Daily Metals Mining Rundown for 25 Mar 2025 (after-market ASX/pre-market TSX)

Today’s metal price movers (over past ~20 hrs) 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 454 in our Peer Table) intraday ASX trading and including yesterday’s TSX movements include:

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

• 25 Mar 2025 - Former gold explorer (now gold developer) Latitude 66 (ASX:LAT) announced results of a scoping study for its flagship KSB project in Finland, which should have been much anticipated after the company just acquired this project in a restructuring completed last year with DiscovEx. LAT now appears to have successfully taken its inherited existing high-grade Au-Co resource of 0.65 Moz [email protected]/t and 5,840t [email protected]% to the next step with this study, which yields solid economics including a post-tax NPV8 of US$310M (at $2,500/oz Au) with IRR of 74% and low costs across the board including low capex of $101M and AISC of $996/oz AuEq ($1,038/oz Au). And although this scoping study is preliminary in nature and significant additional engineering (prefeasibility and/or feasibility) and permitting work is required prior to development, we now move LAT to our gold developer peer group from explorer peer group, as this scoping study meets the criteria to do so set out in our Peer Table’s standardized information retrieval process. An notably, the study shows that the planned 0.75mpta plant (associated with initial capex of $101M) could be doubled to 1.5mtpa (for only $140M or 38% more), which is encouraging given the numerous exploration targets surrounding the deposit with potential to grow resources. It’s also good to see that 90% of the mine plan resources in this scoping study already come from indicated resources, which should bode well for upcoming maiden mineral resource in a PFS. LAT stock closed up+9% Tuesday on this news, to a market cap/oz AuEq of US$6.4/oz AuEq (including LAT’s 17.5% share of resource from Greater Duchess Cu-Au project in Australia accounting for ~22% of of LAT’s attributable resources), which is a ~78% discount to our 64-company gold developer peer group median of $26/oz AuEq (and a ~71% discount to our 76-company gold explorer median of $20/oz). On price-to-net-asset-value or P/NAV (taken as market cap / NPV), LAT trades even cheaper - at a P/NAV of 0.033x (at our Reference gold price of $1,800/oz, according to the NPV sensitivity analysis included in today’s announced scoping study, and including a small share from its 17.5% of Greater Duchess 2024 Scoping study results accounting ~10% of combined NPV). And this P/NAV is an 88% discount to our gold developer group median P/NAV of 0.27x (at same $1,800/oz).

  

  Location of the KSB project (Source: Latitude 66)

  

• 24 Mar 2025 (after-market Monday) - Gold explorer New Found Gold (TSXV:NFG) announced its much anticipated initial mineral resource estimate (MRE) for its flagship Queensway project in Newfoundland, which yielded an impressive first pass of 2.0Moz (indicated+inferred). And so NFG has now been added to our Peer Table’s (resource-stage) gold explorer peer group. This 2Moz certainly ranks on the high side in the global realm of initial resource size. And importantly, 63% of the resource tonnes are already in the indicated category. And even more importantly, these indicated resources include a particularly attractive 1.25 Moz of high-grade core open pit resources grading multi-gram at 2.25 g/t Au, which should lead to top tier initial cash flow and overall economics to be confirmed by the company in an upcoming PEA targeted for release in late Q2/25 (and then in a PFS or FS which the company is already well prepared for with solid indicated share of resources). NFG closed Monday (before the stock traded on this news) at a market cap of US$315M (according Google Finance), or $157/oz resource, ranking NFG around the ~90th percentile valuation of our gold explorer peer group market cap/oz. And although a premium appears justified for NFG’s large starter resource size, high indicated resource content, and high open pit grades, it would appear based on this valuation (and on the abundance of drill results released since the project’s initial discovery was announced in 2020), that investors might have been expecting a larger initial resource, perhaps by some ~1Moz or 33%. But those additional ounces look to be on the not-so-far horizon, given: (a) the recently announced high-grade drill results from beyond this initial MRE footprint that are not yet incorporated to the MRE, (b) the potential for infill drilling (of lower grade zones) within the MRE pit shell, (c ) drilling at depth (most drilling to date has been in upper 200m), and (d) the regional camp potential along remaining portions of the 110km long strike length of two major structures. This announcement also impact’s uranium and gold explorer, Palisades Goldcorp (TSXV:PALI), which owns 21.63% of outstanding NFG shares (according to PALI’s press release on 25 Mar 2025). Including its 21.63% share of these new NFG resources and PALI’s pre-existing 100% share of it’s Eco Ridge uranium project resource (107 Mlbs U3O8) acquired in Radio Fuel deal completed earlier this year, PALI trades cheaper than NFG on market cap/oz AuEq resources, at US$47/oz AuEq, resulting in more modest premiums to our gold explorer peer median of $20/oz AuEq and our uranium explorer median of $38/oz AuEq ($1/lb U3O8).

  

  MRE Area – AFZ Core, AFZ Peripheral and JBP areas (Source: New Found Gold)

  

  Section A-A’: AFZ Core area east of the Appleton Fault Zone composite long section with proposed pits and resource block model (looking northwest, +/-250m). (Source: New Found Gold)

  
  

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