Weekly Metals Mining Rundown with Peer Table - Premium Edition for Week Ending 21 Nov 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 504) 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):

• 20 Nov 2025 - Gold explorer Independence Gold Corp (TSXV:IGO) announced a significant update to its mineral resource estimate for its flagship 3Ts project in BC. The update grew open pit and underground gold equivalent resources by roughly 10% to 0.765 Moz (78% from Au, 22% from Ag - at 3-month trailing average metal pricing), and for the first time includes an indicated category - paving the way for a future reserve. IGO stock traded flat +0% on 20 Nov intraday following this news, before closing the week (ending 21 Nov) down -9.1% to 10c/sh, to market cap C$21m, and market cap/oz resource US$20/oz AuEq - a steep 51% discount to 92-company gold explorer group median $41/oz AuEq.

• 20 Nov 2025 - Intermediate gold producer Aris Mining (TSX:ARIS) announced it has entered into a binding term sheet to acquire the remaining 49% interest in the Soto Norte development project in Colombia, where it has ongoing gold production from its Segovia mine. The deal grows ARIS’ M&I resources by +3.4Moz consideration of US$80m ($60m cash, $20m shares at US$11.50/sh) which translates to US$23.5/oz M&I - a fair price for both parties, and most importantly this deal positions ARIS for growth and to become a 1,000,000 oz pa producer from full ownership of producing Segovia, and pipeline projects Marmato, Toroparu, and now also Soto Norte. Somewhat surprisingly, ARIS traded down -3.7% on 20 Nov intraday following this news (underperforming our intermediate gold producer median -2.4% intraday), before closing the week (ending 21 Nov) up +4.2% (vs. int. gold producer median weekly loss of -5.2%), to share price C$16.41/sh, (proforma) market cap C$3.35b, and proforma market cap/oz resource of US$73/oz Au (based on ARIS’ M&I&I resources which grew by 22% on this deal to 32.6Moz) - a steep 69% discount to our 58-company gold producer median US$232/oz AuEq.

• 18 Nov 2025 - Gold developer First Mining Gold Corp. (TSX:FF) announced updated PFS results for its Springpole project in Ontario, which included updates to infrastructure stemming from the ongoing provincial and federal EA processes, for which talks with indigenous are ongoing. So while capex was somewhat higher compared to 2021 PFS, the design is tighter and more closely resembled what will be permitted and built, and AISC remained low at $938/oz over LOM. Reported After-tax NPV5% was US$2.1b at US$3,100/oz from initial capital US$1.1b. FF’s combined NPV (together with 2023 PEA for Duparquet project in Quebec) fell by ~15% on this announcement to ~US$6.4b at our 3-month trailing average gold price US$3,797/oz. FF stock traded down -5.5% on 18 Nov following this news (vs. gold developer mean down -0.7%), before closing the week down -13% (vs. group median loss -1.8%) to C$0.33/sh, market cap C$426m, and P/NAV (from both projects) of 0.047x - a 60% discount to gold developer group median 0.12x.

• 18 Nov 2025 - Copper, nickel, and PGM producer Magna Mining Inc. (TSXV:NICU) announced an initial mineral resource estimate for its high-grade Cu-Ni-PGM Levack past-producing mine project located near Glencore’s (LON:GLEN) Strathcona mill outside of Sudbury, Ontario, which totaled 6.1Mt M&I @ 3.5% CuEq including 1.1% Cu, 1.4% Ni, 0.6 g/t Pt, 0.7g/t Pd, 0.1g/t Au, 2.0 g/t Ag and 5.2 Mt Inferred @ 3.6 % CuEq including 1.2% Cu, 1.4% Ni, 0.6 g/t Pt, 0.8g/t Pd, 0.2 g/t Au, 2.1 g/t Ag. The estimate will form the basis for a PEA and recommissioning decision as early as Q1/26. Together with mineral resources from the company’s producing McCreedy West mine, and its PEA-stage Crean Hill, FS-stage Shakespeare, and resource-stage Podolsky projects (all also near Sudbury), this announcement grows Magna’s overall resources by 20% to 4.4 Blbs CuEq or 3.0Blbs NiEq or 19Moz PdEq (6.0Moz AuEq), 41% from Ni, 28% from Cu, 10% from Pt, 9% from Pd. Magna stock rose +10% on 18 Nov following this news, before closing the week (ending 21 Nov) up +3.8% (vs. Cu producer median weekly loss -4.6%), to C$2.48/sh, market cap C$619m, and market cap/lb resource US$0.099/CuEq ($79/oz AuEq) - a 28% discount to our 34-company copper producer group median $0.137/lb CuEq ($109/lb AuEq).

• 18 Nov 2025 - Copper and gold explorer FireFly Metals (ASX,TSX:FFM) announced a substantial mineral resource upgrade with strong growth in tonnes, grade, AND contained metal at its Green Bay copper-gold project in Newfoundland. The HIGH-GRADE resource now stands at 50.4Mt @ 2.0% CuEq containing 1Mt CuEq in higher confidence M&I category plus 29.3Mt @ 2.5% CuEq containing 0.72Mt CuEq inferred, representing a 35% increase in tonnes and a 51% increase in contained CuEq from the prior Oct 2024 update. And the release points our a higher-grade core VMS zone of 8.8Mt @ 3.9% CuEq M&I plus 10.9Mt @ 3.8% CuEq. Together including its 2.8Moz high-grade gold Pickle Crow project in Ontario, this Green Bay MRE increased overall company resources by 50% to 8.4 Moz AuEq (6.1 Blbs CuEq), which are 52% Cu and 47% Au (rest Ag) by metal value at our 3-month trailing average metal pricing. FFM stock traded down on 18 Nov intraday ASX -4.6% (in-line with many Cu and Au explorer ASX peers), before closing the week (ending 21 Nov) down -8.4% (vs. gold explorer group median loss -3.3%) to A$1.63/sh, A$1.11b, and market cap/lb of US$0.113/lb CuEq ($90/oz AuEq) - around the 70th-percentile range of our gold explorer peer group (whose median and mean are US$41 and $74/oz AuEq) for this advanced near-development stage explorer with multiple high-grade projects in Canada.

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.