HDRSF - Keweenaw Land Association: Liquidated Timber Assets Leave An Intriguing Royalty Play Behind

• On Tuesday, November 23rd Keweenaw Land Association "KLA" announced they would be liquidating their storied timber assets for approximately $140 per share. Post tax, KLA will distribute $100 to shareholders.
• KLA's remaining principal assets are 428,789 acres of sub-surface mineral rights that were given to the company by the federal government over one hundred years ago.
• The mineral properties are recorded as zero dollars on KLA's balance sheet, but have returned over $500 million in inflation adjusted dollars to shareholders over the last 100 years.
• The author provides three potential valuations for KLA's Copperwood royalty based on the following analyses: discounted cash flow, price to yield, and liquidation.
• The author gives additional insight on other mineral assets for KLA, particularly from the storied Groveland iron ore mine, which was previously owned and operated by Hanna Mining.

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