Just going to put out some information to digest.Essentially I...

Just going to put out some information to digest.

Essentially I was searching for who may has done what PAM is going to try and do in Chile ... and there are several (listed on TSX primarily and a secondary on ASX ... I'm thinking here of Hot Chile and Capstone). The one I'm going to reference is Marimaca ... listed on TSX (MARI) so no cross promotion ... happens to have an Aussie born and educated (WA) CEO

This is a video interview with CRUX just on (contrarian) copper investing ... I found it pretty interesting



Now where the interest is - for me - is in the what they found and the timeline. This is NOT a nearology play ... it is well north of Rosario (at least 250Km) but it is a Copper Oxide play, keeping in mind what has been announced "Observedcopper minerals at Rosario comprise copper oxides such as malachite and chrysocolla. At deeperlevels, beneath the weathered zone copper sulphide minerals would be anticipated." That would be the initial target for any development ... SX-EW

So what was their timeline? Too bloody long is the first observation but then again its all about access to (cheap) capital.



That's 6 years from discovery drill holes to an MRE that has 86% in M&I and a scale to attract big investors. So track the timeline above to the stock charts below.

But starting small
Apr 2016 was the beginning of the 16 hole 2680m (avg 167m) RC drill program culminating in Sep/Oct with 44 hole (38 RC and 6 DDH) 11,060m program and with highlights of
* 190m @ 0.80% CuT & 256m @ 0.62% CuT; and
* 330m @ 0.80% CuT, 236m @ 0.81% CuT & 188m @1.06% CuT; and
* 192m @ 0.83 % CuT, 102m @ 0.79% CuT & 82m @ 0.83% CuT
Overall cost of the program ... ~CAD$2.1M

which was enough in for maiden MRE (~40MT for contained Cu total of ~245,000 tonnes) in Jan 2017 as follows



and now in 2023 sits as ~240Kt and 1,041,000t of total contained Copper



Which if I calculate the Market Cap for MRE CuEq lbs, that multiple converts to ~AUD$0.188/lb which is 3x that which the explorers got.



Now these charts might be a little challenging to follow ... the top chart is the share price and the bottom chart is the Market Capitalization and I'm more interested in the Market Cap as the SOI has obviously increased which is the 2nd chart pair. The SOI chart is also relective of a 25:1 share consolidation which occured in May 2020 (when company also changed its name from Coro to Marimaca).

Prior to consolidation, there were 1,608,946,194 common shares issued and outstanding and 42,995,539 options issued and outstanding. Following consolidation, 64,357,847 common shares issued and outstanding and 1,719,821 options issued and outstanding.

Net Net, in that period of time from discovery to present MRE the SOI has grown from ~25M (2016) to ~95M (2024) ... NECESSARY DILUTION it seems to get this far. Most of that came from Broker Placements and then in June 2023 Mitsubishi invested CAD$20M for about 5% (~4.6M shares) and in July 2024 CAD$25M for (~5.7M shares) from Assore who also picked up ~10M shares from another major holder for a total holding of ~15% ... showing the attractiveness of the resource.

I think this sort of story would be played out in most junior exploration companies on the path towards development and then production.






So where is PAM and Rosario in the timeline. Well obviously it is yet to drill a hole ... Program kicks off an with 19 lines (~27Km) Induced Polarisation (IP) Program to starting on or about 23rd September to identify the drill targets in October.

If you are like me, you have no idea what an IP survey is ... this may help
https://investingnews.com/daily/resource-investing/base-metals-investing/copper-investing/copper-exploration-techniques-induced-polarization-surveys/

Hopefully this survey will identify the target areas to drill effectively.

Also, Jjust a heads up here ... if you read that article you'll see a reference to Rosario .... that is not PAM's Rosario Copper Project, it is hundreds of Kms North of us. This map will help sort of ... I highlighted NOT PAM "Rosario" and then "El Salvador" where PAM is working nearby




Marimaca's drill program was Apr - Sep roughly ... so 6 months overall, with 1st phase of 16 holes/2,680m costing a little over CAD$2M. Well we know PAM's budget doesn't extend that far, maybe we can squeak out 1,000m or so of targetted drilling, but the news needs to be good, really good to be able to raise the additional cash (yes another CR) the drill it out to get that maiden MRE.

OK ... good fortune to us.