Halo Minerals - initiation on 'A unique copper tailings opportunity in Chile'

Halo Minerals was admitted to AIM on 30 March, raising £4m at 18p/share. The funds will be used to advance work to develop the Playa Verde copper tailings project at Chañaral Bay, on the coast of Chile. The plan is to dredge the tailings and recover copper cathode and copper concentrate which also contains by-product gold. Halo hopes to complete an updated Definitive Feasibility Study and make an investment decision in H2 2026 with potential start-up in 2028. We base our fair value estimate on the CPR model (34.8mt, 10% discount rate) which equates to 46p/share compared to the current price of 9p.