NVA fair value target $0.59 to $0.83 for 5 Moz to 7 Moz, page-95

Well, I found a flaw in my Equity Funding check calculation – I used Ore Resources rather than Gold Production – so I calculated a much higher Retained Profit being available for funding.

So, I’ve corrected that error (any others, please let me know), and so I have now added a capital raise to ensure sufficient funding for the full production plant. One gap in my analysis is the funding arrangements for the costs of the starter pit operation plus interim expansions of production. I have assumed a $250m capital raise plus if it could be done at a higher price (than $0.75 in 2024) then more could be raised. Also some of these starter / interim facilities would carry over to the full production facility, so the actual capex required for the full production plant would be lower (than $3bn).

So where this got me is this – a $10 SP (in 2030) is still possible - with a production rate of 1.2 million oz per year from an ore resource of 32.5 million oz.