I think it defies common sense for NVA to have a market cap of just $100M when it has a Lithium holding valued at AUD $80.5M based on last close for LITM ( USD $6.10 ) plus a large ( and growing ) Gold Resource of 9.6 Moz ( 31.25% indicated ) in a prime jurisdiction (Alaska) and 85% ownership secured.
There are few if any companies that have achieved this level of resource growth in a 4 year period ( 2018, 2019, 2020, 2021 ). The last 2 years of that time with significant disruption to activities caused by the background of a Pandemic ... so in that difficult period they grew resources from 2.5 Moz to 9.6 Moz (
a 284% increase in resources over a very difficult time for significant parts of the mining industry ).
View attachment 4163708NVA have now established a consistent track record of delivering resource growth at very low cost per ounce. They do this successfully since they are blessed with wide bulk-mineralised ore bodies with resources near surface. I think around 70% of the drilling is into mineralised rock. It means that their diamond drilling campaigns consistently deliver ounces. They don't have the geology hidden under excessive levels of sand or vegetation as is common in many other locations. Their geos can more easily interpret the trends on the ground and from the air and they have consistently and successfully used geophysics to guide their drilling campaign. That's proven with the resource growth below. They now have an established gold camp on site which will only make their exploration efforts more effective. We should see consistently shorter timeframes between drill holes being completed and assay results being delivered from labs. I think we'll see that in the drilling campaigns at Korbel and RPM this year.
PDI in a much higher risk jurisdiction is trading at $302M market cap (last close) for a resource that is much less advanced resource ( 100% inferred ) at 3.6 Moz.
NVA's share of Estelle is 85%. Scoping Study for Korbel Main completed which is proof of concept for startup. Further ounces to be added at Korbel Valley and RPM will be considered in the PFS.
On an ounces gold owned basis NVA has
2.3 times the resources of PDI.
My charts below for peer comparison. I've shown this Net Tangible Asset value of NVA's share of Snow Lake below. They could quite easily block trade a portion of this asset after May if they so decide.
View attachment 4163711
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