RE:Red Cloud CNC UpdateThanks jstrummer. 30 times undervalued ? Correct me if I'm misreading the EV/lb NiEq difference.
Good to see the drills have been turning and they like the Texmont numbers. Lots of irons in the fire here as the mine plan unfolds.
In our view, these are positive results, confirming historic results within the higher-grade areas and, importantly, confirming broader intervals of lower-grade mineralization that start from near surface.
We maintain our BUY rating and target price of C$4.55/sh, based primarily on a mine model for CNC’s flagship Crawford project. Canada Nickel currently trades at a significant discount on an EV/lb NiEq basis at US$0.01 vs. peers at US$0.30. Upcoming Catalysts: 1) Drilling results from multiple properties (ongoing), 2) Crawford updated MRE and FS (Q2/23), 3) Texmont MRE (H2/23).