Market cap is now $1.4B after a 254% one-year gain and a 39% YTD gain. Its Cactus project continues to move forward. The company holds 100% ownership of this past-producing asset on private land in Arizona, benefiting from existing infrastructure like highways, rail, power, and water access in a prime copper belt location. The Cactus Project features a 5.3 billion pound copper mineral reserve at 0.52% grade, supporting 22-31 years of production. The October 2025 Pre-Feasibility Study projects 99,000-113,000 tons of annual copper cathode in the first 10 years from two open pits, with after-tax NPV8 of $2.3 billion, IRR 22.8%, and 5.3-year payback at $4.25/lb copper. An updated 2025 resource estimate boosted contained copper to 11 billion pounds M&I plus 3.8 billion inferred. First production is currently targetted in 'the second half of 2029'. Copper has run hard, of course, and as a future producer the stock is generating lots of interest. Valuation is tough, as delays can occur and the price of copper could reverse. But momentum is excellent, and there is potential here. For speculators in the sector we would be OK with today's prices.
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