Daily Metals Mining Rundown for 6 May 2025 (after-market ASX/pre-market TSX)

Today’s metal price movements (over past ~17hrs) and mining company peer group movements through ASX trading (including yesterday’s TSX/NY movements) include:

Today’s top and bottom 40 performing metals mining company stocks (of 458 in our Peer Table) through ASX trading and including Friday’s TSX/NY movements include:

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

• 5 May 2025 - Copper developer New World Resources (ASX:NWC) announced a resource update for its 100%-owned Antler Copper project in Arizona, USA, following a successful exploration drilling program and further exploration review. The update grew project resources by 25% to a reported 14 Mt @ 3.81 % CuEq (1.78% Cu, 4.27% Zn, 0.89% Pb, 33.66 g/t Ag, 0.33 g/t Au), which were 88% in the measured and indicated categories which paves the way nicely for the upcoming and ongoing Definitive Feasibility Study (DFS). NWC stock and its overall 1.2 Blbs CuEq resource (at our estimated 3-month trailing average metal prices) traded down some -3.6% on 5 May following this news (vs. 31-company Cu developer peer group median’s flat +0%) before trading up some +3.7% today 6 May (vs. peer group median flat +0%) to a market cap/lb resource of US$0.05/lb CuEq ($33/oz AuEq) - which is near the upper quartile range of our 31-company Cu developer peer group, which appears well justified for this high-grade, nearly fully permitted, PFS-stage copper project in the established copper-producing jurisdiction of Arizona (especially in the current backdrop of strong support for domestic copper production from the Trump Administration). But on P/NAV (market cap/post-tax NPV according to company’s PFS), NWC trades near the middle of the pack at a P/NAV of 0.25x (at our Reference Copper price of $3.5/lb) - in between peer group median 0.18x and mean 0.41x.

• 5 May 2025 - Gold developer Barton Gold Holdings (ASX:BGD) announced an Optimized Scoping Study (OSS) for its flagship Tunkilla project in Australia. The study resulted in lower initial capex of only A$399M (vs 2024 initial scoping study’s A$434M), with conservatively designed open pit slopes optimized for a gold price of only A$3,500/oz (vs. current ~A$5,000/oz). The company’s reported pre-tax NPV_7.5 at base case A$4,000/oz gold price was A$781M (for a solid NPV/capex ratio of 2.0). The study appears to rely on a recently updated (and tightened) resource estimate as well as updated/tightened cost estimates. And although economics worsened slightly from the old 2024 initial (at apples-to-apples metal pricing according to sensitivities provided), this new study appears to pave the way for the upcoming PFS (for which fewer to no negative surprises can now be expected). BGD stock traded up +6.5% yesterday (5 May) following this news (vs. our 64-company gold developer peer group median performance of +1.1%), before trading up another +3.0% today 6 May (vs. peer group median +2.0%) to a market cap/oz resource of US$41/oz AuEq (in between gold developer group median $28/oz and mean $59/oz) and to a P/NAV (market cap/post-tax NPV) of 0.13x (vs. peer group median 0.15x) - both at our estimated 3-month trailing gold price of US$3,022/oz, and based on the results of this 2025 OSS & the sensitivity analysis provided in it (assuming BGD’s post-tax NPV is 70% of pre-tax NPV, for peer comparison purposes).

• 5 May 2025 - Gold explorer Turaco Gold (ASX:TCG) announced an update resource estimate for its flagship Afema project in Cote d’Ivoire, representing a 40% increase to 2024 maiden resource, at a higher gold grade (now 90.8 Mt @1.2 g/t Au). TCG stock traded up +4.8% yesterday (5 May) following this news (vs. our 80-stock gold explorer peer group median performance of flat +0%) before trading up another +2.3% today (vs. peer median flat +0%) to a market cap/oz resource of US$74/oz AuEq (vs. gold explorer peer mean US$55/oz and median $21/oz) - a premium that appears justified for this large (on of largest undeveloped deposits in West Africa) and relatively high-grade deposit (for open pits) for which the company expects another resource update by yearend and a PFS already by H1/2026.

• 5 May 2025 - Former nickel explorer, now nickel developer, EV Nickel (TSXV:EVNI) announced a PEA for its flagship, 100%-owned Carlang A project in Ontario. EVNI stock (and its lower grade resources of 510 Mt indicated @ 0.25% Ni + Co and Fe credits and 497Mt inferred @ 0.23% Ni + Co and Fe credits for a combined (large-scale) 5.7 Blbs NiEq (93% from Ni, 7% from Co, excluding Fe, at our estimated 3-month trailing average metal prices) traded up +2.1% yesterday 5 May following this news (in-line with our 15-company nickel developer peer group median performance of +2.1%) to a market cap/lb resource of US$0.003/lb NiEq ($1.40/lb AuEq), which is 91% below our nickel developer peer group median’s $0.04/lb NiEq ($16/oz AuEq). On P/NAV (market cap/post-tax NPV), EVNI trades at 0.01x, which is 79% below nickel developer peer group median 0.07x (at our Reference nickel price of US$9.5/lb Ni, according to NPV sensitivity analysis provided by companies in economic studies).

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