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S&P Capital IQ Pro · as at 21 August 2026 · live prices unavailable, showing as-at P / NAV Multiple as at 21 August 2026 Study underway, no multiple yetSS (ASX) / PEA (North America) / PFS / DFS / MRE = most advanced study on the flagship project
Pivotal Metals · SS underway
Comparable ASX shallow / pit-constrained copper resources
Contained Cu / CuEq (kt, left) and CuEq grade (%, right). Contained = tonnes × grade; from company mineral-resource statements.
Contained Cu Contained CuEq Grade CuEq (right axis)
Developer peer set · P / NAV basis
S&P Capital IQ Pro · as at 21 August 2026The baseline multiple for each name, its stage, and where it stands now after that company’s own share-price move. Click a bar in the chart above to jump to its row.
| Ticker · company | Project | Stage | P / NAV at 21 August 2026 | P / NAV current | Share price since |
|---|---|---|---|---|---|
| PVT · Pivotal Metals | Horden Lake | MRE · SS underway | — | — | — |
| FFM · FireFly Metals | Green Bay | SS · Scoping Study / PEA, Aug 2026 | 0.83x | 0.83x · as at 21 August 2026 | — |
| CYM · Cyprium Metals | Nifty | PFS · PFS 2024, Phase 1 restart in construction | 0.73x | 0.73x · as at 21 August 2026 | — |
| CHN · Chalice Mining | Gonneville | PFS · PFS Dec 2025, FS underway | 0.61x | 0.61x · as at 21 August 2026 | — |
| CVV · Caravel Minerals | Caravel Copper | PFS · PFS 2023, DFS due Sept 2026 | 0.59x | 0.59x · as at 21 August 2026 | — |
| MARI · Marimaca Copper | Marimaca Oxide | DFS · DFS, 2025 | 0.49x | 0.49x · as at 21 August 2026 | — |
| CTM · Centaurus Metals | Jaguar | DFS · Feasibility Study 2024, FID targeted 2026 | 0.36x | 0.36x · as at 21 August 2026 | — |
| HCH · Hot Chili | Costa Fuego | PFS · PFS 2025, revision underway | n.a. | n.a. | — |
Assumptions & sources
Every figure above traces back to a dated company disclosure. Click through to the underlying ASX announcement or technical report, or click a bar in any chart to jump straight to its row here.
| Ticker · project | Market cap | Resource statement | Cash (net-cash basis) | CuEq basis | Technical report |
|---|---|---|---|---|---|
| PSC · Prospect Resources Limited | — | 20 May 2026 | A$36.6m as at 29 Jul 2026 | recoveries appliedCuEq% = Cu% + (Au grade × (Au price/Cu price) × (Au recovery/Cu recovery)) + (Co grade × (Co price/Cu price) × (Co recovery/Cu recovery)), at US$11,500/t Cu, US$3,500/oz Au, US$40,000/t Co (Canaccord Genuity Dec 2025 deck for Cu/Co; Au reviewed vs Kitco spot). Recoveries: Cu 90%, Au 70%, Co 50%. | — |
| SUH · Southern Hemisphere Mining Limited | — | 30 Jul 2025 | A$0.1m, debt A$0.5m as at 27 Jul 2026 | recoveries not appliedCuEq = Cu% + (Au g/t × 1.25) + (Mo% × 5.7), at US$3.50/lb Cu, US$3,000/oz Au, US$20/lb Mo | — |
| PVT · Pivotal Metals Ltd | — | 7 Jul 2026 | A$3.5m as at 30 Jul 2026 | recoveries appliedCuEq% = Cu% + Ni%×0.97 + Au ppm×0.78 + Pd ppm×0.27 + Pt ppm×0.23 + Ag ppm×0.0013 + Co ppm×0.0002 | — |
| SVY · Stavely Minerals Limited | — | 17 Mar 2026 | A$3.1m as at 20 Jul 2026 | recoveries appliedFactor combining relative metal prices with metallurgical recoveries from company testwork (release Appendix 2); no equation published. | Thursdays Gossan Scoping Study (10 Aug 2026) |
| AW1 · American West Metals Limited | — | 21 Jan 2026 | A$8.9m as at 31 Jul 2026 | recoveries none (Cu only)Copper only — no by-product credits in the MRE. | Storm PFS & Activity Update (24 Jun 2026) |
| CAZ · Cazaly Resources Limited | — | 2 Dec 2022 | A$3.4m as at 28 Jul 2026 | recoveries none (Cu only)Copper only — no by-product credits in the MRE. | — |
| HMX · Hammer Metals Limited | — | 8 May 2023 | A$1.5m, debt A$1.0m as at 30 Jul 2026 | recoveries appliedCuEq(rec) = 0.86×Cu + 0.74×0.771051×Au + 0.74×0.008336×Ag + 0.86×4.857143×Mo + 0.77×0.023334×Re | — |
| TNC · True North Copper Limited | — | 9 Aug 2024 | A$7.1m as at 30 Jul 2026 | recoveries none (Cu only)Copper only — no by-product credits in the MRE. | — |
| CAE · Cannindah Resources Limited | — | 3 Jul 2024 | A$14.1m as at 31 Jul 2026 | recoveries appliedCuEq% = (Cu%×92.50×CuRec + Au ppm×56.26×AuRec + Ag ppm×0.74×AgRec) ÷ (9.25×CuRec) | — |
- Resource & production figures are hardcoded from company mineral-resource statements and development studies (ASX releases); contained metal = tonnes × grade.
- Price / NAV = market capitalisation ÷ post-tax NAV, re-based on each company’s own share price at the previous close from the baseline named above the chart; stage tags (SS / PEA / PFS / DFS, or MRE where no economic study has been published) describe the most advanced public study on each flagship project, not a resource classification. A first economic study is tagged in its own market’s terms — “SS” (Scoping Study) for an ASX-listed company, “PEA” for a North American one — which are the same rung of the ladder, not two different stages.
- CuEq formulae differ by company and are NOT comparable peer-to-peer — each company's own formula is set out in the CuEq basis column of Assumptions & sources below.
- For information only, not investment advice.