Great update. Most interestingly for me though was the change in language at different points in the announcement and the AC commentary paragraphs. Seems to me he is gaining confidence on what he has as an asset, becoming more bullish and he seems more deliberate and perhaps more confident in promoting what it is for all to see. So we are now promised a resource / reserve upgrade in March / April and, as previously stated, debt funding and possibly the commencement of a box cut around that time. Working the basic numbers through from the last 4 announcements that would mean we are at 20,000t pa June/July 2025 (16 months from box cut) and likely 25 - 28,000 minimum a year or so after that. Apples are apples and oranges are oranges but if we take a midpoint at 25,000 t pa and compare the mid point over the last 7 years of comparative ASX listed copper producers at that rate (and its bloody hard to do for all the obvious reasons) i would come in at a valuation of $450 - 600m. Currently $157m. If AC does not allow dilution then i reckon its a no brainer, but not without normal down market, 'mining' and operational risk. That said for me under 40c the odds are stacked in ones favor i would think. Just my interpretation.
A1M Price at posting:
34.5¢ Sentiment: Buy Disclosure: Held
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