In part 3 of our month-long deep dive into Copper as an investment, we’re hearing from the leaders of four of the most closely watched copper mining companies in the world. A crucial element in the development of AI components, EVs, and green energies, copper is on the move. But with global inventories plummeting and some stocks taking a dip as investors take short-term profits, what is its future? In this special episode, Wealthion partners with SCP Resource Finance to talk to some of the biggest copper miners in the world about their projects and the future of Copper.
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Key Takeaways:
- Copper is a much-needed resource, and there are opportunities in Canada and Africa
- Details on operations in Ontario, Quebec, Botswana, and Zambia
- Magna Mining, NexMetals, Midnight Sun Mining, and Cygnus Mining, their structure and investments
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Mario Rodriguez 0:00
Hi everyone. I’m Mario wilfians, executive producer. A few weeks ago, in part one of our series on investing in copper, we took you inside SCP resource finances, virtual copper Conference featuring some of the biggest mines and junior miners in the world today. We are bringing you part two of that conference, giving you details you only get inside the boardroom of four copper mining companies. You will hear about the mines they are operating, their financials and why they believe they are a good investment. If you’re interested in learning more, click on the link in our description to download our free report on copper and to learn more about investing in the companies we’re featuring today. Go to wealthium.com, forward slash free and ask for SCP resource finance on the form. We begin today with Jason Jesup, CEO of Magna mining and their mining operations in Ontario, Canada. Let’s watch.
Jason Jessup 1:02
You Yeah, so I’ll jump right into it. I founded the company in 2016 to really leverage my experience in Sudbury, and was able to bring together a number of my former colleagues from f and x mining. So we had worked here in Sudbury with FNX mining, taking it from a tiny junior to an acquisition or a sale in 2010 for $1.5 billion so recognizing the opportunity to recreate that entrepreneurial company here again in Sudbury, you know, we formed a company, and, You know, very successful in making a number of very smart acquisitions. So throughout this presentation is going to be a number of forward looking statements. So please be aware and do your own due diligence. For those of you that aren’t familiar with Sudbury, you know, I can, I can firmly state, in my opinion, Sudbury is the very best mining jurisdiction in North America and arguably in the world. It has a long track record of production, well over 100 years, probably approaching 125 years now, of of continuous production here in Sudbury. And because of that, you know, it’s a city of 180,000 people, but we also have all the infrastructure needed to operate mining companies, and that includes smelters. So the only two nickel smelters that are currently in operation in North America are located right here in Sudbury, and both valet and Glencore operate those. And Valley and Glencore also have two large concentrators here, and they are underutilized. So there’s definitely, you know, excess capacity, and that’s really what magnet takes advantage of. So that allows us to have very low cost restarts of, you know, past producing mines. And you know, this really leads to, I think, a unique opportunity for us to grow here in a very good, long life mining camp, without needing billions of dollars of capital like many other critical mineral projects. The other great thing about Sudbury is people understand mining here. And as I said, it’s a city of 180,000 people. It has a university that graduates engineers, geologists and, you know, other professionals that we need in our industry, as well as two colleges that graduate the technical people and and the trades people that we need. It has many, many mining contractors, equipment, engineering firms. It has everything we need right here. And people rely on the economy, and that’s one of the things that I think is, you know, underappreciated and incredibly important in this day and age. And this includes the local First Nations, who have many businesses who benefit from mining and are very pro mining, so it allows us to do business here, and, you know, permit very quickly and move our projects forward with with tremendous community support. But really the reason why Sudbury is, you know, operating with, currently nine operating mines and two large development projects and has been operating for 100 years is because of the world class mineral endowment, and I believe Sudbury has more than enough reserves and resources to operate for at least another 50 years. So at Magna since day one, we’ve had three pillars of growth, and those have been production, exploration and synergistic acquisitions. On the production front, we currently have one producing