This SEC complaint alleges that Stephen Burns, former CEO of electric vehicle company Lordstown Motors, made negligent and materially inaccurate statements about pre-orders for Lordstown's pickup truck. Specifically, Lordstown claimed to have over 27,000 pre-orders from commercial fleets based on non-binding letters of intent, but the company had no effective processes for vetting customers or tracking pre-orders. The SEC alleges Burns' statements about pre-orders created an unrealistic depiction of demand in violation of securities laws.
The document is a letter from Nathan Anderson to the Board of Directors, Executives and Auditors of Tingo Group Inc. listing 38 questions regarding Tingo Group's business operations and financials. The questions raise serious doubts about the legitimacy of Tingo's reported revenues, customer and supplier relationships, licenses and permits. Key issues highlighted include a lack of evidence for Tingo's claimed cash balances, inventory, export volumes and mobile network operations.
1) Osirius Group LLC filed a complaint against Ideanomics Inc. in the United States District Court for the Eastern District of Michigan. Osirius provided engineering services to Via Motors from July 2022 to December 2022, invoicing Via Motors monthly. Via Motors failed to pay the invoices, owing Osirius over $2 million.
2) Ideanomics acquired Via Motors in January 2023 and had previously agreed to pay any remaining debt owed by Via Motors to Osirius. However, Ideanomics failed to pay the outstanding amount owed for Osirius' services.
3) Osirius is suing Ideanomics for breach of contract and
This 6-page legal document outlines the charges in a criminal case. It describes the defendant and their alleged crimes, which include wire fraud and aggravated identity theft. Further details are provided about the scheme, the victims impacted, and evidence collected. If convicted on all counts, the defendant faces a maximum penalty of 32 years in prison and $1 million in fines.
1) Acuitas Capital invested $20 million in Ideanomics in exchange for preferred stock and warrants that were convertible into Ideanomics common stock. However, Ideanomics has now refused to honor Acuitas Capital's requests to convert these securities, in breach of their agreement.
2) Ideanomics claims the investment agreement is "null and void" due to unrelated allegations against the CEO of Acuitas Capital, but these allegations do not excuse Ideanomics' contractual obligations.
3) Prompt relief is needed because Ideanomics has admitted it may not be able to continue as a going concern. Unless ordered to honor the conversion requests, the value of Acuitas Capital's remaining
This document outlines the terms and conditions of a private offering of $750 million in senior secured notes issued by Adani Green Energy Limited. The notes will pay 4.375% annual interest and mature in 2024. The notes are being offered only to qualified institutional buyers in the US and offshore purchasers in reliance on exemptions from securities registration laws. The notes will be listed on the Singapore Exchange and India INX and secured by certain assets of the issuer described in security documents. The proceeds are subject to restrictions on use and transfer.
This document is an annual return form for a private company limited by shares called Milestone Tradelinks Private Limited. It provides details about the company's registration, activities, shareholding, directors and key managerial personnel, meetings, and attendance of directors. Some key details include the company's registered office in Ahmedabad, its main business activity of wholesale trading, total paid up capital of Rs. 407,000, and that directors Rajesh Rameshchandra Vora and Manish Amrutlal Shah each hold 0 shares as of the financial year end.
The auditor's report provides an unmodified opinion on the financial statements of Pmc Projects (India) Private Limited for the period 01/04/2013 to 31/03/2014. The auditor found that the company has maintained proper records of fixed assets, inventories and loans. Internal control procedures for purchase, sale and fixed assets were adequate. The company has not accepted any deposits from the public. Statutory dues have generally been regularly paid, with no material disputed amounts. No frauds were reported during the period.
This SEC complaint alleges that Stephen Burns, former CEO of electric vehicle company Lordstown Motors, made negligent and materially inaccurate statements about pre-orders for Lordstown's pickup truck. Specifically, Lordstown claimed to have over 27,000 pre-orders from commercial fleets based on non-binding letters of intent, but the company had no effective processes for vetting customers or tracking pre-orders. The SEC alleges Burns' statements about pre-orders created an unrealistic depiction of demand in violation of securities laws.
The document is a letter from Nathan Anderson to the Board of Directors, Executives and Auditors of Tingo Group Inc. listing 38 questions regarding Tingo Group's business operations and financials. The questions raise serious doubts about the legitimacy of Tingo's reported revenues, customer and supplier relationships, licenses and permits. Key issues highlighted include a lack of evidence for Tingo's claimed cash balances, inventory, export volumes and mobile network operations.
1) Osirius Group LLC filed a complaint against Ideanomics Inc. in the United States District Court for the Eastern District of Michigan. Osirius provided engineering services to Via Motors from July 2022 to December 2022, invoicing Via Motors monthly. Via Motors failed to pay the invoices, owing Osirius over $2 million.
2) Ideanomics acquired Via Motors in January 2023 and had previously agreed to pay any remaining debt owed by Via Motors to Osirius. However, Ideanomics failed to pay the outstanding amount owed for Osirius' services.
3) Osirius is suing Ideanomics for breach of contract and
This 6-page legal document outlines the charges in a criminal case. It describes the defendant and their alleged crimes, which include wire fraud and aggravated identity theft. Further details are provided about the scheme, the victims impacted, and evidence collected. If convicted on all counts, the defendant faces a maximum penalty of 32 years in prison and $1 million in fines.
1) Acuitas Capital invested $20 million in Ideanomics in exchange for preferred stock and warrants that were convertible into Ideanomics common stock. However, Ideanomics has now refused to honor Acuitas Capital's requests to convert these securities, in breach of their agreement.
2) Ideanomics claims the investment agreement is "null and void" due to unrelated allegations against the CEO of Acuitas Capital, but these allegations do not excuse Ideanomics' contractual obligations.
3) Prompt relief is needed because Ideanomics has admitted it may not be able to continue as a going concern. Unless ordered to honor the conversion requests, the value of Acuitas Capital's remaining
This document outlines the terms and conditions of a private offering of $750 million in senior secured notes issued by Adani Green Energy Limited. The notes will pay 4.375% annual interest and mature in 2024. The notes are being offered only to qualified institutional buyers in the US and offshore purchasers in reliance on exemptions from securities registration laws. The notes will be listed on the Singapore Exchange and India INX and secured by certain assets of the issuer described in security documents. The proceeds are subject to restrictions on use and transfer.
