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  "documentTitle": "Nova Minerals Limited (NVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2026-02-20 00:00:00",
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  "notes": "The slide uses a standard valuation bridge format to justify a bearish price target.",
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      "text": "If Nova simply traded closer to peers in the range of 15x – 24x of its resources, its share price would have approximately 45% - 60% downside risk potential.",
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      "kind": "list",
      "text": "Summary of Nova Concerns And Reasons For Downside Valuation Re-Rating",
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      "text": "Share Price Target: -58%",
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      "text": "If Nova simply traded closer to peers in the range of 15x – 24x of its resources, its share price would have approximately 45% - 60% downside risk potential. In the worst case scenario, if Nova retracts statements made under the supervision of its Qualified / Competent geologist Mr. Khounphakdee, cannot commercialize its resources, and lost access to its Department of War award or other external funding, the stock could have zero value.",
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      "text": "Source: Nova quarterly report, Investor Presentation. 1) Based on 85% owned pit-constrained resources. 2) Multiple range based on low-end (USGO, adjacent project) and high-end on peer average.",
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      "text": "Estimated Potential Value of Nova's Share Price",
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      "text": "We See Near-Term Term Downside of 45% - 60%, And Up To 100% Downside Potential In A Worst Case",
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