GMP initiates coverage

"Initiating coverage with a BUY rating and C$0.90/sh price target Our target price represents a 0.8x P/NAV8% multiple when using our GMP USD:CAD exchange rate of C$1.00:$0.825. NCA trades at a surprisingly low valuation compared to its unfinanced heap leach developer peer group. On an EV/Annual ounce basis, NCA sits at $146/oz vs $262/oz. Using M&I ounces in the ground, NCA is valued at $7/oz vs. $31/oz. On a P/NAV8% basis, NCAs 0.35x is shy of the 0.42x group average. As management continues to de-risk and optimize the asset, we expect these valuation gaps to close quickly."