Saw this slide in a corporate presentation of an Arizona focused...

Saw this slide in a corporate presentation of an Arizona focused copper explorer. It mentions a couple of the companies from earlier posts of mine.

I think it's pretty obvious where NWC sits on the outlined milestones ... towards the end of Feasiblity activities (not yet bankable) and prior to development ... so call it "bracketed" with ASCU. The "value progression" curve isn't quite the Lassonde Curve we would be used to seeing either (doesn't have dips). But for the explorer it makes the point of future value to come.

I like the notion of "value coupling" NWC (at 0.08x P/NAV) with ASCU (0.2x P/NAV) .... implication is US$100M MCap for NWC.
But its relative ...
ASCU has a project 10x the MRE of NWC.
NWC is underground and ASCU is open pit.
ASCU has oxides and using SX/EW producing cathodes whereas NWC produces a concentrate sold to smelters.
The capital intensity of both projects is roughly the same (on paper presently)
The payback is faster with NWC and the IRR is higher
A quick buck favors NWC but its riskier (and the higher the risk the higher the reward supposedly -- we do have higher IRR). Long run favors ASCU (heavily).
Scale favors ASCU heavily but NWC is way underexplored and that could change the future dynamic quickly.

Lots of things to think about.