Top of the third—bases are loadedAlterzatur,
What game are you watching? Change the channel as I've got Bell in the top of the third—and the bases are loaded.
Look at just one project, La Balsa. We have a 43-101 compliant resource of 204 million pounds of copper. Additionally, we recently completed an independent (and compliant) scoping study that estimates free cash flow of $21 million per year for 7 years. Given Phoenix Copper's proposed share structure of nearly 43 million FD, that gives us a $2.09 per share valuation.
And that's just the surface resource. If we are successful in proving up an underlying porphyry, the numbers move way north.
I've done a spreadsheet of various scenarios. If we hit half a billion tons, and given average Arizona grades of .736% copper, this deeper resource equates to $9.22/share or $6.26 if the grade is only .5%.
And if the porphyry is only 250 million tons—half the size of what they think could be there—those number are $4.61 and $3.13 per share for those respective grades.
And those numbers need to be added to the $2.09/share for our surface compliant deposit.
Again, that's La Balsa only. It doesn't take into account Van Dyke 1.3 billion pounds of "historical" copper. Metal that can be produced via in-situ leach, the cheapest production process in the industry.
I'll also let you factor in Kabba, which is even a potentially much bigger prize. While you're doing that, you might want to dig into what's the connection between Redhawk Resources current drilling program and Bell's Sombrero Butte property.
Your baseball analogy works well. Like the sport of four bases, Bell too has four potential porphyries in its portfolio.