Stock Analyses

AA

Alcoa Corp

Deeply overvalued

Basic Materials

Price$44.43

Model IV$11.61

P/IV3.82

Premium +283% Return to IV: -73.9%

Owner yield 0.2% 10-yr IRR -27.9% · steady

Market implies +22.1%/yr vs model +2.5% · above model

ABAT

AMERICAN BATTERY TECHNOLOGY Co

Valuation N/A

Basic Materials

Price$2.18

Model IV—

P/IV—

Market implies +55.3%/yr vs model +5.0% · above model

ACNT

ASCENT INDUSTRIES CO.

Overvalued

Basic Materials

Price$14.75

Model IV$12.11

P/IV1.12

Premium +22% Return to IV: -17.9%

Owner yield 7.4% 10-yr IRR 8.9% · steady

Market implies -2.2%/yr vs model +0.0% · in line

ADUR

ADURO CLEAN TECHNOLOGIES INC.

Valuation N/A

Basic Materials

Price$12.59

Model IV—

P/IV—

AEC

ANFIELD ENERGY INC.

Valuation N/A

Basic Materials

Price$3.60

Model IV—

P/IV—

AEM

AGNICO EAGLE MINES LTD

Valuation N/A

Basic Materials

Price$199.49

Model IV—

P/IV—

Owner yield 2.4% 10-yr IRR 0.3% · moderate

Market implies +33.5%/yr vs model +8.0% · above model

AG

FIRST MAJESTIC SILVER CORP

Valuation N/A

Basic Materials

Price$19.84

Model IV—

P/IV—

AGI

ALAMOS GOLD INC

Valuation N/A

Basic Materials

Price$35.72

Model IV—

P/IV—

AGRO

Adecoagro S.A.

Valuation N/A

Basic Materials

Price$11.46

Model IV—

P/IV—

AGRZ

Agroz Inc.

Valuation N/A

Basic Materials

Price$0.23

Model IV—

P/IV—

ALB

ALBEMARLE CORP

Deeply overvalued

Basic Materials

Price$110.91

Model IV$65.51

P/IV2.69

Premium +69% Return to IV: -40.9%

Market implies +13.9%/yr vs model +8.0% · above model

ALCO

ALICO, INC.

Valuation N/A

Basic Materials

Price$39.11

Model IV—

P/IV—

Market implies +25.4%/yr vs model +0.0% · above model

ALM

Almonty Industries Inc.

Valuation N/A

Basic Materials

Price$13.84

Model IV—

P/IV—

ALOY

REALLOYS INC.

Valuation N/A

Basic Materials

Price$8.26

Model IV—

P/IV—

Market implies +79.0%/yr vs model +0.0% · above model

ALTO

Alto Ingredients, Inc.

Valuation N/A

Basic Materials

Price$4.00

Model IV—

P/IV—

Market implies +15.9%/yr vs model +0.0% · above model

AMTX

AEMETIS, INC

Valuation N/A

Basic Materials

Price$2.16

Model IV—

P/IV—

Market implies +43.4%/yr vs model +3.0% · above model

APD

Air Products & Chemicals, Inc.

Deeply overvalued

Basic Materials

Price$284.18

Model IV$82.59

P/IV3.53

Premium +244% Return to IV: -70.9%

Market implies +20.4%/yr vs model +4.2% · above model

APWC

ASIA PACIFIC WIRE & CABLE CORP LTD

Deeply undervalued

Basic Materials

Price$1.34

Model IV$7.10

P/IV0.20

Discount 81% Return to IV: +429.5%

Owner yield 9.8% 10-yr IRR 17.5% · steady

Market implies -22.7%/yr vs model +5.0% · below model

AQB

AQUABOUNTY TECHNOLOGIES INC

Valuation N/A

Basic Materials

Price$1.14

Model IV—

P/IV—

Market implies +33.2%/yr vs model +8.0% · above model

AQMS

Aqua Metals, Inc.

Valuation N/A

Basic Materials

Price$2.37

Model IV—

P/IV—

Market implies +54.3%/yr vs model +5.0% · above model

ARIS

Aris Mining Corp

Valuation N/A

Basic Materials

Price$19.40

Model IV—

P/IV—

ARQ

Arq, Inc.

