Aug. 21 at 4:35 PM
$GCUMF Jefferies explicitly highlights that U.S. regional pricing premiums, domestic copper supply mandates, and low-unit-cost ISCR extraction warrant a multiple expansion. Florence Copper and Gunnison utilize near-identical wellfield leaching methodologies in Southern Arizona.
Absolute Upside Trajectory:
If GCUMF achieves technical flow-sheet stabilization at Johnson Camp and begins commercial acid recovery, its valuation gap relative to TGB implies a 3x to 5x re-rating horizon (moving toward
$1.20–
$1.70+ USD per share) simply to trade at half the asset-level EV/lb multiple assigned to TGB by Wall Street prime brokerages.