Daily Metals Mining Rundown for 3 Dec 2025 (after-market ASX)

Today’s metal price movements (over past ~15hrs) and mining company peer group movements through TSX trading (including yesterday’s TSX/NY movements):

Top and bottom 40 daily performing metals mining company stocks (out of 502 in our Peer Table) through TSX trading (including earlier ASX closing prices):

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

• 28 Nov 2025 (after-market) - Gold developer Montage Gold (TSX:MAU) announced the acquisition of gold explorer African Gold (ASX:A1G) in an all stock deal, where A1G shareholders will receive 0.0628 shares MAU per share of A1G, and will own ~7.8% of the combined entity. MAU looks to be leveraging its dominant valuation (with a market cap exceeding C$3b, a market cap/oz resource of US$433/oz AuEq resource vs. median $58/oz, and P/NAV 0.47x vs. median 0.13x at our 3-month trailing avg gold price $3,914/oz Au) to grow its position in the particularly-geologically-attractive West Africa jurisdiction of Cote d’Ivoire, where the Company already hosts the LARGE OPEN PIT feasibility-stage Kone gold project – which had been included in our top 15 gold open pits by grade-strip in our 17 Aug note here: https://www.linkedin.com/posts/host-rock-capital_miningcompanyinsights-miningnews-newsletter-activity-7362809922721300481-9fdM?utm_source=share&utm_medium=member_desktop&rcm=ACoAAASz71EBbrYwPSM9hdNBUl8LOGwqAKzEjho with 509 impressions on LinkedIn and in 21 Aug video here: https://www.linkedin.com/posts/host-rock-capital_gold-goldexploration-mining-activity-7364459169900384256-Aliu?utm_source=share&utm_medium=member_desktop&rcm=ACoAAASz71EBbrYwPSM9hdNBUl8LOGwqAKzEjhowith with 1,735 impressions, all of which helped MAU stock rise +48% over the past 3 months (vs. 70-company gold developer peer group median +30%).

  Transaction price equates to ~A$0.50/sh A1G for a 54% premium to 10-day VWAP (and market cap that was around A$168m and $183/oz Au).

  MAU will get A1G’s prize asset – its flagship Didievi project which hosts an inferred resource 12.4Mt @ 2.5g/t Au containing 989koz Au.

  This looks like a win-win deal as MAU will add 1Moz of inferred resources for US$281/oz, which is a 35% discount to MAU’s pre-existing market cap/oz of US$433(and also a 54% premium to A1G’s prior $183/oz)

  And the combined entity trades (on 3 Dec after-market ASX) at proforma market cap C$3.5b, P/NAV 0.51x (at 3-month trailing gold for ~50% to producers’ ~1x) and market cap/oz US$388/oz (8% discount to prior $433/oz) – and still a 25% discount to the senior gold producer peer group ($536/oz) that ought to acquire MAU when the time is right.

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.