Phoenix Copper Ltd (PXC): RELOAD: a mountain of copper, silver and gold
PXC has consolidated the former Empire copper mine (which recovered a startling 3.64% copper before WWII) and five other former mines/deposits located nearby into a potentially world-class copper, gold and silver project in Idaho. Our estimated DCF valuation is 60p/share, based on the initial near-surface copper-gold mine only. Given better funding conditions, the company is considering simultaneously developing a silver mine at its nearby Red Star resource. If greenlighted, we estimate a combined valuation of 95p/share (139p/share using recent highs in copper and silver prices).
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