In short: His own company (CEO; issuer pitch). Santo Tomas: ~1B t near-surface, flat-lying porphyry in the Laramide belt; 2024 PEA = 100kt/yr Cu, 23-yr life, US$1.48B NPV, US$1B capex at $4 copper, strip ratio ~1.38:1. Market cap ~US$170M — "Mexico is the short answer." Only mining project in Plan Mexico's 40; 20,000 m drilling done by year-end, resource update ~Feb, PFS ~June 2027, then a sale. Last cash US$18M (Feb) + US$23M Canaccord bought deal; more capital needed for the PFS.
Oroco is a small Canadian company that owns a very large copper deposit, Santo Tomas, in northern Mexico. "Near surface" and a low strip ratio mean relatively little waste rock has to be moved to reach the ore, which keeps mining costs down. Its 2024 study valued the project at about US$1.5 billion using a copper price well below today's, yet the whole company is valued at about US$170 million.
Cryer, who runs the company, says the gap is investors still fearing Mexico's old anti-mining politics. His plan is not to build the mine but to finish drilling and a more detailed engineering study in 2027 and then sell the project to a major. Remember that this is the CEO talking about his own stock; he will need to raise more money, and it is a Sinaloa jurisdiction.
10:22What are we looking at? What is it? — It's a billion ton resource situated in the Laramide copper belt, which is one of the world's three most prolific copper producing provinces. I think the Laramide belt has been responsible for 80% of North America's copper production or maybe even higher than that. — 80% of North America's copper production over history.
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