Vancouver - Northern Vertex Mining Corp. (TSX: NEE) ('Northern Vertex' or the 'Company') is pleased to announce record production of 14,673 gold equivalent ounces, record revenue of $26.8 million and record adjusted EBITDA of $13.5 million for the quarter ended September 30 ('FY Q1 2021') from the Company's 100% owned Moss Gold Mine in NW Arizona.
Highlights for the Quarter ended September 30th
Record revenue of $26.8 million
Record adjusted EBITDA of $13.5 million
Record earnings from mine operations of $12.0 million before depreciation and depletion
Record gold equivalent production of 14,673 ounces
Record gold production of 13,083 ounces
Cash cost of $954/oz, including approximately $47/oz in one-time costs tied to the change of mining contractor
Moss Mine AISC of $1,317/oz which included $292/oz in capital expenditures tied to the construction of the powerline, exploration and a heap leach pad expansion.
Net loss of $18.5 million driven by non-cash derivative liabilities
Cash on hand of $12.1 million
Ken Berry, CEO of Northern Vertex stated: 'Having financed and built the Moss Mine during a challenging market environment, it is a pleasure to share this quarter's record production and financial metrics as we fully participate in this strong gold market. Our record earnings from mine operations demonstrate the robust economics of the Moss Mine. The net loss this quarter is a result of the non-cash, $26.3 million mark-to-market accounting effect of our derivative liabilities, due to the strong performance of both our share price and the silver price this quarter. The Northern Vertex team continued to exceed expectations with numerous production records including the completion of key capital projects such as the powerline connection and west pit pioneering. Through an ambitious exploration program that is underway, we continue to see significant opportunity to expand the resource through the drill-bit, with the rapid advancement of the Phase I, 18,000-meter drill program. With the success we have seen with Phase I exploration results, the Northern Vertex Board recently approved a 30,000 meter Phase II drill program, and Northern Vertex will be providing updates on the near-mine, infill and generative exploration results in the coming months.'
About Northern Vertex Mining Corp.
Northern Vertex Mining Corp. owns and operates the Moss Mine, currently the largest primary gold and silver mine in Arizona. Focused on low cost gold and silver production, the Company has experience across all areas of operations, mine development, exploration, acquisitions and financing of mining projects. With operations at the flagship Moss Mine achieving commercial production the Company intends to consolidate additional producing or near-term production gold assets within the Western US. Through mergers and acquisitions Northern Vertex's corporate goal is to become a mid-tier gold producer.
Contact:
Tel: 604-601-3656
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements about our future business and planned activities. These are 'forward-looking' because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as scheduled, may, intend, plan, expect, anticipate, believe or other similar words. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations. US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology.
ELEVATION GOLD MINING CORPORATION 
