RE: RJ TargetLOL, good one jphooper, that would be great!
Some of the comment in the old RJ report that I liked were as follows:
Our base case NAV estimate utilizes an 8% real discount rate and long-term pellet price assumption of USc90.0/dmtu. Using last year’s iron ore price settlement would increase our NAV to C$19.28/share from C$4.11/share (base case). The recent settlement of USc220/dmtu results in a NAV estimate of C$58.00/share
Given current market valuations of "better-known", modest-scale (~7 mln tpy and less) iron ore projects with similar timelines to production, we believe NML shares should be bought since in our view, its project has an equal or better chance of achieving "nearer-term" production for a modest capital investment in its DSO project.
From a technical perspective, we believe NML's management team is second to none, in the iron ore "DevelopmentCo" peer group in Canada
It is our opinion that from a steelmaker's perspective, the scale of the project, product mix, quality of the orebody, long-life asset in "low" political risk Canada likely places the US$3.6 bln Kemag project at the top of the list of attractive undeveloped advanced stage iron ore projects.