Revolver Resources’ (ASX:RRR) Dianne copper project was once Australia’s highest-grade copper mine, and the company is set to make a Final Investment Decision (FID) on a restart in the coming months. The project has been designed, permitted and contracts have been implemented. The FID will be the trigger to restart.

High-grade copper cathode

The Recommencement Study on Dianne, released earlier this year, showed that Dianne has a net present value (using a 10% discount rate) of A$69m. It would make $125m free-cash flow in 4 years and $31-35m revenue at copper price of US$10,500/t, a meaningful discount to where the market stands today– let alone the potential for growth in the years ahead. Moreover, Dianne will attract premium prices given the output will be high-grade copper cathode (i.e. 99.99% purity), produced via SX-EW rather than flotation-concentrate meaning it can go straight to customers without need for any further treatment.

Meaningful advances have been made

Revolver has been progressing both the construction readiness of Dianne and combined offtake and project financing discussions. Again, an FID for Dianne is the next major catalyst (coming in Q4 2026) and could represent a material re-rating event for Revolver. First production of copper cathode will come ~12 months thereafter.

Updated valuation to $0.45-0.64 per share (previously $0.38-0.58)

We update our valuation to $0.45 per share in our base case and $0.64 per share in our bull case (previously $0.38-0.58 per share), based on an NPV modelling of Dianne ($146m and $208m respectively). We’ve updated our model to account for the 2026 bull run in copper with US$14,000/t in our base case and US$17,000/t in our bull case, but is mitigated by the appreciation of the Australian dollar. Please see page 14 for the key risks.