Novo Reports Q3 2022 Financial Results

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) reports its financial results for the nine-month period ended September 30, 2022. All amounts are expressed in Canadian dollars, unless otherwise noted.

This news release should be read together with Novo's management's discussion and analysis (the " MD&A ") and condensed interim consolidated financial statements (the " Financial Statements ") for the nine-month period ended September 30, 2022 (" YTD 2022 ") which are available under Novo's profile on SEDAR (www.sedar.com). The three-month period ended September 30, 2022 is referred to as " Q3 2022 " in this news release.

Q3 2022 Highlights

Revenue of $28.0 million from the sale of 12,426 ounces of gold from the Company's Beatons Creek gold project (the " Beatons Creek Project ") in Q3 2022 at an average realized price ¹ of $2,255 / A$2,528 / US$1,728 per ounce of gold, and revenue of $89.5 million from the sale of 38,168 ounces of gold in YTD 2022 at an average realized price ¹ of $2,347 / A$2,588 / US$1,830 per ounce of gold
Debt free, with cash and cash equivalents of $65.3 million as at September 30, 2022
Aggregate investment portfolio balance of $20.6 million ² , which includes Novo's holdings in ASX-listed joint venture partners GBM Resources Limited and Kalamazoo Resources Limited, as well as holdings in unlisted companies include Elementum 3D, Inc. (" E3D ")
Sale of remaining 6.75 million shares of New Found Gold Corp. (TSXV:NFG) completed on August 5, 2022 at $8.45 per share for gross proceeds of $57.0 million (" Tranche 2 "). Gross proceeds from the sale of Novo's 15 million New Found shares were $125.9 million (" New Found Transaction ") ³
Repayment of the Company's senior secured US$40 million credit facility (" Credit Facility ") with Sprott Resource Lending Corp. (" Sprott ") on August 12, 2022 without prepayment penalties ⁴ , resulting in the Company being debt free
Continuing focus on high-priority exploration targets, with exploration spend of $8.2 million in Q3 2022 and $23.6 million in YTD 2022
Recognition of a non-cash impairment charge of $48.3 million in Q3 2022 against the Beatons Creek Project due to uncertainty regarding the timing of the receipt of the Fresh mining approvals and results of the updated Mineral Resource estimate which affect its current economic status ⁵
Completion of the operational wind-down at the Beatons Creek Project and the Golden Eagle processing facility (" Golden Eagle Plant ") and transition to care and maintenance ⁵ , with mining of the Oxide mineral resource completed in August 2022 and processing completed in September 2022

Remainder of page left intentionally blank

Financial Highlights

In thousands of CAD,		For the three months ended				For the nine months ended
except where noted		September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Gold sold	*Oz Au*	12,426		18,753		38,168		36,209

Average realized price ¹	*$/oz*	2,255		2,295		2,347		2,278
Average realized price ¹	*AUD$/oz*	2,528		2,480		2,588		2,398
Average realized price ¹	*USD$/oz*	1,728		1,822		1,830		1,820

Total revenue	$	27,987		42,964		89,547		82,386
Cost of goods sold	$	(32,261	)	(33,577	)	(112,161	)	(72,999	)
General and exploration expenditure	$	(11,378	)	(9,964	)	(34,319	)	(15,213	)
Impairment of non-current assets	$	(48,255	)	-		(48,255	)	-
Other income, net	$	4,067		87,688		23,021		88,694
Finance items	$	(873	)	(2,777	)	(8,093	)	(13,940	)
Income tax expense	$	1,602		(7,884	)	(596	)	(7,884	)
Net loss for the period after tax	$	(59,111	)	76,450		(90,856	)	61,044
Basic and diluted loss per common share	*$/share*	(0.24	)	0.31		(0.37	)	0.26

EBITDA ¹	$	(52,049	)	91,402		(58,653	)	93,789
Adjusted EBITDA ¹	$	(7,861	)	3,714		(33,419	)	5,095

Adjusted earnings ¹	$	(16,525	)	(3,194	)	(65,026	)	(34,355	)
Adjusted earnings per common share ¹	*$/share*	(0.07	)	(0.01	)	(0.26	)	(0.14	)

Total cash costs ¹	*$/oz*	2,224		1,558		2,288		1,710
Total cash costs ¹	*AUD$/oz*	2,494		1,683		2,522		1,800
Total cash costs ¹	*USD$/oz*	1,704		1,236		1,784		1,367

AISC ¹	*$/oz*	2,991		2,034		2,955		2,457
AISC ¹	*AUD$/oz*	3,353		2,198		3,257		2,587
AISC ¹	*USD$/oz*	2,292		1,615		2,303		1,963

Novo generated revenue of $28.0 million in Q3 2022 from the sale of 12,426 ounces of gold at an average realized price ¹ of $2,255 / A$2,528 / US$1,728 per ounce of gold, and $89.5 million in YTD 2022 from the sale of 38,168 ounces of gold at an average realized price ¹ of $2,347 / A$2,588 / US$1,830 per ounce of gold.

