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Novo Resources Reports Q3 2022 Financial Results
VANCOUVER, British Columbia, Nov. 11, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) repor
About this update from Novo Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 11, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) reports its financial results for the nine-month period ended September 30, 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 nine-month period ended September 30, 2022 (“YTD 2022”) which are available under Novo’s profile on SEDAR (www.sedar.com). The three-month period ended September 30, 2022 is referred to as “Q3 2022” in this news release. Q3 2022 Highlights Revenue of $28.0 million from the sale of 12,426 ounces of gold from the Company’s Beatons Creek gold project (the “Beatons Creek Project”) in Q3 2022 at an average realized price1 of $2,255 / A$2,528 / US$1,728 per ounce of gold, and revenue of $89.5 million from the sale of 38,168 ounces of gold in YTD 2022 at an average realized price1 of $2,347 / A$2,588 / US$1,830 per ounce of gold Debt free, with cash and cash equivalents of $65.3 million as at September 30, 2022 Aggregate investment portfolio balance of $20.6 million2, which includes Novo’s holdings in ASX-listed joint venture partners GBM Resources Limited and Kalamazoo Resources Limited, as well as holdings in unlisted companies include Elementum 3D, Inc. (“E3D”) Sale of remaining 6.75 million shares of New Found Gold Corp. (TSXV:NFG) completed on August 5, 2022 at $8.45 per share for gross proceeds of $57.0 million (“Tranche 2”). Gross proceeds from the sale of Novo’s 15 million New Found shares were $125.9 million (“New Found Transaction”)3 Repayment of the Company’s senior secured US$40 million credit facility (“Credit Facility”) with Sprott Resource Lending Corp. (“Sprott”) on August 12, 2022 without prepayment penalties4, resulting in the Company being debt free Continuing focus on high-priority exploration targets, with exploration spend of $8.2 million in Q3 2022 and $23.6 million in YTD 2022 Recognition of a non-cash impairment charge of $48.3 million in Q3 2022 against the Beatons Creek Project due to uncertainty regarding the timing of the receipt of the Fresh mining approvals and results of the updated Mineral Res...