Aldebaran offers leveraged exposure to a generational Altar copper asset at 0.33x NAV, with funded de-risking and a probability-weighted 5-year value of C$8.70 versus C$3.31.
Overview
Aldebaran is a pre-revenue Canadian junior whose investment value is tied to its 80% interest in Altar, a very large undeveloped copper-gold-silver project in San Juan, Argentina. The November 2024 MRE includes 22.01 billion pounds of Measured and Indicated copper and 9.83 billion pounds Inferred. Its October 2025 PEA outlines a 48-year, 60,000-tpd operation, with first-20-year average output of 121,445 tonnes CuEq, US$571 million annual EBITDA, US$368 million annual free cash flow and US$1.59 billion initial capex. **The central valuation gap is a C$3.31 share price versus fully diluted NAVPS of C$9.54, or 0.33x P/NAV.** Applying 0.60x P/NAV produces a C$5.75 target, while institutional targets are C$5.20–C$5.38. The February 2026 C$45.25 million financing funds the company through PFS, and **the main near-term catalysts are the Q3-2026 MRE, Q1-2027 RIGI application and Q2/Q3-2027 PFS**. Centauri’s August 2026 spin-out also separates non-core exploration value while Aldebaran retains 41.78%.