Stock Analyses

AA

Alcoa Corp

Deeply overvalued

Basic Materials

Price$51.05

Model IV$11.61

P/IV3.82

Premium +340% Return to IV: -77.3%

Market implies +24.2%/yr vs model +2.5% · above model

ABAT

AMERICAN BATTERY TECHNOLOGY Co

Valuation N/A

Basic Materials

Price$2.78

Model IV—

P/IV—

Market implies +59.5%/yr vs model +5.0% · above model

ACNT

ASCENT INDUSTRIES CO.

Overvalued

Basic Materials

Price$15.43

Model IV$12.11

P/IV1.12

Premium +27% Return to IV: -21.5%

Market implies -1.6%/yr vs model +0.0% · in line

ADUR

ADURO CLEAN TECHNOLOGIES INC.

Valuation N/A

Basic Materials

Price$13.58

Model IV—

P/IV—

AEC

ANFIELD ENERGY INC.

Valuation N/A

Basic Materials

Price$4.25

Model IV—

P/IV—

AEM

AGNICO EAGLE MINES LTD

Deeply overvalued

Basic Materials

Price$204.73

Model IV$29.69

P/IV6.89

Premium +590% Return to IV: -85.5%

Market implies +33.9%/yr vs model +8.0% · above model

AG

FIRST MAJESTIC SILVER CORP

Valuation N/A

Basic Materials

Price$20.97

Model IV—

P/IV—

AGI

ALAMOS GOLD INC

Valuation N/A

Basic Materials

Price$36.97

Model IV—

P/IV—

AGRO

Adecoagro S.A.

Valuation N/A

Basic Materials

Price$11.78

Model IV—

P/IV—

AGRZ

Agroz Inc.

Valuation N/A

Basic Materials

Price$0.22

Model IV—

P/IV—

ALB

ALBEMARLE CORP

Deeply overvalued

Basic Materials

Price$126.28

Model IV$65.51

P/IV2.69

Premium +93% Return to IV: -48.1%

Market implies +15.7%/yr vs model +8.0% · above model

ALCO

ALICO, INC.

Valuation N/A

Basic Materials

Price$40.26

Model IV—

P/IV—

Market implies +25.8%/yr vs model +0.0% · above model

ALM

Almonty Industries Inc.

Valuation N/A

Basic Materials

Price$17.57

Model IV—

P/IV—

ALOY

REALLOYS INC.

Valuation N/A

Basic Materials

Price$10.10

Model IV—

P/IV—

Market implies +82.8%/yr vs model +0.0% · above model

ALTO

Alto Ingredients, Inc.

Valuation N/A

Basic Materials

Price$4.04

Model IV—

P/IV—

Market implies +16.0%/yr vs model +0.0% · above model

AMTX

AEMETIS, INC

Valuation N/A

Basic Materials

Price$1.83

Model IV—

P/IV—

Market implies +40.8%/yr vs model +3.0% · above model

APD

Air Products & Chemicals, Inc.

Deeply overvalued

Basic Materials

Price$301.27

Model IV$98.74

P/IV3.05

Premium +205% Return to IV: -67.2%

Market implies +18.3%/yr vs model +4.2% · above model

APWC

ASIA PACIFIC WIRE & CABLE CORP LTD

Deeply undervalued

Basic Materials

Price$1.38

Model IV$7.10

P/IV0.20

Discount 81% Return to IV: +414.1%

Market implies -22.3%/yr vs model +5.0% · below model

AQB

AQUABOUNTY TECHNOLOGIES INC

Valuation N/A

Basic Materials

Price$1.18

Model IV—

P/IV—

Market implies +33.6%/yr vs model +8.0% · above model

AQMS

Aqua Metals, Inc.

Valuation N/A

Basic Materials

Price$2.86

Model IV—

P/IV—

Market implies +57.4%/yr vs model +5.0% · above model

ARIS

Aris Mining Corp

Valuation N/A

Basic Materials

Price$20.05

Model IV—

P/IV—

ARQ

Arq, Inc.

Valuation N/A

Basic Materials

Price$2.30

Model IV—

P/IV—

Market implies +49.2%/yr vs model +4.8% · above model

ASIX

AdvanSix Inc.

Undervalued

Basic Materials

Price$17.45

Model IV$21.04

P/IV1.07

Discount 17% Return to IV: +20.6%

Market implies -6.1%/yr vs model +0.0% · below model

ASM

AVINO SILVER & GOLD MINES LTD

Valuation N/A

Basic Materials

Price$7.69

Model IV—

P/IV—

ASPI

ASP Isotopes Inc.

Valuation N/A

Basic Materials

Price$4.20

Model IV—

P/IV—

Market implies +66.7%/yr vs model +5.0% · above model

ASTL

Algoma Steel Group Inc.

Valuation N/A

Basic Materials

Price$4.71

Model IV—

P/IV—

ASTLW

Algoma Steel Group Inc.

Valuation N/A

Basic Materials

Price$0.01

Model IV—

P/IV—

ATCX

ATLAS CRITICAL MINERALS Corp

Valuation N/A

Basic Materials

Price$3.15

Model IV—

P/IV—

Market implies +52.1%/yr vs model +5.0% · above model

ATI

ATI INC

Valuation N/A

Basic Materials

Price$210.65

Model IV—

P/IV—

Market implies +49.0%/yr vs model +5.8% · above model

ATLX

Atlas Lithium Corp

Valuation N/A

Basic Materials

Price$3.33

Model IV—

P/IV—

Market implies +61.0%/yr vs model +5.0% · above model

AU

AngloGold Ashanti PLC

Valuation N/A

Basic Materials

Price$109.07

Model IV—

P/IV—

AUGO

Aura Minerals Inc.

