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

Rundown of company announcements, valuations, and underlying metal prices, according to our compilation of publicly available information covering 9 important metals and more than 450 mining stocks, including mineral resource inventories, and including project NPV information for some 150+ developers.

Author

Host Rock Capital
March 26, 2025

Today’s metal price movements (over past ~18 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 455 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:

  • 26 Mar 2025 - Copper explorer Arctic Minerals AB (STO:ARCT) announced a maiden Mineral Resource Estimate (MRE) for its Hennes Bay copper-silver project in Sweden, and has been added as the 36th peer in our Peer Table’s (resource-stage) copper explorer peer group. The MRE was reported by company to be 55.39Mt grading 0.8% Cu and 20.8 g/t Ag for 1.0% Copper Equivalent ("CuEq") resulting in 543,000t CuEq contained metal. At our estimated 3 month trailing average metal prices, this equates to 567,900t CuEq or 1.25 Blbs CuEq or or 174 Moz AgEq 2.0 Moz AuEq with a Cu/Ag metal value split of 79%/21%. ARCT stock shot up 31% on this news intraday Sweden Wednesday to a market cap/lb resource of US$0.014/lb CuEq ($9.6/oz AuEq) which is (still) a ~30% discount to our 36-company copper explorer peer group median market cap/lb of $0.02/lb CuEq ($13/oz AuEq) and a ~73% discount to our silver explorer peer group median market cap/oz of $0.38/oz AgEq ($34/oz AuEq) - although we exclude ARCT from our silver explorer peer group due to its relatively small 21% silver share of resource metal value. This is a substantially sized initial resource - 1.25 Blbs CuEq (79% from Cu) is quite relatively large for a first pass. And while grade of 1% CuEq may be on the lower grade side of typical underground mine deposits (underground mining was the mining method assumed in the MRE and open pit mining does not appear to be an open based on deposit geometry), this grade increases somewhat at higher cut-off grades, which might be considered by the engineers to bolster economics in the PEA that that company says is commencing now. Moreover, this lower range grade could be offset by sheer scale of this relatively large starter deposit (especially as it grows further), which is typical for this stratiform copper mineral system (SSC) type of deposit that represents the most important source of copper produced in the world after porphyry deposits - accounting for 20-25% of global production and reserves. This starter Hennes Bay deposit only includes the Dingelvik prospect, which remains open in all directions, and excludes several other zones defined by historic drilling that the company says could be added to resources with limited further drilling (including Asslebyn, Henneviken, Baldersnäs, Åsnebo and Härserud Norra, as shown in map below).

    Hennes Bay Project - Geological Map showing Dingelvik prospect (included in MRE) and other prospects (Source: Arctic Minerals)

    Dingelvik Prospect – Geological Cross Section 1550S (Source: Arctic Minerals)

    26 Mar 2025 (after-market ASX )

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