Good to see they are using Canary Capital again, they're very bullish on ILT and seem to be holding long.
From their ILT report....
Comparable Company Analysis Overview.
To contextualise ILT’s valuation, we compare it to Silver Mines Limited (ASX:SVL), an Australian silverfocused exploration company with its flagship Bowdens Silver Project in New South Wales. Bowdens hosts a JORCcompliant Mineral Resource of 334 Moz Ag Eq. at a 30 g/t Ag Eq. cut-off grade. Relative Valuation. With a market capitalisation of A$185.9m, SVL is valued at approximately A$0.56 per Ag Eq. ounce.
In contrast, ILT, based on Orient’s global exploration targets of 99-135 Mt @ 61-73 g/t Ag Eq. at a 30 g/t cutoff (equating to 194-317 Moz Ag Eq.), has a market valuation of A$0.04-$0.07 per Ag Eq. ounce. At a higher 80 g/t cut-off, yielding 32-42 Mt @ 110-124 g/t Ag Eq. (113-167 Moz Ag Eq.), ILT’s valuation ranges from A$0.09-$0.13 per Ag Eq. ounce.
This results in a significant valuation disparity, with SVL trading at approximately 10.2x ILT’s per-ounce valuation at the 30 g/t cut-off and 5.0x at the 80 g/t cut-off. While SVL benefits from a more advanced stage, evidenced by its JORC resource, completed feasibility work, and pathway to development, the magnitude of the valuation gap suggests ILT is substantially undervalued relative to its peer.
Market cap (approx.)
SVL $162 million ILT $11 million
ILT Price at posting:
22.5¢ Sentiment: Buy Disclosure: Held
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