Daily Metals Mining Rundown for 28 Jan 2026 (after-market ASX)

The gold price ripped again over past ~24 hours, marching up +4% to fresh highs approaching $5,300/oz, while uranium, rhodium, and silver prices also inched higher; Larger cap uranium mining stocks stood out among metals miners over the past session, while gold and copper stocks also rose gently; Covered announcement includes resource update for Greater Duchess project in Australia by Carnaby Resources.

Author

Host Rock Capital
January 28, 2026

Today’s metal price movements (over past ~24hrs) and mining company peer group movements through ASX trading (including yesterday’s TSX/NY movements):

Top and bottom 40 daily performing metals mining company stocks (out of 505 in our Peer Table) through ASX trading (including yesterday’s TSX/NY movements):

Covered company announcements incorporated into today’s after-market ASX Peer Table (resource updates, economic studies, changes in attributable project ownership):

  • Copper developer Carnaby Resources Limited (ASX:CNB) announced today (27 Jan) an updated resource estimate for its flagship Greater Duchess project in Queensland, Australia. Indicated resources grew by +49% to 17 Mt @ 1.5% Cu and 0.3g/t Au (1.7% CuEq) containing 249.6kt Cu (550 Mlbs Cu) and 145.7koz Au (288.1 kt CuEq or 635 Mlbs CuEq), which paves the way for a high-grade maiden open pit copper-gold reserve in a PFS that is underway now, and due for completion this quarter. Overall indicated + inferred resources grew by 10% to 0.44 kt CuEq (971 Mlbs CuEq) within 29.2Mt of rock – roughly two-thirds of which are 100% owned, the rest being 51%-owned. And this estimate is already outdated as it excludes recently drilled depth-extensions (to Trek 1 zone, see attached cross section). CNB stock gained +5.8% (27 Jan) on this news (vs. copper developer group median loss of -1.1%) to A$0.55/sh, market cap A$149m, and market cap/lb attributable resource US$0.13/lb CuEq – around upper-quartile range of our 35-company copper developer peer group for this scoping-stage (soon to be PFS) high-grade copper open pit project. CNB's market cap/lb resource of US$0.13/lb CuEq resource is still a ~40% discount to the more-advanced copper producer group median US$0.22/lb CuEq, but is more than 3x higher than our global Cu developer group median US$0.034/lb CuEq – largely because many of the Toronto-listed copper developers appear to remain shorted (by bad actors), and this drags down the Cu developer averages (our earlier-stage Cu explorer median US$0.042/lb CuEq is uncharacteristically higher than our Cu developer median $0.034/lb CuEq). And this creates a buying opportunity for many undervalued (shorted) Toronto-listed copper developers – given these stocks should rise sharply if the shorts become squeezed on the back of rising copper prices (Cu price is already up +40% over the past year to current record high levels around $6/lb Cu, and is anticipated to continue rising amid strong energy transition demand).

Disclaimer: Provided for informational and educational purposes on an ‘as-is’ basis, and is not investment advice. For full disclosures, visit www.hostrockcapital.com/disclosures.