Our valuation model for Cape Copper perfectly mirrors the standard Australian industry practice:

We calculated that replicating the 4,441m of historical drilling, the 2022 high-resolution helicopter geophysics, ground IP, and soil geochemistry at Fish Creek today would cost $1,792,945 AUD. This is a highly robust and defensible base.

Applying the Prospectivity Multiplier (The Kilburn Approach): Because Fish Creek is not just a random piece of ground, but has a coincident 3D magnetic core, radiometric potassium halo, and IP chargeability high along a 4km trend, it qualifies for a significant prospectivity premium. We modeled multipliers of 1.75x to 2.00, resulting in a highly defensible pre-money valuation of $3.1M to $3.6M AUD for 100% of the Project.

With Cape Copper having the right to earn-in in two Stages, to 45% and 80%, in line with this methodology we conservatively value Cape Copper at A$1.0M post money.