Highlights for the Quarter ended
- Revenue of
$25.9 million - Adjusted EBITDA of
$10.5 million - Net income of
$11.7 million - Earnings from mine operations of
$11.8 million before depreciation and depletion - Gold equivalent production of 12,401 ounces1
- Gold production of 11,124 ounces
- Cash cost of
$894 /oz, and Moss Mine AISC of$1,088 /oz – including$190 /oz in capital expenditures - Cash on hand of
$8.3 million
1Gold equivalent is calculated at a 75:1 ratio |
Highlights for the Stub Year ended
- Revenue Year of
$52.7 million - Adjusted EBITDA of
$23.3 million - Gold production of 24,207 ounces
- Transformation of the Northern Vertex capital structure
- Repaid
$8.5 million of debt - Eliminated 25.1 million warrants
CONSOLIDATED THREE AND SIX MONTHS ENDED
Financial Results
US$'000 (except per share amounts) | Three Months Ended December 31, 2020 | Six Months Ended | ||
Revenue | 25,910 | 52,739 | ||
Costs of sales (including depreciation and amortization) | (16,218) | (17,214) | ||
Operating income (loss) | 7,376 | 14,803 | ||
Net income (loss) | 11,675 | (7,108) (1) | ||
Net income (loss) per share (basic) | 0.05 | (0.03) |
(1) | Includes a non-cash accounting derivative liability revaluation loss of |
Three Months Ended December 31, 2020 | Six Months Ended | |||
Cash generated from operating activities | 2,866 | 13,608 | ||
Average realized gold price ($/oz) | 1,898 | 1,892 | ||
Total Cash Costs ($/oz) | 894 | 925 | ||
Moss Mine AISC ($/oz) (2) | 1,088 | 1,207 |
(2) | AISC for the three months ended |
Operating results | Three Months Ended December 31, 2020 | Six Months Ended | ||
Ore Tonnes Mined (t) | 571,703 | 1,278,332 | ||
Ore Stacked (t) | 626,518 | 1,310,224 | ||
Grade (g/t Au) | 0.55 | 0.62 | ||
Gold Ounces Produced | 11,124 | 24,207 | ||
Gold Ounces Sold | 11,760 | 24,584 |
Quarter ended
During the three months ended
During the three months ended
Numerous important capital projects were completed during the Stub Year:
- Commissioned a 6.9 mile power line, resulting in the mine being switched over to grid power and costs dropping from
31 cents per kilowatt hour to8 cents per kilowatt hour, - Commissioned an Intermediate Leach System to accelerate gold recoveries from the heap leach pad,
- Completed the transition to a larger ore crush size,
- Completed 57,345 feet of infill and exploration drilling from May to
December 31, 2020 .
Qualified Person
The foregoing technical information contained in this news release has also been reviewed and verified by Mr.
Full Condensed Interim Consolidated Financial Statements and the Management Discussion & Analysis can be found at www.sedar.com and the Company's website at northernvertex.com.
Non-IFRS Performance Measures
The following tables represent the calculation of certain Non-IFRS Financial Measures as referenced in this news release.
Reconciliation to Cash Costs
Three Months Ended December 31, 2020 | Six Months Ended December 31, 2020 | |||
Gold ounces sold | 11,760 | 24,584 | ||
Cash costs reconciliation | ||||
Cost of sales | $ 17,214 | $ 35,821 | ||
Less: Depreciation and depletion | (3,109) | (6,844) | ||
Add: Refining and transportation | 37 | 240 | ||
Less: Silver revenue | (3,627) | (6,466) | ||
Cash costs | 10,515 | 22,751 | ||
Cash costs per ounce of gold sold | $ 894 | $ 925 |
Reconciliation to All-In Sustaining Costs
Three Months Ended December 31, 2020 | Six Months Ended | ||||
Gold ounces sold | 11,760 | 24,584 | |||
AISC reconciliation | |||||
Cash costs | $ 10,515 | $ 22,751 | |||
Sustaining capital expenditures | 2,231 | 6,767 | |||
Accretion | 46 | 162 | |||
12,792 | 29,680 | ||||
Moss Mine AISC per ounce sold | $ 1,088 | $ 1,207 | |||
Reconciliation to Adjusted EBITDA
Three Months Ended December 31, 2020 | Six Months Ended | |||
Net profit (loss) | 11,675 | (7,108) | ||
Depreciation and depletion | 3,110 | 6,844 | ||
Finance costs (income) | 5,334 | 6,725 | ||
Loss (gain) on derivative liabilities | (10,014) | 16,215 | ||
Share-based compensation | 46 | 159 | ||
Foreign exchange (gain) loss | 381 | 509 | ||
Adjusted EBITDA | 10,532 | 23,344 |
About
Northern Vertex offers investors a rare combination of cash flow, production, top-tier management and exceptional exploration potential within two projects on the Walker Lane Gold Trend of western
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Michael G. Allen"
President
TSXV: NEE | US: NHVCF | NEE.WT |
Neither
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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/northern-vertex-reports-fiscal-results-for-six-months-ended-december-31-2020-301268563.html
SOURCE
© Canada Newswire, source