This document is an annual return form for a private company limited by shares called Milestone Tradelinks Private Limited. It provides details about the company's registration, activities, shareholding, directors and key managerial personnel, meetings, and attendance of directors. Some key details include the company's registered office in Ahmedabad, its main business activity of wholesale trading, total paid up capital of Rs. 407,000, and that directors Rajesh Rameshchandra Vora and Manish Amrutlal Shah each hold 0 shares as of the financial year end.
The auditor's report provides an unmodified opinion on the financial statements of Pmc Projects (India) Private Limited for the period 01/04/2013 to 31/03/2014. The auditor found that the company has maintained proper records of fixed assets, inventories and loans. Internal control procedures for purchase, sale and fixed assets were adequate. The company has not accepted any deposits from the public. Statutory dues have generally been regularly paid, with no material disputed amounts. No frauds were reported during the period.
Chang Chien-Ting holds significant beneficial ownership in PMC Projects (India) Pvt. Ltd. through PMC Infra Limited, a company registered in Mauritius. Chang holds 100% of PMC Infra Limited and exercises his significant beneficial interest in PMC Projects (India) Pvt. Ltd. by virtue of shares held in PMC Infra Limited. He declares this significant beneficial ownership in PMC Projects (India) Pvt. Ltd. as required by Section 90(1) of the Companies Act of India. The declaration provides details of Chang such as his address, date of birth, occupation, and nationality. It specifies the nature of his indirect holding in PMC Projects (India) Pvt.
Adani Developers (later renamed Sunbourne) 2013 Annual Report.pdfHindenburg Research
The document is an auditor's report for Adani Developers Private Limited for the period of April 1, 2011 to March 31, 2012. The auditor gave an unqualified opinion and did not note any qualifications, reservations or adverse remarks. Specifically, the auditor stated that the company maintained proper records of fixed assets, conducted physical verification of inventories, and complied with statutory dues payments. The auditor also confirmed the company had an adequate internal control and internal audit system.
This document contains a list of orders from the Securities Appellate Tribunal (SAT) and adjudication orders from the Securities and Exchange Board of India (SEBI) related to various Adani group companies, primarily Adani Exports Limited. The orders range from 2008 to 2019 and include matters related to stock market manipulation and insider trading involving several individuals and brokerage firms.
Vinod Adani - The Man Behind The Adani Group’s Offshore Deals (Morning Contex...Hindenburg Research
Vinod Adani is the elder brother of Gautam Adani, Asia's second richest man. Vinod oversees many of the Adani group's offshore deals and structures through companies based in tax havens like Mauritius and Cyprus. He has been involved in major deals like the Ambuja Cements acquisition and Total's investment in Adani Green Energy. However, the Adani group has previously denied Vinod's involvement. Vinod uses complex offshore structures that allow deals to be carried out without following all Indian laws, potentially reducing taxes. There are also ongoing legal issues regarding accusations of money laundering through Vinod's offshore companies that supplied equipment to Adani Power projects in India.
Krunal Trade & Investment Pvt Ltd is a private limited company incorporated in Mauritius on October 4, 2005 as a global business company. The company's registered office is located at Trustlink House in Floreal, Mauritius. The current directors are Adani Vinod Shantilal, Caillou Louis Ricardo, Mittra Subir, and Ramsagur Shailend. Trustlink International Limited serves as the company secretary.
Gardenia Trade and Investment Ltd is a private limited company incorporated on February 2nd, 2021. It operates as a global business company with its registered office in Mauritius. The company has three directors: Agowun Nihad Mohammad Akram, Mittra Subir, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management and secretarial services provider.
Birch Trade and Investment Ltd is a private limited company incorporated in Mauritius on October 19, 2021 as a global business company. The company has three directors: Agowun Nihad Mohammad Akram, Mittra Subir, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management company and secretary.
Athena Trade and Investments Pvt Ltd is a private limited company incorporated in Mauritius on July 18, 2017 for global business. The company has three directors: Mittra Subir from Dubai, Seewooruttun Indranathsingh from Mauritius, and Toorabally Shakill Ahmad from Mauritius. Amicorp (Mauritius) Limited serves as the company's management and secretarial services provider.
Flourishing Trade and Investment Ltd is a private limited global business company incorporated on August 18, 2017 in Mauritius. The company has three directors - Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management and secretary.
Delphinium Trade and Investment Ltd is a private limited company incorporated on February 2nd, 2021 in Mauritius for global business purposes. The company has three directors: Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management company and secretary.
Dome Trade and Investment Ltd is a private limited company incorporated in Mauritius on August 18, 2017 as a global business company. It has 4 directors: Adani Vinod Shantilal, Agowun Nihad Mohammad Akram, Mittra Subir, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management company and secretary, located at Level 6, Tower 1, NeXteracom Building in Ebene, Mauritius.
Endeavour Trade and Investment Ltd was incorporated on April 29, 2021 as a private limited company in Mauritius for global business. The company has 3 directors - Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the management company and secretary since the company's incorporation.
Efficacy Trade and Investment Ltd is a private limited company incorporated in Mauritius on January 19th, 2018 and is classified as defunct. The company operates in the global business category and has its registered office at 6th Floor, Tower 1 NeXTeracom Building in Ebene, Mauritius. It has three directors - Adani Vinod Shantilal, Mangar Rajiv, and Ramsurrun Ashwanee - and its management company and secretary is Amicorp (Mauritius) Limited.
Brahma Opportunities A, Ltd is a private limited company incorporated in Mauritius on November 26, 2007 as a global business company. The company's registered office address is located in Port Louis, Mauritius. The company currently has 4 directors - Adani Vinod Shantilal, Madan Gulbir Singh, Reemul Giandeo, and Seetul Rajiv Girish. IQ EQ Corporate Services (Mauritius) Ltd serves as the company's management company and secretary since July 16, 2014.
Fervent Trade and Investment Ltd is a private limited company incorporated in Mauritius on January 19th, 2018 and operating in the global business category. It is currently defunct. The company has 3 directors - Adani Vinod Shantilal, Mangar Rajiv, and Ramsurrun Ashwinee. Amicorp (Mauritius) Limited serves as the management company and secretary located at Level 6, Tower 1, NeXteracom Building Ebene, Mauritius.
Concord Trade & Investment Private Limited is a private limited company incorporated in Mauritius on February 16, 2009 as a global business company. It has 4 directors - Adani Vinod Shantilal, appointed in 2017, Caillou Louis Ricardo appointed in 2021, Mittra Subir appointed in 2021, and Rajkumarsingh Khemraj appointed in 2015. The company secretary is Trustlink International Limited, appointed since incorporation in 2009. The company has its registered office address at Mohabeer Mungur Street Trustlink House in Floreal, Mauritius.
