Report

Mining Monthly: February Edition

What you need to know:
• After January’s strong gains in the metals and mining markets, February saw further growth across spot prices with the equities lagging due to cautious investor sentiment.
• In February, gold hit all-time highs up 3.4%, silver was up 0.8%, and copper up 6.1%. The equities underperformed compared to the metals, with the GDX up 1.9%, GDXJ up 0.5%, and SIL up 0.3%.
• British Columbia has launched a fast-track plan for 18 projects worth ~$20B, aiming to accelerate economic growth and decrease reliance on the U.S. for trade.

Sentiment Update
The metals and mining market posted a solid month in February as uncertainties rose based on Trump’s tariff policies and treasury yields decreasing materially. The U.S. 10-year declined from highs of 4.6%, down to 4.2%, providing support for the gold price. Gold was up 3.4% in the month, reaching all-time highs of $2,956/oz. This compares to silver up 0.8% and platinum down 2.6%. Precious metals equities underperformed compared to their underlying metals with the GDX up 1.9%, GDXJ up 0.5%, and SILJ up 0.3%. This outperformed broader markets with the S&P500 and TSX down 0.9% and 1.2%, respectively. Copper posted a big month with spot prices up 6.1% while the COPX was down 0.2% over recessionary fears. The other metals and commodities were mixed, with tin as the best performer (up 9.3%) and palladium as the worst performer (down 7.2%). We are excited about the new inflows of capital into the sector seen over the last two months and look forward to what we believe will be a strong year, though, it could be a bumpy few months ahead with all the tariff concerns.

Financings in February continued the elevated trend seen in January as investors continued to move into the sector. Similar to January, M&A activity remained low as corporate development teams gear up for the year ahead and firm up new budgets based on increased cash flows. We expect M&A to be a major theme for the sector in 2025 as many companies trade at
Underlyings
ALLEGIANT GOLD

Amerigo Resources Ltd.

Amerigo Resources is engaged in the production of copper and molybdenum concentrates with operations in Chile. Through its subsidiary, Minera Valle Central S.A., Co. has a contract with Chile's state-owned copper producer National Copper Corporation to process the tailings from El Teniente underground copper mine.

CAPITAN SILVER CORP

DYNACOR GROUP INC.

Endurance Gold

Endurance Gold is engaged in the exploration and development of mineral properties in North America and has not yet determined whether its properties contain ore reserves that are economically recoverable. The recoverability of the amounts expended on mineral interests by Co. is dependent upon the existence of economically recoverable reserves, the ability of Co. to obtain necessary financing to complete exploration and development of its mineral properties and upon future profitable production or proceeds from disposition of its mineral interests.

Giga Metals

GIGA Metals is an exploration stage mineral resources company engaged in the acquisition and exploration of mineral properties, primarily in northern British Columbia. Co. has not yet identified any mineral resource on any of its properties that is of a commercially exploitable quantity.

MOON RIVER MOLY LTD

Nicola Mining Inc

Nicola Mining is a fully integrated silver mining, exploration and development company.

OMAI GOLD MINES CORP

Sailfish Royalty Corp.

Santacruz Silver Mining

Santacruz Silver Mining is engaged in the operation, acquisition, exploration and development of mineral properties in Mexico, with a primary focus on silver, but also including gold, zinc and lead. Co. is focused on meeting and maintaining its primary production objective of producing approximately 1.5 million silver equivalent ounces on a yearly basis at its producing property, the Rosario Mine. In addition, Co. is exploring three other mineral properties, being the San Felipe Project (an advanced stage project), the Gavilanes Project (an exploration project), and the El Gachi Property (an early stage exploration project).

Tembo Gold Corp

Tempo Gold is in the exploration stage and is engaged in the acquisition, exploration and development of gold resource properties in Tanzania, East Africa.

Tocvan Ventures

TRIGON METALS INC.

Provider
Atrium Research Corporation
Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists. 

Analysts
Ben Pirie

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