Red Cloud
We maintain our BUY rating and target price of C$4.35/sh based on a 0.7x multiple and NAVPS8% of C$6.18. With an expected growth in demand for Ni and other metals needed for batteries and electrification, we expect Canada Nickel to continue to receive attention as it advances the Crawford project. Upcoming Catalysts: 1) Exploration results from Crawford (ongoing); 2) Further metallurgical test work (2021); and 3) Crawford FS (mid-2022).
https://cdn-ceo-ca.s3.amazonaws.com/1gd949g-20210623-CNC-Update.pdf