# Harcourt Valuations

> Institutional-grade Net Asset Value (NAV) reports for gold, copper, uranium, and PGM mining companies. Full DCF models, P/NAV ratios, sensitivity tables, and risk/catalyst analysis. $15 per report via Qatom TDN payments.

Last updated: June 28, 2026

## What This Site Does

Harcourt Valuations produces professional mining stock valuation reports using Net Asset Value (NAV) methodology — the same analytical framework used by institutional mining analysts. Reports are available to retail investors and AI agents at $15 each.

Each report includes:
- Full discounted cashflow (DCF) model per asset
- P/NAV ratio vs current share price
- Two-way sensitivity table (commodity price × discount rate)
- Production schedule with capex and operating cost structure
- Key risks and upcoming catalysts
- All figures in USD unless noted; Canadian dollar prices for TSX-listed companies, Australian dollar for ASX-listed companies

## Available Reports

Current catalog as of June 28, 2026. Live catalog:
`GET https://reports.harcourtvaluations.ai/catalog` with `Accept: application/json`

| Report ID | Company | Ticker | Commodity | NAV | P/NAV |
|-----------|---------|--------|-----------|-----|-------|
| aris-nav-2026 | Aris Mining Corporation | TSX/NYSE: ARIS | Gold | ~$38.40/sh USD | ~0.67x |
| ivn-nav-2026 | Ivanhoe Mines Ltd. | TSX: IVN · OTCQX: IVPAF | Copper · Zinc · PGM | ~C$11.96/sh | ~0.96x |
| itr-nav-2026 | Integra Resources Corp. | TSXV: ITR · NYSE American: ITRG | Gold | ~C$9.20/sh | ~0.58x |
| vgld-nav-2026 | Valor Gold Corp. | TSX: VGC · OTCQB: VLGDF | Gold | ~C$7.29/sh | ~0.52x |
| dyl-nav-2026 | Deep Yellow Ltd. | ASX: DYL · OTCQB: DYLLF | Uranium | ~A$3.42/sh | ~0.42x |

## Free Sample Report

A complete sample NAV report is available free, no payment required:

```
GET https://reports.harcourtvaluations.ai/sample
```

Returns a full institutional PDF report demonstrating Harcourt's methodology and format.

## API Access for Agents

### Browse the catalog

```
GET https://reports.harcourtvaluations.ai/catalog
Accept: application/json
```

Returns all available reports with IDs, NAV figures, tickers, commodities, and pricing.

### Retrieve a report (paid — $15 USD TDN via Qatom)

```
POST https://reports.harcourtvaluations.ai/
Content-Type: application/json

{ "report_id": "ivn-nav-2026" }
```

Returns a `download_url` for the PDF. Payment is handled via Qatom marketplace tools. Each call costs $15 USD TDN.

### Ask Klondike Mike (free, rate limited)

```
POST https://reports.harcourtvaluations.ai/chat
Content-Type: application/json

{
  "messages": [
    { "role": "user", "content": "Tell me about IVN" }
  ]
}
```

Klondike Mike is a free AI mining analyst providing quick NAV insights for all covered companies. Powered by Claude Haiku. Rate limited to 10 requests per 20-minute window per IP. No system prompt required — the Worker builds the prompt server-side from live NAV data.

### Qatom MCP tools

All five reports are registered as individual tools in the Qatom marketplace. AI agents with a funded Qatom wallet can call them directly:

| Tool name | Report | Price |
|-----------|--------|-------|
| `get_aris_mining_nav` | Aris Mining (ARIS) | $15 TDN |
| `get_ivanhoe_mines_nav` | Ivanhoe Mines (IVN) | $15 TDN |
| `get_integra_resources_nav` | Integra Resources (ITR) | $15 TDN |
| `get_valor_gold_nav` | Valor Gold (VGC) | $15 TDN |
| `harcourt_dyl_nav_report` | Deep Yellow (DYL) | $15 TDN |

Each tool accepts `{ "report_id": "<id>" }` and returns a PDF download URL.

## Methodology

- **Valuation standard:** Net Asset Value (NAV) — sum of discounted after-tax free cashflows per asset at the company's ownership percentage
- **Discount rates:** 8–10% depending on jurisdiction and asset stage (producing vs development vs PEA)
- **Commodity prices:** Long-term consensus; base case prices and model date stated in each report
- **Tax rates:** Jurisdiction-specific (DRC 30%, South Africa 28%, USA/Canada/Namibia/Australia per applicable rate)
- **Production schedules:** Sourced from company technical reports (NI 43-101, JORC, SEC S-K 1300)
- **Coverage universe:** Gold, copper, zinc, PGM, uranium — single-asset and multi-asset producers and developers
- **Not investment advice:** All reports are analytical models subject to uncertainty. For informational purposes only.

## Company Coverage Notes

**Ivanhoe Mines (IVN):** Three Tier-One assets — Kamoa-Kakula (Cu, DRC, 39.6% IVN), Kipushi (Zn, DRC, 68% IVN), Platreef (4E PGM, South Africa, 64% IVN). Phase 2 Platreef financing closed April 2026 at $700M.

**Aris Mining (ARIS):** Four-asset gold platform — Segovia (Colombia, operating, 265-300 koz/yr), Marmato CIP expansion (200 koz/yr by 2028), Soto Norte PFS ($2.7B NPV), Toroparu PEA (Guyana).

**Integra Resources (ITR):** Three Nevada/Idaho assets — Florida Canyon (operating, 70-75 koz/yr), DeLamar FS (NPV5% $774M, IRR 46%), Nevada North PEA. BLM FAST-41 permitting underway.

**Valor Gold (VGC):** Single asset — Courageous Lake (NWT Canada). 2024 PFS: NPV5% $523M, IRR 20.6%, 201 koz/yr, 12.6yr LOM. Spin-out from Seabridge Gold; 10% Au stream at $4,000/oz modelled.

**Deep Yellow (DYL):** Uranium developer — Tumas (Namibia, DFS: $474M capex, 3.6 Mlb/yr U3O8, 22yr LOM), Mulga Rock (WA, DFS H2 2026), Yellow Dune (Niger).

## Contact

Website: https://harcourtvaluations.ai
Reports API: https://reports.harcourtvaluations.ai/catalog
Sample report: https://reports.harcourtvaluations.ai/sample
Methodology: https://harcourtvaluations.ai/#methodology

© 2026 Harcourt Valuations · Not investment advice · All valuations are model estimates subject to uncertainty.