Latest SPROTT Report.... Dated Yesterday Sept 7th...Latest SPROTT research report: 07 September 2022 Ticker: NHK CN SCPe PF cash: C$40m Project: Indin Lake Project Market cap: C$44m Price: C$0.36/sh Country: Canada, NWT REC. (unc): BUY TARGET (unc): C$1.25/sh RISK RATING (unc): SPECULATIVE Today’s drilling is focused on expansions at Colomac Main with today’s headline hits coming in just under main pit-constraint pit for useful additions. While not step-change, these are cost effective ‘quick wins’ (key in this market) rather than UG ‘moonshot drilling’. We see potential pit expansions over the conservative US$1,600/oz pit shells. Stepping back, existing baseload drilling is ‘ticking along’ nicely, albeit we remain excited for Kim-Cass (assays pending) given its impressive existing 316koz @ 2.2g/t from only limited historic drilling. For now, we maintain our BUY rating and C$1.25/sh PT based on 0.25xNAV5%-1850 from 1Q22 OP MRE of 2.7Moz @ 1.5g/t (4Moz @ 1.6g/t including UG) with C$23m (US$10/oz) for the 2.3Moz outside our inventory. We expect the balance of the year to be news heavy as assays continue to trickle now that the drill season has ended. While few will care, that C$40m cash is valuable, not just as it points to the <C$10m EV, but also the flexibility it allows in current poor markets. In fact, and again we are fully aware this is falling on semi-deaf ears, but belt-control with a global 4.0Moz @ 1.6g/t (2.7Moz @ 1.5g/t pit-constrained) for a C$10m EV must be considered one of the best (counter-cyclical) options on the market, all the more given we know this licence can produce, because its been mined before. Colomac hits 71m @ 1.5g/t: 4Moz and past-producing belt for an EV of C$10m just too low Nighthawk reported 1m @ 271g/t (Zone 3.5), 71m @ 1.5g/t (Zone 3.5), 126m @ 0.5g/t (Zone 1.5), and 9.5m @ 7.6g/t (Zone 1) at Colomac Main focused on the potential north-end and south-end strike extensions.