Novo Resources Widens Revenue, Losses In Q1 2022
Novo Resources Corp. (TSX: NVO) reported its Q1 2022 financials on late Friday, toplined by a quarterly revenue of $31.9 million. This is a significant jump from Q1 2021’s revenue of $7.7 million.
The quarterly revenue came from selling 13,364 gold ounces at C$2,389 per ounce compared to last year’s 3,497 gold ounces at C$2,205 per ounce.
However, the company also incurred costs of goods sold higher than the revenue, notching $37.4 million for the quarter. All-in sustaining costs at C$2,842 per ounce also ended higher than the realized price.
This led the firm to record a net loss of $12.9 million for the quarter, a significant drop from last year’s net income of $1.1 million. This translates to $0.05 loss per share.
Calibrating for financial items, adjusted EBITDA for the quarter came in at a loss of $3.1 million compared to a gain of $8.1 million for the year-ago period.
The company ended the quarter with $21.9 million in cash balance, putting the balance of the current assets at $152.1 million. Current liabilities ended at $47.0 million.
The firm is also maintaining its H1 2022 production guidance of 27,000 – 30,000 gold ounces. In Q1 2022, the gold miner produced 13,378 ounces.
Novo Resources last traded at $0.70 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.