Ann: 2024 Scoping Study Alaska Range Copper Gold Project, page-7

The greatly improved economics are encouraging. Still only at Scoping Study level and so much more work to do. On a Cu production basis only, I calculate an EV to Annual Production value of A$15,253/tonne for the average annual output over the 9.5 years. Once the gold and silver credits are included to give a Cu equivalent figure, this will be lower of course. This value compares with:
HCH at A$21,285/tonne for its Cu Eq value;
XAM at A$22,659/tonne for its Cu only value;
NWC at A$14,164/tonne for its Cu Eq value.

All of the above are at the SS stage of evaluation.
I include the initial capital cost as debt in my calculation of EV.

Another way of assessing value is by NPV (pre-tax) to EV. This is 1.35 for PXX.