Daily Metals Mining Rundown for 5 Feb 2026 (after-market ASX)

Metal prices TUMBLED over past ~24hrs of trading, led by silver, platinum, and palladium falling -13%, -9%, and -6.5% - with gold slipping a lesser -3% to $4,875/oz; Most mining stocks also fell a few percent or more in last session, except uranium miners which slipped 7-8% or more; Covered announcements include acquisition of Foran Mining by Eldorado Gold.

Author

Host Rock Capital
February 05, 2026

Today’s metal price movements (over past ~24hrs) and mining company peer group movements through ASX trading (including yesterday’s TSX/NY movements):

Top and bottom 40 daily performing metals mining company stocks (out of 504 in our Peer Table) through ASX trading (including yesterday’s TSX/NY movements):

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

  • Intermediate gold (and copper & silver) producer Eldorado Gold (NYSE:EGO) announced Monday (2 Feb) the acquisition of copper developer Foran Mining (TSX:FOM) and its flagship 100%-owned McIlvenna Bay project in Saskatchewan which is under construction with commercial production due mid-2026. FOM shareholders will receive 0.1128 shares EGO (and US$0.01/sh) per share FOM in a mostly all-share deal worth C$3.8b - an 8% premium to the 20-day VWAP and nil premium to closing price on 30 Jan (after FOM gained +35% during Jan – outperforming our 35-company copper developer peer group median monthly gain of +17%). Eldorado already had 4 producing mines across Canada, Greece and Turkiye – and now adds the McIlvenna Bay 4,900 tpd UG mine with resources of 39 Mt @ 2.02% CuEq (indicated) and 5Mt @ 1.8% CuEq (inferred) – and also a pipeline of other similar projects including Bigstone with a starter 4.4Mt resource and Tesla with an exploration target 28-45Mt grading 0.9-1.3% Cu. EGO’s pre-existing resources of 31.71 Moz AuEq (81% from Au, 10% from Cu, rest Pb-Ag) now become slightly diversified with FOM’s C-Zn dominant resources (growing on this deal by ~10% to 35.0 Moz AuEq, still a dominant ~75% from Au). FOM’s resources of 2.6 Blbs CuEq (48% from Cu, 22% from Zn, rest Ag-Pb-Au) had traded at the very top of our Cu developer peer group at market cap/lb of US$0.90/lb CuEq ($728/oz AuEq) and P/NAV of 3.9x at 3-month trailing average Cu price $5.50/lb. The valuable premium may be partly justified by FOM’s deep pipeline of projects, and might also be slightly overhyped on its near-term production status. The high valuation makes deal a win for FOM shareholders. It’s also a win for the gold sector (as it TAKES THE PUCK from the copper sector with this acquisition/absorption of this poster child asset). The scarcity value of the near-term cash flows from Cu (whose price has risen ~+40% over past year) and especially from Zn (whose price has risen ~21% over past year to US$1.50/lb, and for which there are few to no primary Zn mines that can be ramped up to plug widening supply shortages). EGO’s basic shares will rise ~24% to ~265m. And partly given FOM’s super high valuation vs. peers, investors traded EGO stock down ~20% (over past week) to US$39.75/sh, market cap C$10.55b, and market cap/oz US$221/oz AuEq – a 27.5% discount to Int. gold producer group median US$305/oz AuEg (giving FOM shareholders renewed upside). And although the drop in EGO share price raises the question/possibility that its shareholders might not approve this deal, continued rising of the copper and ZINC prices in the near term on widening supply deficits could ease any concerns EGO shareholders have on FOM’s valuation, and help push the deal over the line.

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.