405,071 tonnes of mineralized material were processed through the Golden Eagle Plant in Q3 2022 equating to an annual processing rate of approximately 1.6 million tonnes per annum, and 1,198,283 tonnes of mineralized material were processed in YTD 2022 prior to completion of processing in September 2022.

Processed material had an average head grade of 1.03 g/t Au with average recovery of 90.74% resulting in 13,137 ounces of gold produced in Q3 2022, and an average head grade of 1.07 g/t Au with average recovery of 91.98% resulting in 39,125 ounces of gold produced ⁶ in YTD 2022.

The Company generated a net loss of $(59.1) million or $(0.24) per share in Q3 2022 and a net loss of $(90.9) million or $(0.37) per share in YTD 2022.

Adjusted losses ¹ were $(16.5) million or $(0.07) per share in Q3 2022 and $(65.0) million or $(0.26) per share in YTD 2022. Adjustments to net losses for the period include non-operational income, non-cash foreign exchange gains, non-cash gains resulting from the movement in the fair value of certain marketable securities, and the impairment loss incurred in Q3 2022.

The Company recognized a non-cash impairment expense of $48.3 million related to the Company's Beatons Creek Project in Q3 2022 due to uncertainty regarding the timing of the receipt of the Fresh mining approvals and results of the updated Mineral Resource estimate on the Beatons Creek Project which affect its current economic status ⁵ . The carrying value of the assets which comprise the Beatons Creek Project cash generating unit have now been written down to their recoverable value.

The Company is committed to aggressively advancing its highly prospective exploration portfolio and devoted
$23.6 million to such efforts in YTD 2022.

Financial Position

In thousands of CAD,	September 30, 2022	December 31, 2021	December 31, 2020	January 31, 2020
except where noted	$'000	$'000	$'000	$'000
Cash	65,153	32,345	40,494	28,703
Short-term investments	147	108	195	88
Working capital ¹	46,448	3,925	14,071	26,051
Marketable securities	20,569	156,209	18,770	14,457
Available liquidity ¹	71,741	102,868	59,623	42,501
Total assets	267,041	462,682	456,408	158,049
Current liabilities excluding current portion of financial liabilities	19,492	19,805	12,083	1,082
Non-current liabilities excluding non-current portion of financial liabilities	37,032	36,342	28,615	-
Financial liabilities (current and non-current)	16,458	75,608	86,271	8,565
Total liabilities	72,982	148,420	126,969	9,647
Shareholders' equity	194,059	314,262	329,439	148,402

The Company held cash and cash equivalents of $65.3 million as at September 30, 2022, with a working capital ¹ balance of $46.4 million. Subsequent to completion of the New Found Transaction, the Company completed repayment of the Credit Facility totaling US$40.1 million on August 12, 2022 ⁴ to become debt free. No prepayment penalties applied to the Credit Facility repayment, and all residual security interests have been discharged.

Tax payable of $6.1 million represents the estimated capital gains tax payable in Canada on the New Found Transaction after application of Novo's available Canadian tax losses through June 30, 2022. The Company will determine its aggregate capital gains tax liability through December 31, 2022 in early 2023 and intends to apply available tax losses in order to decrease any amount payable. Deferred tax liabilities represent the Company's estimate of capital gains tax payable on the fair value of the Company's remaining marketable securities.

Non-IFRS Measures

Certain non-IFRS measures have been included in this news release. The Company believes that these measures, in addition to measures prepared in accordance with International Financial Reporting Standards (" IFRS "), provide readers with an improved ability to evaluate its underlying performance and to compare it to information reported by other companies. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures presented by other companies. References to notes in the below tables are references to notes in the Financial Statements.

Average Realized Price

The Company uses the average realized price per ounce of gold sold to better understand the gold price and, once applicable, cash margin realized throughout a period.

