Stock Analyses

FTK

FLOTEK INDUSTRIES INC/CN/

Valuation N/A

Basic Materials

Price$26.34

Model IV—

P/IV—

Market implies +91.6%/yr vs model +8.0% · above model

FUL

FULLER H B CO

Deeply overvalued

Basic Materials

Price$50.97

Model IV$29.02

P/IV2.21

Premium +76% Return to IV: -43.1%

Owner yield 6.4% 10-yr IRR 9.2% · steady

Market implies +10.6%/yr vs model +3.0% · above model

FURY

FURY GOLD MINES LTD

Valuation N/A

Basic Materials

Price$0.59

Model IV—

P/IV—

GAU

Galiano Gold Inc.

Valuation N/A

Basic Materials

Price$2.16

Model IV—

P/IV—

GEVO

Gevo, Inc.

Valuation N/A

Basic Materials

Price$1.57

Model IV—

P/IV—

Market implies +41.8%/yr vs model +5.0% · above model

GFI

GOLD FIELDS LTD

Valuation N/A

Basic Materials

Price$45.10

Model IV—

P/IV—

Owner yield 0.7% 10-yr IRR -13.3% · moderate

Market implies +34.0%/yr vs model +6.8% · above model

GGB

GERDAU S.A.

Valuation N/A

Basic Materials

Price$5.15

Model IV—

P/IV—

GLDG

GoldMining Inc.

Valuation N/A

Basic Materials

Price$1.04

Model IV—

P/IV—

GMTL

Guardian Metal Resources PLC

Valuation N/A

Basic Materials

Price$10.88

Model IV—

P/IV—

GORO

GOLD RESOURCE CORP

Valuation N/A

Basic Materials

Price$3.60

Model IV—

P/IV—

Market implies +26.9%/yr vs model +0.0% · above model

GPK

GRAPHIC PACKAGING HOLDING CO

Deeply undervalued

Basic Materials

Price$9.52

Model IV$33.56

P/IV0.34

Discount 72% Return to IV: +252.5%

Market implies -14.6%/yr vs model +4.8% · below model

GPRE

Green Plains Inc.

Deeply overvalued

Basic Materials

Price$14.90

Model IV$6.38

P/IV2.46

Premium +134% Return to IV: -57.2%

Market implies +16.7%/yr vs model +8.0% · above model

GRO

Brazil Potash Corp.

Valuation N/A

Basic Materials

Price$2.41

Model IV—

P/IV—

GROY

Gold Royalty Corp.

Valuation N/A

Basic Materials

Price$3.41

Model IV—

P/IV—

GRUSF

Grown Rogue International Inc.

Deeply overvalued

Basic Materials

Price$0.44

Model IV$0.09

P/IV4.92

Premium +371% Return to IV: -78.7%

Market implies +25.0%/yr vs model +5.0% · above model

GSM

Ferroglobe PLC

Valuation N/A

Basic Materials

Price$4.22

Model IV—

P/IV—

GURE

GULF RESOURCES, INC.

Deeply overvalued

Basic Materials

Price$3.65

Model IV$3.29

P/IV1.58

Premium +11% Return to IV: -10.0%

Market implies -5.3%/yr vs model +0.0% · below model

HBM

Hudbay Minerals Inc.

Valuation N/A

Basic Materials

Price$26.52

Model IV—

P/IV—

HCACU

Hall Chadwick Acquisition Corp

Valuation N/A

Basic Materials

Price$10.38

Model IV—

P/IV—

HL

HECLA MINING CO/DE/

Valuation N/A

Basic Materials

Price$19.78

Model IV—

P/IV—

Market implies +44.0%/yr vs model +8.0% · above model

HMY

HARMONY GOLD MINING CO LTD

Valuation N/A

Basic Materials

Price$20.64

Model IV—

P/IV—

HSLV

Highlander Silver Corp.

Valuation N/A

Basic Materials

Price$5.50

Model IV—

P/IV—

HUDI

Huadi International Group Co., Ltd.

