Ann: Estelle Gold District Presentation - October 2020, page-62

Absolutely agree with wombats assessment here. Valuation is short on what we have defined already, in my view predominantly because there has been insufficient evidence to meet corporate investment mandates. The RPM, Shoeshine and more recently Cathedral prospects add further risk mitigation and/or upside, but for an investment mandate, this info alone is not nearly enough.

With time and money invested in revealing the supporting data, these prospects open up and as we are seeing right now, 2 weeks on from the additional supporting assessment, the boxes are ticked and the funds start to flow into higher valuation.

For me, over the last 2 years, these additional prospects in the same region provided downside risk protection should the Korbel prospect not open up as it has. Now Korbel is proving itself up as highly economic, low grade, massive tonnes and at surface, these additional prospects now shift to provide significant upside.

Is still a long time and much money to get into production, but from here on, the news flow will not only include Korbel increasing oz, mining decision milestones, but these additional prospects filling what might otherwise be gaps in excitement for the future. As these additional prospects start to get opened up, the 6-7m likely Oz from Korbel can easily become 3-4 times that with inclusion of these others. I don’t know of any other gold explorer with multiple options like this at this stage of exploration. Ordinarily would be happy with the one.

A long term, strategic explorer, is even more rare, and the Nova team have always impressed me with a long term strategy, not simply a mining money (from the market) to keep their jobs approach. This was locked in for me when management and board reset the share issue price against themselves back in 2018. They have since added several millions of their own cash into more shares at higher prices.

The combination of great prospects, great results and demonstrated long term strategic decision making is for me the key for great wealth generation. This is not an overnight success, has been 3 years in the making, looking forward to the next 3 years for sure.