Ann: Korbel Gold Project Starter Pit Scoping Study, page-404

I think what has been largely overlooked in this is the free cash flow Nova can generate over this evaluation period - and it’s only a small part of the tenement they are processing.

Current free cash flow is $716m USD, based on Korbel alone. If they have capacity to produce 200,000 ounces p.a. Let’s say with RPM as a mix through the plant they can average 160,000 ounces p.a. For the evaluation period.

Based on the AISC provided that would mean an additional 444,000 ounces processed. It means we would add at least $250m USD in free cash flow to the project.

we are now talking about free cash flow of nearly $1b USD over a 15 year period, and we’ve only mined 1/4 of the current ounces reported. With a market cap of approx $100m right now it’s looking incredibly cheap.