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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:

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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