Valuation N/A

Basic Materials

Price$2.05

Model IV—

P/IV—

Market implies +47.5%/yr vs model +4.8% · above model

ASIX

AdvanSix Inc.

Undervalued

Basic Materials

Price$16.21

Model IV$21.04

P/IV1.07

Discount 23% Return to IV: +29.8%

Owner yield 1.4% 10-yr IRR -11.0% · steady

Market implies -7.1%/yr vs model +0.0% · below model

ASM

AVINO SILVER & GOLD MINES LTD

Valuation N/A

Basic Materials

Price$6.38

Model IV—

P/IV—

ASPI

ASP Isotopes Inc.

Valuation N/A

Basic Materials

Price$3.04

Model IV—

P/IV—

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

ASTL

Algoma Steel Group Inc.

Valuation N/A

Basic Materials

Price$4.25

Model IV—

P/IV—

ASTLW

Algoma Steel Group Inc.

Deeply undervalued

Basic Materials

Price$0.01

Model IV$0.08

P/IV0.13

Discount 92% Return to IV: +1,109.7%

Market implies -50.0%/yr vs model +5.0% · below model

ATCX

ATLAS CRITICAL MINERALS Corp

Valuation N/A

Basic Materials

Price$3.19

Model IV—

P/IV—

Market implies +52.3%/yr vs model +5.0% · above model

ATI

ATI INC

Valuation N/A

Basic Materials

Price$191.63

Model IV—

P/IV—

Owner yield 0.5% 10-yr IRR -17.4% · steady

Market implies +47.4%/yr vs model +5.8% · above model

ATLX

Atlas Lithium Corp

Valuation N/A

Basic Materials

Price$2.90

Model IV—

P/IV—

Market implies +58.7%/yr vs model +5.0% · above model

AU

AngloGold Ashanti PLC

Deeply overvalued

Basic Materials

Price$103.29

Model IV$19.45

P/IV5.37

Premium +431% Return to IV: -81.2%

Owner yield 2.6% 10-yr IRR 1.3% · moderate

Market implies +30.9%/yr vs model +8.0% · above model

AUGO

Aura Minerals Inc.

Valuation N/A

Basic Materials

Price$88.25

Model IV—

P/IV—

AUST

Austin Gold Corp.

Valuation N/A

Basic Materials

Price$1.13

Model IV—

P/IV—

AVD

AMERICAN VANGUARD CORP

Deeply overvalued

Basic Materials

Price$2.17

Model IV$1.13

P/IV2.28

Premium +92% Return to IV: -47.9%

Market implies +9.6%/yr vs model +3.0% · above model

AVNT

AVIENT CORP

Deeply overvalued

Basic Materials

Price$40.36

Model IV$19.94

P/IV1.78

Premium +102% Return to IV: -50.6%

Owner yield 3.7% 10-yr IRR 1.9% · steady

Market implies +12.5%/yr vs model +3.0% · above model

AVO

Mission Produce, Inc.

Deeply overvalued

Basic Materials

Price$12.90

Model IV$6.71

P/IV1.66

Premium +92% Return to IV: -48.0%

Market implies +13.7%/yr vs model +8.0% · above model

AVY

Avery Dennison Corp

Valuation N/A

Basic Materials

Price$167.71

Model IV—

P/IV—

Owner yield 5.1% 10-yr IRR 6.0% · steady

Market implies +5.0%/yr vs model +3.0% · in line

AXTA

Axalta Coating Systems Ltd.

Overvalued

Basic Materials

Price$32.20

Model IV$26.35

P/IV1.17

Premium +22% Return to IV: -18.2%

Owner yield 6.3% 10-yr IRR 9.9% · steady

Market implies +6.3%/yr vs model +4.1% · in line

AYA

Aya Gold & Silver Inc.

Valuation N/A

Basic Materials

Price$28.46

Model IV—

P/IV—

B

BARRICK MINING CORP

Deeply overvalued

Basic Materials

Price$43.33

Model IV$10.05

P/IV4.35

Premium +331% Return to IV: -76.8%

Owner yield 1.8% 10-yr IRR -3.4% · moderate

Market implies +27.3%/yr vs model +7.8% · above model

BAK

BRASKEM SA

Valuation N/A

Basic Materials

Price$1.70

Model IV—

P/IV—

BCPC

BALCHEM CORP

Deeply overvalued

Basic Materials

Price$167.05

Model IV$105.43

P/IV1.49

Premium +58% Return to IV: -36.9%

Market implies +10.9%/yr vs model +6.2% · above model

BDC

BELDEN INC.

