2021 NVA chart, page-633

DYOR. This comparative analysis is not intended as financial advice. Make your own investment decisions based on your own research.
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Fair value for 4.7 Moz is AUD $0.23 per share based on inferred peers.

On the following assumptions at current resource size, this asset could potentially support revenue USD $340M per annum in production:

• 60% conversion of resource to reserve
• 90+% recovery for proposed flowsheet
• 12-year mine life
• 85% ownership

Note - peers have a mix of historic or inferred resources and some still at partial ownership.



We have a few things happening that could take the NVA share price towards fair value:

• Scoping Study is due soon based on a change in flowsheet to one based on ore sorting and floatation to achieve 90%+ recoveries. With this the market should be able to better understand the economics of Estelle.
• Possibility of significantly increasing total resources due to the ongoing drilling at Korbel plus the new drilling to commence at the higher-grade RPM deposit.
• Infill drilling to add resource confidence at Korbel and move some of the resources to M&I.

I'm speculating they'll achieve in the 7 Moz to 10 Moz range for the "global" resource planned for the end of the year covering Korbel and RPM. That gives a price target $0.34 to $0.49 by the end of the year.

I've added the gold price to the chart below.

Note - the main chart is in log scale format and is an easier way to fit in the annotations.