Novo Resources Stock Price, News & Analysis

Novo Resources Corp. has scheduled its annual general meeting for June 22, 2021, at 4 PM PDT. The Company is nominating Amy Jo Stefonick for election to its board, bringing extensive legal experience from multiple industries. Recent appointments of Ross Hamilton and Michael Spreadborough to the board enhance operational and sustainability expertise. Notably, Akiko Levinson and Yoshikazu Ishikawa will not seek re-election, with thanks for their contributions. Shareholders are encouraged to vote by proxy due to COVID-19 safety concerns. Details are available on the Company’s website.

Novo Resources Corp. (OTCQX: NSRPF) has signed a 3-year agreement with Intertek for on-site laboratory and PhotonAssay services at the Golden Eagle Mill. This collaboration aims to support Novo's Beatons Creek project by providing a minimum of 40,000 PhotonAssays monthly, helping to alleviate assay backlogs and enhance exploration capabilities. The installed Chrysos Units will improve sample preparation efficiency, contributing to ongoing operations in the Pilbara region. The partnership promises to streamline assay processes and expand exploration efforts for Novo's extensive land package.

Novo Resources Corp. has finalized its option exercise to acquire a 50% interest in the Malmsbury gold project from GBM Resources. Following all necessary approvals, Novo has issued 1,575,387 common shares and reimbursed AUD $250,000 in exploration costs. The company can earn an additional 10% by spending AUD $5 million over four years. If successful, GBM can either retain its 40% interest by contributing to costs or dilute to 25% based on a preliminary economic assessment. A royalty arrangement is also in place, capped at 2.5% net smelter returns upon a mining decision.

Novo Resources Corp. has amended its US$60 million credit facility with Sprott Resource Lending Corp., drawing an additional US$5 million. The amended agreement allows for a second tranche totaling US$15 million, available until September 30, 2021. This flexibility supports the advancement of Novo's Beatons Creek gold project to commercial production, following the sale of part of its Blue Spec tenure. The company aims to retain financial flexibility through this credit arrangement.

Novo Resources Corp. has completed a preliminary economic assessment (PEA) for its 100%-owned Beatons Creek gold project in Western Australia. The PEA indicates a potential production of 627,000 ounces of gold over six years, with a competitive all-in sustaining cost of US$974 per ounce. A pre-tax NPV of US$318 million is projected at a gold price of US$1,700 per ounce. The company is ramping up mining at Beatons Creek and seeking to explore additional gold resources within its extensive 1,250 km² land holdings.

Novo Resources Corp. has updated the sale of a portion of its Blue Spec project to Calidus Resources Limited. To date, Calidus has paid AUD $7.7 million. The total consideration for the transaction is AUD $19.5 million, which includes a cash payment of AUD $5 million due by March 31, 2021, and the issuance of 13,333,333 shares to Novo by April 16, 2021. Additionally, Calidus will transfer a 100% interest in a prospecting license adjacent to Novo's Talga Talga project. The transaction awaits certain regulatory approvals and documentation.

Novo Resources Corp. has exercised its option to acquire a 50% interest in the Queens gold project in Australia, held by Kalamazoo Resources Limited. In exchange, Novo issued 584,215 common shares to Kalamazoo. The company can earn an additional 20% by investing AUD$5 million over five years in exploration. The first year's commitment is AUD$75,000, escalating in subsequent years. If Novo meets its investment goals, it can either increase its stake or retain its current interest. The project is seen as a high-value target with geological similarities to the Fosterville deposit.

Novo Resources Corp. (OTCQX: NSRPF) has successfully poured its first gold bar from the Beatons Creek project in Western Australia, marking a significant milestone just six months after acquiring Millennium Minerals Limited. The company completed the refurbishment of the Golden Eagle mill ahead of schedule and under budget. With a projected plant throughput rate of 1.5 million tonnes per annum, Novo will continue its growth strategy, focusing on further exploration in the Pilbara and Victoria regions in 2021.

Novo Resources Corp. has finalized its acquisition of the Comet Well Project, paying A$3 million and issuing 1,198,395 common shares. This project, part of the Karratha gold initiative, is set for bulk excavation and mechanical sorting tests in Q2 2021, pending regulatory approvals. President Quinton Hennigh emphasized the project's significance, aiming to establish Novo as a notable gold producer in Australia's Pilbara region. The company currently oversees a substantial land package of around 13,750 square kilometers in this area.