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Should Novagold be Renamed Novacopper? The Answer Will Affect Your Investment Strategy

Your conclusion doesn't follow from your numbers. If Zinc, Silver and Copper all dropped to the point that mining them was just a break-even business, NGs price to sales woudl be 3:1 at the current market cap.

NG is a buy because its damn cheap for the assets it has, the exploration potential of these properties, and because Copper is not going to less than a buck, silver is not going to $3, and gold is not going to $100.