NKL28This is the most undervalued stock I have ever encountered. The 1.75% NSR on Dumont (1.375% after buyback by Dumont owner) is likely to produce over $500 million to NKL over the mine life (~30 years) based on Dumont's 6.9 billion pounds of nickel at $7 a pound, more if the price of nickel rises. Nickel demand should outstrip supply as EV's call for more nickel. The Ramu 8.65% working interest (11.3% after the non-recourse debt is repaid) will provide more than $500 million to NKL over the expected 14 year life of Ramu. The portfolio of other streaming assets has option value. Dumont is permitted and should be developed over the next few years. Justin Cochrane and Martin Vydra are competent managers. A rare opportunity.