NovaCopper Reports Net Loss of $6.6 Million for Q1

NovaCopper Inc. (TSX:NCQ, NYSE:NCQ) announced the results for Q1 2013.

As quoted in the press release:

For the three months ended February 28, 2013, NovaCopper reported a net loss of $6.6 million (or $0.13 basic and diluted loss per common share) compared to a net loss of $0.9 million for the corresponding period in 2012 (or $0.02 basic and diluted loss per common share). This variance was primarily due to a non-cash stock-based compensation charge of $4.1 million, salaries of $0.5 million and general and administrative expenses of $0.5 million incurred as a result of NovaCopper being a stand-alone public company in 2013 compared to 2012. The first quarter of 2012 was prior to the spin-out from NovaGold which became effective April 30, 2012 whereby the majority of expenses related to mineral property expenses has been accounted for as if the project expenditures were incurred by the Company from the project’s inception.

To view the whole press release, click here.