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We are resuming coverage on this company. Since our previous report in 2019, the company has completed a Preliminary Economic Assessment (PEA), an updated resource estimate, and attracted Mitsubishi Corporation (TSE: 8058) to jointly advance the Turnagain nickel-cobalt project in northern B.C. Mitsubishi acquired a 15% interest in the project for $8M, reflecting an implied valuation of $45M for this company’s 85% interest. this company’s MCAP of $30M, and working capital of $8M, suggests that the market is assigning just $22M for this company’s interest in Turnagain.