Weekly Metals Mining Rundown with Peer Table - Premium Edition for Week Ending 24 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 496) 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):

• 24 Oct 2025 - Gold explorer (and copper-zinc explorer) Tartana Minerals Limited (ASX:TAT) announced a maiden gold resource for its Cardross gold project in Australia. The inferred resource amounts to 50.4Mt @ 0.31g/t for 502 koz Au, with low cutoff grade of 0.1g/t and a (conservative) top cut of (only) 1.22 g/t Au. Together with TAT’s neighbouring Mountain Maid’s 591.5 koz Au @ 0.25 g/t, the area now hosts more than 1Moz. The release also mentions ore-sorting test work has been carried out at nearby Wandoo project with similar minerlization by Green and Gold Minerals (see prospectus dated 8 Jul 2025) which demonstrated a whopping 8x grade increase while retaining 91% of the metal. Together with TAT’s other copper and zinc projects which host 45 kt (99 Mlbs) Cu and 39 kt (86Mlbs) Zn, TAT now has resources of 1.26Moz AuEq (918 Mlbs CuEq) across 3 projects at 3-month trailing average metal pricing with no recovery factors, which are now 87% from Au, now only 11% from Cu, rest-Zn. TAT stock traded up a HUGE +29% on 24 Oct following this news, to 5.4c/sh, market cap A$12m, and market cap/oz of US$6.3/oz AuEq ($0.009/lb CuEq) - still a steep 86% discount to our 94-company gold explorer peer group median $45/oz AuEq (and also still a steep 69% discount to our 40-company copper explorer median US$0.028/lb CuEq).

• 20 Oct 2025 - Copper developer Arizona Sonoran Copper Company Inc. (TSX:ASCU) announced PFS results for its flagship Cactus project outlining a long-life, low-cost operation in Arizona. The NPV took a slight hit compared to the old 2024 PEA, as might be expected from this key with maiden ore reserve more refined cost estimates. Reported post-tax NPV was US$2.3b at base case $4.25/lb from initial capital of $977m for conventiona open pit heap leach with SXEW with LOM all in operating coosts of $2.01/lb. ASCU stock gained +12% on 20 Oct intraday following this announcement to C$3.49/sh, before closing the week (ending 24 Oct) up +5.8% (vs. copper developer group median loss -3.2%), market cap C$529m, and P/NAV 0.34x at our reference copper price $3.50/lb - in between our 34-company copper developer median and mean 0.25x and 0.79x (at same $3.50/lb).

• 20 Oct 2025 - Intermediate gold producer IAMGOLD Corporation (NYSE:IAG) announced the acquisition of two juniors with properties that are contiguous and/or near to its existing 8.3Moz Nelligan and 0.57Moz Monster Lake gold properties: (1) gold explorer Northern Superior Resources (TSXV:SUP) with its 3Moz attributable ounces spread across Chevrier (100% owned by SUP), Philibert (75%), and Croteau Est (100%), and (2) early-stage (pre-resource) gold explorer Mines D’Or Orbec (TSXV:BLUE) with its prospective Muus property. SUP shareholders will receive 0.0991 IAG shares and C$0.19 cash for each share of SUP (roughly ~90% shares, 10% cash), for a 27.4% premium to 20-day VWAP. IAG and SUP to own 97% and 3% of pro forma company. IAG basic shares to increase by +3.0% to ~592.26 while its attributable mineral resource inventory will increase by ~+9.5% to 35.9Moz - making the deal accretive for IAG shareholders on resource ounces per share IAG. IAG traded up +3.6% 20 Oct intraday following this news to US$13.76/sh, before closing the week down -11% (vs. int. gold producer mean loss of -8.2%), pro forma market cap US$7.0b, and market cap/oz resource (reduced by this deal to) US$228/oz Au - for a 6% discount to our 60-company intermediate gold producer median US$243/oz AuEq, and a 32% discount to group mean $333/oz AuEq.

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.