mine, the McCready West mine, and four permitted past producing mines that can be brought back into production very cost effectively, and that’s a key. Pillar of growth, and we will continue to leverage that to be able to use cash flows from the McCready West mine to help bootstrap and move our projects forward. Exploration, again, is a very important part of our plan, very similar to our experience while we were with f and x mining and made multiple big discoveries of high grade football copper, precious metal deposits here in Sudbury, we believe the properties we currently own have that kind of potential, and it is something that you know we really focus attention on, because we know it can be a game changer. Sudbury has that potential to find truly world class high grade deposits. And then the third pillar, which is one that I think arguably has had the most impact on our share price, has been synergistic acquisition. So we’ve made three acquisitions since the company was founded in 2016 each one has had a very material impact on our share price, and we continue to work very hard on that strategy, and continue to look at opportunities here in the Sudbury basin for other accretive, synergistic acquisitions. So this is a map of Sudbury. And Sudbury is a was created by a meteorite impact about 1.8 5 billion years ago, and the deposits formed around the rim of this crater. Right around this edge, is where you find the deposits, both the contact deposits, and then just outside of that, the foot wall deposits are typically high grade copper and precious metals, which is our focus at this time. But as I mentioned, we have our McCready West mine, which is in production, our Levac mine and Podolsky mine, which are on care and maintenance. Levac produced in 2019 Podolsky in 2014 we acquired McCready Levac and Podolsky as part of the kghm asset acquisition that we closed in February of this year. And then these other properties in gray are exploration properties as well that we picked up during that acquisition in 2022 we acquired the crane Hill project, which was a past producing inco mine mined about 20 million tons from underground. We came out with a PA and a resource in 2024 indicating an estimate of 18 million tons of high grade underground resource, as well as the potential for a 13 year mine life, with 2200 tons a day of ore production. And we do have ore selling agreements with valet and Glencore. So it is a very simple operation where we mine ore at the mine, bring it to surface, crush it, sample it, and then sell that ore to either valet or Glencore, a great business model, and something that McCready West mine has been doing since f and x restarted in 2023 or, sorry, 2003 looking at our capital structure, we have just over 200 million shares outstanding. We’ve had, you know, a great, great year. Last year, we were recognized as one of the top performing stocks on the TSX Venture Exchange. And we have a very good, supportive group of shareholders, led by our biggest shareholder, Dundee Corporation, which is Jonathan Goodman, is the CEO and also sits on our board. And they’ve been extremely supportive of our growth and invested in every financing we’ve done. We also have you know, management and directors have a large stake in the company, including myself, which I have about a 5% interest in Magnus, so I’m very much aligned with shareholders. And, you know, having founded this company and worked really hard over the last eight and a half years to to get it to where it is, I’m obviously very committed. As I mentioned earlier, we finished q1 with a about 38 million in cash, so we’re in good shape. And, yeah, we, you know, we believe, with our base case plan, we’re fully funded for this year, and then we’ll look at opportunities for, you know, potentially funding additional exploration and growth in 2026 if the cost of capital is right. One of the exciting announcements that we’ve seen and we made in June was that the Ontario government named us in a letter to the Minister Hodgson from Natural Resources Canada as one of the five Well, the only company in alongside four other critical mineral projects in Ontario that the provincial government has urged the federal government to invest in. And you know, we’ve. Believe that there’s, you know, a very strong case for us to be one of the investments that the Ontario government may may support going forward. So just to wrap things up quickly, I know Time’s running out. You know, why invest in Magna? We have, we are growth oriented company. We have one mind now operating. We have a vision of having three mines operating within the next three years. We have four drills turning so little exploration results will be coming out basically every month this year. We have very strong shareholder base and recognized by the government as an important critical mineral project. And don’t be surprised if we make another smart acquisition of a critical mineral project here in Sudbury. We’re working very hard on it and still a core part of our strategy.
