Weekly Metals Mining Rundown with Peer Table - Premium Edition for Week Ending 5 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 502) 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):

• 1 Dec 2025 - Gold developer Thesis Gold Inc. (TSXV:TAU) announced PFS results for its flagship 100%-owned Lawyers-Ranch project in BC, which included a maiden reserve of 76Mt @ 0.97 g/t Au and 28g/t Ag (1.33 g/t AuEq) for 3.2Moz AuEq, including an open pit component of 42Mt @ 0.83g/t Au and 20g/t Ag (1.08g/t AuEq) with a strip ratio that was 8% improved to 4.6:1 (was 5:1 in 2025 PEA). Reported post-tax NPV5 was C$2.4b at US$2,900/oz Au from initial capital of C$736m with low AISC of US$1,185/oz AuEq. This key de-risking PFS milestone coincided with a slight 12% drop in NPV at apples-to-apples metals pricing (at our 3-month trailing average gold price of US$3,914/oz AuE) to US$2.9b, reflecting a P/NAV (market cap/NPV) of 0.14x (at C$2.15/sh) - exactly in-line with our 71-company median 0.14x. And this was after Thesis stock traded up +13% over past week (ending 5 Dec) on this news vs. peer group media +1%.

• 28 Nov 2025 (last Friday, after-market) - Gold developer Montage Gold (TSX:MAU) announced the acquisition of gold explorer African Gold (ASX:A1G) in an all stock deal, where A1G shareholders will receive 0.0628 shares MAU per share of A1G, and will own ~7.8% of the combined entity. MAU looks to be leveraging its dominant valuation (with a market cap exceeding C$3b, a market cap/oz resource that had been US$433/oz AuEq vs. median $58/oz, and P/NAV that had been 0.47x vs. median 0.13x at our 3-month trailing avg gold price $3,914/oz) to grow its position in the particularly-geologically-attractive West Africa jurisdiction of Cote d’Ivoire, where the Company already hosts the LARGE OPEN PIT feasibility-stage Kone gold project – which had been included in our top 15 gold open pits by grade-strip in our 17 Aug note here: https://lnkd.in/da92s5nh with 509 impressions on LinkedIn and in 21 Aug video here: https://lnkd.in/dpauujsM with 1,735 impressions, all of which helped MAU stock rise +43% over the past 3 months (vs. 70-company gold developer peer group median +32%).

   

  Transaction price equates to ~A$0.50/sh A1G for a 54% premium to 10-day VWAP (and to market cap that was around A$168m and $183/oz Au).

   

  MAU will get A1G’s prize asset – its flagship Didievi project which hosts an inferred resource 12.4Mt @ 2.5g/t Au containing 989koz Au.

   

  This looks like a win-win deal as MAU will add 1Moz of inferred resources for US$281/oz, which is a 35% discount to MAU’s pre-existing market cap/oz of US$433(and also a 54% premium to A1G’s prior $183/oz).

   

  MAU stock traded flat this past week (ending 5 Dec) roughly in-line with peers, to share price C$8.45, and proforma market cap C$3.4b for combined entity, with a P/NAV 0.50x (at 3-month trailing gold for ~100% discount to producers’ ~1x) and market cap/oz US$388/oz (8% discount to prior $433/oz) – and still a 28% discount to the senior gold producer peer group ($539/oz) that ought to acquire MAU when the time is right.

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.