# Harcourt Valuations

> Institutional-grade Net Asset Value (NAV) reports for gold, copper, and PGM mining companies. One-page PDF reports with full DCF models, P/NAV ratios, sensitivity tables, and risk/catalyst analysis. $5 per report via Qatom TDN payments.

## 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 at $5 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
- Key risks and upcoming catalysts
- All figures in USD unless noted; Canadian dollar prices shown for TSX-listed companies

## Available Reports

Current catalog as of June 2026. Full live catalog available at:
`GET https://reports.harcourtvaluations.ai/catalog` with `Accept: application/json`

| Report ID | Company | Ticker | Commodity | NAV | P/NAV |
|-----------|---------|--------|-----------|-----|-------|
| ivn-nav-2026 | Ivanhoe Mines Ltd. | TSX: IVN · OTCQX: IVPAF | Copper · Zinc · PGM | ~C$11.96/sh | ~0.96x |
| aris-nav-2026 | Aris Mining Corporation | TSX/NYSE: ARIS | Gold | ~$38.40/sh USD | ~0.67x |
| 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: VGLD · OTCQB | Gold | ~C$7.29/sh | ~0.52x |

## API Access for Agents

### Browse the catalog

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

Returns JSON array of all available reports with IDs, NAV figures, and pricing.

### Retrieve a report (paid — $5 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 the `get_nav_report` Qatom marketplace tool. Each call costs $5 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" }
  ]
}
```

Returns a Claude API-format response. Klondike Mike is a free AI analyst who provides quick NAV insights for covered companies. Rate limited to 10 requests per 20-minute window per IP.

### Qatom MCP tool

The `get_nav_report` tool is registered in the Qatom marketplace. AI agents with a funded Qatom wallet can call it directly:

- Tool name: `get_nav_report`
- Input: `{ "report_id": "<id>" }`
- Price: $5 USD TDN per call
- Output: JSON with `download_url` pointing to the PDF

## Methodology

- **Valuation standard:** Net Asset Value (NAV) — sum of discounted after-tax free cashflows per asset at IVN ownership percentage
- **Discount rates:** 8–10% depending on jurisdiction and asset stage (producing vs development)
- **Commodity prices:** Long-term consensus; model date and base prices stated in each report
- **Tax rates:** Jurisdiction-specific (DRC 30%, South Africa 28%, USA/Canada per jurisdiction)
- **Production schedules:** Sourced from company technical reports (NI 43-101 / S-K 1300)
- **Not investment advice:** All reports are analytical models subject to uncertainty

## Contact

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

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