Wed. Nov 13th, 2019

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Trader recap: Northern Vertex Mining Corp. (TSX.V: NEE)

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Northern Vertex Mining Corp. (TSX.V: NEE) (the “Company”)  declared its audited financial results for the financial year finished June 30, 2k19 counting revenue of $24.90M, operating income from mining operations before depreciation and depletion of $3.70M, and a positive working capital position of $0.90M which improved by about $9.30M contrast to the previous year.  Incline in working capital was mostly because of increased heap leach pad and finished product inventory as the Moss Mine ramped up operations throughout the year.  As of recently’s date working capital has increased by about $8.50M as the Company extended the maturity dates of $8.50M of convertible debentures to December 1, 2k20 as declared on October 3, 2k19.

Financial and Operating Highlights for the Quarter and Fiscal Year finished June 30, 2k19

  • Cash was $3.440M on June 30, 2k19 contrast with $5.720M on June 30, 2k18. The decline in cash contrast to the year finished June 30, 2k18 was mainly because of working capital used to fund the ramp-up of operations at the Moss Mine and the discharge of the senior secured credit facility which was offset by a $20.00M silver advance received from Maverix Metals Inc. and private placements with gross proceeds of $10.670M.
  • A loss for the year was $13.980M ($0.070 for each share) contrast to a loss of $3.650M ($0.020 for each share) in the previous year. As the Company declared commercial production at the Moss Mine on September 1, 2k18 this was the first year mine revenues and operating costs were recognized in the statement of loss.
  • A loss for the quarter was $6.230M ($0.020 for each share) contrast to a loss of $0.110M ($0.000 for each share) in the previous year.
  • Operating income from mine operations, before depreciation and depletion, for the quarter was $0.540M and $3.680M for the year finished June 30, 2k19.
  • Throughout the quarter the Company stacked 10,905 contained gold ounces and 176,654 contained silver ounces and produced 7,482 gold ounces and 45,876 silver ounces. Throughout the year the Company stacked 40,475 contained gold ounces and 603,317 contained silver ounces and produced 24,311 gold ounces and 113,080 silver ounces.
  • The crushing plant processed 465,652 tonnes of ore with an average gold grade of 0.730 g/t and an average silver grade of 11.80 g/t for the quarter and 1,749,491 tonnes of ore with an average gold grade of 0.720 g/t and an average silver grade of 10.73 g/t for the year.
  • Gold and silver sales for the quarter were 6,910 gold ounces and 29,971 silver ounces with average realized prices for each ounce of $1,304.00 and $14.870 respectively. Gold and silver sales for the year, counting sales of ounces produced before commercial production, were 23,920 gold ounces and 79,767 silver ounces with average realized prices for each ounce of $1,272.00 and $14.910 respectively.

In addition to the above, the Company reports it had $5.860M of cash on hand as of September 30, 2k19 and on October 3, 2k19 extended the maturity date of $8.500M of convertible debt to December 1, 2k20, increasing working capital by the similar amount.

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