Deeply overvalued

Basic Materials

Price$110.92

Model IV$61.32

P/IV1.71

Premium +81% Return to IV: -44.7%

Owner yield 4.8% 10-yr IRR 6.4% · steady

Market implies +12.3%/yr vs model +4.5% · above model

BFLX

Cann American Corp.

Valuation N/A

Basic Materials

Price$25.64

Model IV—

P/IV—

Market implies +82.6%/yr vs model +5.0% · above model

BGL

Blue Gold Ltd

Valuation N/A

Basic Materials

Price$0.23

Model IV—

P/IV—

Market implies +20.3%/yr vs model +5.0% · above model

BGLWW

Blue Gold Ltd

Deeply undervalued

Basic Materials

Price$0.03

Model IV$0.07

P/IV0.37

Discount 54% Return to IV: +119.2%

Market implies -12.5%/yr vs model +5.0% · below model

BHP

BHP Group Ltd

Deeply overvalued

Basic Materials

Price$86.27

Model IV$44.70

P/IV1.95

Premium +93% Return to IV: -48.2%

Owner yield 5.0% 10-yr IRR 3.4% · steady

Market implies +8.1%/yr vs model +0.0% · above model

BIOX

Bioceres Crop Solutions Corp.

Valuation N/A

Basic Materials

Price$0.42

Model IV—

P/IV—

BMM

Blue Moon Metals Inc.

Valuation N/A

Basic Materials

Price$5.46

Model IV—

P/IV—

BNC

CEA Industries Inc.

Valuation N/A

Basic Materials

Price$5.27

Model IV—

P/IV—

Market implies +69.9%/yr vs model +0.0% · above model

BNCWW

CEA Industries Inc.

Valuation N/A

Basic Materials

Price$0.01

Model IV—

P/IV—

Market implies -37.5%/yr vs model +0.0% · below model

BNCWZ

CEA Industries Inc.

Valuation N/A

Basic Materials

Price$0.15

Model IV—

P/IV—

Market implies +4.7%/yr vs model +0.0% · above model

BOOM

DMC Global Inc.

Deeply undervalued

Basic Materials

Price$6.36

Model IV$21.08

P/IV0.32

Discount 70% Return to IV: +231.4%

Owner yield 30.6% 10-yr IRR 46.4% · moderate

Market implies -13.9%/yr vs model +8.0% · below model

BTG

B2GOLD CORP

Valuation N/A

Basic Materials

Price$5.38

Model IV—

P/IV—

BV

BrightView Holdings, Inc.

Deeply overvalued

Basic Materials

Price$11.19

Model IV$7.97

P/IV1.55

Premium +40% Return to IV: -28.8%

Owner yield 6.9% 10-yr IRR 10.2% · steady

Market implies +6.4%/yr vs model +3.0% · above model

BVN

BUENAVENTURA MINING CO INC

Valuation N/A

Basic Materials

Price$34.04

Model IV—

P/IV—

BWEN

BROADWIND, INC.

Valuation N/A

Basic Materials

Price$3.98

Model IV—

P/IV—

Market implies +54.5%/yr vs model +3.0% · above model

CALM

CAL-MAINE FOODS INC

Deeply undervalued

Basic Materials

Price$74.39

Model IV$176.07

P/IV0.42

Discount 58% Return to IV: +136.7%

Owner yield 19.2% 10-yr IRR 33.5% · moderate

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

CBT

CABOT CORP

Undervalued

Basic Materials

Price$79.20

Model IV$99.77

P/IV0.88

Discount 21% Return to IV: +26.0%

Owner yield 9.3% 10-yr IRR 14.8% · steady

Market implies -0.5%/yr vs model +3.0% · below model

CBUS

Cibus, Inc.

Valuation N/A

Basic Materials

Price$1.57

Model IV—

P/IV—

Market implies +49.8%/yr vs model +5.0% · above model