Scoping Study

Scoping Study completed in May 2023 confirms the potential for a commercially robust mining operation at the Estelle Gold Project

The Study represents a snapshot in time utilizing the resources from 3 of the 4 currently defined large deposits within the Estelle Gold Project (RPM North, RPM South and Korbel Main), based a mining scenario which focused on the higher grade material. The Study highlights the technical and financial robustness for Estelle to support a large open pit mining operation, with ideal ore body geometry that allows mining high-grade ore in the early years for a quick payback from RPM, and bulk tonnage mining from Korbel at a low strip ratio in the later years, using a central processing plant located in the Korbel Mining Complex.

The Scoping Study is based on a solid foundation with reputable engineering firms, detailed and conservative geological modelling, extensive test work and front-ended high grade ore. It provides great exploration upside and a solid platform for growth and has identified clear opportunities for immediate improvement of metallurgical test works that would add to the bottom line.

Sensitivity analysis shows the project is highly sensitive to mill feed grade

The sensitivity analysis showed that the Project’s overall economics is highly sensitive to mill feed grade, with just a 10% increase in the LOM mill feed grade from the current 0.73 g/t Au to 0.8 g/t Au potentially increasing the Project’s NPV by USD$277M to USD$931M. As a result Nova’s core focus now is to define minable resources to increase the LOM mill feed grade above the 0.73 g/t Au, and we know where to look, RPM, Train and Cathedral

Test work has indicated that the gold is easily liberated with an average recovery of 88.3% using conventional processing methods and Nova intends to undertake fines by-pass test work which has the potential to further increase the LOM production schedule and most importantly also reduce waste.