Belararox is an emerging mineral exploration company focused on supporting the global electrification trend — from renewable energy and electric vehicles to advanced computing, AI infrastructure
Belararox is an emerging mineral exploration company focused on supporting the global electrification trend — from renewable energy and electric vehicles to advanced computing, AI infrastructure, and high-performance data centres — by supplying the critical copper required for efficient power transmission and conductivity, with common shares listed on the Australian Securities Exchange (ASX: BRX).
Belararox commands a strong presence in the copper mining sector through two flagship assets with strong discovery potential: the Toro-Malambo-Tambo (TMT) Project in Argentina and the Kalahari Copper Belt (KCB) Project in Botswana. These projects demonstrate strong economic promise, as indicated by recent drill results at TMT and surface exploration at KCB. Belararox Limited (ASX: BRX) (Belararox or the Company) is pleased to announce the results of its first drill campaign at Tambo South and Malambo at its highly prospective Toro-Malambo-Tambo (TMT) Project in Argentina's San Juan Province. Based on our research, we predict a target market value of AUD 60 million based upon.
1. Combining comparable valuation and DCF methodologies, applying a 25% discount rate based on the Toro-Malambo-Tambo (TMT) Project in San Juan, Argentina.
2. Pre-discovery, Filo del Sol had a market cap of ~$30–50M.
Belararox’s TMT Project is at a similar stage, with a current market cap of around ~$13M—offering significant upside potential.
3. ATEX Resources (TSXV: ATX) had a market capitalisation of approximately C$10.0 million as of 2020, before its Valeriano discovery, and has since grown to approximately C$700 million as of June 2025. In comparison, Belararox (ASX: BRX) currently has a market cap of around A$13 million and is at a similar early exploration stage at its TMT Project in Argentina, where initial drilling has confirmed copper mineralisation, highlighting significant upside potential as the project advances.
4. As of June 2025, Mogotes Metals Inc. (TSXV: MOG) has a market capitalisation of approximately CAD 33 million, driven by its Filo Sur copper-gold project in Argentina. In comparison, Belararox Ltd (ASX: BRX), at a similar early exploration stage with its TMT Project in San Juan, Argentina, has a market capitalisation of approximately AUD 13.15 million. This contrast highlights BRX's potential for significant growth as it advances its exploration efforts.
5. Cobre Limited (ASX: CBE), active in the Kalahari Copper Belt (KCB) of Botswana, currently holds a market capitalisation of approximately A$18–20 million. Cobre has advanced exploration programs with defined copper targets and has attracted market interest for its exposure to the emerging KCB province. By comparison, Belararox (ASX: BRX), which recently entered the same KCB district through strategic licence acquisitions, is valued at approximately A$13 million. This also includes its advanced copper exploration efforts at the TMT Project in Argentina, where copper mineralisation was confirmed in the first drill program.
6. Despite being an earlier-stage company in Botswana, BRX’s lower valuation and dual exposure to Argentina and KCB positions it as a compelling, high-leverage copper play compared to peers like those mentioned above.