Fortitude Trade and Investment Ltd is a private limited company incorporated in Mauritius on August 18, 2017 as a global business company. The company has three directors: Mittra Subir of Dubai, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad, all based in Mauritius. Amicorp (Mauritius) Limited serves as the company's management and secretary.
Assent Trade & Investment Pvt Ltd is a private limited company incorporated in Mauritius on October 4, 2010 and operating in the global business category. The company is currently defunct. Its registered office is located at 201/2 A, 2nd Floor, 1Cybercity Ebene Mauritius. The current directors are Adani Vinod Shantilal, Caillou Louis Ricardo, and Peerbucus Mohammad Sehzad. The management company is Trustlink International Limited and the company secretary is also Trustlink International Limited.
Atlantis Trade & Investment Pvt Ltd is a private limited company incorporated in Mauritius on February 8, 2017. The company operates in the global business sector and has its registered office at Trustlink House in Floreal, Mauritius. The company has four directors - Adani Vinod Shantilal, Caillou Louis Ricardo, Mittra Subir Mohabeer, and Ramsagur Shailend. Trustlink International Limited serves as the management company and secretary.
Ventura Power Investments Pvt Ltd is a private limited company incorporated in Mauritius on June 9, 2008 and operating in the global business category. The company is currently defunct. It has 3 directors - Ramsagur Shailend appointed in 2015, Reemul Giandeo appointed in 2008, and Shah Vinod Shantilal appointed in 2009. The registered office address is located in Port Louis, Mauritius and Trustlink International Limited serves as the company secretary since 2008.
Virtual Leadership and the managing workIruniUshara1
Virtual leadership is a form of leadership in which teams are managed via a remote working environment.
Like traditional leadership roles, virtual leaders focus on motivating employees and helping teams accomplish their goals.
Virtual leadership focuses heavily on improving collaboration through communication, accountability, and transparency
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Chang Chien-Ting holds significant beneficial ownership in PMC Projects (India) Pvt. Ltd. through PMC Infra Limited, a company registered in Mauritius. Chang holds 100% of PMC Infra Limited and exercises his significant beneficial interest in PMC Projects (India) Pvt. Ltd. by virtue of shares held in PMC Infra Limited. He declares this significant beneficial ownership in PMC Projects (India) Pvt. Ltd. as required by Section 90(1) of the Companies Act of India. The declaration provides details of Chang such as his address, date of birth, occupation, and nationality. It specifies the nature of his indirect holding in PMC Projects (India) Pvt.
Adani Developers (later renamed Sunbourne) 2013 Annual Report.pdfHindenburg Research
The document is an auditor's report for Adani Developers Private Limited for the period of April 1, 2011 to March 31, 2012. The auditor gave an unqualified opinion and did not note any qualifications, reservations or adverse remarks. Specifically, the auditor stated that the company maintained proper records of fixed assets, conducted physical verification of inventories, and complied with statutory dues payments. The auditor also confirmed the company had an adequate internal control and internal audit system.
This document contains a list of orders from the Securities Appellate Tribunal (SAT) and adjudication orders from the Securities and Exchange Board of India (SEBI) related to various Adani group companies, primarily Adani Exports Limited. The orders range from 2008 to 2019 and include matters related to stock market manipulation and insider trading involving several individuals and brokerage firms.
Vinod Adani - The Man Behind The Adani Group’s Offshore Deals (Morning Contex...Hindenburg Research
Vinod Adani is the elder brother of Gautam Adani, Asia's second richest man. Vinod oversees many of the Adani group's offshore deals and structures through companies based in tax havens like Mauritius and Cyprus. He has been involved in major deals like the Ambuja Cements acquisition and Total's investment in Adani Green Energy. However, the Adani group has previously denied Vinod's involvement. Vinod uses complex offshore structures that allow deals to be carried out without following all Indian laws, potentially reducing taxes. There are also ongoing legal issues regarding accusations of money laundering through Vinod's offshore companies that supplied equipment to Adani Power projects in India.
Krunal Trade & Investment Pvt Ltd is a private limited company incorporated in Mauritius on October 4, 2005 as a global business company. The company's registered office is located at Trustlink House in Floreal, Mauritius. The current directors are Adani Vinod Shantilal, Caillou Louis Ricardo, Mittra Subir, and Ramsagur Shailend. Trustlink International Limited serves as the company secretary.
Gardenia Trade and Investment Ltd is a private limited company incorporated on February 2nd, 2021. It operates as a global business company with its registered office in Mauritius. The company has three directors: Agowun Nihad Mohammad Akram, Mittra Subir, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management and secretarial services provider.
Birch Trade and Investment Ltd is a private limited company incorporated in Mauritius on October 19, 2021 as a global business company. The company has three directors: Agowun Nihad Mohammad Akram, Mittra Subir, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management company and secretary.
Athena Trade and Investments Pvt Ltd is a private limited company incorporated in Mauritius on July 18, 2017 for global business. The company has three directors: Mittra Subir from Dubai, Seewooruttun Indranathsingh from Mauritius, and Toorabally Shakill Ahmad from Mauritius. Amicorp (Mauritius) Limited serves as the company's management and secretarial services provider.
Flourishing Trade and Investment Ltd is a private limited global business company incorporated on August 18, 2017 in Mauritius. The company has three directors - Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management and secretary.
Delphinium Trade and Investment Ltd is a private limited company incorporated on February 2nd, 2021 in Mauritius for global business purposes. The company has three directors: Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management company and secretary.
Dome Trade and Investment Ltd is a private limited company incorporated in Mauritius on August 18, 2017 as a global business company. It has 4 directors: Adani Vinod Shantilal, Agowun Nihad Mohammad Akram, Mittra Subir, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management company and secretary, located at Level 6, Tower 1, NeXteracom Building in Ebene, Mauritius.
Endeavour Trade and Investment Ltd was incorporated on April 29, 2021 as a private limited company in Mauritius for global business. The company has 3 directors - Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the management company and secretary since the company's incorporation.
Efficacy Trade and Investment Ltd is a private limited company incorporated in Mauritius on January 19th, 2018 and is classified as defunct. The company operates in the global business category and has its registered office at 6th Floor, Tower 1 NeXTeracom Building in Ebene, Mauritius. It has three directors - Adani Vinod Shantilal, Mangar Rajiv, and Ramsurrun Ashwanee - and its management company and secretary is Amicorp (Mauritius) Limited.
