Weekly Metals Mining Rundown with Peer Table - Premium Edition for Week Ending 3 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 491) 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):

• 2 Oct 2025 - Gold developer Carnavale Resources Ltd (ASX:CAV) today announced an updated scoping study for its Kookynie gold project in Australia, which replaces last year’s study. Pre-tax NPV8 was A$188m from pre-production capital of only A$3m. At our 3-month trailing average gold price US$3,350/oz, the NPV dropped ~8% and stock now trades at P/NAV (market cap/70% of pre-tax NPV) of 0.155x - in between our 69-company gold developer peer group median and mean 0.14x and 0.20x.

• 26 Sept 2025 - Gold explorer - and now also nickel explorer - Renforth Resources Inc. (CSE:RFR) announced a maiden resource for its Victoria nickel-polymetallic project in Quebec based on 10,000m of drilling over 2.5km strike length within a 20km long structure. Resource includes two starter pits spanning 2.5km, pit-constrained with a relatively shallow depth of 200m and low waste:ore strip ratio of 1:1, and is reported to remain open along strike and towards depth. Initial size was 125Mt @ 0.12% Ni, 0.02% Cu, 0.01% Co, 0.08% Zn, and 0.38 g/t Ag for a reported 0.15% NiEq containing 413 Mlbs NiEq. But at our 3-month trailing average metal pricing, this nickel-equivalent grade comes in higher at 0.17% NiEq containing 469 Mlbs NiEq. This grade is quite low - especially for the byproduct (non-nickel) metals, but this should be largely offset in a future planned PEA (after another resource update, according to the release) by a very low waste-to-ore strip ratio of 1-to-1, AND by the fact that inital ore sorting test work announced by RFR completed using TOMRA equipment encouragingly suggested that this nickel-polymetalic mineralization could be concentrated (same TOMRA manufacturer equipment that was successfully applied at a production-scale on a bulk sample by Osisko Development in BC). Together with RFR’s 0.36Moz Au gold deposit, RFR hosts combined resources of 741 Mlbs NiEq (1.3Moz AuEq), which are now 51% from Ni and 27% from Au. RFR stock traded up +50% this past week ending 3 Oct (vs. group median flat +0%) to 3c/sh, C$9m market cap, and market cap/lb of US$0.009/lb NiEq ($4.7/oz AuEq) - a 56% discount to Ni explorer median $0.021/lb NiEq ($10.6/oz AuEq), and a 90% discount to gold explorer peer group median $48/oz AuEq.

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