Impact: Mildly Positive
Cordoba Minerals reported final drilling results from its ~27,700m infill program at the Alacran deposit, part of its 100%-owned San Matias Cu-Au-Ag project in Colombia. We view these results positively as they support the thesis that higher grade domains exist within the Alacran resource model, which would help to grow the current ~1.4B lb CuEq reserve base and advance the project further towards a FS in H2/23. We also note that there is potential for the company to mine the high-grade, near-surface areas earlier in the mine plan thereby positively impacting the US$415M NPV8% of the project.
