Fri. Jan 24th, 2020

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

11 min read

Northern Vertex Mining Corp. (TSX.V: NEE) (the “Company”)  reported its strongest quarter to date with revenue of $14.60M, earnings from mine operations before depreciation and depletion of $3.80M and cash provided by operating activities of $3.30M.  All amounts are in US dollars unless otherwise noted.

Kenneth Berry, President, and CEO states: “Throughout the quarter, record-setting revenue of $14.60M and earnings from mine operations, excluding depreciation and depletion, of $3.80M represent significant improvements from previous quarters. Production of 8,460 gold ounces and 68,421 silver ounces represents our strongest quarter since announcing commercial production in September 2k18.”

Financial and Operating Highlights for the Quarter finished September 30, 2k19

  • Cash was $5.860M on September 30, 2k19 compared with $3.440M on June 30, 2k19. The incline in cash compared to the year finished June 30, 2k19 was primarily due to inclined gold sales and an inclined realized gold price contributing to positive operating cash flow from operating activities.
  • Gold and silver sales for the quarter were 9,112 gold ounces and 73,495 silver ounces with average realized prices for each ounce of $1,467.00 and $17.160 respectively.
  • Earnings from mine operations, before depreciation and depletion, for the quarter was $3.790M compared $0.210M for the quarter finished September 30, 2k18.
  • A loss for the quarter was $5.650M ($0.020 for each share) compared to a loss of $1.150M ($0.010 for each share) for a similar duration in the previous year. A loss for the quarter includes $4.980M of non-cash finance costs.
  • Throughout the quarter, the Company stacked 9,738 contained gold ounces and 150,733 contained silver ounces and produced 8,460 gold ounces and 68,421 silver ounces.
  • The crushing plant processed 452,858 tonnes of ore with an average gold grade of 0.67 g/t and an average silver grade of 10.35 g/t.

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