Nov. 25 at 3:15 PM
$AA Copper NAV comps show how unevenly capital is priced across US strategic metals. A Nevada copper district with Rio Tinto funding trades at just ~0.12× equity NAV.
$LEO.X.CSE – Today Lion Copper and Gold Corp. secured US
$31M Milestone Funding from Rio Tinto.
Key PFS metrics:
• 120M lbs/year Cu
• NPV7 of
$694M (base), rising toward
$1B at moderate Cu increases
• 3.13B lbs M+I
• Full DFS + permitting funded by Rio (Nuton)
• Water rights secured — rare advantage for US critical minerals
Valuation:
• Yerington District SOTP (100% basis) = ~
$1.6B
• Lion’s share (30–35%) =
$480–560M equity NAV
• Current market cap = ~
$60M
• Equity P/NAV = 0.11–0.13×
Relative value:
• Marimaca trades at ~1.1× NAV
• ASCU trades at ~0.20×
• Lion trades at ~0.12× despite:
o Superior jurisdiction (Nevada > Chile/Arizona)
o Major partnership (Rio Tinto)
o District scale 4–5× larger than Marimaca
o Fully secured water rights
o Nuton technology unlocking sulfide leach
o Multi-deposit, multi-decade potential
Bottom line:
Absolute value is compelling, but relative valuation is extraordinary. On any coherent sector-wide yardstick, Lion is 3×–5× below fair value.
The copper market is still massively inefficient in how it prices development NAVs relative to strategic importance and jurisdictional quality.
