Ann: Nova to Unlock the Value of its Lithium Projects, page-61

I'm expecting the rerate for Thompson Bros from end of this year, playing out over a 2-3 year period. Significant share price catalysts will likely occur with Preliminary Economic Analysis and Feasibility study combined with a commercial deal. A mine design of some form is certainly needed. Bulk sampling and additional mets recommended. IMO too risky to sign Offtakes without studies and customer testwork.

Logically the significant rerate for Estelle will start to occur after the 51% earn-in has been achieved. This requires AUD $1mill exploration spend. Given the plan to purchase their own drill rig and the aggressive drilling planned I think this will be achieved as early as completion of the Maiden JORC (end of year). If more work still required then the follow-up RC drilling proposed for 2019 might be enough. Economic / Feasibility studies are also key. I think a good chance NVA will try to JV Estelle with a major gold miner. Easier than trying to go it alone. In terms of catalysts Estelle about 12 months behind Thompson Bros (assuming they can quickly achieve a resource in the range of their exploration target ). Rerate also to play out over a 2-3 year period.

The above IMO. DYOR. Of course dependent on the company successfully defining the assets and achieving their development goals.