Average realized price is calculated as revenue from contracts with customers plus treatment and refinery charges included in dore revenue less silver revenue divided by gold ounces sold.

The following table reconciles this non-IFRS measure to the most directly comparable IFRS measure disclosed in the Financial Statements and MD&A.

In thousands of CAD,

For the three months ended

For the nine months ended

except where noted

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Revenue from contracts with customers

27,987

42,964

89,547

82,386

Treatment and refining charges

155

173

253

Less: Silver revenue ( Note 16 )

(34

)

(74

)

(131

)

(163

)

Gold revenue

28,022

43,045

89,589

82,476

Gold sold

12,426

18,753

38,168

36,209

Average realized price

$/oz

2,255

2,295

2,347

2,278

Foreign exchange rate

CAD:AUD

1.1210

1.0805

1.1024

1.0529

Average realized price

AUD$/oz

2,528

2,480

2,588

2,398

Foreign exchange rate

CAD:USD

0.7662

0.7937

0.7795

0.7992

Average realized price

USD$/oz

1,728

1,822

1,830

1,820

Total Cash Costs

The Company reports total cash costs on a per gold ounce sold basis. In addition to measures prepared in accordance with IFRS, such as revenue, the Company believes this information can be used to evaluate its performance and ability to generate operating earnings and cash flow from its mining operations. The Company uses this metric to monitor operating cost performance.

Total cash costs include cost of sales such as mining, processing, mine general and administrative costs, royalties, selling costs, and changes in inventories less non-cash depreciation and depletion, write-down of inventories and site share-based payments where applicable, and silver revenue divided by gold ounces sold to arrive at total cash costs per ounce of gold sold.

The following table reconciles this non-IFRS measure to the most directly comparable IFRS measure disclosed in the Financial Statements and MD&A.

In thousands of CAD,			For the three months ended					For the nine months ended
except where noted			September 30, 2022			September 30, 2021		September 30, 2022		September 30, 2021
Gold sold		*Oz Au*		12,426		18,753		38,168		36,209

Total cash cost reconciliation
Cost of sales		$		32,261		33,577		112,161		72,999
Less: Depreciation and depletion*		$		(4,587	)	(4,291	)	(24,706	)	(10,921	)
Less: Silver Revenue (Note 16)		$		(34	)	(74	)	(131	)	(163	)
Less: Site share-based compensation		$		-		-		-		-
Total cash costs		$		27,640		29,212		87,324		61,915
Cash costs per oz of gold sold		*$/oz*		2,224		1,558		2,288		1,710

Foreign exchange rate		*CAD:AUD*		1.1210		1.0805		1.1024		1.0529
Cash costs per oz of gold sold	*AUD$/oz*			2,494		1,683		2,522		1,800

Foreign exchange rate	*CAD:USD*			0.7662		0.7937		0.7795		0.7992
Cash costs per oz of gold sold	*USD$/oz*			1,704		1,236		1,784		1,367

*Depreciation and depletion are reconciled to aggregate depreciation and depletion in the operating adjustments in the condensed interim consolidated statements of cash flows in the Financial Statements.

All-in Sustaining Costs (" AISC ")

The Company believes that AISC more fully defines the total costs associated with producing gold. AISC is calculated based on the definitions published by the World Gold Council (" WGC "). The WGC is not a regulatory organization. The Company calculates AISC as the sum of total cash costs (as described above), sustaining capital expenditures (excluding significant projects considered expansionary in nature), accretion on decommissioning and restoration provisions, treatment and refinery charges, payments on lease obligations, site share-based payments where applicable, and corporate administrative costs less any share-based payments directly attributable to exploration and non-operating payments on lease obligations, all divided by gold ounces sold during the period to arrive at a per ounce amount.

Other companies may calculate this measure differently as a result of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus expansion capital.

The following table reconciles this non-IFRS measure to the most directly comparable IFRS measure disclosed in the Financial Statements and MD&A.

