Nov. 25 at 11:56 AM
$COPX $LEO.CSE – Copper NAV breakdown highlights one of the most extreme valuation dislocations in the entire sector.
Today Lion Copper and Gold Corp. Secures US
$31M Milestone Funding from Rio Tinto
A Rio-backed Nevada copper district published a PFS showing:
• 120M lbs/yr Cu, peak 151M lbs
• Post-tax NPV7 =
$694M @
$4.30 Cu, rising to
$976M–
$1.39B at realistic copper prices
• 3.13B lbs M+I, multi-deposit, multi-decade district potential
• DFS + permitting fully funded by Rio Tinto (Nuton)
Valuation:
• 100% district NAV ≈
$1.6B
• Company’s equity NAV (30–35%) ≈
$480–560M
• Market cap ≈
$60M → P/NAV = 0.11–0.13×
Relative to peers:
• Marimaca trades at ~1.1× NAV
• ASCU trades at ~0.20×
• This name trades at ~0.12×, despite best-in-class jurisdiction (Nevada), major partnership (Rio), water rights, and district scale 4–5× larger than Marimaca.
A clean example of how NAV-based pricing in copper has broken down despite a structurally tightening supply story.
