GA-Courtenay Special Situations Fund on NovaGold Resources Inc.
Thesis
NovaGold is presented as one of the clearer value opportunities in the portfolio. The manager estimates that the company trades at only about 3% of the appraised value of its gold in the ground. He also expects the reserve base to increase materially over time based on indicative drilling results from neighboring deposits, creating potential upside beyond the current appraisal.
“NovaGold at just 3% of the appraised value of its gold in the ground.”
Key risks
- The expected increase in the gold reserve is based on indicative drilling results and may not materialize.
- The thesis depends on the fund's appraisal of the value of gold in the ground.