In thousands of CAD,		For the three months ended				For the nine months ended
except where noted		September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Gold sold	*Oz Au*	12,426		18,753		38,168		36,209

All-in sustaining cost reconciliation
Total cash costs	$	27,640		29,212		87,324		61,915
Sustaining capital expenditures	$	949		-		3,620		-
Accretion on rehabilitation provision (Note 13)	$	317		153		680		335
Treatment and refinery charges	$	69		155		173		253
Payments on lease obligations (Note 11)	$	5,101		4,358		10,782		11,313
Less: non-operating payments on lease obligations*	$	(116	)	(193	)	(347	)	(1,042	)
Site share-based compensation	$	-		-		-		-
Corporate administrative costs (Note 18)	$	3,205		4,926		10,757		19,979
Less: exploration share-based payments**		-		(458	)	(213	)	(3,793	)
Total all-in sustaining costs	$	37,165		38,153		112,776		88,960
AISC per oz of gold sold	*$/oz*	2,991		2,034		2,955		2,457

Foreign exchange rate	*CAD:AUD*	1.1210		1.0805		1.1024		1.0529
AISC per oz of gold sold	*AUD$/oz*	3,353		2,198		3,257		2,587

Foreign exchange rate	*CAD:USD*	0.7662		0.7937		0.7795		0.7992
AISC per oz of gold sold	*USD$/oz*	2,292		1,615		2,303		1,963

*The non-operating payments on lease obligations adjustment includes lease amounts which are not directly related to the Company's operations at the Beatons Creek Project. This figure is not separately disclosed in the Financial Statements.
**Share-based payment expenses directly attributable to the Company's exploration staff are excluded from the calculation of AISC. This figure is not separately disclosed in the Financial Statements and is a subset of the share-based payments expense outlined in Note 18 of the Financial Statements.

EBITDA

The Company uses earnings before interest, taxes, depreciation and amortization (" EBITDA ") to better understand its ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.

EBITDA is defined as net earnings before interest and finance expense/income, current and deferred income tax expenses and depreciation and depletion. EBITDA is also adjusted for non-recurring transactions such as the change in fair value of derivative instruments, foreign exchanges gains and losses, gains and losses on the disposal of assets, impairment, and other income.

The following table reconciles this non-IFRS measure to the most directly comparable IFRS measure disclosed in the Financial Statements and MD&A.

In thousands of CAD,	For the three months ended				For the nine months ended
except where noted	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	$'000		$'000		$'000		$'000
Net (loss) / profit for the period	(59,111	)	76,450		(90,856	)	61,044
Interest and finance expense	1,155		2,821		8,568		14,005
Interest and finance income	(282	)	(44	)	(475	)	(65	)
Current income tax expense / (income)	1,602		7,884		(596	)	7,884
Deferred income tax expense	-		-		-		-
Depreciation and depletion	4,587		4,291		24,706		10,921
EBITDA	(52,049	)	91,402		(58,653	)	93,789
Other (income) / expenses (Note 21)	(4,067	)	(87,688	)	(23,021	)	(88,694	)
Impairment of non-current assets ( Note 20 )	48,255		-		48,255		-
Adjusted EBITDA	(7,861	)	3,714		(33,419	)	5,095

*Depreciation and depletion is reconciled to aggregate depreciation and depletion in the operating adjustments in the consolidated statements of cash flows in the Financial Statements.

Adjusted Earnings and Adjusted Basic and Diluted Earnings per Share

The Company uses adjusted earnings and adjusted basic and diluted earnings per share to measure its underlying operating and financial performance.

Adjusted earnings are defined as net earnings adjusted to exclude specific items that are significant, but not reflective of the Company's underlying operations, including: foreign exchange (gain) loss, (gain) loss on financial instruments at fair value, impairment, and non-recurring gains and losses on treatment of marketable securities, sale of exploration and evaluation assets, and associated tax impacts. Adjusted basic and diluted earnings per share are calculated using the weighted average number of shares outstanding under the basic and diluted method of earnings per share as determined under IFRS.

The following table reconciles this non-IFRS measure to the most directly comparable IFRS measure disclosed in the Financial Statements and MD&A.

In thousands of CAD,		For the three months ended				For the nine months ended
except where noted		September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Basic weighted average shares outstanding		249,322,054		245,455,157		248,293,389		237,760,824
Adjusted earning and adjusted basic earnings per shares reconciliation
Net earnings / (loss) for the period	$	(59,111	)	76,450		(90,856	)	61,044
Adjusted for:
Other (income) / expenses (Note 21)	$	(4,067	)	(87,688	)	(23,021	)	(88,694	)
Impairment of non-current assets ( Note 20 )	$	48,255		-		48,255		-
Profit on disposal of exploration asset	$	-		160		-		(14,589	)
Income tax expense / (benefit)	$	(1,602	)	7,884		596		7,884
Adjusted earnings	$	(16,525	)	(3,194	)	(65,026	)	(34,355	)
Adjusted basic earnings per share	$	(0.07	)	(0.01	)	(0.26	)	(0.14	)

Available Liquidity

The Company believes that available liquidity provides an accurate measure of the Company's ability to liquidate assets in order to satisfy its liabilities. The Company uses this metric to help monitor its risk profile.

