Daily Metals Mining Rundown for 2 April 2025 (after-market ASX/pre-market TSX)

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

Today’s top and bottom 40 performing metals mining company stocks (of 458 in our Peer Table) through ASX trading and including yesterday’s TSX movements include:

Coverage of metals mining company announcements affecting today’s after-market ASX Peer Table (resource updates, economic studies, changes in attributable project ownership) includes:

• 1 Apr 2025 - Intermediate gold producer and silver producer First Majestic (TSX:AG) announced its annual reserves and resources update for its mines and projects in Mexico, resulting in large increases to both reserves and resources, bring resources to the highest level in the company’s history. Reserves grew by 45%, while M&I resources (inclusive of reserves) grew 25% and inferred resources 23%, resulting in big gains across the board. Overall resources (M&I&I) grew some ~20% to 791 Moz AgEq (8.9 Moz AuEq), according to our Peer Table’s estimated 3-month trailing average metal prices, which our Peer Table shows below is 66% from Au and 27% from Ag (rest Zn-Pb-Cu) by metal value, according to our Peer Table. AG stock opened roughly flat in NY and Toronto following this news, before dipping intraday (alongside the silver price). AG now trades at a market cap/oz resource of US$4/oz AgEq ($362/oz AuEq) - at a premium to our intermediate gold producer mean of $211/oz AuEq and silver producer mean of $135/oz AuEq ($1.51/oz AgEq), which appears justified due to decent (higher-priced) gold share of resources, AG’s strong cash flowing assets (generating record quarterly free cash flow of $68M in Q4/24) with solid grades (resource grade of 386 g/t AgEq or 4.3 g/t AuEq at our estimated 3-month trailing average metal prices), low production costs (2025 AISC guidance in the $18-19/oz AgEq range), and its potential to be taken out by a major gold producer looking to add free cash flow and perhaps some silver share of production, by adding AG’s primary gold-silver assets that appear to rank near the top of their class.

• 1 Apr 2025 - Intermediate gold producer Jaguar Mining (TSX:JAG) announced its annual reserves and resources update for its mines and projects in Brazil, which grew reserves by a solid 63% net of depletion (to 0.764 Moz Au grading 4.03%) after adding a first ever mineral reserve at the Onças de Pitangui project. Total mineral resources (inclusive of reserves) grew by a few % to 3.38 Moz (leaving lots of future reserves conversion upside), which lowers JAG’s market cap/oz resource to US$48/oz Au (at 1 April close) - a stark 64% discount to our 55-company peer group median of $134/oz AuEq, as shown in the above excerpt from our Peer Table below.

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