Comparison of NVA to the Market, page-8

Until the scoping study shows otherwise, and putting RPM to the side for the moment, my working hypothesis is that Korbel is likely to have a relatively high AISC due to its low grades. So even with a large and expanding resource, that tends to put a lid on its current valuation.

However, that means that it has tremendous leverage to any future rise in the price of gold. We all have our own views about that, but in my opinion gold is going a lot higher in the next few years and although the last 16 months have been challenging and there have been several false breaks, I get the feeling this correction is almost over. If gold goes up, this is a stock you want to own.

Following the recent bonanza drill results, RPM is a possible game changer that "the market" seems to be largely ignoring. I feel like I'm getting the potential upside for free and can't understand how anyone could short NVA with that waiting in the wings.

LITM then adds further value, gives funding flexibility and makes the residual gold assets appear even more undervalued.