Available liquidity includes cash, short-term investments, and assets which are readily saleable within the next 12 months, including gold in circuit and stockpiles, receivables, marketable securities (to the extent that an established market exists for such marketable securities, they are free of any long-term trading restrictions, and sufficient historical volume exists to liquidate holdings within 12 months), and gold specimens. The market value of certain marketable securities has been used in the calculation of available liquidity which may not reconcile to the accounting treatment of such marketable securities. Refer to the MD&A and Notes 3, 4 and 5 of the Financial Statements.

The following table reconciles this non-IFRS measure to the most directly comparable IFRS measure disclosed in the Financial Statements and MD&A.

	September 30, 2022	December 31, 2021	December 31, 2020	January 31, 2020
	$'000	$'000	$'000	$'000
Cash	65,153	32,345	40,494	28,703
Short-term investments	147	108	195	88
Gold in circuit	165	788	3	-
Stockpiles	-	4,732	565	-
Receivables	4,019	6,127	1,806	6,657
Marketable securities	2,160	58,691	16,477	6,979
Gold specimens	97	77	83	74
Available liquidity	71,741	102,868	59,623	42,501

	September 30, 2022
	# of shares	Share price		Foreign exchange	Adjusted value $'000
Kalamazoo Resources Limited Ordinary Shares	10,000,000	$	0.20	0.888	1,777
GBM Resources Ltd Ordinary Shares	11,363,637	$	0.04	0.888	383
					2,160

	December 31, 2021
	# of shares	Share price		Foreign exchange	Adjusted value $'000
Kalamazoo Resources Limited Ordinary Shares	10,000,000	$	0.38	0.942	3,579
GBM Resources Ltd Ordinary Shares	11,363,637	$	0.12	0.942	1,232
New Found Gold Corp Common Shares *	6,000,000	$	8.98	1	53,880
					58,691

*The December 31, 2021 figure represents the number of free-trading New Found common shares held by the Company at the time.

Working Capital

Working capital is defined as current assets less current liabilities and is used to monitor the Company's liquidity.

The following table reconciles this non-IFRS measure to the most directly comparable IFRS measure disclosed in the Financial Statements and MD&A.

	September 30, 2022	December 31, 2021
	$'000	$'000
Current assets	76,158	49,385
Current liabilities	29,710	45,460
Working capital	46,448	3,925

CAUTIONARY STATEMENT

The decision by the Company to produce at the Beatons Creek Project in 2021 was not based on a Feasibility Study of Mineral Reserves demonstrating economic and technical viability and, as a result, there was an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Production did not achieve forecast. Historically, such projects have a much higher risk of economic and technical failure. There was no guarantee that anticipated production costs would be achieved. Failure to achieve the anticipated production costs has had, and continues to have, a material adverse impact on the Company's cash flow and profitability.

The Company cautions that its declaration of commercial production effective October 1, 2021 ⁷ only indicated that Beatons Creek was operating at anticipated and sustainable levels, and it did not indicate that economic results would be realized.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, including Beatons Creek, along with two joint ventures in the Bendigo region of Victoria, Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.

On Behalf of the Board of Directors,

Novo Resources Corp.

" Michael Spreadborough "

Michael Spreadborough

Executive Co-Chairman & Acting CEO

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that the Company will determine its aggregate capital gains tax liability through December 31, 2022 in early 2023 and intends to apply available tax losses in order to decrease any amount payable. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in the MD&A which is available under Novo's profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

1 Non-IFRS measure; the definitions and reconciliations of these measures are included under "Non-IFRS Measures" below.
2 Refer to the Financial Statements which are available under Novo's profile on SEDAR at www.sedar.com . The value of Novo's holdings in E3D is based on E3D's most recent financing price of US$8.00 per unit comprised of one common share and one-half of one common share purchase warrant. Except for its investment in E3D, warrant holdings, and other immaterial investments, the fair value of Novo's investments is based on closing prices of its investments and relevant foreign exchanges rate as at September 30, 2022.
3 Refer to the Company's news release dated April 12, 2022 , April 27, 2022 , and August 5, 2022 .
4 Refer to the Company's news release dated August 12, 2022 .
5 Refer to the Company's news release dated November 2, 2022 .
6 Refer to the Company's news release dated October 11, 2022 .
7 Refer to the Company's news release dated October 12, 2021 .

