Eighteen projects make Argonaut’s 2024 edition of its Best Undeveloped Projects (BUPs) publication. We find another six that are worthy of special mentions. The bottom-up selection criteria focus on low cost, high margin assets with the capability to maintain strong financial returns through the commodity price cycle. These qualities provide a broader range of financing options, underpinning likely development as well as increasing M&A appeal. The focus of the book is on project quality not corporate valuation, so progress is an important outcome to monitor. Pleasingly, some of the 2023 BUPs projects have made good progress over the last year. Others struggled with sentiment and pricing turning on battery metals.
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