Morgan Lekstrom 11:00
You know, I don’t really want to talk too much about this slide, but they, you know, you hear people like Robert Friedland all the time talking about the growing supply chain gap in copper. The major issues that are going to be coming from that as society expands. A big part of what people often miss is that the infrastructure in North America in general, and even across Europe is rapidly aging. You have these electrical infrastructures. You have a lot of the main residential houses, they’re getting old. So you’re going to have this massive gap that’s going to happen where, you know, you do not have enough mines coming online. You hadn’t we haven’t done enough exploration. We haven’t created enough pathway through an early stage permitting processes to actually be a part of that meaningful solution. And that’s one of the reasons we, you know, I really love this, this project and the team and the location, is because it has all those components to it already. What I’d like to talk about early is Botswana. It is such an interesting country. I’ll talk about the background of our team and myself at the very end, and it’ll all kind of, hopefully make sense. But when you look at a country like Botswana, it’s a tier one jurisdiction. It’s rated the top two safest places in Africa, that and Namibia, and it has infrastructure. It’s got power, it’s got water, it’s it’s got it, it’s got all the fundamentals of what makes a great economy and a great place to work with a very progressive government. You know, a lot of people understand that Botswana, you know, you hear the big game reserves, and you see all the lines and and the drafts and the other side of it, it was, Botswana is the largest producer of diamonds in the world. Now, what a lot of people don’t know about Botswana is, for the longest time, it is it’s been a powerhouse in the copper nickel space. There’s many copper mines there, but back in the day, salibay and Selkirk and the Tati nickel complex produced a significant amount of the copper nickel that came out of the lower part of Africa. So when those shut down, they left a gap. I’ll get into why they shut down in a minute. But let me tell you about the size of these resources, and I’m going to keep it very high level. Two things, we have significant resource in our underground line. Already. We’ve taken that to just about 30 million tons at over 3% copper equivalent. It’s about 3.3 that’s a very high grade underground mine. We continually show that that’s expanding. The Selkirk open pit is 44 million tons currently at point eight, 1% historically, that open pit was 128 million tons. To put that in context, those are very large mines. Those are getting to be that mid tier to world class mine, and we’re going to show that here this year. I, like you, know a couple things about being a past producer. This stopped production in 2016 like you almost never you know, when someone says past producing, you’re thinking, okay, 1900s 1850 where, you know, there’s an old chapter, there’s infrastructure, there’s access to underground. The whole underground is fully developed. There is a lot of ability for us to advance very quickly here. So significant speed and ability to drill, also the ability to access the underground and use that infrastructure for our for our benefit and our shareholders benefits. Another part of this is we’re very well capitalized. We just raised about two and a half months ago, almost three months ago now, $46 million I was non brokered. Sorry for the bankers on this call. That was non brokered through our Fiori team, with Frank Giustra writing the lead order in and and really coming in and restructuring the entire balance sheet. There was significant debt on the company. We restructured the debt out for an with edge point our largest shareholder. They took $21 million worth of shares, excuse me. And in doing that, it really cleaned up the company and allowed it to. Progress the assets. We wanted to have enough money in here that we weren’t looking back on the market. We were looking forward to the market, as in, we can get everything done. We need to to show scale and all the rest for these projects that I’m about to explain. But that was the idea of this raise here. So well capitalized, strong backing group, very large shareholder base. And let’s get into it. So a bit of the history, and I won’t touch on this slide too much. I definitely encourage you to read it. It’s very interesting. But these production started in 1970 it really shut down in 2016 it was due to a smelter failure. In 2015 they tried to restart it. And imagine when you go from open pit mining to underground mining. Things changes, and throughput changes, and smelters don’t really react well to that. So it was a very old Smelter. It shut down, and it put this, these assets, into a place where they’d only kept up to production, so they never went out and really explored the size potential of these assets. Well, that’s