No gap up for Orvana Lots of good news and little real stock movement.
Here we have lots of junior coppers with no permits, varying deposit sizes and balance sheets, worth over $100 million. Orvana gets the key permit to build a mine, and hardly a hick-up in the stock price.
Stonecap gives a value of $87 million for NAV for Copperwood today. Which is over half the market cap of Orvana today. Which values the other 2 mines at $65 million.
But perhaps now a permitted mine is as good as no mine until it is financed. When the CEO of Glencore says stop building mines, the expectation is that financing will likely slow down for these greenfield projects. Now it comes down to whether someone wants to pony up some of that $213 million for a piece of this project. Other wise the NAV for Copperwood is still $0 in the markets view.