I really like copper, in 2020 I rode CHK/CLA/ICG for some nice...

I really like copper, in 2020 I rode CHK/CLA/ICG for some nice copper gains, missed CCZ unfortunately hesitated, I didn't make that mistake again I am still in CLA currently.



I am not just talking I have walked the walk, I am a copper bull and it's a profitable business.

But those trades are booked or above my preferred buyin, range NRX is not 12-14cents I have been a happy buyer.

Electrification, new green deal, stimulus all that shit is going to be a strong narrative for the next 4 years, all need ridiculous amounts of copper.

My investment thesis for NRX is simple it's the best value copper exposure on the scale right now and it has newsflow, starting this month anytime.

Two things mentioned Resource conversion for Feb and EM survey already underway.

The new JORC resource, keyword to note here is initial, not final, there are about 6 deposits I can find historical resources that make up the project so I assume it will possibly be broken up a bit for multiple news events, which is the right way to do it.

The historical numbers

These do not include all the deposits, just the ones I could find we have others like the RK zone which was drilled out 40mx40m drilling 116 holes, but cannot find the numbers, So all that will be updated, expanded, and rejigged of course to include everything.

A look at a cross-section.


This is the exciting thing about NRX all these deposits are shallow open pits, when it comes to copper mining open pits make the money and underground operations usually send the company bankrupt, unless they are 4% grade like SFR.

Open-pit is key why did MOD get bought for all that money? cause it was an open pit.

When I was comping out NRX to other copper hopefuls within ballpark parameters of 1-2% copper, around 10-20Mt deposit.

I found two things first there are not many options, second, they all have some underground competent to their resource, NRX is the only one that is purely dealing with low-cost open pits.


So as you can see inground copper divided by mcap, shows you NRX has the cheapest current valuation on all metrics and it's also the best possible type of deposit on the list, open pit will have the lowest Capex and AISC as well.

Back to the second news flow that is coming the EM scans the purpose of these is to cast a modern eye over the ground all these deposits discovered so far were discovered cause they are literally sticking out of the ground.

Good sized resource already, but as we saw with MOD they went from 2.6Mt deposit at their T1 discovery, to 28Mt find at T3 because they scanned nearby and found some targets and blind drilled into T3 discovery.



NRX similar situation has some surface pockets, now the plan is to scan find targets and drill into them, when you considering what we are dealing with sedimentary deposits and they form in large clusters, along strike from MOD who used the same discovery methodology, the chances of finding a big deposit in the area is actually pretty decent.

Other random things I like about the company

Sedimentary deposits will be on the cheaper end of CAPEX scale $250mill as opposed to $1billion+, which makes them workable attractive takeover targets for ASX copper producers if you can prove up a big enough resource

Has enough cash to do a lot of work won't be raising anytime soon.

Location is fine nothing to turn off a buyer Namibia is a big mining country, there are paved roads running through the tenements this isn't some stranded area in a war zone that takes 30 days to get to by truck, this is mining territory.

Infrastructure good major city an hour away, electric, water no issues there, that's it.

Good location
Good newsflow
Good management
Good mineral copper.

Giddy up NRX for 2021.