Brahma Opportunities A, Ltd is a private limited company incorporated in Mauritius on November 26, 2007 as a global business company. The company's registered office address is located in Port Louis, Mauritius. The company currently has 4 directors - Adani Vinod Shantilal, Madan Gulbir Singh, Reemul Giandeo, and Seetul Rajiv Girish. IQ EQ Corporate Services (Mauritius) Ltd serves as the company's management company and secretary since July 16, 2014.
Fervent Trade and Investment Ltd is a private limited company incorporated in Mauritius on January 19th, 2018 and operating in the global business category. It is currently defunct. The company has 3 directors - Adani Vinod Shantilal, Mangar Rajiv, and Ramsurrun Ashwinee. Amicorp (Mauritius) Limited serves as the management company and secretary located at Level 6, Tower 1, NeXteracom Building Ebene, Mauritius.
Concord Trade & Investment Private Limited is a private limited company incorporated in Mauritius on February 16, 2009 as a global business company. It has 4 directors - Adani Vinod Shantilal, appointed in 2017, Caillou Louis Ricardo appointed in 2021, Mittra Subir appointed in 2021, and Rajkumarsingh Khemraj appointed in 2015. The company secretary is Trustlink International Limited, appointed since incorporation in 2009. The company has its registered office address at Mohabeer Mungur Street Trustlink House in Floreal, Mauritius.
Fortitude Trade and Investment Ltd is a private limited company incorporated in Mauritius on August 18, 2017 as a global business company. The company has three directors: Mittra Subir of Dubai, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad, all based in Mauritius. Amicorp (Mauritius) Limited serves as the company's management and secretary.
Assent Trade & Investment Pvt Ltd is a private limited company incorporated in Mauritius on October 4, 2010 and operating in the global business category. The company is currently defunct. Its registered office is located at 201/2 A, 2nd Floor, 1Cybercity Ebene Mauritius. The current directors are Adani Vinod Shantilal, Caillou Louis Ricardo, and Peerbucus Mohammad Sehzad. The management company is Trustlink International Limited and the company secretary is also Trustlink International Limited.
Atlantis Trade & Investment Pvt Ltd is a private limited company incorporated in Mauritius on February 8, 2017. The company operates in the global business sector and has its registered office at Trustlink House in Floreal, Mauritius. The company has four directors - Adani Vinod Shantilal, Caillou Louis Ricardo, Mittra Subir Mohabeer, and Ramsagur Shailend. Trustlink International Limited serves as the management company and secretary.
Ventura Power Investments Pvt Ltd is a private limited company incorporated in Mauritius on June 9, 2008 and operating in the global business category. The company is currently defunct. It has 3 directors - Ramsagur Shailend appointed in 2015, Reemul Giandeo appointed in 2008, and Shah Vinod Shantilal appointed in 2009. The registered office address is located in Port Louis, Mauritius and Trustlink International Limited serves as the company secretary since 2008.
Virtual Leadership and the managing workIruniUshara1
Virtual leadership is a form of leadership in which teams are managed via a remote working environment.
Like traditional leadership roles, virtual leaders focus on motivating employees and helping teams accomplish their goals.
Virtual leadership focuses heavily on improving collaboration through communication, accountability, and transparency
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During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...APCO
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineCIOWomenMagazine
In this article, we will dive into the extraordinary life of Ellen Burstyn, where the curtains rise on a story that's far more attractive than any script.
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
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AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
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1. Key Changes
Rating Target
Mkt $6.50
OP (S) $5.75
Our Thesis
We view Silver Sand as a unique deposit given the lack
of large silver development projects in the world. We
rate the shares market perform based on a valuation
that is toward the upper end of the early-stage
developer group.
Downgrading to Market Perform on Large Run-Up
Bottom Line: Our view on the large-scale potential of Silver Sand hasn't changed.
That said, with the shares up ~400% in the past year, ~120% since mid-September,
and a market cap now over C$1B, we think the risk/reward is more balanced at the
current valuation. Therefore, we are downgrading our rating to Market Perform from
Outperform (S). We look forward to the maiden resource estimate, which is expected in
Q1. Our current U$633M valuation is based on a mineable resource of 248Moz of silver
at 85gpt and a 0.7:1 strip ratio.
Key Points
Merely a valuation call. We continue to think Silver Sand has the potential to be a
large and economic open pit silver mine. That said, the shares are up ~400% in the
past year and 120% since mid-September. Based on our estimates, NUAG is trading at
1.2x our fully diluted NAV, which is toward the high end of the early-stage developer
peer group. In our view, the risk/reward outlook is now less compelling given the sharp
increase in the share price over the past year.
Valuation sensitivity. If we assume a mineable resource estimate 50% higher than
our base case of 248Moz at 85gpt (i.e., 372Moz at 85gpt), we estimate NUAG trades
at 0.9x P/NPV. Even in a 50% upside scenario, we don't think the stock is particularly
cheap for an asset that is still very early stage (pre-resource) and has above-average
country risk.
NUAG will continue to offer high beta to silver. NUAG's NAV is derived 100% from
silver revenue, offering investors a high amount of leverage to a rising silver price. For
an overview of silver exposure and NAV sensitivities, please refer to our most recent
Silver Pages publication.
Raising our target price. We have increased our fully diluted target price to C$6.50 as
a result of assuming lower future equity dilution driven by the rising share price.
January 06, 2020 | 18:06 ET | 18:06 ET~
New Pacific Metals Corp
NUAG-TSXV Rating
Market Perform
Price: Jan-6
$6.83
Target
$6.50
Total Rtn
-5%
Metals & Mining
Ryan Thompson, CFA Analyst
ryan1.thompson@bmo.com (416) 359-6814
Darren Viegas Associate
Darren.Viegas@bmo.com (416) 359-8090
Legal Entity: BMO Nesbitt Burns Inc.
7.00
6.00
5.00
4.00
3.00
2.00
1.00
JanJulJanJul
1.5
1
0.5
0
LHS: Price (C$) / RHS: Volume (mm) Source: FactSet
2YR Price Volume Chart
Company Data in C$
Dividend $0.00
Yield 0.0%
NAV $4.24
Shares O/S (mm) 147.3
Market Cap (mm) $1,006
P/NAV 1.2x
BMO Estimates in C$
(FY- Jun .) 2018A 2019E 2020E
Revenue (mm) $(1) $(0) $2
EPS $(0.03) $(0.02) $0.01
CFPS $(0.01) $(0.02) $(0.01)
Silver Eq. Prd 0 0 0
AISC Ag ($/oz) 0.00 0.00 0.00
Consensus Estimates
2018A 2019E 2020E
EPS $(0.01)
Valuation
2018A 2019E 2020E
P/E NA NA
P/CFPS NA NA
EV/EBITDA NM NM
NAV: *NAV is in USD
This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not
registered as a research analyst(s) under FINRA rules.
