not sure re legals of me posting whole thing? but should be on...

not sure re legals of me posting whole thing? but should be on NWC website section next few days. Summary below

Initiate withBUY Rating, $0.25 Price Target

We initiate on NWCwith a BUY rating and a $0.25 target price, an implied potential return of522%. Using NWC’s scoping study framework, the updated resource and spotprices, we estimate an un-risked, post-tax NPV@ 8% (real) for the AntlerProject of A$754M (post-tax IRR 42%). We expect material upside risk on Cuprices (adopted US$4.8/lb as Base Case) and have applied a 50% discount toreflect key risks and potential dilution. On a fully diluted basis, NWC’s NAV/share is $0.25, animplied potential return of 522%. We believe that following FID andconstruction, a NAV/share of $0.44 could be expected.