News Provided by GlobeNewswire via QuoteMedia

nvo.wt:ca precious metals investing tsx:nvo.wt novo resources corp.Precious Metals Investing

NVO.WT:CA

Significant Results From Malmsbury Victorian Projects Exploration Update

HIGHLIGHTS

New exciting high-grade assay results received from the 11-hole, 3,162 m diamond drilling program recently completed at the 50%-owned Malmsbury gold project (" Malmsbury Project ") located 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia.
Significant results generated from the last two holes drilled in the program at Queens Birthday (MD20) and Leven Star (MD21) reefs include:
- 3.1 m @ 9.27 g/t Au from 400.9 m (MD20);
- 8.1 m @ 5.79 g/t Au from 131.9 m (MD21); and
- 6.2 m @ 3.92 g/t Au from 144.6 m (MD21).
Step-out hole MD22 returned 45 m @ 0.23 g/t Au from 134 m successfully intersecting the gold-mineralised felsic intrusive (Missing Link Monzogranite) 80 m north of previous reported drilling (MD17 ¹ ).
These new results together with previously released results affirm the success of this drilling program and support the exploration potential of the Malmsbury Project.
Induced polarization (" IP ") survey commenced on the Malmsbury Project and adjacent 50%-owned Queens gold project (" Queens Project "). Ground gravity and magnetic data to be collected concurrently with the IP survey. Novo expects this will take approximately six weeks to complete.
Diamond drilling planned for H1 2023 will test remaining high-priority mapping targets at the Malmsbury Project, in addition to developing high-grade shoot potential on the Leven Star Reef and key significant results from the recent diamond drilling campaign.

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an exploration update from the 50%-owned Malmsbury Project (RL006587) and adjacent 50%-owned Queens Project (EL007112), located approximately 50 km SSW of the high-grade Fosterville mine in Victoria, Australia (Figure 1). The Malmsbury Project is a joint venture with ASX-listed GBM Resources Ltd. (ASX:GBZ) (" GBM ") and the Queens Project is a joint venture with ASX-listed Kalamazoo Resources Ltd. (ASX:KZR) (" Kalamazoo ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Standout Results From Becher Aircore Drilling Along Trend From Hemi Gold Deposit

HIGHLIGHTS

Standout gold results have been intersected on the southern Irvine Shear corridor including 20 m @ 0.67 g/t Au , as part of the current aircore drilling program at the high priority Becher Area in the Egina District.
Over 650 shallow aircore holes for 16,500 m of the > 30,000 m program have been completed.
The aircore program will test multiple structural and intrusive targets along a series of significant mineralized corridors, some interpreted to extend to De Grey Mining Limited's (" De Grey ") Hemi gold deposit within the Mallina gold project (" Hemi ").
Several additional quartz veined, large-scale sericite-silica-sulphide alteration zones have been identified from drilling across the Irvine and Whillans Shear corridors, with assays pending.
Deeper reverse circulation (" RC ") drilling will commence in November 2022, designed to follow-up significant aircore results and test discrete drill targets within the Becher Area.
Numerous targets have been enhanced or newly identified from a recent high resolution aeromagnetic and radiometric survey, coupled with detailed ground gravity surveys which have advanced structural interpretation and geological understanding.
Two heritage surveys were recently completed, enabling infill and extensional aircore drilling traverses and RC drilling to be completed for the remainder of 2022 and first half of 2023.
Initial results from the Becher Area, combined with previously reported results from Nunyerry North ¹ , reconfirm potential for the Egina District to be a standalone gold production hub.

