Daily Metals Mining Rundown for 18 Mar 2025 (after-market ASX)

Today’s metal price movers (over past ~18 hrs) and mining company peer group movers (through ASX trading and including yesterday’s TSX movements) include:

Today’s top and bottom 40 performing metals mining company stocks (of 430 in our Peer Table) through ASX trading and including yesterday’s TSX movements include:

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

• 16 Mar 2025 - Intermediate gold producer Ramelius Resources (ASX:RMS) and past-producer Spartan Resources (ASX:SPR) announced a transformational combination, where RMS will acquire all ordinary shares of SPR for A$0.25 and 0.6957 new RMS shares (for each SPR share), representing a value of A$1.78 per SPR share, and a 11% premium to Friday 14 Mar closing price and market cap of US$1.3B (which we would attribute roughly half towards SPR’s mill replacement value and half to its mineral resources). SPR’s assets include its Dalgaranga mine with 2.9 Moz Au resources with 2.5 mtpa processing plant (mill), which is nearby to RMS’s strong cash-flowing Mt Magnet mine in Western Australia. The deal looks like it makes sense for both sides - SPR gets an 11% premium to its already solid market cap/oz resource of US$489/oz ($544/oz with premium) - which sounds high but also includes a 2.5 mtpa mill - and SPR also gets needed access to capital to bring Dalgaranga back online. This helped SPR shares rise 9% on Monday 17 Mar (vs. gold peer group medians rising 1-6%). RMS sold off however -1%, for a combined drop of -20% over past week (ending Monday 17 Mar) vs. Int. gold producer median gain +8% after RMS released a 2.1 Moz, 17-year Mt Magnet mine plan update on 11 Mar that included mineral reserves of only 1.1 Moz (remainder of mine plan included resources). So while RMS had been in good shape with its 9.2Moz resources and strong near-term, low-cost, production profile; its mine plan’s reserves of 1.1Moz together with production guidance falling from 270-300koz this FY to 200koz next FY appeared to concern some investors. This acquisition of SPR should ultimately help alleviate that, especially once RMS has a chance to convert a chunk of Dalgaranga’s 2.9Moz resource to reserves (in a reserve update targeted before CYE 2025). Pending a shareholder vote, this deal is due to close July-Aug 2025. And the proforma combined entity closed trading Tuesday at a proforma RMS market cap of US$2.9B (including an additional 891M sh to be issued to SPR) which equates to a market cap/oz resource of US$236/oz including the SPR resources (only slightly above where RMS traded before the deal, but leaving it much better positioned on market cap/oz reserve). This proforma RMS market cap/oz is around the 70th-percentile of our intermediate gold producer peer group - a justified premium to middle-of-pack for RMS’ 100-200kozpa+, low-cost, strong-cash flowing near-term production profile. And this premium that could widen as this strong production profile is extended and shored up for the coming decade through conversion of the companies vast growing resources already at 12.1 Moz, which also makes RMS an attractive acquisition target for senior gold producers, whose peer group median market cap/oz of US$214/oz is more in line with that of RMS.

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