Canadian Materials Undervalued over 20% based on DCF

Nutrien

Market Cap: CA$44.5b

Provides crop inputs and services.

Kinross Gold

Market Cap: CA$40.5b

Engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania.

Lundin Gold

Market Cap: CA$19.4b

Develops and operates its mineral concessions in Ecuador.

CCL Industries

Market Cap: CA$15.7b

Manufactures and sells labels, consumer printable media products, technology-driven label solutions, polymer banknote substrates, and specialty films.

IAMGOLD

Market Cap: CA$13.0b

Through its subsidiaries, operates as a gold producer and developer in Canada and Burkina Faso.

Hudbay Minerals

Market Cap: CA$12.1b

A diversified mining company, focuses on the exploration, development, operation, and optimization of properties in North and South America.

First Majestic Silver

Market Cap: CA$10.7b

Engages in the acquisition, exploration, development, and production of mineral properties in North America.

Triple Flag Precious Metals

Market Cap: CA$8.6b

A precious metals streaming and royalty company, engages in acquiring and managing precious metals, streams, royalties, and other mineral interests in Australia, Canada, Colombia, Cote d’Ivoire, Mexico, Mongolia, Peru, South Africa, and the United States.

Montage Gold

Market Cap: CA$6.7b

Engages in the acquisition, exploration, and development of mineral properties in Africa.

Centerra Gold

Market Cap: CA$4.3b

Engages in the operation, development, exploration, and acquisition of gold and copper properties in North America, Turkey, and internationally.

Fortuna Mining

Market Cap: CA$3.6b

Engages in the precious and base metal mining and related activities in Argentina, Côte d’Ivoire, Mexico, Peru, and Senegal.

Winpak

Market Cap: CA$2.6b

Manufactures and distributes packaging materials and related packaging machines in the United States, Canada, and Mexico.

Chemtrade Logistics Income Fund

Market Cap: CA$1.9b

Offers industrial chemicals and services in Canada, the United States, and Brazil.

i-80 Gold

Market Cap: CA$1.7b

A mining company, engages in the exploration and advancement of gold and silver mineral deposits in the United States.

Avino Silver & Gold Mines

Market Cap: CA$1.4b

Engages in the acquisition, exploration, and advancement of mineral properties in Mexico.

Amerigo Resources

Market Cap: CA$1.0b

Through its subsidiary, Minera Valle Central S.A., produces copper and molybdenum concentrates from Corporación Nacional del Cobre de Chile’s El Teniente mine in Chile.

Allied Critical Metals

Market Cap: CA$425.3m

Operates as a mining exploration and development company in Canada.

Orvana Minerals

Market Cap: CA$237.7m

A mining and exploration company, engages in the evaluation, development, and mining of gold, copper, silver, and other precious and base metal deposits.

AirBoss of America

Market Cap: CA$185.0m

Manufactures and sells rubber-based products in Canada, the United States, and internationally.

Evolve Royalties

Market Cap: CA$146.6m

Operates as a copper-focused royalty and streaming company in Canada.

Abcourt Mines

Market Cap: CA$89.5m

Engages in the acquisition, exploration, evaluation, and exploitation of gold mining properties in Canada.

Canoe Mining Ventures

Market Cap: CA$4.3m

Engages in the acquisition, exploration, evaluation, and development of principally gold resource properties in Canada.

District Mines

Market Cap: CA$1.4m

Explores for and develops petroleum and natural gas reserves in Western Canada.