Even in 2011/2012? or you just thinking about the gold bear market of 2013-2018?
How can a value per oz have a single figure like $45/oz attached to it when gold is deeply cyclical?
I'd take peer analysis of other gold stocks in the current environment over some "average" amount applied at all times...
During a gold bear market, peers prices would adjust accordingly, and therefore novas "fair value" would also adjust.
Look at the POG now. $1893. $1000 in 2015. The value per Oz needs to adjust with the environment and peers are the best way to do so.
NVA fair valuation - 25c for 2.5 Moz, 40c for 4 Moz, 50c for 5 Moz and so on ..., page-141
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