NVA fair value target $0.59 to $0.83 for 5 Moz to 7 Moz, page-63

Have a look at this:

https://hotcopper.com.au/posts/48194636/single

This estimate has been aggressively tuned with assumptions to be conservative:

• Gold price at USD $1,800 (instead of $1,900)
• AISC at a 20% premium to AISC for Victoria Gold (which has a similar mineralisation style)
• 7% premium to the exchange rate
• 40% dilution of fully-diluted share issue to achieve production
• CAPEX based on capital intensity for Victoria Gold
• Adjustment for 2% net smelter royalty to JV partner

This above is a valuation for a starter pit.

It doesn't factor in the expansion potential in NVA. Can envisage that NVA could double production within 5 years of achieving cashflow due to the scale of their asset / resources.

In a gold bull market, we could easily see gold prices USD $2,500+ in production. That would be a massive increase in margin. On these numbers about a 60% to 70% increase in gross margin.