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King Copper Discovery Initiated at Speculative Buy at Stifel Canada; Price Target at C$1.75

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Stifel Canada on Thursday initiated coverage of King Copper Discovery (KCP.V) with a speculative buy rating and a C$1.75 price target.

"We are initiating coverage on King Copper Discovery with a SPECULATIVE BUY rating and C$1.75/sh target price. Led by a team of high horsepower geologists [accolades include Thayer Lindsley Medal for discovery at Oyu Tolgoi] and industry veterans, KCP is laser focused on advancing the Colquemayo porphyry copper project in Peru. Since 2020, outsized NAVPS creation for Cu explorers in the Andes has been driven by a combination of i) sizable lithocap identification [Filo del Sol 37.1km2, Valeriano 9km2, Colquemayo >19km2] and ii) management teams with access to capital; we think KCP has both. Filo grew NAVPS 839% from 2020 to the C$4.5B 2024 acquisition, NGEX +9573% and ATEX 488% since 2022. In a market that pays for growth, we see outsized value creation for early stage copper porphyry assets amongst a backdrop of producers' lack of incentive to spend on exploration," analyst Cole McGill wrote.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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