Copper

Adriatic Metals’ Days Under The Radar Will Be Over In A Few Months; Potentially Very High Grade Maiden Resource Estimate Upcoming For Rupice

Drilling at Rupice

1. Introduction

One of my favorite holdings, Adriatic Metals, is still under the radar for a lot of North American investors, being an Australia listed company. It is my strong conviction this is not really deserved, and this situation might potentially not last very long. As they are exploring Rupice, a very high grade polymetallic project in Bosnia Herzegovina, Adriatic already produced several impressive sets of drill results during 2018. It didn’t stop there, as the company released for example hole BR-36-18 which intercepted a very thick zone of high-grade mineralisation over 72m returning 18.3% Zn, 10.7% Pb, 211g/t Ag, 2.5/t Au, 2.5% Cu from 206m, and 46m at 25% BaSO4 from 216m on January 21, 2019.

Tax Loss Buying Candidate Kutcho Copper Completes 2018 Drill Program; FS Scheduled For Q2 2019

Kutcho project

1. Introduction

Although Kutcho Copper remains under the radar of most it seems, it doesn't seem to lose a lot of time, and continues doing the heavy lifting in order to advance their flagship project, the Kutcho high grade copper-zinc project in British Columbia, Canada. Backed by a financial package arranged with Wheaton Precious Metals, Kutcho completed their 2018 drilling and exploration campaign at the end of October as planned (winterbreak), and is processing all data now. A Feasibility Study is planned for the end of Q2, 2019. Their blockchain initiative MineHub isn't shelved either, and management intends to publish a news release with current developments and partner names within a few weeks from now.  

Kees Dekker Versus Trilogy Metals: An Analysis

Arctic project; exploration

1. Introduction

This time Kees analyzed Trilogy Metals, which sports one of the highest grade copper projects worldwide (Arctic). I found Kees' report interesting enough to obtain company feedback, and after a lengthy process of 6 weeks here is the end product for your convenience. Kees found several reasons to increase opex meaningfully compared to the PFS, so as a consequence the post-tax NPV8 came down significantly (from US$1412.7M to US$803.8M @US$3.00/lb Cu), and I estimated the adjusted IRR at 23% (from 33.4%), which are still strong numbers. At a current market cap of US$226M one could argue that Trilogy is undervalued, as Bornite hasn't been taken into consideration yet.

Adriatic Metals: A Polymetallic Explorer With Significant Potential

Drilling at Rupice

Introduction

This time Kees Dekker analyzes Adriatic Metals, an Australian junior exploring a very high grade polymetallic project called Rupice in Bosnia Herzegovina. Kees and I had our doubts as the last drill results at the border of the drill permitted area took a very long time until release, but when they did came in, the results appeared to be pretty good again. Kees does a good job calculating metal value including recovery and payability, basing his cash margin on this, and hereby maintaining a conservative stance which seems healthy for an early stage exploration play. 

Kutcho Copper Closes C$4.14M Financing, Receives C$4.8M Advance Payment From Wheaton Precious Metals

Kutcho project

Despite the summer doldrums, a strong dollar, a developing trade war between the US and predominantly China, and the resulting poor sentiment in commodities and mining stocks, Kutcho Copper managed to raise decent money, necessary to fund their ongoing drill program at their flagship project, the Kutcho high grade copper-zinc project in British Columbia, Canada.

All presented tables are my own material, unless stated otherwise.

All pictures are company material, unless stated otherwise.

All currencies are in US Dollars, unless stated otherwise.

Kutcho Copper Gearing Up For Significant Project Expansion

Kutcho project, VP Exploration Rory Kutluoglu

1. Introduction

After entering the markets with a big splash in December 2017, on the back of an almost monumental deal (for a nano cap) with Wheaton Precious Metals, Kutcho Copper (KC.V) has been working quietly but diligently behind the scenes, to set up everything for further development of their high grade copper-zinc Kutcho project in British Columbia. 

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