something that we are doing, and we’re showing that they missed a whole bunch of resource of expansion potential, but also, like on the surface as well. So we’re using modern technology and our team to show size and scale here. I like, I like talking about comparables, but I’m going to leave that for you to to look at and, and and all, because it’s pretty interesting that we’re a fully permitted mine. Our underground and our surface mines are permitted. We have infrastructure in place other than a processing facility, and those are all aspects that we’re working on. So I want to talk about the catalyst coming up with the company. So you have saliva, you have Selkirk Botswana jurisdiction I’ve spoken about, but what’s the next steps for us? How do you unlock the value here? And at the very start of the presentation, I said there’s a four legged stool. And what I mean by that is, if you’re thinking in hockey terms, I have, we have four shots on not net, not just one, not just two, we have four. How do we have four shots on net? We have the expansion at saliva, which is our high grade underground mine. That expansion through the hinge zone, that is very exciting for us. That could not only show a large deposit, which we believe is there, and it continues to show through our results, but that expansion could could, in itself, become a very large mine, two selkirks expansion, going from 44 million tons back up to what historically was there, as well as integrating the palladium and platinum. So you have a very high grade potential open pit, given it’s again, both are permanent. So that’s your second option. That’s our second shot on that. Again, we know it’s there. We’re going to show scale and size. Number three, the metallurgical results. So metallurgy is something that my team harps on me about all the time, metallurgy, metallurgy, metallurgy. So in the past, there’s always been a bulk concentrate and an ability to smelt in country. We are working on alternatives to that currently that could not only unlock the potential of the deposits, but could unlock the potential of the area, and we’ve engaged multiple different metallurgical groups, and you’ll see a lot of news flow coming out of that, but that’s our third shot on net. Metallurgical can unlock a proverbial ton of value in the mining space very quickly for us, the foreshot on net is really the phasing of these projects. So when we look at increasing size on both projects, we look at the metallurgy results, it’s then the phasing of these projects. How? Because we have an open pit, because we have access to our underground, because we have underground infrastructure. We don’t have to go and sink a bunch of mining shafts. We can look at how we economically and from a CapEx standpoint, phase these projects to be low cost, high impact projects join the critical metal supply chain as quick as possible. Also, while we’re doing all the work to show scale and size of these again, I like to remind people, it’s very rare that you get a deposit that is this advanced, with this much infrastructure and the scalability that we provide here at Next metals, it’s truly wonderful. I do want to talk a bit about our cap structure. Then I’ll get into our team. We did just raise $46 million we have a significant amount of that still in the bank. We’re progressing very quickly. SCP just followed us. Thanks to Brandon Gaspar and the team there for for their coverage, we just consolidated back 20 to one. We are in the middle of up listing to the NASDAQ that will provide us a lot more visibility in the critical metal space. It’s something that is very hot in the United States right now, and something that, when you look at the investor base, it just opens it up significantly for us so big institutional investors, we’re going to be marketing a lot across Canada and the United States borders, but it really tied in our share structure down to 21 million shares. Insiders, management, Direct. And the Fiori team that came in with us, as well as edge point, we own just about 80% of the stock between these three groups. So again, very tight float. Still, for a company that’s been around a long time, we’re about a $200 million market cap. We see this growing significantly. Again, every drill hole we do, we grow this deposits at Selkirk and at salibay,
Adrian O’Brien 20:34