" Our first aircore drill results have yielded strong gold results at the Becher Area, " commented Dr. Quinton Hennigh, Non-Executive Co-Chairman of Novo, " indicating that the Whillans and Irvine shear zones are indeed prospective for deposits similar to those at De Grey's adjacent Mallina project. Aircore drilling, a means of rapid, shallow drilling widely used across Australia as a first pass means of testing new areas for mineralization, is proving highly effective at Becher. Several large-scale anomalies are emerging, the largest of which is 650m across and situated along the southern Irvine shear zone. Alteration assemblages, lithologies, geochemical associations and size of these mineralized areas are similar to those observed in other nearby large gold discoveries. Although we have lots more drilling to complete and results to come in, the anomalies suggest that deeper drill testing is required. "

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Nullagine Gold Production Update

No lost-time injuries recorded during Q3 2022 or year-to-date 2022
Q3 2022 production of 13,137 oz Au, exceeding operational wind-down guidance ¹ , bringing total production for year-to-date 2022 to 39,125 oz Au as Phase One operations complete at Beatons Creek ² 0F
Q3 2022 gross revenue of C$28.0 million (A$31.4 million)1F ³ generated from sale of 12,426 oz Au
Additional 1,000 oz Au estimated to be sold in Q4 2022 as gold is stripped from carbon and Beatons Creek transitions to operational pause ²
Strong cash balance as at September 30, 2022 of C$65.3 million ³ , which will support ongoing and extensive exploration programs and completion of the Beatons Creek mineral resource estimate update and feasibility study⁴
Novo continues to engage with relevant regulatory agencies to address environmental appeal queries raised regarding proposed Phase Two operations at Beatons Creek ⁵

Table 1: Key Operational and Financial Figures ³

		Q4 2021	Q1 2022	Q2 2022	Q3 2022
Mining	(tonnes)	434,133	395,824	421,981	193,173
Processing	(tonnes)	395,310	394,382	398,830	405,071
Grade	(g/t Au)	1.16	1.15	1.02	1.03
Recovery	(%)	91.5%	91.4%	93.5%	90.7%
Gold Production	(oz Au)	12,833	13,378	12,610	13,137
Revenue	(C$M)	$29.9	$31.9	$29.7	$28.0
Cash and Cash Equivalents	(C$M)	$32.5	$22.0	$74.8	$65.3

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) provides a 2022 third quarter (" Q3 2022 ") operational update for the Beatons Creek gold project (" Beatons Creek ") and Golden Eagle processing facility (" Golden Eagle Plant "), located in Nullagine, Western Australia.

BEATONS CREEK PROJECT

Safety and COVID-19 Update

During Q3 2022 and year-to-date 2022, Novo did not record any lost time injuries.

COVID-19 continues to impact the Company's cost profile. While mandatory COVID-19 isolation requirements are being eased by the Australian government effective October 14, 2022, supply chain issues are resulting in elevated costs, particularly with respect to fuel and other consumables. Best efforts have been made to mitigate the impacts of the pandemic through the adoption of sound risk management processes. The Company intends to manage such impacts but remains cautious that they may affect all aspects of the Company's business, including exploration activities.

Operations

During the final quarter of current operations at Beatons Creek before the pause in operations, approximately 193 kt of mineralized material were mined from the Golden Crown and Edwards areas. Backfilling of the Grant's Hill pit has been completed in compliance with environmental requirements for the pause in operations ¹ . Preliminary reshaping of waste landforms has commenced and rehabilitation works of recent drilling areas will continue.

The Golden Eagle Plant processed approximately 405 kt in Q3 2022, with an average head grade of 1.03 g/t Au.

Gold production totalled 13,137 ounces and recovery rates of approximately 90.7% were achieved in Q3 2022.

Q3 2022 gold sales totalled 12,426 ounces of gold and 1,336 ounces of silver for gross revenue of C$28.0 million (A$31.4 million) ³ . Throughout Phase One operations at Beatons Creek, Novo has sold its gold in Australian dollars to ABC Refinery of Sydney, Australia and enjoyed strong gold price performance in Australian dollar terms.

The Company expects to sell an additional 1 koz Au in Q4 2022 as gold is stripped from carbon and Beatons Creek transitions to an operational pause ² .

Novo is preparing a reply to the appeal received in response to the Western Australian Environmental Protection Authority's decision to not assess the Company's submission regarding proposed Phase Two operations of the Fresh mineral resource at Beatons Creek ⁵ . The Company continues to engage with relevant regulatory authorities to seek approval to mine the Beatons Creek Fresh mineral resource and expects to make a final investment decision post receipt of results of the mineral resource update and feasibility study which are expected in Q4 2022 ⁴ .

EXPLORATION UPDATE

Drilling continues across priority gold and battery metal targets at Purdy's North and the Becher area in the Pilbara region of Western Australia ⁶ . The Company will provide an exploration update in early November 2022.

