Daily Metals Mining Rundown for 4 Sep 2025 (after-market ASX)

Today’s metal price movements (over past ~16 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 brine developer Standard Lithium (NYSE:SLI) announced definitive feasibility study (DFS) results for its 55%-owned (through a JV) South West Arkansas project contemplating production of 22.5ktpa lithium carbonate, which replaces a prior 2023 PFS that contemplated production of 30ktpa lithium hydroxide monohydrate. As is often the case for this key derisking step up to DFS stage that has tighter costs estimating (and should be somewhat expected), the project’s economics took a bif of a hit since the 2023 PFS. Capex increased slightly by 14% to US$1.45b inlcuding 12.3% contingency (was $1.27b including 20% contingency in PFS), with a reported after-tax NPV8 of US$1.275b (for 55% attributable portion of $701m) at price of US$22,400/t lithium carbonate. At our reference lithium carbonate price of $20,000/t lithium carbonate, this attributable NPV decreases to $476m, resulting in a 3 Sept closing P/NAV (market cap/NPV) of 1.18x. The prior 2023 PFS results had yielded a 55%-attributable NPV of US$1,166 at our reference lithium hydroxide price of $24,000/t (which we assume to be a 20% premium to our reference lithium carbonate price of $20,000/t), which had yielded a P/NAV of 0.48x (at SLI price of US$2.78/sh). Based on this apparent jump in P/NAV, SLI stock could take a beating today (4 Sept) by up to ~30-50%, which would create a buying opportunity for other investors looking for futher derisking steps towards first production targeted for 2028, for this most advanced and most de-risked li brine developement project in the US, especially considering the encouraing field-scale Direct Lithium Extraction (DLE) test results incorporated to this DFS (and reported on 11 March), which involved production of 3,672 litres of concentrated and purified lithium chloride solution from a field-scale DLE pilot plant using existing production wells.

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