$SPMC.V - SOUTH PACIFIC METALS This weekend, some followers have...
Silver Santa@Silver__Santa
6 views
Aug 29, 2025
~3 min read
1
$SPMC.V - SOUTH PACIFIC METALS
This weekend, some followers have asked why I see SPMC as a strong pick.
The company controls four fully-owned gold-copper projects in Papua New Guinea, each with the potential to be a company-maker. Strategically located near world-class deposits and infrastructure, these assets offer district-scale discovery potential.
South Pacific Metals is led by a seasoned executive team with company-making experience at Torex Gold, Goldcorp, Newcrest, MAG Silver, Roxgold, K92 Mining, and Barrick. At the helm, Executive Chairman Michael Murphy — founder of Torex Gold (now valued at $3.63B).
Kili Teke is the first project, hosting an inferred resource of 1.81 Moz gold, 802 Kt copper, and 40 Kt molybdenum — roughly 5 Moz AuEq. At this early stage, valuations typically range from $5–$30 per AuEq ounce, giving Kili Teke an estimated value between $25M and $150M USD. Given its proximity to Barrick’s mine, strong discovery upside (soil samples grading up to 9.3 g/t Au and 27.5% Cu), and expansion potential, it’s reasonable to imply a value of around $60M USD as a fair conservative estimate — more than 2x the company’s current market cap. This effectively places a solid floor under SPMC’s valuation, reducing risk.
Then there are the Orsena and Anga assets, which literally sandwich the K92 asset (valued at $3.6B).
+ Orsena lies just south of K92 along the same 45 km Cu-Au mineralized trend and also intersects another horizontal trend. It exhibits similar geological, structural, and metal associations, with surface sampling returning up to 10.3% Cu and 1.7 g/t Au. Recent trenching showed 79m averaging 0.75 g/t Au, including 4m of 4.52 g/t Au, with peak values of 8.82 g/t Au. Historic drilling revealed 100m at 0.32 g/t Au from 14m depth, suggesting high-quality mineralization.
+ Anga, only 1.5 km from the K92 processing plant, also shows similar geological, structural, and metal associations along the 45 km Cu-Au trend. It hosts multiple Au-Cu targets across a 670 m corridor, with advanced 3D modeling suggesting continuation of mineralization. Recent surface sampling has returned up to 3.68 g/t Au, and the project remains largely unexplored, offering significant upside.
+ Both Orsena and Anga are 100% owned and scheduled for drilling in 2025.
+ K92 appears very interested in these assets, as SPMC recently secured an interim court injunction to protect their exploration license following alleged trespassing by the neighboring major, K92 Mining.
+ SPMC has also hired Dean Williamson, who previously worked at K92 Mining for five years leading significant gold-copper discoveries. He is now appointed as Exploration Manager for the Anga and Osena projects.
+ If Orsena or Anga were standalone companies, they could easily be worth at least $30M USD each, giving a total of $60M USD, or more than 2x the company's current market cap. Again a solid floor.
And the May River asset borders the Frieda River Au-Cu Project (29 Blbs Cu & 20 Moz Au) and contains multi-epithermal gold deposits, VMS deposits, and Cu-Au porphyry prospects. It has over 20 targets, including the 7 km Skygate Cu-Au trend and the Skiraisa gold deposit (109 m @ 1.53 g/t Au). The polymetallic system has returned near-surface high-grade Cu of 19 m @ 11.47% Cu & 2.17 g/t Au. May River is also 100% owned, and if it were a standalone company, it could easily be worth at least $30M USD. Again a solid floor.
Putting it all together, I think that a very conservative napkin calculation implies a current total valuation of around $150M USD for SPMC’s four projects. This is to be compared to the current market cap of less than $29M USD, highlighting significant upside potential.
That's why i took a long term position in SPMC. I buy, i hold and I forget. But please DYODD.
x.com/Silver__Santa/…
This weekend, some followers have asked why I see SPMC as a strong pick.
The company controls four fully-owned gold-copper projects in Papua New Guinea, each with the potential to be a company-maker. Strategically located near world-class deposits and infrastructure, these assets offer district-scale discovery potential.
South Pacific Metals is led by a seasoned executive team with company-making experience at Torex Gold, Goldcorp, Newcrest, MAG Silver, Roxgold, K92 Mining, and Barrick. At the helm, Executive Chairman Michael Murphy — founder of Torex Gold (now valued at $3.63B).
Kili Teke is the first project, hosting an inferred resource of 1.81 Moz gold, 802 Kt copper, and 40 Kt molybdenum — roughly 5 Moz AuEq. At this early stage, valuations typically range from $5–$30 per AuEq ounce, giving Kili Teke an estimated value between $25M and $150M USD. Given its proximity to Barrick’s mine, strong discovery upside (soil samples grading up to 9.3 g/t Au and 27.5% Cu), and expansion potential, it’s reasonable to imply a value of around $60M USD as a fair conservative estimate — more than 2x the company’s current market cap. This effectively places a solid floor under SPMC’s valuation, reducing risk.
Then there are the Orsena and Anga assets, which literally sandwich the K92 asset (valued at $3.6B).
+ Orsena lies just south of K92 along the same 45 km Cu-Au mineralized trend and also intersects another horizontal trend. It exhibits similar geological, structural, and metal associations, with surface sampling returning up to 10.3% Cu and 1.7 g/t Au. Recent trenching showed 79m averaging 0.75 g/t Au, including 4m of 4.52 g/t Au, with peak values of 8.82 g/t Au. Historic drilling revealed 100m at 0.32 g/t Au from 14m depth, suggesting high-quality mineralization.
+ Anga, only 1.5 km from the K92 processing plant, also shows similar geological, structural, and metal associations along the 45 km Cu-Au trend. It hosts multiple Au-Cu targets across a 670 m corridor, with advanced 3D modeling suggesting continuation of mineralization. Recent surface sampling has returned up to 3.68 g/t Au, and the project remains largely unexplored, offering significant upside.
+ Both Orsena and Anga are 100% owned and scheduled for drilling in 2025.
+ K92 appears very interested in these assets, as SPMC recently secured an interim court injunction to protect their exploration license following alleged trespassing by the neighboring major, K92 Mining.
+ SPMC has also hired Dean Williamson, who previously worked at K92 Mining for five years leading significant gold-copper discoveries. He is now appointed as Exploration Manager for the Anga and Osena projects.
+ If Orsena or Anga were standalone companies, they could easily be worth at least $30M USD each, giving a total of $60M USD, or more than 2x the company's current market cap. Again a solid floor.
And the May River asset borders the Frieda River Au-Cu Project (29 Blbs Cu & 20 Moz Au) and contains multi-epithermal gold deposits, VMS deposits, and Cu-Au porphyry prospects. It has over 20 targets, including the 7 km Skygate Cu-Au trend and the Skiraisa gold deposit (109 m @ 1.53 g/t Au). The polymetallic system has returned near-surface high-grade Cu of 19 m @ 11.47% Cu & 2.17 g/t Au. May River is also 100% owned, and if it were a standalone company, it could easily be worth at least $30M USD. Again a solid floor.
Putting it all together, I think that a very conservative napkin calculation implies a current total valuation of around $150M USD for SPMC’s four projects. This is to be compared to the current market cap of less than $29M USD, highlighting significant upside potential.
That's why i took a long term position in SPMC. I buy, i hold and I forget. But please DYODD.
x.com/Silver__Santa/…
2
Anyway, I'm already looking for the next gem. I expect the junior explorers to start doing very well in the coming months, as the junior producers are doing now.