Weekly Metals Mining Rundown with Peer Table - Premium Edition for Week Ending 10 Oct 2025

This past week’s top & bottom metal price and mining company peer group movers include:

This past week’s top 40 performing metals mining stocks (out of Peer Table’s 493) include (share price rounding errors apply, as sourced from Google Finance):

Covered mining company announcements incorporated into this week’s Peer Table (resource updates, economic studies, changes in project ownership):

• 9 Oct 2025 - Former PGM explorer - now PGM developer - Clean Air Metals Inc. (TSXV:AIR) announced PEA results for its Thunder Bay North Critical Minerals (Pt-Pd-polymetallic) project in Ontario. The study contemplates an 11-year mine life producing 2.5ktpd and yielded a post-tax NPV8 of C$157.5m from initial capital cost of C$89.5m (including 25% contingency), in a toll milling scenario at Impala Canada (Impala Platinum, JSE:IMP)’s Lac-des-Iles (LDI) mine located 65km away where production is due to cease, and AIR hopes to take advantage of that (however there is no certainty that any business arrangement with Impala will be reached). And while this project will be mined as an underground deposit which typically generates little tailings, the grade is not so high and so a considerable amount of tailings will be generated, although notably there is no capex allowance for the LDI site - which may require some additional tailings water management infrastructure at some point in order to receive the additional tailings from AIR. So we await future studies with more detail on water management at DLI and more concrete arrangements with DLI. Mineral resources were also updated and grew slightly from 2.8 Moz PdEq to 3.0 Moz PdEq (0.96 Moz AuEq), which are ~30% from Pt (fairly high vs peers), and ~24% from Pd at our 3-month trailing average prices with no recovery factors, rest Cu, Ni, Au, Ag. AIR stock traded up +12.5% this past week ending 10 Oct (vs. PGM developer group median of gain of +10%), to market cap/oz resource of US$5.3/oz PdEq ($17/oz AuEq) - a 38% discount to our 10-company PGM developer peer group median $8.6/oz PdEq ($27/oz AuEq) and slight premium to PGM explorer peer group median $4.0/oz PdEq ($12.7/oz AuEq).

• 7 Oct 2025 - Gold developer P2 Gold Inc. (TSXV: PGLD | OTCQB: PGLDF) announced an updated PEA for its 100%-owned Gabbs gold-copper project in Nevada. The press release quite clearly and transparently states everything is the same as the 2024 PEA (9mtpa oxide heap leach + SART + ADR operation for 5 years, before adding a 4mtpa mill in year 6 for sulfides, at which time oxide heap leach decreases to 5 mpta, for constant 9 mpta in total), except for the heap leach recoveries, which increased to 85% (from 78%) for gold, to 67% (from 54%) for copper, and to 60% (from 45%) for the trace silver, as a result of the phase 3 met test work (see news release dated 11 Aug 2025) which used more cyanide. These subtantial increases to heap leach recoveries translated to a slight improvement in economics compared to the 2024 PEA, despite capex and opex both increasing slightly. Reported post-tax NPV at reported spot of $3,885/oz was US$2.25b (up 8% from $2.1b in last study) from initial capex of US$383m. HOWEVER, the mine plan in the 2024 had been preliminary, and states that waste rock storage facilities had not been designed in detail. FURTHERMORE, after a closer look at the 2024 PEA in an attempt to gage the additional pond area that would be required for the additional cyanide degredation, and the additional leach pad liner requirements for the higher cyanide concentration, we discovered that not only did the 2024 PEA omit costs and space for ponds, it did not not account for ANY leach pads, NOR did it account for the aformentioned dry stack tailings impoundment with conveyor belts. So while the folks at Kappes, Cassiday & Associates had improved the metal recoveries in the phase 3 test work in this PEA they prepared, the mine plan and infrastructure that had been designed/provided by P&E Mining Consultants Inc. was not synced/updated (after it had already glossed over a number of key items making it quite light on capex). So this PEA’s reported initial capex of $383m can be expected to rise in future more refined studies. Heap Leach pad capex from the Golder Associates’ 2011 PEA for the Cerro Jumil project in Mexico (now called Esperanza gold project held by Zacatecas Silver TSXV:ZAC) was ~15-17% of initial capex. So perhaps leach pads will add some ~$70m in capex at Gabbs, and maybe tailings filter and additional ponds/liners will add another ~$50m (ball park), for a more realistic capex of $503m (~30% higher) that might be expected in a PFS / next study….which is inconsequential in the grand scheme relative to NPV of $2.25b (TOUCHE / GOOD SKATING! 🤝 🫡 ). PGLD stock traded up +43% this past week ending 10 Oct to 40c/sh, market cap C$83m, and P/NAV (market cap/study NPV) of 0.10x at our reference gold price of US$2,000/oz - a 78% discount to our 69-company gold developer peer group median 0.45x.

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.