Business
Newlox Gold Reports Revenue Growth and a Significant Increase in Assets
Vancouver, BC – TheNewswire - 3 October 2023 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE:LUX) (Frankfurt/Stuttgart:NGO) (OTC:NWLXF) is pleased
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"Vancouver, BC – TheNewswire - 3 October 2023 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE:LUX) (Frankfurt/Stuttgart:NGO) (OTC:NWLXF) is pleased to announce its Full-Year Audited Financial Statements, filed on 29 September 2023 and available now on www.sedarplus.ca, report growing revenue over the past fiscal year and a significant increase in the Company’s assets. In the 12 months leading up to 31 March 2023, Newlox Gold’s fiscal year-end, the Company reports revenue of $3,472,106 compared to $2,081,516 during the previous fiscal year. As a result of increased revenue, the Company reported a comprehensive loss of $738,417 during its fiscal year compared to a comprehensive loss of $2,243,274 during the previous fiscal year. The revenue growth results from increased gold sales from its socially and environmentally positive precious metals project in Costa Rica. During the fiscal year, Newlox Gold extended its record of unbroken quarterly increases in gold sales logged during the previous fiscal year by delivering a consistent improvement in metal sold in each quarter of fiscal 2023. During the twelve months ended 31 March 2023, the Company sold a total of 46,562.13 grams of gold (1,497 troy ounces), representing substantial growth over the year. The Company also reported an increase in property plant and equipment over the year as it has made significant investments in its Costa Rican operations, including the construction of its second processing facility. Property plant and equipment value increased from $2,717,037 in fiscal 2022 to $6,286,134 in fiscal 2023. The revenue growth achieved by Newlox Gold showcases a consistent and robust upward trajectory over a two-year period. The Company’s improving performance confirms a positive trend, commitment to continuous improvement, and adaptability to market environments. The Company is targeting a significant increase in the pace of revenue growth in fiscal 2024 as performance at Plant 1 continues to improve and the new Boston Project (Plant 2) comes online. Management also intends to continue to invest capital in property plant and equipment to support Newlox Gold’s growth plan, including the anticipated expansion to Newlox Gold’s third processing plant in a prolific gold mining region in Colombia. Forward-Looking Information The information in this news release incl...