Daily Metals Mining Rundown for 9 Dec 2025 (after-market ASX)

Today’s metal price movements (over past ~24 hrs) 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 502 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 producer Contango ORE (NYSE:CTGO) announced a merger of equals with silver explorer Dolly Varden Silver (TSXV:DV), in an all-share deal where CTGO and DV shareholders will each own 50% of the combined/merged entity. CTGO recently in 2024 began receiving cash flow from its 30% ownership/JV in Kinross’ (NYSE:KGC) Manh Choh gold-silver mine in Alaska, and CTGO plans to apply the “Direct Ship Ore” (DSO) approach to help fast-track development if its other two, 100%-owned, advanced-stage exploration projects, Lucky Shota and Johnson Tract – both also in Alaska. DSO relies on directly-shipping-the-ore from nearby ports given these projects are not far from the coast. CTGO now also aims to apply this technique to DV’s silver-dominant projects in BC’s Kitsault Valley’s past-producing Dolly Varden silver project and Homestake Ridge silver-copper project – which are also not far from coast. This deal will double CTGO’s shares outstanding, and more-than-double it’s mineral (resource) inventory from 1.33Moz AuEq (1% Ag, 81% Au, my metal value at 3-month trailing average pricing) to 3.12 Moz AuEq (26% from Ag, 66% Au, rest Cu-Zn-Pb). And although Manh Choh’s silver production is minimal, these additional near-development silver resources allow us to also add CTGO to our silver producer peer group. CTGO stock closed down -1% on 8 Dec following this news to US$26.02/sh (in-line with int. gold producer median loss of -1%), to a pro forma market cap ~US$784m, or $252/oz AuEq – in-line with both our 58-company intermediate gold producer median US$246/oz AuEq and our 21-company silver producer median US$252/oz AuEq – and a 52% discount to senior gold producer group median $524/oz AuEq (a group that could acquire CTGO if it succeeds in bringing its new portfolio of DSO projects online – which are also open for growth including from ongoing 18,000m Lucky Shot in Alaska that’s fully-permitted with a DSO feasibility study and construction decision due in 2027, AND from 56,000m recently completed in 2025 at Homestake deposit in BC that hit 1,422 g/t Ag over 21.7m, among other high-grade intercepts).

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