Quiet recording: Noise Removal before or after volume boost?

I occasionally have a recording of conversation at very low volume — around -40dB. I normally perform two operations: boost its volume (using various tools) and remove ambient noise (Noise Reduction effect). For best results, should I apply noise reduction before or after the volume adjustment? (Or does it make no difference?)

I would do it after. Then you can use Noise Reduction to help remove some of the damage caused by your volume boosting.

Koz