certainly at a really interesting, very pivotal point for midnight sun. We’ve come a long way in last 18 months, and we’re now entering a phase with probably the largest transformative developments that midnight Sun’s ever been through. We’ve launched a massive exploration programs, very aggressive and designed to move us from the early discovery phase into the development phase as quickly as we possibly can. So you know, I would start this by saying that midnight suns project is, you know, there’s a lot of nuance. There’s a lot of different facets to this, you know. But what I’m going to try and do is cover not just an update. I think, you know, a fair percentage of the audience has probably heard the midnight sun story, so I don’t want to beleaguere the basic points. What I want to do is make sure that we cover more of the thematic aspects of this story and really give people a sense of where we’re going in the next few months, because this is such a critical phase for us. So let’s start this off with just a few bullets, kind of about the project and about where we are, so I can bring everybody up to speed as quickly as possible. First thing to understand is where we’re located. We’re in Zambia, arguably in the top spot on the planet right now for copper exploration. It’s a very special region. It’s an area that is within the Zambia Congo copper belt, but it’s only about 200 kilometers wide, east to west by about 200 kilometers north to south, maybe even a little smaller than that. And it’s called the domes region. There’s a number of reasons, which I’m going to show you in a moment as to moment as to why that’s the top spot on the planet right now. But suffice it to say, every major operator you can think of is in the district, is working in the district, either operating a mine or looking for one to operate. You know when, when you look at the landscape around us, as I mentioned, every every major operator is there. We’re located just a few kilometers away from First Quantum flagship consent you mine six kilometers, to be exact. Their whole road runs through our property. And we actually have an arrangement with first Quan where we’re working on near surface oxide material. And that provides the unique optionality of our project, which is not just exploration upside, it’s near term production potential, and that is the great differentiator. When you’re looking at projects today and what we’re working on, we do have multiple targets as well. This is not a one shot deal. This is not one project. This is not a single asset company. We have one major project, but with multiple facets, multiple targets, and a number of different opportunities for transformative upside. So most importantly, of course, we’re in the right place with the right right geology. And just to really quickly, cover off Zambia, you know, I think when you’re looking at different different districts, to to work in understanding why Zambia is better than other places, why Zambia is a top jurisdiction in Africa, and it is, you know, a global powerhouse. They’re about number six or seven in the world for global copper production today, and they’re on a push to become number two or three. So when you look at President hh and what he’s trying to do, he’s trying to amplify their output. He’s trying to push Zambia up in the rankings and move them into one of those top spots. So you’re looking at a jurisdiction that has been, you know, a global powerhouse for over 100 years. 75% of their out their export earnings are copper, proper, democratically elected government and a proper mining act in place. This is a place where, if you find it, you can build it. And that’s why they were there. We’ve been there for 14 years. We’re very, very comfortable in Zambia, and have no question that it is one of the top spots to be. So this graphic kind of tells the story, and I’m going to quickly give you an overview of the district and where we’re working, and then I really want to dive into what we’re doing today and why we’re doing it. So to quickly give you an idea, what you’re looking at is the domes region, where those bubbles are concentrated in the center of this graphic. This is the top spot to be if you’re looking at Africa, the five biggest copper mines are basically on your screen right now. You have kamoa kakula just above us, 1.4 billion tons, 3% copper. It is an absolute monster. First Quantum Sentinel mine, which is to the west, that’s about 5.51% and over a billion tons, you have la Moana. And la Mona is a key part of the story, and I want to spend a little time on that moment. But la Moana 1.6 2 billion tons at point five, two and that sits just about 20 kilometers to the west of our project, tanky, just above us. That’s another one that ranks over 2% copper and, of course, consensual, 1 billion tons at point. 66 right next to us, and that is a key part of our story. In the center of the belt, you’re going to notice two things. You’re going to see our project outlined in green. You’re going to notice that it’s broken up into multiple pieces. Each of those is a target for one of these Billion Ton deposits, and a brand new project we picked up called loose swishy. That is the last dome project that was available in the district. We managed to do a deal on that, pick it up just a few weeks ago. It’s an extremely strategic acquisition. Is the last piece that’s available. And in this belt, what you need to understand is that in order to have one of these Billion Ton deposits, you need a dome. That’s why it’s called the domes region. And that’s what you really need to have, is one of these basement dome