Ann: Hillgrove Antimony-Gold Project Delivers Compelling DFS, page-59

Benchmark P/E Ratios for Mining Companies

• Junior miners or pre-revenue exploration companies: Typically don’t have a meaningful P/E ratio because they have little to no earnings. Investors often value these using metrics like EV/resource or price/book instead.

• Mid-tier or major producers:

  • In general, the mining sector trades at lower P/E ratios than the tech or consumer sectors due to cyclical earnings.

  • A typical range for a profitable base/industrial metal miner is 6–12x P/E.

  • If the company is a low-cost producer or has strong reserves, it could be closer to 10–15x.

  • If margins are weak or antimony prices are volatile/low, it might trade below 6x.

Antimony-Specific Considerations

Antimony is a critical mineral used in flame retardants, batteries, and alloys. It has strategic importance due to supply concentration (especially in China and Russia). Because it's a niche market, the following apply:

• There are fewer pure-play antimony producers, making direct comps difficult.

• Specialty metal producers (e.g., rare earths, tungsten, vanadium) often trade at premium multiples if demand outlook is strong or they are one of few global suppliers.

Summary

• Exploration-stage antimony company: No meaningful P/E.

• Small, profitable producer: 6–10x P/E is typical.

• Strategically positioned or low-cost antimony producer: Possibly 10–15x P/E, especially if margins are strong and antimony demand is rising.