Canadian Materials Undervalued over 20% based on DCF

Nutrien

Market Cap: CA$49.5b

Provides crop inputs and services.

Pan American Silver

Market Cap: CA$30.5b

Engages in the exploration, mine development, extraction, processing, refining, and reclamation of mines in Chile, Peru, Brazil, Mexico, Canada, Argentina, Bolivia, and Guatemala.

Lundin Gold

Market Cap: CA$24.4b

Develops and operates its mineral concessions in Ecuador.

Endeavour Mining

Market Cap: CA$21.8b

Operates as a gold mining company in West Africa.

IAMGOLD

Market Cap: CA$16.6b

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

CCL Industries

Market Cap: CA$16.3b

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

SSR Mining

Market Cap: CA$10.6b

Engages in the acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina.

OceanaGold

Market Cap: CA$9.5b

Engages in the exploration, development, and operation of gold and gold/copper mines in the United States, the Philippines, and New Zealand.

OR Royalties

Market Cap: CA$9.2b

Acquires and manages precious metal and other royalties, streams, and other interests in Canada and internationally.

Stella-Jones

Market Cap: CA$3.9b

Manufactures and sells industrial pressure-treated wood products in Canada and the United States.

Altius Minerals

Market Cap: CA$3.8b

Engages in the mineral and renewable royalties and project generation businesses in Canada, Brazil, and the United States.

Winpak

Market Cap: CA$2.6b

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

5N Plus

Market Cap: CA$2.5b

Produces and sells specialty semiconductors and performance materials in the Americas, Europe, Asia, and internationally.

Hemlo Mining

Market Cap: CA$2.3b

Engages in the production and operation of gold mining assets in Canada.

Chemtrade Logistics Income Fund

Market Cap: CA$1.7b

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

Faraday Copper

Market Cap: CA$1.7b

A resource exploration stage company, engages in the acquisition, exploration, and development of mineral properties in the United States.

Acadian Timber

Market Cap: CA$321.1m

Provides forest products in Eastern Canada and the Northeastern United States.

Dynacor Group

Market Cap: CA$256.3m

Engages in the exploration, development, and mining of minerals properties in Peru.

Evolve Royalties

Market Cap: CA$152.4m

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

Abcourt Mines

Market Cap: CA$97.5m

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

ESGold

Market Cap: CA$66.7m

An exploration stage company, engages in the acquisition, exploration, and evaluation of mineral properties in Canada.

Vitreous Glass

Market Cap: CA$43.9m

Vitreous Glass Inc. cleans, crushes, and sells waste glass to the fiberglass manufacturing industry 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.

Gold Orogen Resources

Market Cap: CA$3.8m

Engages in the exploration and development of mineral properties in Canada.

District Mines

Market Cap: CA$1.4m

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