NVA 29.3% 5.3¢ nova minerals limited

Estelle Gold Camp Peer Value - June 2019

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    With the surging gold price, decided to rerun my peer analysis for Estelle.

    These are more thoughts on potential value by averaging the two peer-comparisons. Need to be clear that they are only an indication of potential share prices if exploration objectives are achieved.

    1. Peer comparisons from BDC.AX and MZZ.AX (both with 100%-owned assets at exploration stage, with JORC resource and progressing testwork or feasibility, both are in mining and investment friendly jurisdictions - like Estelle)
    2. Resource size for each company has been used to determine how much each 1 Koz of gold in the resource contributes to market cap (simply MCAP divided by number of Koz in resource ). The result has then been averaged on a 100%-ownership basis.
    3. NVA should be at 70% earn-in stage if they achieve a JORC for Estelle
    4. We can use the result at 3 to estimate MCAP for NVA for the upper and lower bound of the Estelle Exploration target.
    Screen Shot 2019-06-21 at 10.15.16 pm.png
    This puts a potential peer-based value on the current exploration target for Oxide North (once JORC is achieved):
    • $0.044 for a 2.2 Moz JORC
    • $0.107 for a 5.3 Moz JORC
    • a midpoint of $0.076 for a 3.75 Moz JORC
    My last valuations/targets in April for Estelle gave a range  $0.035 to $0.089.

    Estimates above exclude any value attributed to NVA's holding of Snow Lake Resources. Last estimate for that project was a value to NVA of $0.039 per share once it lists on the CSE.
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