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Novo Resources Reports Q1 2022 Financial Results
VANCOUVER, British Columbia, May 13, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is ple
About this update from Novo Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 13, 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-month period ended March 31, 2022. 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 “MD&A”) and condensed interim consolidated financial statements (the “Financial Statements”) for the three-month period ended March 31, 2022 (“Q1 2022”) which are available under Novo’s profile on SEDAR (www.sedar.com). Highlights Revenue of $31.9 million from the sale of 13,364 ounces of gold from the Company’s Beatons Creek gold project (the “Beatons Creek Project”) in Q1 2022 at an average realized price1 of $2,389 / A$2,604/ US$1,887 per ounce Cash and cash equivalents of $21.9 million as at March 31, 2022 Investment portfolio balance of $135.2 million2 as at March 31, 2022, which included a 9.13% undiluted stake in New Found Gold Corp. (TSXV: NFG) (“New Found”) worth $113.9 million. Subsequent to March 31, 2022, Novo agreed to sell its stake in New Found for gross proceeds of C$125.9 million3 Continuing focus on high-priority exploration targets, with exploration spend of $4.0 million $4.1 million was invested in capital projects during Q1 2022, including $2.1 million on the Beatons Creek Project Fresh drill-out and feasibility study4 which is expected to be completed in Q3 2022 Earnings before interest, taxes, depreciation and amortization (“EBITDA”)1 of $(2.4) million and adjusted EBITDA1 of $(3.1) million Total cash costs1 of $2,195 / A$2,392 / US$1,733 per ounce sold and all-in sustaining costs (“AISC”)1 of $2,842 / A$3,097 / US$2,244 per ounce sold _______________1 Non-IFRS measure; the definitions and reconciliations of these measures are included under “Non-IFRS Measures” below.2 Novo’s ability to dispose of its investments is subject to certain thresholds under the Sprott Facility (as defined below). Please refer to the MD&A which is available under Novo’s profile on SEDAR at www.sedar.com. Novo’s investment in New Found Gold Corp. is subject to escrow requirements pursuant to National Instrument 46-201 Escrow for Initial Public Offerings. The value of Novo’s holdings in Elementum 3D, Inc. (...