Daily Metals Mining Rundown for 22 July 2025 (after-market ASX)

Metal prices rose, led by Lithium, Platinum, Silver, Copper-Nickel, then Gold; Daily metal mining share performance has been led by Silver stocks, followed by Gold producer stocks.

Author

Host Rock Capital
July 22, 2025

Today’s metal price movements (over past ~20hrs) 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 487 in our Peer Table) through ASX trading (including yesterday’s TSX/NYSE movements) include:

No company announcements incorporated into today’s after-market ASX Peer Table (resource updates, economic studies, changes in attributable project ownership).

  • 21 July 2025 - Nickel and gold developer Lunnon Metals (ASX:LM8) announced scoping study results for its Baker and Foster nickel sulphide project, serving as an update to prior 2023 PFS that incorporated only the Baker deposit. The study slightly improved the NPV relative to 2023 PFS, but most notably is it turned the NPV positive for current spot nickel price. At our reference nickel price of US$9.5/lb, LM8 trades at P/NAV (taken as market cap/70% of pre-tax NPV) of 0.62x (just above the upper-quartile-range of our 15-company nickel developer peer group whose mean is 0.33x at same reference nickel price) for these super high-grade nickel assets with the majority of resources grading in 3-4% Ni range (plus lower grade Cu grading 0.15-0.50 % Cu and Co grading 0.05-0.10% Co).

  • 21 July 2025 (after-market) - Former gold explorer - now gold developer - New Found Gold (TSXV:NFG) announced PEA results for the AFZ Core zone of its 100%-owned 2Moz Queensway project in Newfoundland. The study reported a post-tax NPV5 of C$743m at US$2,500/oz Au from initial capital (for phase 1 toll milling plus phase 2’s 2.5 mtpa mill) of C$597m and 15-yr LOM AISC of US$1,256/oz Au. NFG closed 21 July (before this study was announced) at share price C$2.24/sh, market cap C$515m, market cap/oz resource of US$188/oz Au (just above the upper quartile range of our 72-company gold developer peer group, whose mean is US$69/oz) for this still-new-and-growing deposit that is 80% open pittable with relatively high open pits grade around 2g/t Au. On P/NAV according to this PEA, taken as market cap/post-tax NPV at our recent spot gold price of $3,270/oz, NFG trades (on 21 July before study announced) at 0.36x (similarly just above the upper-quartile range of gold developer peer group whose mean P/NAV is 0.17x at same recent spot gold price).

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