Completely agree, my gut feeling is that the recent geo was more...

Completely agree, my gut feeling is that the recent geo was more conservative, but it could also be a case of simple assumptions that no longer hold true (i.e. they thought RPM extended much further than proven). In any case, the risk of a further Resource surprise feels limited to me, other than for Cathedral, and the M&I portion at RPM is much higher confidence which bodes well when assessing the probability of extracting these tonnes. Now it's a question of the economics, and how attractive they're going to be as Nova approaches a FID and funding challenge.

My biggest concern would be a material shift in the Capex of the project, i.e. 30-40% increase. The market environment for capital procurement is certainly challenging, but if our Production profile remains similar in scale to the SS1, even with the higher grade feed it may be difficult to stack up a material Capex movement. But, I am not expecting this to occur, I think the most likely case is a moderate change to Capex/Opex (hello inflation), an increase to the discount rate, an increase in the upfront grade & gold price, and hence a material increase in NPV and IRR. Extension of the LOM will also be really favourable for NPV, not so relevant for payback but definitely keen to see how this project looks over a longer life. I believe the MRE has moved significantly in confidence for this to be possible too.

I am excited to see the study, we are at basement-bottom prices at the moment, and considering the valuation of USGO we have a long re-rate to come if market confidence returns. Most supporting catalysts for this to occur are there (gold price holding @ US$2000, LITM SP increasing, USGO at >$200m MC etc), now it's up to Nova to execute. Cheers.