For disclosure statements, including the Analyst Certification, please refer to page(s) 5 to 8.
2. New Pacific Metals Corp - Block Summary Model
Income Statement 2018A 2019E 2020E
Revenue $(1) $(0) $2
Operating Costs 0 0 0
SG&A 0 0 0
EBITDA $(4) $(3) $(0)
Depreciation 0 0 0
Tax (1) (1) (1)
Adjusted Net Earnings (4) (2) 1
EPS $(0.03) $(0.02) $0.01
Cash Flow Statement 2018A 2019E 2020E
Cash Flow From Operations (1) (3) (1)
Cash Flow From Investments (59) (4) (4)
Cash Flow From Financing 72 20 16
Free Cash Flow (8) (14) (12)
FCF/Share $(0.06) $(0.11) $(0.08)
Balance Sheet 2018A 2019E 2020E
Cash & Equivalents 15 28 39
Short-term debt 0 0 0
Long-Term Debt 0 0 0
Total Assets 105 124 142
Total Liabilities 2 2 2
Total Shareholders' Equity 103 122 140
Attrib. Production & Cash Costs 2018A 2019E 2020E
Silver Sands - Silver Prodn (koz) 0 0 0
Silver Sands - AISC (US$/oz) 0.00 0.00 0.00
Total Silver Prodn (koz) 0 0 0
Total Gold Prodn (koz) 0 0 0
Total Silver Equiv Prodn (koz) 0 0 0
Avg AISC Silver (US$/oz) 0.00 0.00 0.00
Price Assumptions 2018A 2019E 2020E
Gold Price (US$/oz) 1,297 1,263 1,491
Silver Price (US$/oz) 16.72 15.00 17.55
Lead Price (US$/lb) 1.10 0.90 0.89
Zinc Price (US$/lb) 1.44 1.20 1.06
USD:MXN 18.729 19.273 19.241
Source: BMO Capital Markets, Company Reports
Valuation
Our C$6.50 target price is based on a 100% weighting
given to a 1.2x P/NAV multiple. Our multiple reflects: the
scarcity value of large, potentially economic silver deposits;
Silver Sand is still in its early stages with several de-risking
activities ahead of it; Silver Sand is not yet financed; and
some investors may have a reluctance to invest in Bolivia.
Upside Scenario $10.00
Our upside scenario is based on a 1.7x P/NPV multiple. This
scenario could play out in a rising silver price environment,
coupled with further advancement of the project (resource
estimate, PEA) and eventual production.
Downside Scenario $2.00
Our downside scenario is based on a 0.3x P/NPV multiple.
This scenario could happen in a falling silver price
environment or if the company delivers a lower-than-
expected resource. The shares would also be pressured if
the company fails to expand the land package because of
the MPC agreement not being ratified into law.
-71% +46%-5%
Target
Price
6.50
in CAD
Current
Price
6.83
Downside
Scenario
2.00
Upside
Scenario
10.00
Key Catalysts
Drilling results (ongoing); a resource estimate in Q1/20; a
PEA later in 2020; ratification of the MPC into law
Company Description
New Pacific Metals is a precious metals developer currently
progressing the Silver Sand Project in Bolivia.
NUAG-TSXV
Research
Glossary
Company
Models
New Pacific Metals Corp | Page 2 January 6, 2020
3. Exhibit 1: NUAG Block Model at BMO Metal Price Assumptions
New Pacific Metals NUAG CASH FLOW ANALYSIS - C$M
(June Year End) 2018A 2019A 2020E 2021E 2022E
Recommendation Mkt Analyst RT Cash Flows From Operating Activities
Net Income (4.1) (2.6) 0.8 2.2 (2.1)
As at 6-Jan-20 BMO Capital Markets Non-Cash Items 2.0 0.3 (2.1) (0.6) (1.8)
Re-invested in Working Capital 1.3 (0.3) 0.3 0.0 0.0
Year End June $6.83 US$/share
Share Price $6.83 C$/share $5.26 US$/share Cash Flows From Investing Activities
Property and Business Activities 0.0 0.6 5.2 0.0 0.0
Target Price $6.50 C$/share $5.01 US$/share Acq.of Property, Plant and Equip. (6.9) (11.7) (11.2) (7.8) (429.9)
Net Present Value 5% $5.50 C$/share $4.24 US$/share Other (52.5) 6.8 1.7 0.0 0.0
0% $9.03 C$/share $6.96 US$/share
Cash Flows From Financing Activities
Market Cap 973.5 C$M 750.4 US$M Proceeds From Borrowings 0.0 0.0 0.0 150.0 200.0
Ordinary Shares 142.6 M Repayment of Borrowings 0.0 0.0 0.0 0.0 0.0
Options & Warrants 5.6 M Other 71.6 20.1 16.1 300.0 0.9
Net Increase In Cash Held 10.1 13.2 10.9 443.7 (232.9)
Cash At Beginning of Year 3.8 14.6 27.8 38.7 482.4
PRICE ASSUMPTIONS - BMO PRICES Cash At End of Year 14.6 27.9 38.7 482.4 249.5
(June Year End) 2018A 2019A 2020E 2021E 2022E
Exchange Rate USD/BOB 6.91 6.91 6.91 6.91 6.91
Exchange Rate CAD/USD 0.79 0.76 0.76 0.77 0.78 BALANCE SHEET ANALYSIS - C$M
Gold US$/oz 1,297 1,263 1,491 1,475 1,413 (June Year End) 2018A 2019A 2020E 2021E 2022E
