Weekly Metals Mining Rundown with Peer Table - Premium Edition for Week Ending 26 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 503) include (share price rounding errors apply, as sourced from Google Finance):

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

• Former gold explorer – now gold developer – G2 Goldfields Inc. (TSX:GTWO) announced last week (on 18 Dec) a maiden PEA for the high-grade Oko gold project in South America’s Guyana, which included an updated resource estimate that grew contained ounces by ~13.5% to 3.53 Moz, including 1.6Moz @ 3.24g/t (indicated) and 1.9Moz @ 3.31 g/t (inferred). Study contemplates a 14-year open pit and underground operation with annual gold production of 281,000 oz with low AISC of US$1,137/oz Au. Economics were robust with NPV5 of US$2.6b from initial capex of $664m (including 20% contingency) at US$3,000/oz Au – with the NPV improving by more than 50% to $4.2b at higher gold price $4,000/oz Au. GTWO stock is up +23% over past week (ending 26 Dec) on this news (vs. gold developer median +7%), to C$6.50/sh, market cap C$1.7b, and P/NAV 0.28x – in-line with our 74-company gold developer mean 0.25x and just above median 0.15x – all at our 3-month trailing gold price US$4,047/oz Au. And this is still a starter study based on a starter resource with strike length ~2km, as it excludes several newer zones recently discovered/drilled that could help extend the deposit by up to an additional ~8km to the north – possibly being incorporated into future resource estimates and studies as GTWO continues to explore while also aggressively advancing the project to feasibility and construction.

• Silver developer Boab Metals Limited (ASX:BML) announced last week (on Friday 19 Dec) that is has exercised its option to acquire the remaining 25% interest in its flagship Sorby Hills silver-lead project in Western Australia, from (former) partner Yuguang. Consideration includes A$12m cash payment to earn the remaining 25% for 100%, before deferred milestone payments of A$5.5m and A$5.0m 12 months and 18 months after commencement production. The NPV8 from its 2024 Front End Engineering Design (FEED) study (more detailed/advanced than feasibility) is now 100% attributable to BML, and at our 3-month trailing average silver price of US$51.25/oz Ag, the pre-tax NPV8 (from FEED study) now increases to US$897m (70% of this is $628m and is used for P/NAV for comparison purposes), translating to a P/NAV of 0.24x - a 51% discount to our 14-company silver developer peer group median of 0.50x (at same $51.25/oz Ag) - after BML stock gained +15% over past week (ending 26 Dec) vs. silver developer median +7% to A$0.46/sh, market cap A$230m or US$1.26/oz AgEq resource (a 42% discount to silver developer median market cap/oz $2.19/oz AgEq).

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.