Pacific Booker Minerals is a pre-revenue mineral exploration company focused on developing its sole asset, the Morrison Copper/Gold Project in north-central British Columbia. The company owns the full interest in this copper and gold porphyry deposit. Pacific Booker’s business model involves advancing the project through the environmental permitting process to eventually mine and sell copper and gold concentrates. The BC government has stalled the project since 2012 by repeatedly denying an Environmental Assessment Certificate. The primary obstacle to development is the opposition of the Lake Babine Nation, which cites environmental and cultural concerns regarding an open-pit mine. The company currently generates no operating revenue and funds its exploration, permitting, and administrative costs through equity raises and interest income. Recently, Pacific Booker launched a strategic review of the project following a rejected hostile takeover bid. This review includes updated economic assessments to reflect higher copper and gold prices and the discovery of ten elements from the Canadian Critical Minerals List in previous drill samples. The company’s value depends on its ability to resolve the permitting impasse and obtain the support of the Lake Babine Nation.