So the market cap right now is around $23m and we’re almost...

So the market cap right now is around $23m and we’re almost fully funded for TEPP when $4m of debt comes in. Even by itself, that near term project is trading at a P/NAV of 0.34x, which is crazy given it will start producing later this year.

But if we start to think about the copper project things get really interesting. That project has a NPV5 of $108m, post tax IRR of 44%, capex of just $20m, which will come from TEPP profits so no dilution and it will start producing (hopefully) in Q4 2024.

But the real kicker is the copper price used for that NPV calc is 20% lower than the market price and copper is about to break out! If you re-did the NPV for copper it would be substantially higher, implying an even bigger discount vs the present market cap.

This is so under valued it’s scary!