Novo Resources Corp. (TSX: NVO) reported this morning that its Nullagine Gold project produced 8,589 gold ounces in July 2021. This is a 46% increase from June 2021’s production and so far the company’s highest since the project started pouring gold in February 2021.
The mining firm also generated $17.8 million gold revenue in July, up 50% from June. This came from selling a total of 7,899 gold ounces for the month.
On the company’s mining performance, the mill throughput for the month is at 148 kilotonnes with 95.2% recovery grade. This is a marginal increase from June’s mill throughput of 134 kilotonnes with 96.4% recovery grade. The processing plant is currently operating at 1.5 million tonnes per annum and is expecting to increase it to 1.8 million tonnes per annum.
However, the total mined material for the month dropped to 83 kilotonnes from last month’s 244 kilotonnes. Novo Resources relayed that this is due to some of its mining fleet being reallocated to assist an upcoming tailings storage facility expansion.
At month-end, the firm had $49 million in cash reserves compared to $46 million last month. The company’s portfolio has a fair value of approximately $170 million as of July 31, 2021.
Novo Resources last traded at $2.02 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.