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Excelsior Mining Corp.


Excelsior Mining Corp. is developing the world’s largest low-cost in-situ copper project within the copper porphyry belt of Arizona. Based on an initial production rate of 110Mlb/year and a US$2.75/lb copper price, the prefeasibility study indicates an after-tax NPV7.5 of US$826M, an IRR of 44.7% and a payback period of just 2.4 years. Total initial capital expenditures are estimated at US$284.84M with an average life-of-mine direct operating cost of just US$0.69/lb. These metrics are amongst the lowest per pound capital and operating costs for copper projects in the world.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Brien Lundin, Gold Newsletter (Jefferson Financial) (11/6/14) "With a 5 Blb+ copper resource and a potentially low-cost, phased approach to get it into production, Excelsior Mining Corp. has a very attractive risk/reward profile. . .if you believe, as I do, that strong copper demand and restricted copper supplies are going to drive prices higher in the long term, then an investment in this company is a great way to bet on that premise. It's still a Buy."

Eric Coffin, HRA Journal (11/2/14) "Excelsior Mining Corp.'s positive story hasn't changed. . .the company closed the second $3M tranche of its financing with Greenstone and started a second drill program at Gunnision. This 13-hole 5,000m plus program was designed to convert most of the existing Inferred resource to Measured and Indicated. . .extending the life of the operation. . .or increasing the scale. . .I think Excelsior is as safe a place as you're going to find in a preproduction copper story and still worth accumulating."

The Gold Report Interview with Oliver Gross (10/27/14) "A junior copper company with takeover potential is Excelsior Mining Corp., with its Gunnison in-situ project in Arizona. The company released a stunning prefeasibility study in early 2014 with industry-leading economics. More than 25% of the company is now owned by Greenstone Resources, a solid London private equity fund. At its current share price, Excelsior offers fantastic leverage on the copper price." More >

Eric Coffin, HRA Journal (10/3/14) "Excelsior Mining Corp. has completed its Annual General meeting, which included a shareholder vote approving the second tranche of the placement to Greenstone, making the British resource fund the company's largest shareholder. Greenstone can appoint up to two nominees to the board. . .Excelsior now has funding in place to get it most of the way through the feasibility study. . .Excelsior is now the only choice for traders looking for an in-situ leaching copper play. . .I continue to view it as a good target for accumulation in this range."

Lawrence Roulston, Resource Opportunities (9/30/14) "Excelsior Mining Corp. is advancing its Gunnison copper project in Arizona, with first production expected in 2018. By using in situ recovery (ISR), the project is expected to have a low capital cost and low operating costs. . .a great deal of work has already been completed, supporting a resource estimate and a prefeasibility study. The permitting process and further engineering work are presently advancing. . .the Measured and Indicated resource of 683 Mt grading 0.29% copper containing 4.4 Blb copper. . .includes a proven and probable reserve of 632 Mt at the same grade. . .the grades. . .are quite favorable for low-cost ISR."

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The Gold Report Interview with Eric Coffin (9/17/14) "The most recent copper developer added to the HRA list is Excelsior Mining Corp. I'm going to see its Gunnison project in Arizona in a couple of weeks. I like that project. I like the concept of in-situ leaching. For this to be feasible, the rock must be highly fractured, and most of the resource must be oxidized and below the water table. There are not many places where you find those three qualities simultaneously, but one is in southern Arizona where Gunnison is. It's a low-grade deposit, but most ISLs are. The company's prefeasibility is quite impressive: 110–120 Mlb/year for 10+ years then declining toward zero for a further 10 years. Cash costs per pound are about $0.68, definitely at the low end. All-in costs are probably under $1/pound. The initial capex is about $300M, less than an open-pit operation at that scale. Sustaining capital tends to be a little bit higher because of the nature of the ISL process but that is coming out of cash flow and is manageable.

ISL doesn't use as much water as open pit does. It's fairly low-impact ecologically. There are no big unsightly piles of rock or tailings piles and, obviously, no big hole in the ground. So, in theory at least, permitting should be easier than for an open-pit operation. Many of the recent discoveries, especially the most high-profile ones, like Fission Uranium Corp.'s Patterson Lake North discovery, and the Roughrider discovery that made Hathor, are either outside the basin or beneath it, hosted in basement rocks rather than rocks comprising the basin itself." More >

Joseph Gallucci, Dundee Capital Markets (9/15/14) "Excelsior Mining Corp. announced this morning the commencement of a metallurgical drill program at its Gunnison in situ recovery copper project. . .it represents a major derisking step in the development of its Gunnison project, which uses a lesser known mining method for copper. We are maintaining our Buy recommendation."

Brien Lundin, Gold Newsletter (Jefferson Financial) (9/11/14) "As a potentially significant new copper producer, Excelsior Mining Corp. is a great play on the global scramble for increasingly scarce commodities. . .with all needed infrastructure close at hand and an environmentally friendly mining plan, Gunnison and its North Star deposit have all the makings of a developable copper mine. The upside here is huge and the near-term potential is solid as well. Excelsior is a strong buy."

Eric Coffin, HRA Advisory (8/24/14) "Excelsior Mining Corp. has advanced the Gunnison project through prefeasibility with very impressive results. . .the company is now in the process of completing financings that should be adequate to pay for most, if not all, feasibility and permitting-related expenses. At current pricing, Excelsior has a market value that is less than one twentieth of Gunnison's after-tax NPV, which leaves plenty of scope for value increase."

Joseph Gallucci, Dundee Capital Markets (8/14/14) "Excelsior Mining Corp. has raised aggregate net proceeds of US$10M through the issuance of 29.4M shares to Greenstone Resources (a private equity fund), at a price of $0.34/share. . .we believe that the proceeds received from this offering, combined with the $4M public equity issue completed in July and the $3M royalty deal with Callinan Royalties Corp., leave Excelsior well positioned to complete bulk testing at Gunnison and the ensuing studies will support the preparation of a feasibility study for Gunnison, which we expect to be complete by the end of 2015."

Joseph Gallucci, Dundee Capital Markets (7/7/14) "Excelsior Mining Corp. has raised aggregate net proceeds of $3.51M through the issuance of 16M units, each consisting of one share and one half warrant, at a price of $0.25/unit. These funds will be used for general corporate purposes, for a property option payment and to further progress the Gunnison project through technical studies, including metallurgical studies and hydrological testing. . .we like the company's story and would recommend the stock to investors."

Joseph Gallucci, Dundee Capital Markets (4/30/14) "Excelsior Mining Corp. is an attractive investment opportunity at current levels. . .we are initiating coverage on the company with a Buy recommendation. . .given the 'flat' forward copper curve, this project is very attractive as it will provide solid margins throughout the cycle while also benefiting from an increase in copper prices."

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