Daily Metals Mining Rundown for 5 Aug 2025 (after-market ASX)

Today’s metal price movements (since Friday’s close ~2 days) and mining company peer group through ASX trading (including Friday’s TSX/NYSE movements) include:

Top and bottom 40 daily performing metals mining company stocks (out of 489 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:

• 4 Aug 2025 Nickel and gold explorer WIN Metals (ASX:WIN) announced a binding memorandum of understanding to acquire the past-producing Radio Gold mine in Western Australia, which is fully-permitted and offers near-term cash flow potential if restarted. WIN stock traded flat +0% today (5 Aug) at A$0.02/sh, market cap A$13m, and market cap/oz resource US$0.013/lb NiEq ($6.3/oz AuEq) for its reported resources of 1.29 Moz AuEq or 618 Mlbs NiEq (30% Au from 0.39 Moz Au, 67% Ni from 415 Mlbs Ni, rest Li) at our estimated 3-month trailing average metal prices, which is in between our 15-company nickel explorer peer group median US$0.011/lb NiEq ($5.4/oz AuEq) and mean $0.093/lb NiEq ($44/lb AuEq). However against our 91-company gold explorer peer group, WIN’s $6.3/oz AuEq trades at cheaper end at a 78% discount to group median $28.8/oz AuEq.

• 4 Aug 2025 - Lithium brine developer Lake Resources (ASX:LKE) announced a DFS addendum and updated ore reserve and resource statement for its flagship 80%-owned Kachi project in Catamarca province, Argentina, which supplements the Phase 1 DFS from December 2023. Reserves increased to 0.63 Mt lithium carbonate equivalent (LCE) while resources grew to 11.1 Mt LCE, with a 60% improvement to attributable post-tax NPV10 (of US$853m) at our reference lithium price of US$20,000/t LCE compared to 2023 DFS, which trades at a 5 Aug P/NAV (market cap/NPV) of 0.057x - in-line with 14-company lithium brine developer peer group median 0.054x and below mean 0.077x.

• 4 Aug 2025 - Gold developer Tesoro Gold (ASX:TSO) announced a resource upgrade for its flagship 89%-owned El Zorro project (Ternera deposit) in Chile, resulting in a 42% uplift in contained gold to a pit-constrained 1.82 Moz (grading 1.10g/t Au). Unconstrained resource grew to 2.0Moz @ 1.07g/t, which trade at at 5 Aug market cap/oz of US$18/oz AuEq - a 55% discount to our 72-company gold developer peer group median $40/oz AuEq. On P/NAV (market cap/attributable NPV) according to 2023 scoping study (which is now superseded by this resource upgrade), TSO trades at 0.16x at our (low) reference gold price of US$2,000/oz - a 48% discount to group median 0.31x (at our estimated 3-month trailing average gold price US$3,318/oz, TSO trades at P/NAV 0.05x - a 53% discount to median 0.11x).

• 5 Aug 2025 - Gold explorer Aurum Resources (ASX:AUE) announced a 50% increase to its JORC resources for its Boundiali project in Cote d’Ivoire in West Africa to 2.41Moz @1.0g/t Au, which grew group resources by 28% to 3.28Moz. AUE trades on 5 Aug at market cap/oz resource $31/oz AuEq - in between our 91-company gold explorer peer group median US$29/oz and mean $56/oz AuEq.

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