I'll let the HC company rep answer that @Alcidion I was asked...

I'll let the HC company rep answer that @Alcidion  

I was asked nicely to not share the full report here as they want to keep a record of who it's sent to.  

Also shoot investor relations an email [email protected] or [email protected]  - important to read the full report to see how they arrived at the price target.

There are always a lot of assumptions underlying PT calculations...this one is more conservative than the target from Stuart Roberts NDF initiation report released back in Dec 2016, so it would be useful for you to compare both when you receive a copy.