Valuation N/A

Basic Materials

Price$84.91

Model IV—

P/IV—

AUST

Austin Gold Corp.

Valuation N/A

Basic Materials

Price$1.23

Model IV—

P/IV—

AVD

AMERICAN VANGUARD CORP

Deeply overvalued

Basic Materials

Price$2.33

Model IV$1.13

P/IV2.28

Premium +106% Return to IV: -51.5%

Market implies +10.5%/yr vs model +3.0% · above model

AVNT

AVIENT CORP

Deeply overvalued

Basic Materials

Price$43.40

Model IV$19.94

P/IV1.78

Premium +118% Return to IV: -54.1%

Market implies +13.5%/yr vs model +3.0% · above model

AVO

Mission Produce, Inc.

Deeply overvalued

Basic Materials

Price$12.57

Model IV$6.71

P/IV1.66

Premium +87% Return to IV: -46.7%

Market implies +13.4%/yr vs model +8.0% · above model

AVY

Avery Dennison Corp

Valuation N/A

Basic Materials

Price$173.03

Model IV—

P/IV—

Market implies +5.4%/yr vs model +3.0% · in line

AXTA

Axalta Coating Systems Ltd.

Deeply overvalued

Basic Materials

Price$35.97

Model IV$26.35

P/IV1.17

Premium +37% Return to IV: -26.7%

Market implies +7.9%/yr vs model +4.1% · above model

AYA

Aya Gold & Silver Inc.

Valuation N/A

Basic Materials

Price$28.35

Model IV—

P/IV—

B

BARRICK MINING CORP

Deeply overvalued

Basic Materials

Price$44.75

Model IV$13.98

P/IV3.20

Premium +220% Return to IV: -68.8%

Market implies +23.0%/yr vs model +7.8% · above model

BAK

BRASKEM SA

Valuation N/A

Basic Materials

Price$1.89

Model IV—

P/IV—

BCPC

BALCHEM CORP

Deeply overvalued

Basic Materials

Price$171.61

Model IV$105.43

P/IV1.49

Premium +63% Return to IV: -38.6%

Market implies +11.2%/yr vs model +6.2% · above model

BDC

BELDEN INC.

Deeply overvalued

Basic Materials

Price$115.21

Model IV$61.32

P/IV1.71

Premium +88% Return to IV: -46.8%

Market implies +12.8%/yr vs model +4.5% · above model

BFLX

Cann American Corp.

Valuation N/A

Basic Materials

Price$26.06

Model IV—

P/IV—

Market implies +82.9%/yr vs model +5.0% · above model

BGL

Blue Gold Ltd

Valuation N/A

Basic Materials

Price$0.20

Model IV—

P/IV—

Market implies +17.2%/yr vs model +5.0% · above model

BGLWW

Blue Gold Ltd

Deeply undervalued

Basic Materials

Price$0.03

Model IV$0.15

P/IV1.57

Discount 82% Return to IV: +445.5%

Market implies -25.0%/yr vs model +5.0% · below model

BHP

BHP Group Ltd

Valuation N/A

Basic Materials

Price$92.71

Model IV—

P/IV—

BIOX

Bioceres Crop Solutions Corp.

Valuation N/A

Basic Materials

Price$0.45

Model IV—

P/IV—

BMM

Blue Moon Metals Inc.

Valuation N/A

Basic Materials

Price$5.96

Model IV—

P/IV—

BNC

CEA Industries Inc.

Valuation N/A

Basic Materials

Price$2.83

Model IV—

P/IV—

Market implies +59.0%/yr vs model +0.0% · above model

BNCWW

CEA Industries Inc.

Deeply undervalued

Basic Materials

Price$0.02

Model IV$0.15

P/IV0.18

Discount 88% Return to IV: +733.3%

Market implies -25.0%/yr vs model +5.0% · below model

BNCWZ

CEA Industries Inc.

Fairly valued

Basic Materials

Price$0.06

Model IV$0.07

P/IV1.75

Discount 15% Return to IV: +17.4%

Market implies -9.4%/yr vs model +0.0% · below model

BOOM

DMC Global Inc.

Deeply undervalued

Basic Materials

Price$6.84

Model IV$21.08

P/IV0.32

Discount 68% Return to IV: +208.2%

Market implies -12.7%/yr vs model +8.0% · below model

BTG

B2GOLD CORP

Valuation N/A

Basic Materials

Price$5.41

Model IV—

P/IV—

BV

BrightView Holdings, Inc.

Deeply overvalued

Basic Materials

Price$11.36

Model IV$7.97

P/IV1.55

Premium +43% Return to IV: -29.8%

Market implies +6.7%/yr vs model +3.0% · above model

BVN

BUENAVENTURA MINING CO INC

Valuation N/A

Basic Materials

Price$33.90

Model IV—

P/IV—

BWEN

BROADWIND, INC.

Valuation N/A

Basic Materials

Price$4.15

Model IV—

P/IV—

Market implies +55.1%/yr vs model +3.0% · above model

CALM

CAL-MAINE FOODS INC

Deeply undervalued

Basic Materials

Price$74.63

Model IV$176.07

P/IV0.42

Discount 58% Return to IV: +135.9%

Market implies -4.6%/yr vs model +8.0% · below model

CBT

CABOT CORP

Undervalued

Basic Materials

Price$81.48

Model IV$99.77

P/IV0.88

Discount 18% Return to IV: +22.4%

Market implies -0.1%/yr vs model +3.0% · below model

CBUS

Cibus, Inc.

Valuation N/A

Basic Materials

Price$1.58

Model IV—

P/IV—

Market implies +50.0%/yr vs model +5.0% · above model