Arizona Sonoran’s Turning Point? A Fresh Look at Resources, Mine Plans, and Valuation

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In our newest Analysts Notes release, we return to Arizona Sonoran Copper Company to evaluate how the Cactus Project has evolved through major drilling, resource growth, and a substantially redesigned development plan. With a new PFS, a simplified flowsheet, and a strategic technology option in play, investors face a very different picture than the one we reviewed two years ago.

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The Lowdown

In this revisit, we examine how the latest technical and economic work reshapes the outlook for the Cactus & Parks/Salyer deposits, and whether the project’s evolution strengthens or challenges its path to mid-tier copper production.

• How do the newly expanded resources and revised reserve formats compare with earlier studies, and what should investors understand about the internal consistency of the data?
• What does the transition to a streamlined open-pit, heap-leach development imply for mine design, sequencing, and long-term operating flexibility?
• What does the latest metallurgical testwork reveal about treating the various mineralisation types, and how do the updated recovery models frame project performance?
• How should investors interpret the scale and structure of the capital program - including the role of major infrastructure such as leach pads, SX/EW capacity, and potential acid supply requirements?
• What are the key considerations when benchmarking the project’s operating cost assumptions against comparable copper operations in the region?
• How might the Nuton technology option influence project economics, ownership outcomes, and valuation scenarios under different price and performance cases?

Does ASCC remain a genuinely undervalued copper developer with a robust, long-life asset?
Or does our updated modelling reveal a more constrained investment case than headline numbers suggest?

Our full report untangles the data, rebuilds the project economics from the ground up, and offers a decisive view on whether Arizona Sonoran still represents good value - or whether the latest technicals tell a more complicated story.