Minbrie is emerging as a polymetallic system that appears to sit between two well-known Australian models: large, low-grade bulk tonnage projects like Rex Minerals’ Hillside (337Mt @ 0.56% CuEq, NPV ~$700M), and higher-grade, multi-metal systems like Golden Grove and Rosebery (30–50Mt @ 3–4% CuEq, GMV $400–600/t). Based on early geological mapping, visible sulphide assemblages, and assay trends, a realistic base-case outcome for Minbrie could be 25–40Mt grading between 2.0–2.8% CuEq, (some of you mentioned this figure few days ago from another chat and it could be possible) with mineralisation including copper, lead, zinc, silver, gold, germanium, tellurium, and traces of cobalt. At current spot prices Cu $10,000/t, Pb $2,500/t, Zn $2,600/t, Ag $1,100/kg, Au $100/g, and >$1,000/kg for Ge/Te even moderate recoveries (70–80%) could yield a gross in-situ metal value between $10–15 billion USD, and a recoverable economic value of $1.5–2.5 billion USD after processing costs and capex. Development capex for such a system might sit between $150–250 million depending on mining method and metallurgy, with opex around $100/t. If upcoming drilling confirms coherent sulphide zones with >300m strike length, 15–30m thickness, and vertical stacking across zoned lenses (e.g., Pb-Zn upper, Cu-Au middle, Au-Ge deeper), then Minbrie becomes a globally strategic polymetallic asset. But even in a fallback scenario say 40Mt @ 1.4% CuEq the system could still support a $6 billion in-situ value and $800–900 million in recoverable metals, which is 60× higher than the current ~$15 million AUD market cap. In a more optimistic, best-case scenario (>50Mt @ 3.5% CuEq, clean metallurgy, multiple metals), that recoverable value grows past $3.5 billion USD, making the current MCAP undervaluation closer to 230×. With state-backed 3D geological mapping by DEM, sealed roads, nearby port and rail, and a tightly held share register, Minbrie is no longer just an exploration target it’s a developing multi-metal hub in one of the most mining-friendly regions in the world. If even half of this system proves out, LML won’t be valued in cents it will be valued in billions. Let’s see in December how far I was…
LML Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)