Disclosure: DLP Resources Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Price and Volume (1-year)
* Qualified Person: David L. Pighin, Consulting Geologist and Co-Founder of DLP Resources, and Ian Gendall, CEO & President of DLP Resources
* DLP Resources Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Portfolio Summary
Seven polymetallic projects in Peru and Canada
Project Locations
Two projects in Peru, and five projects in B.C.
Peru is the second largest copper producer in the world
Source: Company
Aurora Cu-Mo-Ag Project, Peru (100% interest)
The flagship Aurora project hosts a large copper-molybdenum-silver porphyry deposit, suitable for open-pit mining.
Project Location
Located 65 km north of Cusco
Lies along the northern end of an underexplored porphyry belt
Access to paved and dirt roads, water, and power
Open-pittable resources totaling 10.2 Blbs CuEq, representing significant tonnage, at a relatively low grade
2025 Resource Estimate
(QP: Chris Harman, MAIG, Principal Geologist of AMC Consultants Pty Ltd.)
Metallurgical tests reported high recoveries of 95.8% Cu, 86.4% Mo, and 89.3% Ag
Aurora Geologic Model
Source: Company
Resources (1.1 km long x 0.95 km wide x 1.0 km deep) are spread across two primary zones: a copper-rich zone, and a molybdenum-rich zone
We believe there is resource expansion potential as the deposit remains open in multiple directions
Initial results from the ongoing 6,000–7,000 m drill program returned strong copper, silver, and molybdenum grades, including 130 m at 0.50% CuEq, within a broader 927 m interval at 0.31% CuEq, suggesting potential to expand the resource envelope ~180 m to the southwest, and ~300 m to the southeast.
2025 Drill Highlights
Initial results suggest potential for resource growth
Project Development Timeline
Source: Company
Management is aiming to complete a resource update, and a PEA, by Q1-2026
Financials
Strong balance sheet
Source: FRC / Company
Can raise up to $0.53M from in-the-money options and warrants
FRC Projections and Valuation
Source: FRC / S&P Capital IQ / Various
DLP remains one of the most undervalued juniors, trading at $0.007/lb (up from $0.006/lb) versus the sector average of $0.029/lb (previously $0.016/lb)
Driven by the stronger sector multiple, our comparables valuation rose to $1.00/share (previously $0.66/share)
We are reiterating our BUY rating, and raising our fair value estimate from $0.66 to $1.00/share. DLP’s Aurora project hosts a substantial inferred resource with significant expansion potential, supported by highly encouraging drill results. Upcoming catalysts, including further drilling, a resource update, and a PEA, could unlock meaningful value.
Risks
We believe the company is exposed to the following key risks (not exhaustive):
We are maintaining our risk rating of 5 (Highly Speculative)
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