West Cobar Metals [ASX:WC1] Update June 2025
Metals & Mining
Advancing Rare Earth, Copper, and Antimony Projects in Tier-1 Jurisdictions
We resume our coverage with West Cobar Metals Limited (ASX: WC1) with a target price of $0.097, representing an upside of 545.72%. WC1 is an Australia-based resources company primarily engaged in exploring critical minerals. Its flagship, clay-hosted Salazar Critical Minerals Project, is located in the Tier-1 mining jurisdiction of Western Australia with proximity to essential infrastructure. The project hosts a diversified mix of critical minerals at economic grades, all in a single deposit with proven metallurgical recovery rates. WC1 also holds the highly prospective Bulla Park Copper-Antimony Project in New South Wales' prolific Cobar Basin, with a recent maiden MRE. The company also owns the Fraser Range Project in Western Australia, situated along strike from the Nova-Bollinger discovery, providing investors with exposure to a leading base metal district.
Extensive resource foundation at the Salazar Critical Minerals Project
Since acquiring the Salazar project in late 2022, WC1 has undertaken essential exploration activities in the prospective region, resulting in an expansion of the resource size and an improved understanding of the Newmont Deposit's geotechnical and metallurgical characteristics. After the recent upgrades, the project now boasts a total REE Mineral Resource Estimate (MRE) of 230Mt at 1,178ppm TREO, with the Newmont Deposit also including 15Mt of 100ppm scandium (Sc), 42Mt of 5.2% Titanium Dioxide (TiOz) and 4Mt of 29.7% Aluminium Oxide (Al203).
Encouraging Maiden Resource Highlights Bulla Park Potential
The Bulla Park Copper-Antimony Project is located in the prolific Cobar district of New South Wales, Australia-an area renowned for hosting numerous large and high-grade base and precious metal deposits. WC1 recently announced a maiden Mineral Resource Estimate (MRE) for this key project, outlining an Inferred Resource of 19.7 million tonnes at 0.58% copper-equivalent (CuEq), comprising 0.30% copper, 0.10% antimony, and 4.7 g/t silver. This significant initial resource highlights the project's strong potential for a large-scale copper-antimony-silver system and marks a major step forward in advancing Bulla Park as a key critical minerals asset.
Valuation range of AS0.092-AS0.101 per share
We value WC1 at A$0.092 per share in a base-case scenario and A$0.101 per share in a bull-case scenario using an asset-based comparable valuation methodology. Our midpoint fair valuation price of A$0.097 represents a massive 545.72% upside potential to the current share price of AS0.015. The global shift to green energy is fuelling demand for critical minerals like rare earths, copper, titanium dioxide, HPA, scandium, and antimony-key inputs in EVs, wind turbines, and high-performance alloys. strengthening the investment case for WC1, which holds a diversified portfolio of critical minerals projects across Australia.