Silver US$/oz 16.72 15.00 17.55 18.30 17.26
Copper US$/lb 3.06 2.79 2.74 2.90 2.74 Current Assets
Zinc US$/lb 1.44 1.20 1.06 1.02 1.07 Cash and Cash Equivalents 14.6 27.8 38.7 482.4 249.5
Oil US$/bbl 58.25 60.73 54.97 56.73 59.37 Other 18.4 11.3 9.5 9.5 9.5
Non-Current Assets
Investments 5.8 5.1 2.1 2.1 2.1
FINANCIAL SUMMARY Fixed Assets 65.2 78.1 89.7 97.5 527.4
(June Year End) 2018A 2019A 2020E 2021E 2022E Other 33.7 41.0 50.6 494.3 261.4
NPAT (pre-Abs) (C$M) (3.5) (2.2) 0.9 2.2 (2.1) Current Liabilities
ADJUSTED EPS (C$/share) (0.03) (0.02) 0.01 0.01 (0.01) Borrowings 0.0 0.0 0.0 0.0 0.0
PER (x) na na na na na Creditors 1.8 2.0 2.6 2.6 2.6
EBITDA (C$M) -4.1 -2.6 -0.4 -3.0 -3.1 Other 0.0 0.1 0.1 0.1 0.1
EBITDA/share (C$/share) (0.03) (0.02) (0.00) (0.02) (0.02)
EV/EBITDA (x) -211.8x -359.5x -2,350x -339.7x -480.8x Non-Current Liabilities
Cash Flow (C$M) -0.8 -2.5 -1.0 1.5 -3.9 Borrowings 0.0 0.3 0.0 150.0 350.0
Cash Flow/share (C$/share) (0.01) (0.02) (0.01) 0.01 (0.02) Other 1.9 2.1 2.5 1.9 0.9
P/Cash Flow (x) na na na na na
Dividend (C$/share) 0.00 0.00 0.00 0.00 0.00 Shareholders Funds 102.8 121.9 139.8 442.0 439.9
Ordinary Shares (M) 122.1 134.0 145.3 177.3 196.4 Net Debt to Equity -14.2% -22.6% -27.7% -75.2% 22.8%
0% 5%
PROFIT AND LOSS STATEMENT - C$M PROJECT NPV NPV SILVER EQ. PRODUCTION (koz)
(June Year End) 2018A 2019A 2020E 2021E 2022E US$M US$M 2018A 2019A 2020E 2021E 2022E
SILVER SAND (BOLIVIA) 1,187.8 632.7 0 0 0 0 0
Sales Revenue 0.0 0.0 0.0 0.0 0.0
Other Revenue (1.1) (0.0) 2.2 0.0 0.0
Operating Costs 0.0 0.0 0.0 0.0 0.0
Depreciation (0.0) (0.0) (0.0) 0.0 0.0
Interest 0.0 0.0 0.0 (4.1) (18.0)
Exploration 0.0 0.0 0.0 (0.8) (0.8) Total Silver Eq. Production 0 0 0 0 0
Corporate (0.3) (0.3) (0.1) 0.0 0.0 Total Silver Eq. Sales 0 0 0 0 0
Other Costs (1.9) (2.0) (2.3) 1.8 15.7
Operating Profit Before Tax (3.3) (2.4) (0.2) (3.0) (3.1) Exploration Credit 0.0 0.0
Income Tax 0.0 0.0 0.5 2.1 6.3 Hedge Book 0.0 0.0
Operating Profit After Tax (3.3) (2.4) 0.3 (0.9) 3.3 Corporate (72.5) (64.9)
Minorities 0.0 0.2 0.0 0.0 0.0 Net Cash 38.2 38.2
Net Profit After Tax (3.5) (2.2) 0.9 2.2 (2.1) Investments/Bullion 0.0 0.0
Abnormals (0.9) (0.3) (0.2) 0.0 0.0 Future Equity Financing 248.4 248.4
Tax on Abnormals (0.3) (0.1) (0.1) 0.0 0.0 Total NPV 1,401.8 854.3
Reported Profit (4.1) (2.4) 0.8 2.2 (2.1) Per Share $6.96 $4.24 IRR = 3.4% P/NPV 1.2x
New Pacific Metals 2018A 2019A 2020E 2021E 2022E Co-Product Cash Cost (US$/oz) 2018A 2019A 2020E 2021E 2022E
Cash Operating Costs US$/oz 0.00 0.00 0.00 0.00 0.00 SILVER SAND (BOLIVIA) 0.00 0.00 0.00 0.00 0.00
Total Cash Costs US$/oz 0.00 0.00 0.00 0.00 0.00
All-In-Sustaining-Costs US$/oz 0.00 0.00 0.00 0.00 0.00
All-In-Costs US$/oz 0.00 0.00 0.00 0.00 0.00
EBIT to Total Assets -2.4% -1.5% -0.1% -0.3% -0.3%
NPAT to Shareholders Equity -4.0% -2.0% 0.5% 0.5% -0.5% QUARTERLY SUMMARY Q1/20A Q2/20A Q3/20A Q4/20E
ADJUSTED EPS (US$/sh) 0.01 0.00 0.00 0.00
CFPS (US$/sh) 0.00 0.00 0.00 0.00
FCFPS (US$/sh) -0.04 -0.02 -0.02 -0.01
Source: BMO Capital Markets
New Pacific Metals Corp | Page 3 January 6, 2020
4. Exhibit 2: NUAG Block Model at Spot Metal Prices
New Pacific Metals NUAG CASH FLOW ANALYSIS - C$M
(June Year End) 2018A 2019A 2020E 2021E 2022E
Recommendation Mkt Analyst RT Cash Flows From Operating Activities
Net Income (4.1) (2.6) 0.8 2.2 (2.1)
As at 6-Jan-20 BMO Capital Markets Non-Cash Items 2.0 0.3 (2.1) (0.6) (1.9)
Re-invested in Working Capital 1.3 (0.3) 0.3 0.0 0.0
Year End June $6.83 US$/share
Share Price $6.83 C$/share $5.26 US$/share Cash Flows From Investing Activities
Property and Business Activities 0.0 0.6 5.2 0.0 0.0
Target Price $6.50 C$/share $5.01 US$/share Acq.of Property, Plant and Equip. (6.9) (11.7) (11.1) (7.8) (432.5)
Net Present Value 5% $6.19 C$/share $4.77 US$/share Other (52.5) 6.8 1.7 0.0 0.0
0% $10.09 C$/share $7.77 US$/share
Cash Flows From Financing Activities
Market Cap 973.5 C$M 750.4 US$M Proceeds From Borrowings 0.0 0.0 0.0 150.0 200.0
Ordinary Shares 142.6 M Repayment of Borrowings 0.0 0.0 0.0 0.0 0.0
Options & Warrants 5.6 M Other 71.6 20.1 16.1 300.0 0.9
Net Increase In Cash Held 10.1 13.2 11.0 443.8 (235.6)
