Daily Metals Mining Rundown for 2 July 2025 (after-market ASX)

Today’s (and yesterday’s) metal price movements (since Monday intraday TSX) and mining company peer group through ASX trading (including yesterday’s TSX/NYSE movements) include:

Top and bottom 40 daily performing metals mining company stocks (out of 470 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) include:

• 1 Jul 2025 - Gold developer Santana Minerals (ASX:SMI announced updated PFS results for its flagship Bendigo Ophir project in New Zealand, which adopted a staged and more selective mining strategy compared to the larger-scale, more generalized operation assumed in the 2024 PFS that included more aggressive pre-stripping. Average open pit mill feed in the new study was up 15% to 2.53 g/t Au. Resulting economics were similarly strong as 2024 PFS, with reported after-tax NPV6.5 of A$780M at A$3,500/oz (30% below current price) from pre-production capital of only A$277m (was A$302m). According to the sensitivity of the NPV to metal prices provided in then study, the project NPV went down slightly at our Reference gold price of US$2,000/oz and up slightly at our estimated 3-month trailing average gold price of US$3,144/oz. SMI stock traded up slightly on Canada Day 1 July 2024 following this announcement, and is now up +1.9% over past week (vs. our 67 gold developer median performance of flat +0%) to a (2 July) share price of A$0.54, a market cap A$390m, market cap/oz resource of US$109/oz (near upper-quartile range of gold developers), and P/NAV (taken as market cap/after-tax NPV) of 0.27x (similarly near upper-quartile range) with premium appearing to be attributed to the strong economics (from high open pit grade of 2.53g/t and high NPV to capex ratio)and the fairly advanced PFS stage of the project with permitting studies underway, making SMI a good take out target, ether for intermediate gold producer Oceana Gold (TSX:OGC) that has producing mines in New Zealand already and trades much higher at US$273/oz AuEq resource, or for another producer looking to break into emerging mining jurisdiction of New Zealand.

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