The MC you see is in USD, so considering the 18% rise overnight USGO is ~3.8 times our valuation. Insane!
I'm not sure what's causing the significant movement for them, but on a like for like basis we should absolutely be closer to parity (and Nova is more advanced in the studies which should carry weight).
The USGO deposit is slightly higher grade overall, but without the high-grade M&I we see at RPM (and hence, opportunity for quick payback). Their mine is 100km NW of Anchorage, Nova is roughly 150km NW (pretty close, similar access constraints). They also have a mixture of Gold, Silver and Copper, which is valuable but I personally prefer the Estelle deposit as a pure-play Gold Mine (at this stage).
On the assumption that their economics would look similar to the first NVA SS, it's worth noting that they are trading at a significant MC/NPV %, which isn't usual at this stage of exploration. So perhaps there is an element of hype in the price also, similar to what we saw in 2020 here. But even considering that, the gap shouldn't be this large.
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0.290 | 7241 | 1 |
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