Valuation N/A

Basic Materials

Price$0.75

Model IV—

P/IV—

Market implies +21.1%/yr vs model +8.0% · above model

HUHU

HUHUTECH International Group Inc.

Valuation N/A

Basic Materials

Price$3.95

Model IV—

P/IV—

Market implies +33.4%/yr vs model +8.0% · above model

HUN

Huntsman CORP

Deeply overvalued

Basic Materials

Price$9.54

Model IV$5.05

P/IV3.04

Premium +89% Return to IV: -47.1%

Owner yield 3.5% 10-yr IRR -0.9% · steady

Market implies +8.3%/yr vs model +0.0% · above model

HXL

HEXCEL CORP /DE/

Deeply overvalued

Basic Materials

Price$91.36

Model IV$33.52

P/IV2.68

Premium +173% Return to IV: -63.3%

Owner yield 2.3% 10-yr IRR -0.1% · moderate

Market implies +20.2%/yr vs model +8.0% · above model

HYMC

HYCROFT MINING HOLDING CORP

Valuation N/A

Basic Materials

Price$21.18

Model IV—

P/IV—

Market implies +90.5%/yr vs model +5.0% · above model

IAG

IAMGOLD CORP

Valuation N/A

Basic Materials

Price$20.26

Model IV—

P/IV—

IAUX

i-80 Gold Corp.

Valuation N/A

Basic Materials

Price$1.75

Model IV—

P/IV—

Market implies +38.1%/yr vs model +0.0% · above model

ICL

ICL Group Ltd.

Valuation N/A

Basic Materials

Price$5.58

Model IV—

P/IV—

IDR

Idaho Strategic Resources, Inc.

Valuation N/A

Basic Materials

Price$30.91

Model IV—

P/IV—

Owner yield 1.6% 10-yr IRR -4.0% · moderate

Market implies +68.6%/yr vs model +8.0% · above model

IE

Ivanhoe Electric Inc.

Valuation N/A

Basic Materials

Price$10.40

Model IV—

P/IV—

Market implies +83.3%/yr vs model +0.0% · above model

IFF

INTERNATIONAL FLAVORS & FRAGRANCES INC

Deeply overvalued

Basic Materials

Price$82.96

Model IV$32.22

P/IV2.36

Premium +157% Return to IV: -61.2%

Owner yield 2.9% 10-yr IRR -1.2% · steady

Market implies +15.4%/yr vs model +3.0% · above model

IIIN

INSTEEL INDUSTRIES INC

Fairly valued

Basic Materials

Price$30.61

Model IV$25.25

P/IV1.09

Premium +21% Return to IV: -17.5%

Owner yield 9.4% 10-yr IRR 15.2% · steady

Market implies +4.4%/yr vs model +3.1% · in line

INHD

INNO HOLDINGS INC.

Valuation N/A

Basic Materials

Price$3.96

Model IV—

P/IV—

Market implies +42.4%/yr vs model +0.0% · above model

IONR

ioneer Ltd

Valuation N/A

Basic Materials

Price$2.79

Model IV—

P/IV—

IOSP

INNOSPEC INC.

Fairly valued

Basic Materials

Price$93.23

Model IV$75.22

P/IV1.10

Premium +24% Return to IV: -19.3%

Market implies +6.8%/yr vs model +4.7% · in line

IP

INTERNATIONAL PAPER CO /NEW/

Deeply overvalued

Basic Materials

Price$34.53

Model IV$25.01

P/IV1.34

Premium +38% Return to IV: -27.6%

Owner yield 2.5% 10-yr IRR -1.5% · steady

Market implies +8.8%/yr vs model +5.1% · above model

IPI

Intrepid Potash, Inc.

Undervalued

Basic Materials

Price$38.42

Model IV$51.28

P/IV0.76

Discount 25% Return to IV: +33.5%

Owner yield 2.5% 10-yr IRR -2.3% · steady

Market implies -1.3%/yr vs model +3.9% · below model

IPX

IPERIONX Ltd

Valuation N/A

Basic Materials

Price$18.67

Model IV—

P/IV—

ISOU

IsoEnergy Ltd.

