Opinion: 1. There is not much error in confirming reserves, but there is an unexpected increase. According to the previous announcement, we have measured the value of the company's reserves. The reserves data officially announced this time is basically not much different from the previous data, but we have noticed that Hang Seng's molybdenum reserves announced earlier are 2.16 tons. In this announcement, it was changed to 21,600 tons, and the verified reserves were 21,800 tons. This should be due to a clerical error. Based on the additional 21,800 tons, the corresponding market value will increase by about 4.5 billion yuan. Based on verified mining rights reserves data, we calculated that the company's resource value was 15.068 billion, plus the prospecting rights reserves company's resource value was 28.793 billion yuan. 2. The purchase price of mining rights is cheap. It is beneficial to existing shareholders. Compared with the assessed value of mining rights of other mining backbone companies, the assessed price of mining rights acquired by the company is very cheap. Since it does not involve additional acquisitions, the company uses its own funds to complete the share acquisition, so it is beneficial to existing shareholders. The company received 15 billion revalued mineral resources at an assessed price of 146 million yuan, a proportion of less than 1%, while ST deflection of similar assets reached 6.21%. Among other types of mining companies, the lowest assessed value accounted for more than 4%. Therefore, the company's acquisition is very beneficial to existing shareholders. 3. The market value is still seriously undervalued. The company with huge future space currently has a market value of 6.407 billion, a mining rights reserve value of 15.068 billion, and a market capitalization/resource value of 0.425. Considering that after the company's prospecting rights are converted to mining rights in the future, the resource value will reach 287.93, the market capitalization/resource value is only 0.22, and the long-term market value of the company is still huge. The company's short-term market value is still underestimated compared to ST ST The conversion is still underestimated by 2 times. From the perspective of resource value, the market value still has the potential to double, maintaining a medium-term target price of 25 yuan, raising the long-term target price to 35 yuan, and maintaining a “highly recommended” rating.