For clarity, I've dug up details of SFR's De Grussa for comparison with CCZ.
Castillo Copper (CCZ)
Sandfire Resources (SFR) De Grussa
- 3.2MT resource for 3.35% grade or 107.6 kt of contained copper.
- 9.5MT resource for 3.9% grade or 372 kt of contained copper.
So this puts CCZ's Cangai resource currently at 1/3rd of SFR's De Grussa.
First of all looking at CCZ's resource from the 8 January announcement ...
3.2MT resource for 3.35% grade or 107.6 kt of contained copper.
Whereas SFR's De Grussa resource has the characteristics highlighted from the announcement below ...
i.e. 9.5MT resource for 3.9% grade or 372 kt of contained copper.
Now SFR have a significant global asset pool of copper resources, equating to approximately 18 times the amount of contained copper. SFR 1944 kt / CCZ 107 kt = 18.16.
Now doing a simple MCAP comparison taking into account copper resource only ( simplistic I know ):
SFR
Extrapolating MCAP potential for CCZ ( note - simplistic since it is difficult to do a 1 for 1 comparison due to other metals in the respective resources and there will be differences in production economics )
- $1.15 billion / 1,944 kt contained Cu = $591 k per kilotonne of contained copper ( to work out resource contribution to MCAP )
In simplistic terms CCZ is undervalued on the basis of resource size ( although CCZ have a bit of work to get to producer status, but to be fair many of the SFR projects identified are in the exploration/development pipeline and not in production ).
- 107 kt contained Cu x $591 k = $63.2M
- CCZ current MCAP = $44M
- Assume 50% increase in resource size MCAP = $63.2M x 150% = $94.8M
- Assume 100% increase in resource size MCAP = $63.2M x 200% = $126.4M
Comments???? Let me know if you think the comparison (albeit basic) is reasonable.
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