-market Friday (vs. intermediate gold producer median down -1.1%). ADT1 stock traded near flat yesterday (16 June) at a market cap/oz resource of US$1.20/oz AgEq ($115/oz AuEq) - a 20% discount to our 19-company silver producer median $1.50/oz AuEq (144/oz AuEq) - leaving room for these resources to potentially re-rate under DPM with its higher multiple.

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