Business
Novo Resources Reports 2021 Financial Results
VANCOUVER, British Columbia, March 31, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is p
About this update from Novo Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, March 31, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce its financial results for the three and twelve-month periods ended December 31, 2021. All amounts are expressed in Canadian dollars, unless otherwise noted. This news release should be read together with Novo’s management’s discussion and analysis (the “Annual MD&A”) and audited consolidated financial statements (the “Audited Financial Statements”) for the year ended December 31, 2021 (“Fiscal 2021”) and the eleven-month transitional period ended December 31, 2020 (“Fiscal 2020”) which are available under Novo’s profile on SEDAR (www.sedar.com). The fourth quarter of Fiscal 2021 is referred to as “Q4 2021” in this news release. Highlights Revenue of $112.2 million from the sale of 49,232 ounces of gold from the Company’s Beatons Creek gold project (the “Beatons Creek Project”) in Fiscal 2021 ($29.9 million from the sale of 13,023 ounces in Q4 2021) at an average realized price1 of $2,281 / A$2,421/ US$1,819 per ounce ($2,294 / A$2,498 / US$1,821 per ounce for Q4 2021) subsequent to Novo’s inaugural gold pour on February 16, 20212 Cash and cash equivalents of $32.5 million as at December 31, 2021 Investment portfolio balance of $156.2 million3 as at December 31, 2021, including a 9.13% undiluted stake in New Found Gold Corp. (TSXV: NFG) (“New Found”) Continuing focus on high-priority exploration targets, with exploration spend of $12.1 million in Fiscal 2021 ($12.3 million in Fiscal 2020) Earnings before interest, taxes, depreciation and amortization (“EBITDA”)1 of $41.7 million in Fiscal 2021 ($(49.8) million for Q4 2021) and adjusted EBITDA1 of $(2.4) million in Fiscal 2021 ($(5.2) million for Q4 2021) Total cash costs1 of $1,865 / A$1,980 / US$1,488 per ounce sold in Fiscal 2021 ($2,296 / A$2,501 / US$1,822 in Q4 2021) and all-in sustaining costs (“AISC”)1 of $2,637 / A$2,799 / US$2,104 per ounce sold in Fiscal 2021 ($3,143 / A$3,423 / US$2,494 per ounce sold in Q4 2021) Recognition of a one-time non-cash gain of $85.6 million in Fiscal 2021 as a result of the accounting treatment (discontinuation of equity accounting; see below) for the Company’s investment in New Found Recognition of a non-cash impairment charge of $46.9 million...