Alright, responded to this already, but wanted to do so again after giving it a bit more research and thought. Current market cap for $OCO is about $205 million USD. Note there is some exposure to USD CAD exchange rate on this thing, but I'm going to ignore that. Because I have $25K invested (largest position in my "active" account) I figured I could be troubled to watch the
most recent presentation. They will likely need to raise about 20 million dollars or so USD to finish out drilling over the next year or so. Not a material dilution given the current share price, but is worth noting.
Right now, they are in the process of figuring out "how big is the copper deposit" and "what is the quality of said copper". The first phase is the 3D IP survey which intends to figure out the "size". 3D IP can't tell you if the anomalies found "are" copper - but it can inform where to drill. Based on the last time Santa Tomas was surveyed the going theory is there is somewhere around 7.5 billion pounds of copper (note that it can be confusing when they switch between pounds & tons so one must listen relatively carefully). The hope with the current project is to take that 7.5 billion and expand it based on new drilling & surveying. It seems plausible this number could be anywhere from 10-20 given the data so far. In the video they note a few "rules of thumb" for acquisitions of this type. The most straight forward one being somewhere between 7&9 cents per pound as an acquisition price. I'd wager if copper prices continue to trend the way they are going (currently at like 3.40 with some
bullish estimates up to 9+) the 7&9 cent estimate is on the low-end. For my back of the envelope I'll use 8 cents.
So a likely conservative case here is we have 7.5 billion pounds of copper at an acquisition price of 8 cents per pound. Doing the math there that gets us to a target acquisition price of 600 million. Divided by the (now dilluted) share count of 192 million puts target price at $3.12.
Target for said acquisition is ~24 months. So wait a couple years for a potential ~3x with seemingly limited downside. I will continue to hold and may add if I free up some $ and/or we see a dip on no news.