Daily Metals Mining Rundown for 30 June 2025 (intraday ASX)

Today´s metal price movements (since Friday’s close) and mining company peer group through ASX trading (including yesterday’s TSX/NYSE movements) include:

Top and bottom 40 daily performing metals mining company stocks (out of 469 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:

• 30 June 2025 - Gold developer Ausgold (ASX:AUC) announced DFS results along with a resource update for its flagship Katanning project in Western Australia, further de-risking the open pit mine plan and paving the way for front-end engineering and project financing. Post-tax NPV5 was A$954m (US$0.62b) at A$4,300/oz (US$2,795/oz) from pre-production capital of A$355m (US$231m) and the updated resource was 2.44 Moz grading 1.11g/t (reserve of 1.25Moz also grading 1.11g/t). Encouragingly, the resource grade improved by 5% on an optimized resource pit shell and overall tighter estimate that resulted in contained resources ounces falling by nearly 20%. Project engineering and economics also appears tighter as the NPV came up some short of that of the 2022 PFS (at apples to apples gold prices). This led to AUS trading down -9% intraday (30 June) to A$0.73/sh (vs. our 19 ASX gold developers trading down an average of 3% intraday), a market cap of A$277m (US$181m), and a market cap/oz of US$69/oz - a slight premium to our 68-company gold developer mean US$65/oz for this advanced feasibility stage, near shovel-ready project (pending permitting completion and project financing). On P/NAV (taken as market cap/post-tax NPV), AUC trades at 0.20x - a slight premium to group mean 0.17x - both at our estimated 3-month trailing average gold price of US$3,144/oz.

• 30 June 2025 - Gold developer Brightstar Resources (ASX:BTR) announced a DFS for its 100%-owned Menzies and Laverton gold projects in Western Australia, where large-scale mining is set to begin in early 2026 through a targeted ore purchase agreement at nearby Paddington mill for which there is an existing memorandum of understanding. The study targeted an initial (small subset of resources) 6.4 Mt @ 1.81 g/t Au for 0.34 Moz recovered, outlining a pre-tax NPV5 of A$203m at A$4,500/oz from pre-production capital of only A$14m (as ore is to be initially processed off-site Paddington mill in 2026 before a 1mpta is due to be constructed in 2027 for expansion capex of A$204m on existing mill site). BTR stock traded down -11% intraday 30 June (vs. ASX developer peers down average of -3%) - perhaps because this study excluded much of BTR’s attributable resources of 3Moz for the broader containing Menzies, Laverton, and Sandstone hubs making up this newer flagship project - most of which are left as upside to these study economics. BTR trades at market cap A$207m at A$0.44/sh and market cap/oz resource of US$41/oz Au - in between our 68-company gold developer group median and mean of US$36/oz and $63/oz AuEq (and a ~75% discount to where our intermediate gold producer median of US$163/oz - where BTR aims to graduate to with commencement of large-scale production by next year according to this DFS. On P/NAV (market cap/70% of reported pre-tax NPV), combining the company’s 2024 Scoping Study for other earlier stage project Jasper Hills and this DFS for Mezies/Laverton, BTR trades at 0.48x at 3-month trailing average US$3,144/oz - well above our gold developer mean of 0.17x at same gold price, but well below the ~1x range BTR is headed towards if it graduates to become a large-scale gold producer as planned.

• 30 June 2025 - Gold developer Barton Gold (ASX:BGD) announced a resource update for its South Australian Challenger gold project that grew project resources to 223 koz @ 0.72 g/t. The update focused on higher-grade tailings and open pit materials, and grew company wide South Austrlia resources by 9% to 1.90 Moz AuEq (98% from Au, rest Ag), which trade at a market cap/oz resource of US$60/oz AuEq - in between our 68-company gold developer peer group median and mean US$36/oz and US$63/oz. Similarly on P/NAV (market cap/70% of reported pre-tax NPV), BGD trades at 0.19x according to results of its 2025 optimized scoping study for its main Tunkilla project (in-line with group mean 0.17x), and the company has a feasibility being completed this year with stage 1 production as early as late 2026.

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