structures. And these are what define where the deposits sit. So zooming in now, on just the Zambian side of the boundary, you’re going to see three projects, Sentinel Moana and, of course, Midnight Sun, with constanti just up to the northeast. Running through the middle of those projects is the libido corridor. So a lot of discussion about libido, of course, the US government is backing this rail plan. This is the planned extension, and you’ll notice it runs right through our property. It doesn’t just run through our SOE project. It actually runs through our leshi project as well. What that means is assurance that you’re going to be able to get this material to port. That is a big factor when you look at where midnight sun is going. And of course, our aim is to get to emanate with this project. We don’t plan on building a mine. We plan on selling this when the time is right. So I want to spend a little bit of time talking about Luana. So Luana, of course, is 1.6 2 billion tons. If I was giving this presentation six months ago, I would have quoted it as 900 million tons. This is our approach. It’s very simple, it’s very cost effective, it’s methodical, it’s concise. And what we’re doing is we’re inserting what you see here is phase two. This is a dipole, dipole IP survey, not to be confused with a traditional IP survey when you’re working on these assets. These are different. These are not poor, free deposits. These are typically Billion Ton deposits. So these are some of the largest in the world. This is an area that breeds Billion Ton deposits, one of the only places in the world where those are the average but more importantly, these are strata bound, which means they are shallow, and you build your tonnage on strike. Being shallow, they’re also flat lying and relatively thin. So let’s call them 10 to 20 meters thick. If you don’t know where that mineralization is sitting and what angle it’s sitting at in the ground, is very easy to miss. So that’s center point phase two, which is the dipole dipole IP survey that we’re carrying out across our project on all of our targets. That is the piece that will tell you what you’re working on before you go to work. So in other words, don’t drill a structure you don’t understand. Find Your Geochem anomaly, get the dipole dipole IP in place, understand what you’re working on and drill a structure, you know. So that’s what we’re doing on our flagship target, which I’m about to show you. It’s called dumbwa. We are carrying out that dipole, dipole IP survey and and getting very close now to being able to talk about the results of that. So what you’re looking at here dumbwa, kazeba, me too. Those are our three main sulfide targets. On top of that, at cazeba And me too, we have near surface or at surface oxide copper as well. And just to really make sure everybody understands what we’re working on here, we’ve partnered with First Quantum we have a cooperative exploration plan in place, and it’s very straightforward. If you look at the consentci mine, they have three circuits, sulfide mix store, and they have an x, s, x, e, w, oxide circuit. They also have a smelter on site, and this is where this whole oxide circuit really comes into play. Their smelter produces about 1.3 million tons of sulfuric acid a year, and it’s very, very important that they neutralize that acid on site. In Zambia, you’re not allowed to ship this. It becomes an environmental liability. But if you think about a heat bleach operation, your single biggest cost is sulfuric acid. So they’ve got 1.3 million tons of free acid that they can utilize. What they do is they heat bleach copper oxide. They’ve been doing that for 20 years. Copper Oxide is rich in Malachite. The Malachite neutralizes the sulfuric acid and turns it into water, and secondarily, it liberates all of that copper, creating cathode copper, which first quantum, sells for about $400 million a year now, first quantum, over the last 20 years, has utilized this methodology. It’s beautiful. It works perfectly, but they’re very low on oxide copper, and they need a new source fee. We have a lot of oxide copper. We’re sitting right next to them, and their whole road runs through our property, so it’s a match made in heaven for both of us. We’ve had a hell of a year. We put out all of this information, we launched a strategy to get all of this in place, and at our peak this year, we were up at 950% over the last 12 months. We are a TSX top 50 company pushing forward now. But the important thing to understand is that the three programs I just described to you are all designed to move us forward, keep us in that sweet spot in Zambia, being the next company in that development pipeline, and to push these projects out of that early discovery phase and into development as quickly as possible for so over the next three to six months, we’re going to take all of those assets and. Convert them into that phase, which is super exciting, and that is where Midnight Sun sits today.
