Ann: Appendix 2A, page-8

I can't give specific advice on when to buy or sell or on your portfolio weightings. You really need to determine that for yourself by following the newsflow, company progress and also what wider markets are doing - and in NVA's case what the gold market is doing.

We don't have any drill results yet to be able to narrow down likely NVA resource upgrade before the end of August. Block B is the highest grade portion of the existing resource. Good drill results in the context of the gold bull market could really propel NVA share price ( and gold has surged the last day ). It does need drill results acceptable to the market for the share price to really get traction.

If they achieve grades similar to the existing parts of the Block B resource I'm hopeful they might increase resource from the 2.5 Moz range to somewhere in the 3.5 Moz to 4.5 Moz ballpark. I then hope that by the end of the year they can push it to the 6 Moz to 10 Moz ballpark by the end of the year with further drilling at Korbel and the other prospects (particularly RPM). Anything above 7.0 Moz total resource by end of year would be a bonus ( and an astounding result - would be quite unique in Gold exploration ).

They are drilling up to 12,000m at Blocks A & B, but the focus is certainly on Block B (again because of the higher grades in this area).

This is the set of drill holes in the drilling contract - about 10,000m and they may do shallower drilling with NVA's scout drill ( perhaps 10 - 20 holes @ up to 100m, but only guessing if they will use the scout drill ).

https://www.asx.com.au/asxpdf/20200117/pdf/44dbdnklgs12vn.pdf


(here's the first two drill sections planned - straight through and below the existing resource )




I do agree that ADN will have a slower steady rise between PFS and DFS but they should have a lot of newsflow in that time.