New Report - 20c target, page-7

On comparison with inferred peers in stable jurisdictions, NVA should be trading at around $200 per ounce. Historic work on the property indicates Estelle is a district-scale monster.

Ballpark $0.25 to $0.30 is entirely reasonably ... just for 2.5 Moz resource they already have. Look at the valuation disparity on a per ounce basis ...



NVA is the only one of this set likely to achieve in the region of 10-15 Moz within the next 12-18 months. Their target for this year (said in August) is 400 Mt to 500 Mt at 0.5 g/t. That would be in the region of 6 Moz to 8 Moz.

Go to about 10 minutes in the video.



Targets A & B currently 2.5 Moz and we could see them move these to 6 Moz to 8 Moz in total by the end of 2020.



Targets C & D have stronger geophysics that targets A & B ... another 5 Moz+ here.

They have not drilled these yet, but the strongest mineralisation coincides with the strong geophysics. They showed this last year.



RPM prospect has one historic hole which they re-assayed. Several holes here in a fan pattern could potentially add 2 Moz quickly.



Tally all of those prospects and that's a ballpark of 10 Moz to 15 Moz.

That's excluding other areas at the edge of Korbel ... extensive surface work in the other areas and a little drilling.

Korbel is right at the Northern end of their land package.




NVA already have a relationship with the Alaskan State Development agency for a road. This will likely be funded by the Alaskan government. NVA and some other parties together with the Alaskan government are working on a JV for the road development. Engineering studies are underway.

https://www.asx.com.au/asxpdf/20200420/pdf/44h2gwlr2qb9p7.pdf

That Alaskan government group ultimately funded infrastructure for the Red Dog Mine in Alaska. USD $175M for road and port.