Weekly Metals Mining Rundown with Peer Table - Premium Edition for Week Ending 12 Dec 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 502) 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 Dec 2025 - Silver explorer Silverco Mining (TSXV:SICO) announced an updated mineral resource estimate (MRE) for its flagship, 100%-owned, Cusi project located 90km NW of silver (and gold) producer First Majestic Silver Corp. (TSX:AG) Los Gatos mine in Mexico. The MRE reflected a reported 28% increase in M&I resources to 41 Moz AgEq, a 22% increase in M&I grade to 262 g/t AgEq, and a 9% increase in M&I tonnes to 4.9Mt, compared to the prior (historic) 2020 MRE, after depletion of 0.81Mt @ 182 g/t AgEq containing 4.8 Moz AgEq. The resource estimate only included a portion of 2025 drilling, and excludes recent results such as 319g/t AgEq over 8.8m and 273 g/t AgEq over 12.4m (hole CU-23-37). Before depletion, the deposit still grew by ~5% to 67 Moz AgEq (0.82 Moz AuEq) with a high 82% of the metal value coming from silver (well above 27-company silver explorer median silver dominance of 48%) - with remaining 8% from Zn, 5% from Au, 5% Pb. SICO stock gained +16% yesterday (9 dec) vs. silver explorer median gain of +6.2%, before rising another +10% today (10 Dec, intraday) vs. peer median flat +0% (intraday), to C$6.90/sh, market cap C$225m, and market cap/oz US$2.41/oz AgEq ($198/oz AuEq) - a premium to group mean US$1.62/oz AgEq for SICO’s rare primary silver resource (with 82% of metal value coming from silver at 3-month trailing average metal pricing, with no recovery factors).

• 10 Dec 2025 - Gold explorer Leeuwin Metals Ltd (ASX:LM1) announced a maiden resource for its Marda project in West Australia, amounting to 10.2 Mt @ 1.05 g/t Au for 342,300 oz Au (~20% indicated category), with super low discovery cost of less than A$10/oz Au. LM1 stock sold off -8.6% (on 10 Dec) following this news on relatively light volume (2x avg) vs. ASX gold explorer mean gain of +2.6%, to A$0.16/sh, market cap A$19.7m, and market cap/oz resource of US$38/oz Au - a 21% discount to our 92-company gold explorer median $48/oz AuEq.

• 8 Dec 2025 - Intermediate gold producer Contango ORE (NYSE:CTGO) announced a merger of equals with silver explorer Dolly Varden Silver Corp. (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).

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.