NVA - Snow Lake Resources, page-69

Looking at the following Canadian peers (100% ownership):

QMC.V 1.20Mt x 1.5% = 18 Kt CAD 15.69 M / 18 Kt = CAD .87 M per kt
FAT.CN 1.00Mt x 0.91% = 9 Kt CAD 9.90 M / 9 Kt = CAD 1.09 M per kt

Compare that with NVA (80% ownership basis pre-IPO):

NVA.AX 6.30Mt x 1.38% = 87 Kt NVA @ MCAP AUD $ 18.63 M / 87 Kt x 80% = AUD $ .17 M

Currently on a per kilotonne of resource basis we are undervalued by a factor of 5 to 6.5 when compared with Canadian peers.

Now looking at SYA.AX on ASX:

SYA.AX 20.94Mt x 1.01% = 211 Kt AUD $ 34.32 M / 211 Kt = AUD $ .16 M per kt

Our value compared with SYA.AX is similar (NVA $.17M per kt versus SYA .$16 per kt), however SYA.AX have completed their DFS so are significantly advanced. They have been savaged by the market.

No value is ascribed to our gold projects yet (except that shares and options are tightly held).