Monday, September 8, 2025

Novo Resources Sees Rob Humphryson Resign As CEO, Director

A leadership change is currently underway at Novo Resources (TSX: NVO). The firm this morning indicated that chief executive Rob Humphryson has resigned from his role with the company, including his role as a director.

Humphyrson had served in the role since June 2017, with his appointment at the time resulting in Dr Quinton Hennigh moving to the role of Chairman. In the time since, Humphyrson lead the transition of the company from the exploration stage to the production stage.

While he lead the company from exploration to production, investors haven’t exactly been rewarded in the time since. The company hasn’t made new highs since touching $4.16 in July 2020, and the firm hasn’t exactly operated as it expected to at its Beaton Creek operation in Australia.

2021 saw the company record total cash costs of US$1,488 per ounce sold during the year, while all-in sustaining costs came in at US$2,494 per ounce – which doesn’t exactly equate to a money making venture. Nor does it resemble the cash cost estimates included in the preliminary economic assessment completed at the time, which called for year one cash costs of $1,048 per ounce.

Figures were likely off as a result of production estimates versus actual production, with the first year expected to produce 83,000 ounces versus the 49,364 produced in reality. This can be blamed on head grades, which were estimated to be 2.06 g/t gold, which instead came in at just 1.25 g/t gold.

A reason for Humphyrson’s departure was not provided.

Serving in the CEO role on an acting basis as a result of the departure is that of Mike Spreadborough, whom is currently also executive co-chairman of the company. It is presently unclear if an executive search is underway.

The development follows yesterdays news that the company would be selling its entire stake in New Found Gold Corp (TSXV: NFG) to that of Eric Sprott for gross proceeds of $125.9 million. That sale is to occur in two tranches, and enables the company to be able to pay off certain debts.

Novo Resources last traded at $0.91 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.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

Related News

The Essentials Of Junior Mining Investing Success – With Quinton Hennigh

Joining us today is Dr. Quinton Hennigh, a world-renowned gold exploration geologist with over 25...

Friday, July 8, 2022, 01:30:00 PM

Novo Resources Receives Conditional Approval To Uplist To TSX

Novo Resources (TSXV: NVO) this evening announced that it has received conditional approval to move...

Thursday, December 17, 2020, 05:46:31 PM

Novo Resources Sees Grades At Beatons Creek Decline To 1.02 g/t Gold

Novo Resources (TSX: NVO) this morning provided production data for the second quarter of 2022....

Wednesday, July 6, 2022, 09:42:32 AM

Novo Resources Places Beatons Creek Into Care And Maintenance After Revised Resource Estimate Released

Novo Resources (TSX: NVO) has officially returned to the status of gold explorer versus gold...

Wednesday, November 2, 2022, 09:02:17 AM

Novo Resources Takes 50% Interest In Queens Gold Project

Novo Resources (TSX: NVO) has acquired a 50% stake in the Queens gold project in...

Monday, March 22, 2021, 08:56:19 AM