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

Today’s metal price movements (over past ~15hrs) and mining company peer group movements through ASX trading (including yesterday’s TSX/NYSE movements) include:

Top and bottom 40 daily performing metals mining company stocks (out of 458 in our Peer Table) through ASX trading (including yesterday’s TSX/NYSE movements) include:

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

• 5 June 2025 - Gold, Nickel, and Cobalt explorer Nordic Resources (ASX:NNL) announced the completion of its acquisition of 3 Finland gold projects from gold explorer Northgold AB (STO:NG) following NNL shareholder approval at an EGM held on 3 June 2025. Drilling is set to kick-off at these gold assets in July, following one other related NNL shareholder approval set for late June 2025, which is the approval the recently announced A$3.5 institutional placement. This follows a prior A$2.8M announced announced in April, together leaving the company cashed-up to take a meaningful step forward in growing & advancing its new flagship 0.81Moz AuEq Kospa project, along with 2 other resource-stage projects Central Finland - while also possibly making new discoveries across its broader land package spanning the highly under-explored Middle Ostrobothnia, which already contains several targets requiring follow-up. NNL stock with it´s held resources of 5.8 Moz AuEq (15% from Au, 74% Ni, 7% Co, 4% Cu, at our estimated 3-month average trailing average metal prices) traded up +12.7% today (5 June) following this news (and is up +14.7% for the week and +33% for the month) to a share price of A$0.08 and market cap/oz resource of US$2.89/oz AuEq (assuming our forecasted pro-forma NNL shares outstanding of 323.2M upon closing of pending A$3.5M placement), which is 89% below our global 79-company gold explorer median $27.5/oz AuEq. And although we might expect NNL to trade at somewhat of a discount to gold explorer peers, given the group mean´s gold share of resources is 87% versus NNL´s lower 15%, this gap appears unjustifiably wide (not to mention this low gold share of resources is set to increase as NNL is now primarily focused on growing its gold assets)…We had previously (see LinkedIn post) suggested a more appropriate position for NNL in the market cap/oz pecking order might be the 13-percentile to 55-percentile range, especially as the ASX´s more global reaching pool of investors become aware of these newly acquired, attractive, near-development gold-copper assets, and have a chance to decipher their valuation vs. other ASX (and TSXV) listed peers, and especially as the potential/imminent cup-and-handle pattern plays out (that might be forming around NNL´s 200-dma around 9.1c/sh). This 13-percentile to 55 percentile range now corresponds to market cap/oz range of roughly US$8.6/oz AuEq to $32/oz AuEq (or a 2.4x to 11x increase to NNL share price, to A$0.19-A$0.88). Historical data point worth mentioning, is these assets (when they were fewer and smaller) traded up to 71-percentile range of NG´s combined gold explorer AND DEVELOPER peer group (of 32 peers it had considered relevant at the time), back in April 2022 following its Feb. 2022 IPO (see chart below, retrieved from www.northgoldab.com in April 2022).

Disclaimer: Provided for informational and educational purposes, and is not intended as investment advice. Host Rock Capital affiliates and their closely related parties do hold an interest in Nordic Resources (ASX:NNL). For full disclosures, visit www.hostrockcapital.com/disclosures.