New Ask Claude or ChatGPT about any stock, using Bullpen. Bullpen in Claude or ChatGPT. 7 days free
Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Thursday, November 12, 2026

Back to the front page

From X

@StableBread

Fajasy on X

At the US$5.30/lb copper base case in American West Metals’ $AWMLF new pre-feasibility study (PFS) for its Storm copper project, the post-tax NPV (discounted at 7%) is US$119M, with a 32.8% IRR and a 3.6-year payback. The PEA (Storm’s first-pass study) showed US$149M at an 8% discount rate and a 46% IRR, on US$4.60/lb copper. So the PFS uses a higher copper price and a lower discount rate, and still values Storm lower. The PFS’s own sensitivity table shows ~US$110M at the PEA’s 8% rate, and post-tax FCF over the mine life fell to US$179M from US$191M, even though revenue rose to US$1.25B from US$839M. Extending the sensitivity table, each 10% drop in copper takes ~US$52M off the NPV. So at the PEA’s US$4.60/lb, 13.2% below the PFS’s price, Storm would be worth ~US$51M at 7% (US$118.9M − 1.32 × US$51.6M), about a third of the PEA’s US$149M. In other words, the higher copper price, not the mine plan, holds up the PFS’s NPV. The PFS also runs a spot case at US$6.53/lb copper (as of November 2), where the NPV rises to US$233M, with a 55.1% IRR and a 2.7-year payback. A 10% move in copper shifts the NPV by US$50-52M, and a 10% change in recovery by US$46-48M, against ~US$4M for a 10% change in capex. So the capex increase matters less to the value than to the funding. At ~US$52M per 10% move in copper, the NPV would reach zero near US$4.10/lb, ~36% below the November 9 price. At US$4.75/lb, the average London Metal Exchange (LME) price since January 2024 (per the PFS), the NPV would be ~US$65M. Copper is also near the top of its range, as the PFS’s US$6.53/lb spot price is just 3.1% below the US$6.74/lb LME high since January 2024. So I value Storm on the PFS’s US$5.30/lb base case rather than spot, since first copper is still at least three years away.

Investor Letters

All letters

💥Tead-ering💥

Teads’ revenue fell 26% and its stock dropped 38% as Google AI summaries cut publisher referral traffic, worsening losses and straining its…

TEAD $18MGUTS $12M
PETITION 2 clicks

The 10-Q Fills In the Buyback

Empire State Realty Trust bought $86.1 million of stock through November 6, while corrected sum-of-the-parts values range from $9.12 to…

ESRT $877M
Orphan REITs 2 clicks

Lion Copper: Initiation Report

Lion Copper targets 2030 Nevada copper production at Yerington, with Rio Tinto’s Nuton funding its 2027 feasibility study under a 65%…

LCU $98M
Atrium Research - Equity Research 3 clicks

Seed Corn

Chiron’s failed $49 million Beaumont sale and $178 million Pinnacle acquisition leave XRN with $70 million of liquidity and medical-office…

XRN $357M
Orphan REITs 3 clicks
GTN · long

Gray Media INC

Gray Media’s 7% 2027 notes rose from 85 to par within 18 months; the thesis now turns to a long equity position.

GTN $610M
Value Investors Club

Namib Minerals: Research Note

Namib Minerals posted H1 adjusted EBITDA of $19.0 million, up 76%, as higher gold prices offset lower production.

NAMM $44M
Atrium Research - Equity Research 3 clicks
CCOI 2026-10-07

What I’ve Been Up To

Cogent Communications and AI data-center bottlenecks feature in a newsletter update on recruiting, financial media and conference takeaways.

CCOI $227M
Stock Thoughts 6 clicks

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 83 of 284

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

375 firms

Sectors

Ordered by how often our editor reaches for them.