One of the key problems with the Stifel report is that all the valuations are presented as Multiples of Price to NAVPS, yet nowhere does it state or show a calculation of the NAVPS.

Similarly, the Sum-of-the-parts analysis is based on the NAVPS of each project/deposit and the Enterprise Value to Resource in C$/lb NiEq, yet nowhere does it state either the NAVPS or the number of pounds NiEq of each project/deposit.

These are probably the most important values in the analysis, so why have they been left out? 

Another, rather dubious, practice Stifel used in the SOTP analysis, was assigning what appears to be a subjective "Applicalbe Range" for the Price to NAVPS and EV to Resource for each project/deposit, yet the high end of almost every Applicable Range is less than or equal to the Median (there is but one exception).

For example, Eagle's Nest's Comparable Companies Muiltiples are stated to be:

Price to NAVPS: low: 0.13x, high: 1.14x, median: 0.24x 
Applicable Range: 0.18x - 0.24x

There is also no explanation of how the Applicable Range was used.

With so many blatant omissions, the report is open to far to many questions for it to be simply accepted as is, especially when the bottom line suggests a value of NOT that is orders of magnitude lower than publicly available data indicates.

Hobbit