Thanks @timmy70. I must admit I’m curious as to your intentions...

Thanks @timmy70. I must admit I’m curious as to your intentions as I note that NVA is the only company thread you comment on HC, and there have been rumours you work for an institutional bank? Regardless, rather than complain why not get in touch with us? We do listen to what shareholders have to say and Louie and I can meet you anytime, anywhere that suits you to discuss how you think the company should be run as I assume that you have knowledge of running a resource company and the requirements to do so?

Now that you have listed out your concerns I would like to reply to each as below.

1. No closer to production. I absolutely dispute this. The company is a lot closer to production than it was a few years ago. I’m not sure of your expectations but it takes many years to go from greenfields exploration to production, and comparatively in what we have achieved in just over 4 years Nova’s current progression is well ahead of where many other gold resource companies have been. Take a look at how long Victoria gold took from exploration to production, Donlin Gold and US Gold Mining Whistler project started considerably before Estelle and still not in production and even DeGreys are now showing 1st production several years later than they initially announced. That’s the nature of a resource company. You need to be nimble and make changes along the way based on what you discover. If you rigidly stick to the original plan and don’t take account of what you find along the way in respect to resource and flow sheet optimization particularly then the project will be doomed to fail as many have in the past (Blackham Resources as an example). At Nova we now have a large resource base and this year’s drilling was primarily designed to get more of the RPM resource into the higher indicated category for the PFS, and as announced, the strategic review currently under way is designed to look at ways that we can possibly get Estelle into production sooner and at a lower initial capital cost. In addition, we are leaving no stone unturned as we want to find the absolute optimum to make as much money as fast as possible when in production. Also please don’t forget that the directors have personally collectively invested many millions of dollars of their own funds into this project and therefore we are extremely incentivised to ensure this project is a success.

2. Delayed SS. I wasn’t a board member at the time but I was a reasonable sized shareholder. The 1st SS was delayed as drilling in that year found the higher grade core at Korbel so it made sense to me to delay the SS to include these new drill results as it changed the whole project and applauded the board at the time. Economic studies are not cheap to produce so if something comes up that will materially affect the project isn’t it better to delay the report and include the new data and get it right rather than rush it out just to meet some arbitrary timetable.

3. 2nd SS. The 2nd scoping study achieved all its goals of increasing the NPV, reducing the payback period to just 11 months and reducing the initial capital costs while increasing the IRR to 51% as well as increasing the free cashflow to over USD$1B. How is this not a success?

4. Drilling elsewhere. The SS was a success., see the above point 3. The initial scout drilling at Train was designed to test a new highly prospective area which surface sampling has shown potentially contains a large mineralized system. Admittingly we didn’t hit the heart of the system in the 1st drilling this year like we all hoped, but the area still looks very attractive for both gold and now antimony as well and we will explore it with more drilling in the future.

5. Stopped drilling without telling shareholders. Drilling stopped in mid to late September and we announced this in both the RPM South announcement in early October as well as the September 23 quarterly and then again in the recent Train announcement along with the reasons why we stopped the drilling. I’m not sure what other expectations you have in this regard.

6. MRE for RPM went backward. While yes we would all like the MRE to just keep increasing every time, this is not realistic and many companies see their resources decline when they move resources from the lower confidence inferred to the higher confidence indicated and measured categories. The reason for this is that an inferred resource is based on wider spaced drilling and that means there are many gaps which the resource modeller has to make assumptions about when completing their calculation based on the best available info that they have at that the time of calculation. Subsequent closer spaced drilling to get the resource into the higher indicated category is done to fill in these gaps and provide the actual missing data that was assumed in the lower confidence inferred resource. The actual data will always be different to the assumptions and that’s why the resource numbers change. The most important thing is that you get more of the resource into the higher confidence indicated and measured categories as going forward the more detailed level studies like PFS have to be based on at least indicated resources and we achieved that with the updated MRE at RPM earlier this year.

7. Sale of Snow lake shares. Again I think your expectations here are unreasonable. Generally speaking I have never met a person yet who has picked the top or the bottom of any stock.. We got a very good price for the sale of the snow lake shares and that sale allowed Nova to complete the 2022 drill campaign without diluting shareholders. A 2,500% return on investment from a sale in 5 years is incredible in my books. Looking at the SP of Snow Lake today $6 also looks very good so I’m not sure what your complaint is here.

8. Snow Lake SP now less than $1. Yes that is true and we are as surprised as everyone else that a company which produced a PEA this year with an NPV of USD$1.6B with an initial capital cost of just USD$50m is worth so little, but that is market dynamics and we have absolutely no control over SL or the market, but we do believe that the market will see the true value in SL in time and again this is another free carry investment which Nova holds.

9. Share buy back. Again I wasn’t a director at the time of the share buy back but I know subsequently it was done for strategic reasons at a time when there was a big seller and the company could buy back shares at a very cheap price to reduce the shares on offer.

10. Production has already slipped 2 years. Lets set expectations here. Show me a resource company that has progressed as fast as we have from absolute green fields to a 9.9Moz gold resource, with 2 economic studies done, enviro studies well under way and some cases already completed for Korbel and PFS level studies commenced in just over 4 years. Essentially we are now at the level which Capricorn Metals (CMM) was at when Kim Massey and crew took over the project with a resource and it took them at least another 4 years before they started production and now they are making solid cashflow and credit to them. Very few have so it has been a fast track so far and as I said in point 1 above it is common, for the reasons given in that point, for schedules to production to slip and I’m not trying to make excuses but we did also have a worldwide pandemic for a year with flow on effects for another 12 months+.

11. Asra Minerals investment. Nova’s investment in Asra is a free carry as we sold some shares and options in Asra when the SP was much higher. Why not have a free carry investment in a company which has some promising gold, rare earths and now land in the next lithium hot spot in Australia? The sale of any future Asra shares and options is pure profit to Nova to be put back into the Estelle gold project.

12. Share consolidation. Again I was not a director at the time of this but upon subsequently reading the reasons for it I fully support it as the intention was to get to the US market and the US bankers had told the company that the US market does not like share registries which have over 1B of shares on issue. The SP decline has nothing to do this, and again I’m not making excuses, but it is the result of the current market which at the moment is seeing substantially less volume traded and unfortunately gold resource companies are currently out of favour. Like lithium, which was also out of a favour a few years ago, but is now the hot sector, gold will have its time again (soon hopefully!).

13. Antimony. We have stated in all the announcements about antimony that we are still a gold company. The actual fact is that the antimony found us , we didn’t go specifically looking for it. The antimony is also coincident with the gold so when you mine you don’t just extract one you extract both the gold and antimony at the same time. When we looked into what it was used for, we then found that it was a very scarce mineral which is used in a number of civil and defense applications and the US currently doesn’t have a domestic supply, with most of the supply currently coming from China and Russia. Antimony is also listed on the US critical minerals list, meaning companies can apply for grants/funding from US Govt Depts to explore further the opportunities of providing the US with a domestic supply. Given this why wouldn’t we at least pursue it further by getting a corporate advisor to help us with possible grants/funding that maybe be available to the company to drill and develop what could potentially be a very valuable bi product and in some cases co-product from our gold mining operation.

I think you also need to understand that the Estelle Gold Project is district in scale, and discoveries of this size are now very rare. This is not a single deposit project. We have already discovered over 20 very prospective prospects but the main aim now is to get into production and use the free cashflow from that production to further explore and develop the many exciting prospects that exist across the 35km long mineralized trend.

And I re-iterate, Louie and I are more than happy to catch up with you ant time, any place to meet discuss further.