In my opinion, the SC PEA is very conservative.

The grades are proving to be higher than anticipated, the recoveries are to the floor and the mill is only set at 92%, when 95% is at reach for state of the art mines.  With some small improvements, SC could spit a lot more CuEq "almost for free".  That goes directly to the bottom line.

Lets also not forget that the PEA has a 25% contingency  ($586M) and allocated $154M for closure after 21 years.  Like if SC will close after that period.  Contingency would probably reduce at PFS stage.

Also, construction timeline could be reduced by maybe 1 year? Opex still improved with a lower strip ratio? Metal prices now much higher?  

SC might not have a high IRR like San Nicolas or Zafranal, but running a project for many decades vs. a short period is highly valuable.

I agree with Jay.  As they say, keep the best for the end!

MoneyK