David Southam 30:18
Yeah, look really pleased to be talking about Cygnus metals, as Brandon said, we are a high grade copper Gold Project in Quebec. And when I say high grade, I actually mean those words, because it’s a bit loosely used around our industry, sometimes a bit like tier one jurisdiction. This is a three and a half percent copper gold deposit. So only copper and gold, but there is actually an opportunity to add some silver into that resource, which I’ll I’ll talk about a little bit later. We’ve only had this asset now in our portfolio for coming up to six months. And as Brandon said, we are a bit of a hybrid. We are a we’re both an exploration and a development company. And so one of the first questions I’d ask is, why is an ASX listed company got an interest in these Quebec assets we were already in Quebec, and we had started the company a couple of years ago looking at lithium. Lithium was going well, and then became about as popular as the US president at a Canadian ice hockey match. So we, like our lithium assets, are in great locations, but we decided to make a pivot. Shareholders don’t pay us to sit around and hope for a rainy day. We’re part of a group of companies that specialize in finding assets that are unloved or could be distressed in some way. And I’d class this asset as one which was unappreciated on the TSX v we had our eyes on it for a couple of years. So part of the group, to give you an example, is Firefly metals, common shareholders and a few common directors purchased a copper, very high grade copper asset out of New Finland, out of administration, which is now a 60 million ton copper resource with a six or $700 million market cap. So we completed this transaction on the first of January, the resource, and I’ll talk from Australian Standards perspective, the resource is just under 11 million tons, at three and a half percent copper, with about 30% of that indicated what we really liked, from a base case perspective, was that there was a pea completed in 2022 In fact, in May. And unfortunately for the company that held the asset at the time, the copper price fell. And unless you were a cannabis company or moving into chips, if you if you’re a development company, you just weren’t attracting capital, and that got them into a little bit of a funk, and had two major shareholders, which own 50 odd percent. What I liked about that pea is, if you have a look at the at the metrics that use the copper price in the high threes, around $3.70 it used a gold price of US, 1800 it used TCS and RCS, so treatment and filing charges that were eight times higher than what they are today. It used it when this Canadian dollar was strong, and it was all for 180 million Canadian CapEx for a 24,000 ton copper production for 10 years, and that’s on average. So if I was to increase price, let’s say increase costs and CAPEX by 15% and change copper to say $4.20 even though it’s close to $4.50 change gold to say two and a half 1000 US an ounce, even though it’s around 3300 move TCS and RCS more closer to today, but higher, and adjust the exchange rates for weather floating around at the moment, this project without finding an extra ton of copper with it, or an extra ounce of gold produces about 1.3 billion cash before tax Canadian. So that’s about for any Australians, it’s about 1.4 5 billion Australian dollars. So for us, that’s really the base case, that under P. Ins our valuation. What we Sorry, what we also liked was we could see a three pronged strategy. One was to grow the existing resource. Two was, could we make a discovery in this area? And three was around regional consolidation. What we liked about this area in shibugamu is there’s an 18 and I’ll show you the map shortly. There’s an 18 kilometer window where there are a number of former producing mines that produced around a million tons of copper and three and a half million ounces of gold. And experience shows us that the best place to look for a discovery is where there’s been existing mining operations. And we really like the opportunity here because of that the the previous mines were all owned separately, so they never shared data. There’s historical data that hasn’t been put into 3d geological model. This. It’s actually close to 200,000 images that we are reprocessing, processing using AI, and we’re going to use modern technology. So now getting to the regional consolidation piece. And look, I haven’t put up all the companies so and apologies. I think XXIX. So presenting after after myself, there’s a lot of opportunity in this region. There’s big, large gold deposits, there’s copper deposits, and obviously we have a base metal mill, and so that’s something that we’ll look to prosecute. But at the moment, our focus has been drilling, and we’ve only had this asset for a short time, and we’ve already demonstrated the success. You can also see from a market perspective that M and A activity has certainly quickened up in the copper space. You’ve over in Australia, you’ve got a company called New World copper, who is under takeover from a couple of parties, actually, Pete Sweeney could maybe tell us a bit about that later, from Cantera and in Central Asia. That is a quite a good analogy for our project, very similar tons. Ours is copper, gold. There’s a mixture of commodities to make it a copper equivalent, but the capital intensity is about half. I believe our capital intensity is around 7200 a ton. New World would be about double that. And four and which is a which is very well marketed and a great company has a capital intensity of $32,000 plus, just to put that into perspective, news flow, we just recently completed a capital raise. So you’d be pleased to know you’re listening to a company that’s not going to come shortly and ask you for money. It was very well supported, particularly by North American institutions. If I was to break up our register at the moment between directors, management and institutional investors, it accounts for about 70% of the company. Our largest shareholder is Equinox out of New York, followed by ocean partners and then a number of Australian and very strong North American institutional ownership. So our Treasury will be sitting at about $23 million with our market this is an Aussie dollars, and our market capitalization around $100 million what to expect from us is exploration results.
Mario Rodriguez 38:45
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