Weekly Metals Mining Rundown with Peer Table - Premium Edition for Week Ending 17 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 492) 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):

• 16 Oct 2025 - Lithium clay developer American Battery Technology Company (NYSE:ABAT) announced a PFS for its flagship Toponah Flats project in Nevada. Economics took a slight hit compared to the 2024 Initial Assessment of Cash Flows (like a PEA), although the company swapped out the NPV10 sensitivity for NPV8 sensitivity – so the reported after-tax NPV8 at our reference Li Hydroxide (LiOH) price of US$24,000/t LiOH according to the NPV sensitivity provided in the PFS came in only slightly below the prior (more conservative) NPV10 at same ref price $24,000/t LiOH (at apples to apples discount rate of 10% around this reference price $24,000/t, the NPV took a larger hit in the ball park of ~30%). Following this news, ABAT stock fell a combined ~45% on 16 and 17 Oct (while Lithium Americas NYSE:LAC fell ~40%), creating a possible buying opportunity for other investors seeking further derisking steps towards production for this top-tier Li clay development project that was already selected by the Trump Administration for fast-track permitting as a critical mineral property project (see 30 June 2025). As such, ABAT trades at P/NAV of 0.20x according to its NPV8% at our reference LiOH price $24,000/t – near the top of our 9-company Li clay developer peer group – and a 50% discount to LAC/Thacker Pass on P/NAV (also in Nevada).

• 17 Oct 2025 - Mexican gold developer (and small-scale gold producer) Heliostar Metals Ltd (TSXV:HSTR) announced updated economics for its La Colorada mine (with ongoing small-scale production), including the drill results from Nov 2024 to Mar 2025 from ongoing ~20,000m drill program.

  This study replaces the prior study announced 14 Jan 2025, that we covered here: https://lnkd.in/dSG4PuQJ, with 393 impressions (HSTR stock is up nearly 4x since then). The study improved economics slightly at La Colorada – boosting that mine’s NPV by some ~$10m at spot gold price. Including the Jan 2025 study for San Agustin (where small-scale production is also set to restart soon), the 2023 PFSU for large Ana Paula project, the 2025 PEA for San Antonio, AND the 2020 PFS for Cerro del Gallo by Argonaut Gold (5 studies), HSTR trades at a P/NAV of 0.27x at our reference gold price of $2,000/oz, which is a 47% discount to our 69-company gold developer peer group median 0.50x (at same $2,000/oz) – making it one of the cheapest looking gold “developers” in the group (HSTR actually produces). And so this P/NAV should continue to rise/approach ~1x (from 0.27x), as HSTR continues to graduate to full commercial production – initially at its La Colorada and San Agustin mines. HSTR stock closed week (ending 17 Oct) down -1.5% (in-line with gold develoepr group median flat +0%).

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.