Daily Metals Mining Rundown for 26 Aug 2025 (after-market ASX)

Today’s metal price movements (over past ~12hrs) and mining company peer group through ASX trading (including yeterday’s TSX/NYSE movements) include:

Top and bottom 40 daily performing metals mining company stocks (out of 488 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:

• 25 Aug 2025 (after-market) – Copper developer Marimaca Copper (TSX:MARI) announced feasibility study results for its flagship 2.3 Blbs Marimaca pure-play copper project in Chile, delivering outstanding results overall and a world class copper open pit head leach project with capital intensity among the best in its class, and low all-in-sustaining-costs just above the lower-quartile-range of global peers and well below the median. Study contemplated production of 50 ktpa Cu from a 179Mt reserve grading 0.42% Cu with a super low waste-to-ore strip ratio of 0.82 (meaning more ore than waste), which did not incorporate inferred resources accounting for ~28% of the deposit’s contained copper, nor did it incorporate any the potential from Pampa Medina (and Madrugador) satellite deposit where super high grades were recently reported from drilling including 6m of 12% Cu within 26m of 4.1% Cu (hole SMRD-13) for which there is a resource estimate and PEA underway now that management envisions could increase Marimaca’s production to as high as 70 ktpa. MARI appears serious about building this project, as it has signaled strong support by strategic shareholders Assore International Holdings and Mitsubishi Corp., and has recently optioned to acquire a sulfuric acid plant to provide low-cost acid for the heap leach process, and has submitted its permitting documentation for which it expects approval by end of 2025 in time for construction to start as early as 2026. Post-tax NPV8 was $709m at $4.30/lb Cu from initial capital of $587m, which came up shy of 2020 PEA results adjusted for same metal prices (according to metal price sensitivity), as is usually the case on this key de-risking step up to feasibility stage and should have been expected by many investors (especially because the PEA was old). MARI stock had traded near the top of our 35-company copper developer pack (3rd from the top, behind only Foran TSX:FOM and Talon TSX:TLO) at a P/NAV (simplified as market cap/NPV) of 0.76x according to the 2020 PEA adjusted for our 3-month trailing average copper price of US$4.79/lb Cu. But now, based on MARI’s 25 Aug close of C$11.44/sh, and according to today’s announced DFS results that has slightly lower NPV, MARI trades at (closed yesterday 25 Aug) 0.91x. Based on this jump in P/NAV, and because some investors may not fully appreciate the importance of the de-risking step of this feasibility study, MARI stock might fall off some ~10% on these results, which could create a buying opportunity for other investors anticipating further derisking steps towards production, in addition to future cumulative additions to the project’s economics from the ongoing/pending PEA for Pampa Medina satellite deposit.

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