Doré Copper Mining Corp. (TSXV: DCMC) (OTCQX: DRCMF) Research Update – November 2024

Arrowhead is updating its coverage on Doré Copper Mining Corp. (“Doré Copper” or “DCMC”) with a fair value bracket of CAD 0.46 to CAD 0.62 (Share Price on November 20, 2024 – CAD 0.135) based on a Net Present Value methodology and Comparable Company Analysis.

Report Highlights:

• Doré Copper Mining Corp is an exploration and development company focused on copper and gold in Québec’s Chibougamau region. The company is headquartered in Toronto, Canada.
• The key properties in its portfolio include the Copper Rand property (with the Cedar Bay deposit, Copper Rand mill and tailings facility), the Corner Bay-Devlin property, and the Joe Mann property.
• Doré Copper is implementing a hub-and-spoke development strategy, with its Copper Rand mill as the central hub of operations. The model commences with the underground development of the Devlin and Corner Bay (the primary asset) deposits through existing ramps.
• The Corner Bay project showcased excellent ore sorting and flotation test results confirming that the copper concentrate product will be very low in impurities.
• On October 14, 2024, Doré Copper and Cygnus Metals Limited (ASX:CY5), a lithium-focused exploration company, entered into a merger agreement in which Cygnus Metals will acquire all issued and outstanding Doré Copper shares.
• The merger will enable the combined entity to have a diversified asset portfolio, consisting of both copper and lithium assets, eliminating over-reliance on one commodity. This merger will also result in logistical synergies as Cygnus’ lithium assets are in proximity to Doré Copper’s assets. Additionally, the merger will bring together management with strong capital markets experience, mine-building and operational expertise, and a proven track record of project development and exploration success.
• In July 2024, the company further expanded its asset holdings by acquiring a 56.41% interest in a group of contiguous mining claims located next to its flagship Corner Bay deposit, from SOQUEM JV Property for a cash payment of CAD 20k and CAD 125k worth of shares of DCMC.