Clear undervaluation ?Compared to the only simplified strategy project announced on April 21 (therefore based on the minimum potential), ITRG is currently valued at 21% of the NPV@5%, i.e. between 2.5 to 3 times less than comparable mining companies. In addition, the NPVs of the latter are now overestimated given the recent inflation not taken into account, unlike ITRG whose evaluation has just been carried out! If we add to this the fine exploration results of ITRG not taken into account in the NPV of $314M, it is difficult not to mention a clear undervaluation!