Belararox’s copper assets could push market cap to $60m, says KPG Capital

A recent research report has given Belararox a target share price of 44 cents and market cap of $60m based on its copper projects.

A research report highlights Belararox’s exposure to copper, demand for which often correlates with economic growth. Pic: Getty Images.

Special Report: A research report from KPG Capital highlights that explorer Belararox could reach a target price of 44 cents per share and a market cap of $60m.

• Copper exposure in Argentina and Africa could result in valuation uplift for BRX
• KPG Capital compares TMT project to pre-discovery Filo Del Sol 
• Macroeconomic copper tailwinds make uplift increasingly probable

That’s a massive jump in valuation, which the report puts down to the company’s rare asymmetric upside in tier-1 copper jurisdictions, underpinned by strong early-stage geology, near-term news catalysts and macro copper tailwinds.

Belararox’s (ASX:BRX) has two flagship assets with strong discovery potential: the Toro-Malambo-Tambo (TMT) project in Argentina and the Kalahari Copper Belt (KCB) project in Botswana. 

TMT is down the road from BHP and Lundin’s Filo Del Sol copper deposit, recently revealed to be among the largest global copper finds of the past 30 years in a hint the underexplored Vicuna border region of Argentina and Chile could host more tier-1 copper projects.

The KPG report compares that project to a pre-discovery Filo del Sol which had a market cap of ~$30–50m. It also notes another peer in ATEX Resources (TSXV:ATX) which had a market cap of C$10m before its Valeriano discovery and subsequent growth to C$700 million as of June 2025.

BRX is sitting around $13m at a price of about 5.7c and offers the same upside potential, with initial drilling confirming copper mineralisation. 

Plus, KPG points to the fact that early exploration success in the region has attracted strong M&A activity, “underscoring the project's potential to deliver significant growth”.

Kalahari copper belt also on the radar

The KCB project rates a similar comparison, encompassing a highly prospective copper exploration package and experienced team with a proven track record in the Central African Copper Belt.

KPG Capital compares its potential with that of Cobre (ASX:CBE) and its $18-20m market cap. Cobre is active in the same region having defined copper targets and has attracted market interest for its exposure to the emerging KCB province.

“Despite being an earlier-stage company in Botswana, BRX’s lower valuation and dual exposure to Argentina and KCB positions it as a compelling, high-leverage copper play compared to peers,” the report said.

It’s worth noting this valuation doesn’t even dive deep into the impacts of the company’s Australian prospects – Belara and Native Bee – which host a resource estimate of 5mt at 3.41% zinc equivalent. 

KPG Capital said copper’s demand often correlated with economic growth, meaning it could serve as a hedge against inflation, with prices typically rising during periods of economic expansion and increased industrial activity. Source: International Copper Association.

Macroeconomic copper tailwinds a bonus

The company is well-positioned to benefit from macroeconomic trends such as the energy transition, electrification and the deglobalisation of critical mineral supply chains.

KPG notes key value catalysts over the next 12-18 months include the results from additional drilling at the TMT project, which will test the potential for high-grade copper mineralisation.

“BRX is currently trading at a level that, in our view, significantly undervalues its strategic assets base, growth potential and position within the global energy transition,” the report said.

“Independent valuation analysis suggests a near-term target market capitalisation of A$60m – more than double its current valuation – driven by its exposure to high-demand critical minerals, most notably copper. 

“With a defined high-probability porphyry copper system in Argentina’s prolific San Juan Province and strong technical validation via recent drilling results, the market has yet to fully price in the scale of BRX’s geological potential. 

“This disconnect between intrinsic value and current market price presents an attractive entry point for investors, seeking leveraged exposure to copper, a foundational metal for electrification, AI infrastructure, renewable energy, and future-facing industrial technologies. 

“As BRX advances exploration at TMT and leverages its diversified portfolio, a substantial valuation uplift appears not only possible but increasingly probable.” 

This article was developed in collaboration with Belararox, a Stockhead advertiser at the time of publishing. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Belararox’s copper assets could push market cap to $60m, says KPG Capital