PXC has consolidated the former Empire mine (which recovered a phenomenal 3.64% copper before WWII suspension), three other former mines and two deposits into a potentially world-class copper/precious metals project located in one of the most favourable mining regions, Idaho, US. The planned initial silver mine will provide cashflows to develop the extensive copper-gold-zinc mineralisation in the rest of the ore body. Our estimated DCF valuation (based on silver mine only) is 31p/share. Substantial development work has been done on a first-stage (shallow oxide ore) copper mine, for which we estimate a £17.3m NPV if greenlighted today.
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