Nighthawk Gold Equity Warrants Exp 6th May 2024 MIMZD

Great valuation comparison for NHK versus Kinross and AEM...

[tony1969]

This is from the Sprott report dated yesterday. It goes to show you just how much this project can eventually be worth by comparing our value versus what Kinross and AEM are valued at per 100k ounces of production. In other words being VERY conservative and if we are able to produce lets say only 200k ounces per year then we would be worth $1.2 billion Canadian to Kinross if we are valued at the same rate they are. Here is part of the report explaining this: "Stepping back, Nighthawk has the scale and valuation to attract M&A. On a valuation perspective Kinross trade at ~C$600m EV per 100koz of production, hence the implied value of this asset to Kinross is C$1.2bn net of capex (leaping to >C$2bn to Agnico). Compared to peers both on, and off infrastructure, Nighthawk's clear advantage is the grade, in some cases 50% higher than direct peers and 60-70% higher than the bulk projects (i.e Ct, Blackwater, Moss Lake etc). That said, Nighthawk is now trading at only US$12/oz inventory vs US$65-350/ozreserve peers,so while additional ounce growth is a value driver going forward, we think ‘twinned track’ engineering / permitting should close this gap—with the added flyer on greenfield exploration this year." This is VERY interesting to me as it breaks down what 100k in ounces of our production would be worth to each company. One must obviously take into consideration the capex (hundreds of millions of $) it will take to get NHK into production but nevertheless it reinforces just how undervalued we are. Hope this opens some eyes as it is a great way of showing the dislocation (how undervalued we still are) in value NHK still has and its current future potential. They are still drilling guys. This project will only get bigger and bigger making the PEA (or PFS) also become more detailed and likely higher in the future....