The 2023 Maiden Storm Copper Mineral resource estimate (MRE) of...

The 2023 Maiden Storm Copper Mineral resource estimate (MRE) of 205,000 tonnes of high-grade copper used Open pit mining assumptions of US$3.85 per pound of copper or US$8,488 per tonne to determine preliminary cut-off grades of 0.35% Cu within the JORC resource.


Reference: Corporate presentation - March 2024

Now copper is trading at US$4.50 per pound (US$9,921/t). That is a 17% increase in the price of copper (US$1,433/t) and ultimately a 17% increase in the value of the Storm resource without lifting a drill rod over the northern winter!!!!

Hence, Storm's in ground resource valuation has gained a staggering US$294 million (205,000 tonnes x US$1,433/t) or in Aussie dollars it is AUD$459 million.

Implications,

• The 0.35%Cu cut-off grade could be lowered (if desired) because you would now be able to economically mine lower grade ore. Thus, increasing the Storm resource from the baseline 205,000 tonnes of copper metal; thanks to previously uneconomic ore being reclassified.

• The 2024 drilling season is aiming to bring last year's discoveries of high-grade copper mineralisation at Thunder, Lightning Ridge and The Gap into the resource category. Therefore, any new update of the JORC resource later this year will have a combination of more copper metal units (which is seriously Guaranteed) plus the benefit of higher copper prices factored in.
• The AW1 share price is yet to reflect this upside potential.
  

A win-win for shareholders!!!!!