Northern Vertex Reports 2016 Financial Results

- October 28th, 2016

Northern Vertex Mining Corp.’s (TSXV:NEE) audited consolidated financial results for the year ended June 30, 2016, have been filed on SEDAR. The full version of the Financial Statements and Management’s Discussion & Analysis can be viewed on the Company’s website at www.northernvertex.com or on SEDAR at www.sedar.com.

Northern Vertex Mining Corp.’s (TSXV:NEE) audited consolidated financial results for the year ended June 30, 2016, have been filed on SEDAR. The full version of the Financial Statements and Management’s Discussion & Analysis can be viewed on the Company’s website at www.northernvertex.com or on SEDAR at www.sedar.com.
Financial Highlights for the Quarter and Fiscal Year Ended June 30, 2016

  • — Annual net loss was $3.75 million ($0.04 per share) compared to net income of $3.82 million ($0.05 per share), which included a $5.55 million non-cash, unrealized foreign exchange gain, for the same period last year;
  • — Net loss for the quarter was $2.59 million ($0.03 per share) compared to a net loss of $1.17 million ($0.02 per share) for the same period last year;
  • — Cash was $1.30 million at June 30, 2016, compared to $3.21 million at June 30, 2015. The decrease was primarily due to the purchase of the remaining 30% interest in the Moss Mine Project and exploration development expenditures during the year which was offset by cash from financing activities;
  • — Working capital decreased to $0.66 million at June 30, 2016, compared to $2.89 million for the previous year;
  • — The Company closed a $7.23 million convertible debenture subsequent to June 30, 2016 to fund development of the Moss Mine and for general working capital purposes; and
  • — Exploration and development costs incurred on the Moss Mine and Silver Creek Projects during the year were $1.89 million and construction in progress costs relating to pre-construction engineering and permitting were $0.71 million.

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