NVA fair value target $0.59 to $0.83 for 5 Moz to 7 Moz, page-88

(with corrected calculation for EBT, missed the interest)

This is a highly-speculative scenario. Please understand that. DYOR. Not advice.

Note assumptions marked in red. Hopefully self-explanatory.

Speculative scenarios based on them producing 500 koz pa in 10 years time. i.e. Estimate is projecting forward to 2030.

We also have a gold bull market commencing so I have done scenarios at USD $3,000 to $6,000 gold price. Reasonable to expect given economic climate playing out.

I have tuned AISC to make estimate super-conservative.

They would need perhaps 40% dilution to get a starter operation financed. After that there may be further dilution so I added another 30% to make it very conservative.

Dividends calculated at 30% payout ratio of earnings per share. I have provided calculations for holdings of 10,000, 100,000 and 1,000,000 shares respectively.