Ann: Compelling New Results from ongoing Mumbezhi Metwork, page-7

✅ Where PSC stands out

• Excellent metallurgy (96% recovery, 24–33% Cu concentrate) at early stage.
• Major exploration upside: If the upper end of the target (1Bt+) is achieved, it could rival Tier-1 projects.
• Strategic backer: First Quantum’s involvement is a major de-risker in Zambia.
• Africa location: Zambia is favourable, especially for established copper mining (good infrastructure and experience).

⚠️ Challenges

• Still pre-PFS — market waits to see if the exploration target converts into JORC resources.
• CapEx, IRR, NPV still unknown until Scoping/PFS is released.
• Share price is currently speculative — tied to drilling success and sentiment.

What a Strong Scoping Study Could Trigger

If PSC’s Scoping Study (late 2025) reveals:

• A credible pathway to >1 Mt contained Cu,
• Low strip ratio, strong margins (due to metallurgy),
• And scalable economics…

Then a market cap re-rate toward $250M–$400M AUD (like Hot Chili or Arizona Sonoran) is plausible, even before a DFS.


⬆️ This is an AI analysis from the 2 recent announcements.