Pembridge Resources PLC (LON: PERE) shares climbed 72.8% after the release of the preliminary valuation technical report for its Minto mine.

Some of the highlights of the report include extending the mine life to four years, doubling its total life to 8 years. Total production is expected to reach 10.89 million tonnes of the mine’s total resource estimate of 24.1 million tonnes.

The miner is expected to produce 38 million pounds of copper per year worth $ 40 million from 2021 to 2025.

Pembridge’s net present value (NPV) is set at $ 84 million based on average copper prices of $ 3.10 per pound. However, the company’s NPV climbs to $ 256 million using fixed copper prices of $ 4.50 per pound, much closer to current prices.

The costs incurred by the company during production (C1 cash cost per pound of copper) are US $ 2.20. In contrast, the Total Sustaining Cost (AISC) per pound of copper over the life of the mine is $ 2.65, leaving the company with significant margins at current copper prices.

Investors applauded today’s report, as evidenced by the massive surge in Pembridge’s share price.

Pembridge CEO and Chairman Gati Al-Jebouri said: “The technical report prepared by JDS confirms our expectations for the life of the Minto mine as well as the potential for future development. Minto’s intrinsic value is now clearly identified, and the Minto team is very excited to realize and develop this value for all Minto stakeholders.

Pembridge Resources share price.

Pembridge Resources shares rebounded 72.85% to trade at 12.10p, up from Monday’s closing price of 7.00p.

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