Cash At Beginning of Year 3.8 14.6 27.8 38.8 482.6
PRICE ASSUMPTIONS - SPOT PRICES Cash At End of Year 14.6 27.9 38.8 482.6 247.0
(June Year End) 2018A 2019A 2020E 2021E 2022E
Exchange Rate USD/BOB 6.91 6.91 6.91 6.91 6.91
Exchange Rate CAD/USD 0.79 0.76 0.77 0.77 0.77 BALANCE SHEET ANALYSIS - C$M
Gold US$/oz 1,297 1,263 1,543 1,566 1,566 (June Year End) 2018A 2019A 2020E 2021E 2022E
Silver US$/oz 16.72 15.00 17.86 18.15 18.15
Copper US$/lb 3.06 2.79 2.73 2.76 2.76 Current Assets
Zinc US$/lb 1.44 1.20 1.04 1.04 1.04 Cash and Cash Equivalents 14.6 27.8 38.8 482.6 247.0
Oil US$/bbl 58.25 60.73 61.35 63.03 63.03 Other 18.4 11.3 9.5 9.5 9.5
Non-Current Assets
Investments 5.8 5.1 2.1 2.1 2.1
FINANCIAL SUMMARY Fixed Assets 65.2 78.1 89.6 97.4 529.8
(June Year End) 2018A 2019A 2020E 2021E 2022E Other 33.7 41.0 50.7 494.5 258.9
NPAT (pre-Abs) (C$M) (3.5) (2.2) 0.9 2.2 (2.1) Current Liabilities
ADJUSTED EPS (C$/share) (0.03) (0.02) 0.01 0.01 (0.01) Borrowings 0.0 0.0 0.0 0.0 0.0
PER (x) na na na na na Creditors 1.8 2.0 2.6 2.6 2.6
EBITDA (C$M) -4.1 -2.6 -0.4 -3.0 -3.1 Other 0.0 0.1 0.1 0.1 0.1
EBITDA/share (C$/share) (0.03) (0.02) (0.00) (0.02) (0.02)
EV/EBITDA (x) -211.8x -359.5x -2,349x -339.9x -480.9x Non-Current Liabilities
Cash Flow (C$M) -0.8 -2.5 -1.0 1.5 -4.0 Borrowings 0.0 0.3 0.0 150.0 350.0
Cash Flow/share (C$/share) (0.01) (0.02) (0.01) 0.01 (0.02) Other 1.9 2.1 2.5 1.9 0.9
P/Cash Flow (x) na na na na na
Dividend (C$/share) 0.00 0.00 0.00 0.00 0.00 Shareholders Funds 102.8 121.9 139.8 442.0 439.9
Ordinary Shares (M) 122.1 134.0 145.3 177.3 196.4 Net Debt to Equity -14.2% -22.6% -27.8% -75.2% 23.4%
0% 5%
PROFIT AND LOSS STATEMENT - C$M PROJECT NPV NPV SILVER EQ. PRODUCTION (koz)
(June Year End) 2018A 2019A 2020E 2021E 2022E US$M US$M 2018A 2019A 2020E 2021E 2022E
SILVER SAND (BOLIVIA) 1,340.3 731.7 0 0 0 0 0
Sales Revenue 0.0 0.0 0.0 0.0 0.0
Other Revenue (1.1) (0.0) 2.2 0.0 0.0
Operating Costs 0.0 0.0 0.0 0.0 0.0
Depreciation (0.0) (0.0) (0.0) 0.0 0.0
Interest 0.0 0.0 0.0 (4.1) (18.0)
Exploration 0.0 0.0 0.0 (0.8) (0.8) Total Silver Eq. Production 0 0 0 0 0
Corporate (0.3) (0.3) (0.1) 0.0 0.0 Total Silver Eq. Sales 0 0 0 0 0
Other Costs (1.9) (2.0) (2.3) 1.8 15.7
Operating Profit Before Tax (3.3) (2.4) (0.2) (3.0) (3.1) Exploration Credit 0.0 0.0
Income Tax 0.0 0.0 0.5 2.1 6.3 Hedge Book 0.0 0.0
Operating Profit After Tax (3.3) (2.4) 0.3 (0.9) 3.3 Corporate (62.6) (58.8)
Minorities 0.0 0.2 0.0 0.0 0.0 Net Cash 38.2 38.2
Net Profit After Tax (3.5) (2.2) 0.9 2.2 (2.1) Investments/Bullion 0.0 0.0
Abnormals (0.9) (0.3) (0.2) 0.0 0.0 Future Equity Financing 249.4 249.4
Tax on Abnormals (0.3) (0.1) (0.1) 0.0 0.0 Total NPV 1,565.3 960.5
Reported Profit (4.1) (2.4) 0.8 2.2 (2.1) Per Share $7.77 $4.77 IRR = 4.6% P/NPV 1.1x
New Pacific Metals 2018A 2019A 2020E 2021E 2022E Co-Product Cash Cost (US$/oz) 2018A 2019A 2020E 2021E 2022E
Cash Operating Costs US$/oz 0.00 0.00 0.00 0.00 0.00 SILVER SAND (BOLIVIA) 0.00 0.00 0.00 0.00 0.00
Total Cash Costs US$/oz 0.00 0.00 0.00 0.00 0.00
All-In-Sustaining-Costs US$/oz 0.00 0.00 0.00 0.00 0.00
All-In-Costs US$/oz 0.00 0.00 0.00 0.00 0.00
EBIT to Total Assets -2.4% -1.5% -0.1% -0.3% -0.3%
NPAT to Shareholders Equity -4.0% -2.0% 0.5% 0.5% -0.5% QUARTERLY SUMMARY Q1/20A Q2/20A Q3/20A Q4/20E
ADJUSTED EPS (US$/sh) 0.01 0.00 0.00 0.00
CFPS (US$/sh) 0.00 0.00 0.00 0.00
FCFPS (US$/sh) -0.04 -0.02 -0.01 -0.01
Source: BMO Capital Markets
New Pacific Metals Corp | Page 4 January 6, 2020
5. New Pacific M etals Corp Rating History as of 01/03/2020
C$7
C$6
C$5
C$4
C$3
C$2
C$1
C$0
Apr 2017 Jul 2017 Oct 2017 Jan 2018 Apr 2018 Jul 2018 Oct 2018 Jan 2019 Apr 2019 Jul 2019 Oct 2019 Jan 2020
I:OP:C$3.75
08/13/2019
OP:C$5.50
10/25/2019
OP:C$5.75
12/18/2019
Closing Price Target Price
Outperform (OP); Market Perform (Mkt); Underperform (Und); Speculative (S); Suspended (Spd); Not Rated (NR); Restricted (R)
Source: FactSet, BMO Capital Markets
IMPORTANT DISCLOSURES
Analyst's Certification
I, Ryan Thompson, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or
issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views
expressed in this report.
Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and
their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in
generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service
to clients.
Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Limited are not registered as research analysts with FINRA. These
analysts may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the FINRA Rule 2241 restrictions on
communications with a subject company, public appearances and trading securities held by a research analyst account.
Company Specific Disclosures
Disclosure 1: BMO Capital Markets has undertaken an underwriting liability with respect to New Pacific Metals Corp within the past 12 months.
Disclosure 2: BMO Capital Markets has provided investment banking services with respect to New Pacific Metals Corp within the past 12 months.
Disclosure 3: BMO Capital Markets has managed or co-managed a public offering of securities with respect to New Pacific Metals Corp within
the past 12 months.
Disclosure 4: BMO Capital Markets or an affiliate has received compensation for investment banking services from New Pacific Metals Corp within
the past 12 months.
Disclosure 6A: New Pacific Metals Corp is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets
Limited or an affiliate within the past 12 months: A) Investment Banking Services
Disclosure 16: A research analyst has extensively viewed the material operations of New Pacific Metals Corp.
Disclosure 17: New Pacific Metals Corp has paid or reimbursed some or all of the research analyst's travel expenses.
Methodology and Risks to Target Price/Valuation for New Pacific Metals Corp (NUAG-TSXV)
Methodology: Price targets for precious metals developers are set using a 100% weighting assigned to a P/NAV multiple.
Risks: Risks to the BMO Research target price include commodity/currency, technical/operating, and litigation/political risks inherent in mining
operations, as well as feasibility, permitting, and financing risks related to the development of growth projects.
Distribution of Ratings (January 05, 2020)
Rating category
BMO rating
BMOCM US
Universe*
BMOCM US IB
Clients**
BMOCM US IB
Clients***
BMOCM
Universe****
BMOCM IB
Clients*****
StarMine
Universe~
Buy Outperform 45.3 % 23.8 % 55.3 % 47.6 % 57.3 % 57.7%
Hold Market Perform 50.6 % 16.4 % 42.7 % 49.1 % 41.9 % 37.5%
Sell Underperform 4.2 % 9.1 % 1.9 % 3.2 % 0.8 % 4.8%
* Reflects rating distribution of all companies covered by BMO Capital Markets Corp. equity research analysts.
New Pacific Metals Corp | Page 5 January 6, 2020
6. ** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services
as percentage within ratings category.
*** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking
services as percentage of Investment Banking clients.
**** Reflects rating distribution of all companies covered by BMO Capital Markets equity research analysts.
***** Reflects rating distribution of all companies from which BMO Capital Markets has received compensation for Investment Banking services
as percentage of Investment Banking clients.
~ As of April 1, 2019.
Ratings Key (as of October 2016)
We use the following ratings system definitions:
OP = Outperform - Forecast to outperform the analyst’s coverage universe on a total return basis;
Mkt = Market Perform - Forecast to perform roughly in line with the analyst’s coverage universe on a total return basis;
Und = Underperform - Forecast to underperform the analyst’s coverage universe on a total return basis;
(S) = Speculative investment;
Spd = Suspended - Coverage and rating suspended until coverage is reinstated;
NR = No Rated - No rating at this time; and
R = Restricted - Dissemination of research is currently restricted.
BMO Capital Markets' seven Top 15 lists guide investors to our best ideas according to different objectives (CDN Large Cap, CDN Small Cap, US
Large Cap, US Small Cap, Income, CDN Quant, and US Quant have replaced the Top Pick rating).
Prior BMO Capital Markets Rating System
(April 2013 - October 2016)
http://researchglobal.bmocapitalmarkets.com/documents/2013/rating_key_2013_to_2016.pdf
(January 2010 - April 2013)
http://researchglobal.bmocapitalmarkets.com/documents/2013/prior_rating_system.pdf
Other Important Disclosures
For Important Disclosures on the stocks discussed in this report, please go to https://researchglobal0.bmocapitalmarkets.com/public-disclosure/
or write to Editorial Department, BMO Capital Markets, 3 Times Square, New York, NY 10036 or Editorial Department, BMO Capital Markets, 1
First Canadian Place, Toronto, Ontario, M5X 1H3.
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clients may also receive our research via Thomson Reuters, Bloomberg, FactSet, and Capital IQ. Research reports and other commentary are
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cannabis-related companies is made available only to eligible approved North American, Australian, and EU-based BMO Nesbitt Burns Inc., BMO
Capital Markets Limited, and BMO Capital Markets Corp. clients via email, our website and select third party platforms.
~ Research distribution and approval times are provided on the cover of each report. Times are approximations as system and distribution
processes are not exact and can vary based on the sender and recipients’ services. Unless otherwise noted, times are Eastern Standard and
when two times are provided, the approval time precedes the distribution time.
BMO Capital Markets may use proprietary models in the preparation of reports. Material information about such models may be obtained by
contacting the research analyst directly. There is no planned frequency of updates to this report.
For recommendations disseminated during the preceding 12-month period, please visit: https://researchglobal0.bmocapitalmarkets.com/public-
disclosure/.
General Disclaimer
"BMO Capital Markets" is a trade name used by the BMO Investment Banking Group, which includes the wholesale arm of Bank of Montreal
and its subsidiaries BMO Nesbitt Burns Inc., BMO Capital Markets Limited in the U.K., Bank of Montreal Europe Plc in Ireland and BMO Capital
Markets Corp. in the U.S. BMO Nesbitt Burns Inc., BMO Capital Markets Limited, Bank of Montreal Europe Plc and BMO Capital Markets Corp are
affiliates. Bank of Montreal or its subsidiaries ("BMO Financial Group") has lending arrangements with, or provide other remunerated services
to, many issuers covered by BMO Capital Markets. The opinions, estimates and projections contained in this report are those of BMO Capital
Markets as of the date of this report and are subject to change without notice. BMO Capital Markets endeavours to ensure that the contents
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as advice designed to meet the particular investment needs of any investor. Nothing herein constitutes any investment, legal, tax or other
New Pacific Metals Corp | Page 6 January 6, 2020
7. advice nor is it to be relied on in any investment or decision. If you are in doubt about any of the contents of this document, the reader should
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to buy any security. BMO Capital Markets or its affiliates will buy from or sell to customers the securities of issuers mentioned in this report on
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New Pacific Metals Corp | Page 7 January 6, 2020