Novo Resources Stock Price, News & Analysis

Novo Resources Corp. (OTCQX: NSRPF) reported operational updates for Q2 2022, producing 12,610 ounces of gold, totaling 25,988 ounces for H1 2022, aligning with revised guidance. The company's revenue for Q2 2022 was C$29.7 million, reflecting sales of 12,378 ounces of gold. As of June 30, 2022, Novo's cash balance stood at C$74.8 million, supporting exploration efforts. The feasibility study for the Beatons Creek Fresh mineral resource is on track for completion in Q4 2022. However, the company is awaiting regulatory approval for Phase Two operations.

Novo Resources Corp. (OTCQX: NSRPF) announced that all proposed resolutions at its annual general meeting held on June 28, 2022, were passed. This included the election of all director nominees as outlined in the management information circular dated May 2, 2022. Key voting results showed strong support for the nominees, with percentages of votes in favor ranging from 82.16% to 98.23%. The company continues to focus on its flagship Beatons Creek gold project and exploring a land package of approximately 11,000 square kilometers in the Pilbara region of Western Australia.

Novo Resources Corp. (OTCQX: NSRPF) has announced details for its annual general meeting (AGM) set for June 28, 2022, at 4:00 p.m. PDT, followed by an investor presentation at 4:30 p.m. PDT. Shareholders must pre-register to attend the AGM by 9:00 a.m. PDT on the same day. Access to the meeting is limited to those who pre-register. The management presentation will be available via a live link, offering insights into the company's activities, particularly its flagship Beatons Creek gold project in the Pilbara region of Western Australia.

Novo Resources Corp. has completed its Phase Two mechanical sorting trial using samples from Comet Well, Purdy’s Reward, and Egina. The trial confirmed strong upgrade ratios from lower-grade material, achieving a mass pull to concentrate of 1.05%. The Phase Three trial at Comet Well has been deferred to H1 2023 due to increased costs and the need to focus on developing the Fresh mineral resource at the Beatons Creek Gold Project. Novo is prioritizing feasibility studies and exploration programs while maintaining a commitment to deliver shareholder value.

Novo Resources Corp. (OTCQX: NSRPF) reports continued diamond drilling at the 50%-owned Malmsbury Project with over 2,500 m completed. Drill hole MD17 showed 79.9 m at 0.26 g/t Au, indicating a new style of mineralization. The Missing Link Monzogranite target spans 340 m strike and 40 m width, remaining open at depth. Future plans include two additional diamond holes and an induced polarization survey aimed at identifying mineralization in the Belltopper Hill area. The company has exercised its option to earn a 50% stake in the project with potential for further investment.

Novo Resources Corp. has initiated a feasibility study for the Beatons Creek gold project, targeting completion by mid-Q4 2022. Recent results from resource definition drilling confirm high-grade gold intercepts, including significant findings above 40 gram-metres. The company plans to complete a mineral resource definition drilling program and has commenced a Phase Two mining effort, pending regulatory approvals. The study will inform the economic viability of future mining operations, although past production has faced challenges in achieving forecasted outcomes.

Novo Resources Corp. announced a pause in operations at the Beatons Creek gold project and the Golden Eagle processing facility, with Oxide mining expected to end by Q3 2022. A phased wind-down is planned, aiming for operational activities to conclude by the end of October 2022. Production guidance for H1 2022 remains at 25-27 koz Au, with Q3 production forecasted at 9-11 koz Au. A feasibility study for the Fresh mineral resource is ongoing, set for completion by mid-Q4 2022. Current cash reserves stand at approximately C$77.5 million, supporting exploration during the operational pause.

Novo Resources Corp. (OTCQX: NSRPF) has scheduled its annual general meeting for June 28, 2022, at 4 PM PDT. Due to COVID-19 concerns, the Company requests shareholders to vote by proxy rather than attend in person. No management presentation will occur during the meeting; however, a virtual Q&A will follow, with details to be announced later. Novo operates the Beatons Creek gold project in Western Australia and is exploring a vast land package of approximately 11,000 square kilometers. Shareholders can access more information on the Company’s website.

Novo has confirmed a 16 km swarm of lithium-cesium-tantalum (LCT) pegmatites at the Kurrana Pegmatite Swarm, located 2-5 km north of the Kurrana Granitic Complex in Western Australia. Over 200 pegmatites have been identified, with peak results of 1.54% Li2O and 1992 ppm Ta2O5 from recent rock sampling. Historical data shows grades up to 3.36% Li2O. The lithium holdings are under strategic review as they are deemed non-core. Exploration efforts will continue to assess the Li-Ta potential further along the pegmatite trend.