Scotia New Target $11.00Ivanhoe Mines Ltd. (IVN-T;C$9.20) Key Risks: Copper and PGM prices, geopolitical, project development, ramp-up of mining rates, resource conversion. New Old 1-Yr. Target C$11.00 C$10.00 Key Data Adj EPS21E: $0.11 Adj EPS22E: $0.33 Adj EPS23E: $0.34 NAVPS: C$8.45 Adj EPS21E: $0.09 Adj EPS22E: $0.31 Adj EPS23E: $0.32 NAVPS: C$7.98 Valuation 1.3x our 10% NAVPS 1.2x our 10% NAVPS