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

Metal prices stayed relatively flat through ASX trading, except for nickel which ticked higher and lithium which slipped; ASX mining stocks mostly dipped except for some precious metals miners that rose slightly.

Author

Host Rock Capital
September 03, 2025

Today’s metal price movements (over past ~14 hrs) and mining company peer group through ASX trading (including yesterday’s TSX/NYSE movements) include:

Top and bottom 40 daily performing 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):

  • 3 Sept 2025 - Lithium clay developer Ioneer announced updated economics, reserves, and resources for its 100%-owned Rhyolite Ridge Lithium-Boron project in Nevada, which replaced prior numbers in June 2025 DFS. Contained lithium in mineral reserves by +~4.7% to 2.01 Mt lithium carbonate, while overall resources +~2.4% to 4.07 Mt lithium carbonate. NPV grew substantially to US$1.9b (from $1.4b), but this appears largely due to a higher lithium price of US$23,012/t lithium hydroxide (was $13,423/t lithium hydroxide in June 2025), from initial capex of $1.7b that remained unchanged and low All-in-sustaining-costs of US$5,626/t lithium carbonate equivalent. And this time the NPV sensitivity to metal price was provided in the study/announcement, we were able to retieve add to our Peer Table’s 9-company lithium clay developer peer group by P/NAV (taken as market cap/NPV). At our reference lithium hydroxide price of US$24,000/t (which we assume to be a 20% premium to our reference lithium carbonate price of US$20,000/t lithium carbonate for peer comparison purposes), INR’s NPV rises to US$2.05b with P/NAV 0.10x, making INR a premium stock among the group with mean P/NAV of 0.039x. This might suggest INR is one of the more likely Nevada Li clay projects to get funded and built, especially given the Trump Adminstration’s Department of Energy’s January 2025 announcment of a $996 million loan guarentee for Ioneer.

Key metrics comparison - Life of Mine (Source: Ioneer)

Rhyolite Ridge All-in Sustaining Costs (AISC) compared to other Projects (Source: Ioneer internal study and Benchmark Mineral Intelligence. Lithium Carbonate price estimate Benchmark Mineral Intelligence 30 April 2025 lithium carbonate spot CIF Asia). Image source: Ioneer.

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.