Valuation N/A

Basic Materials

Price$10.64

Model IV—

P/IV—

ITP

IT TECH PACKAGING, INC.

Valuation N/A

Basic Materials

Price$0.16

Model IV—

P/IV—

Market implies -50.0%/yr vs model +0.0% · below model

ITRG

Integra Resources Corp.

Valuation N/A

Basic Materials

Price$2.76

Model IV—

P/IV—

JAGU

Jaguar Uranium Corp.

Valuation N/A

Basic Materials

Price$1.56

Model IV—

P/IV—

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

KALU

KAISER ALUMINUM CORP

Valuation N/A

Basic Materials

Price$149.06

Model IV—

P/IV—

Market implies +28.3%/yr vs model +6.1% · above model

KGC

KINROSS GOLD CORP

Deeply overvalued

Basic Materials

Price$29.13

Model IV$7.21

P/IV4.04

Premium +304% Return to IV: -75.2%

Owner yield 4.1% 10-yr IRR 7.0% · moderate

Market implies +26.6%/yr vs model +8.0% · above model

KMB

KIMBERLY CLARK CORP

Deeply overvalued

Basic Materials

Price$97.86

Model IV$47.30

P/IV2.07

Premium +107% Return to IV: -51.7%

Owner yield 6.6% 10-yr IRR 7.2% · steady

Market implies +8.6%/yr vs model +0.0% · above model

KNF

Knife River Corp

Deeply overvalued

Basic Materials

Price$57.63

Model IV$27.52

P/IV2.85

Premium +109% Return to IV: -52.2%

Owner yield 3.0% 10-yr IRR 2.7% · moderate

Market implies +16.9%/yr vs model +7.8% · above model

KRO

KRONOS WORLDWIDE INC

Deeply overvalued

Basic Materials

Price$8.18

Model IV$2.37

P/IV3.03

Premium +245% Return to IV: -71.0%

Market implies +19.8%/yr vs model +3.0% · above model

LAC

LITHIUM AMERICAS CORP.

Valuation N/A

Basic Materials

Price$2.91

Model IV—

P/IV—

Market implies +54.1%/yr vs model +5.0% · above model

LAR

Lithium Argentina AG

Valuation N/A

Basic Materials

Price$5.85

Model IV—

P/IV—

LEU

CENTRUS ENERGY CORP

Valuation N/A

Basic Materials

Price$146.25

Model IV—

P/IV—

Owner yield 0.8% 10-yr IRR -11.1% · moderate

Market implies +42.3%/yr vs model +8.0% · above model

LGO

Largo Inc.

Valuation N/A

Basic Materials

Price$0.68

Model IV—

P/IV—

LIN

LINDE PLC

Deeply overvalued

Basic Materials

Price$460.40

Model IV$174.78

P/IV2.67

Premium +163% Return to IV: -62.0%

Owner yield 2.3% 10-yr IRR -3.4% · steady

Market implies +15.8%/yr vs model +3.3% · above model

LMNR

Limoneira CO

Deeply overvalued

Basic Materials

Price$13.38

Model IV$5.72

P/IV2.22

Premium +134% Return to IV: -57.2%

Market implies +11.8%/yr vs model +3.0% · above model

LND

BrasilAgro - Brazilian Agricultural Real Estate Co

Valuation N/A

Basic Materials

Price$3.71

Model IV—

P/IV—

LNZA

LanzaTech Global, Inc.

Valuation N/A

Basic Materials

Price$6.06

Model IV—

P/IV—

Market implies +67.9%/yr vs model +8.0% · above model

LNZAW

LanzaTech Global, Inc.

Valuation N/A

Basic Materials

Price$0.02

Model IV—

P/IV—

Market implies -25.0%/yr vs model +8.0% · below model

LOCL

Local Bounti Corporation/DE

Valuation N/A

Basic Materials

Price$1.30

Model IV—

P/IV—

Market implies +33.4%/yr vs model +5.0% · above model

LODE

Comstock Inc.

Valuation N/A

Basic Materials

Price$2.82

Model IV—

P/IV—

Market implies +56.9%/yr vs model +8.0% · above model