Northern Vertex Mining (TSXV: NEE) this morning reported audited financial results for what it refers to as the “stub year” ended December 31, 2020. As a result of year end changes, the year only contained two fiscal quarters, with the company reporting revenue of $25.9 million and a net income of $11.7 million for the final quarter of the year.
During the quarter, the company reported gold production of 11,124 ounces, down from the 13,083 gold ounces produced in the first quarter of the year. Earnings from mine operations totaled $11.8 million before depreciation and depletion were factored in, while cash costs amounted to $894 per ounce.
For the full fiscal year, revenues came in at $52.7 million, while adjusted EBITDA shook out to $23.3 million. Gold production for the entire six month period came in at 24,207 ounces. An operating income of $14.8 million was reported for the year, along with a net loss of $7.1 million. Cash costs for the full year amounted to $925 per ounce, while the Moss Mine’s AISC came out at $1,207 per ounce.
Sponsored · Altamira Gold Corp.
Full results released by the company can be found here.
Northern Vertex last traded at $0.415 on the TSX Venture.
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