This company has feet in multiple commodities including gold, manganese and copper.
But Pilgrim is most bullish about the latter of these.
“(The) copper price has gone from $2.50 per pound to $4.20 in last six months and that’s off the back of Biden’s Green New Deal – (a) $1 trillion investment into renewable energy space,” he told Stockhead.
“Which is going to require a lot of copper and there has been a lack of investment in copper exploration in the last 10 years due to the depressed copper price.
“The copper price has run on strength and we think the funds will start flowing into the copper explorers like it did with gold.”
Pilgrim also noted the company’s project is in the same basin as the DeGrussa mine discovered by Sandfire Resources (ASX:SFR).
“It’s a known geological setting for VMS style copper deposits and we feel they’re potentially on the road to a major discovery,” he declared.