Oroco Resource Corp

Santo Tomás is among the very few independently owned, development-stage copper assets with scale (> 100 Kt p.a. copper production per a PEA), positive economics ($1.5 billion NPV8 at $4/lb. copper, >$4.5 billion at spot copper; IRR 22% to 45%), extensive nearby infrastructure, social license to operate, political support, and a functional federal permitting framework.

Oroco’s Santo Tomás porphyry copper project, located in coastal northwest Mexico, has an approximately 3.9-million-tonne (8.5 billion lb.) copper endowment and a completed PEA (2024, Ausenco and SRK). Production costs are in the lowest quartile, and it's among the most capital-efficient development-stage projects worldwide, with an initial capital Intensity of just $10/k/tonne of annual production.

Drilling is ongoing, and an updated MRE is expected in Q1 2027, and a Pre-Feasibility Study by mid-2027. Santo Tomás is rapidly approaching an “actionable” stage.

Key Investor Takeaways

Oroco's Santo Tomás project is among the most attractively valued, large, advanced, development-stage copper projects that is independently owned. It is rarer still because of its structural advantage as an outcropping, shallow resource, the infrastructure advantage of an industrial, coastal location, and as a Strategic Project under the federal economic stimulus plan, it has permitting tailwinds.

With a rapidly approaching PEA and PFS, and M&A in the copper sector increasing, along with increasing valuations for development-stage assets, Oroco's attractive P/NAV, makes it highly attractive and offers investors high-leverage copper exposure in the event of a re-rating.