NOVO FINANCIAL POSITION

Novo's cash balance as at September 30, 2022 was C$65.3 million ³ and, as previously reported, Novo is free of long-term debt ⁷ .

In addition to its existing cash reserves, the Company has an investment portfolio with a fair value of approximately C$20.5 million as at September 30, 2022 ⁸ .

QP STATEMENT

CAUTIONARY STATEMENT

The decision by the Company to produce at Beatons Creek was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there was an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Production did not achieved forecast. Historically, such projects have a much higher risk of economic and technical failure. There was no guarantee that anticipated production costs would be achieved. Failure to achieve the anticipated production costs had a material adverse impact on the Company's cash flow and future profitability.

The Company cautions that its declaration of commercial production effective October 1, 2021 ⁹ only indicated that Beatons Creek was operating at anticipated and sustainable levels and it did not indicate that economic results would be realized.

ABOUT NOVO

Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, including the Beatons Creek gold project, along with two joint ventures in the Bendigo region of Victoria, Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.

On Behalf of the Board of Directors,

Novo Resources Corp.

" Michael Spreadborough "

Michael Spreadborough

Executive Co-Chairman & Acting CEO

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that an additional 1,000 oz Au are estimated to be sold in Q4 2022, the Company's cash balance of C$65.3 million will support ongoing and extensive exploration programs and completion of the Beatons Creek mineral resource estimate update and feasibility study, the Company intends to manage the impacts of COVID-19, the Company is preparing a response to the appeal received regarding the Western Australian Environmental Protection Authority's decision to not assess the Company's submission regarding proposed Phase Two operations of the Fresh mineral resource at Beatons Creek, the Company continues to engage with relevant regulatory authorities to seek approval to mine the Beatons Creek Fresh mineral resource and expects to make a final investment decision post receipt of results of the mineral resource update and feasibility study which are expected in Q4 2022, and that the Company will provide an exploration update in early November 2022. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo's management's discussion and analysis for the six-month period ended June 30, 2022, which is available under Novo's profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

PROSPECT RIDGE RESOURCES CONFIRMS ARRANGEMENTS RELATING TO ANNUAL GENERAL MEETING

Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) wishes to update shareholders on the impact of the strike by the Canadian Union of Postal Workers on the Company's ability to comply with its obligations to deliver to shareholders its financial statements and related disclosure and proxy-related materials in respect of the Company's Annual General Meeting (the " Meeting ") of shareholders scheduled to be held on Friday, December 13, 2024 at 11:00 AM (Pacific Time) at Suite 430, 605 Robson Street, Vancouver, British Columbia .

As a result of the strike, and pursuant to CSA Coordinated Blanket Order 51-931 Temporary Exemption from requirements in National Instrument 51-102 Continuous Disclosure Requirements and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer to send certain proxy-related materials during a postal strike (the "Blanket Order"), the Company is advising shareholders that:

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Lode Gold: 2024 Year-End Review and 2025 Outlook

Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: SBMIF) ("Lode Gold " or the "Company") is pleased to provide a year-end update.

Dear Investors,

I am excited to update you on our progress since I took over as CEO less than a year ago, just before Christmas in December 2023. With the support of the board, key shareholders, and the dedicated Lode Gold team, we have raised $6M since March 2024 and completed numerous tasks to reorganize the Company. These efforts have positioned us for future success and growth, and I am grateful for the continued support and confidence you have shown in our vision.

Strategy: Create Two Pure Play Companies to Unlock Value and Attract New Investors

Last year, around this time, I met with bankers to discuss how we plan to unlock value by spinning out the Company's assets to create two pure-play companies. This strategy resonated with many as Lode Gold has key assets situated in highly prospective mining regions in Canada and the United States. This initiative immediately creates two $7M companies from one $7M entity, thereby generating accretive value for shareholders.

Focus on Intrinsic Asset Value vs Market Cap: Do some small-cap stocks outperform large-cap investments in the long run?

Clifford Asness, who played a key role in building Goldman Sachs' Global Alpha before founding AQR, and now manages over $33 billion in assets, published a whitepaper that challenged the Efficient Market Theory. It stipulated that value may be factored into price with large-cap companies, but it may not be the case with small-cap stocks¹. It states that with small or micro-cap stocks, the Less-Efficient-Market Hypothesis often holds. Why? The market is inherently inefficient due to a fragmented shareholder base and a lack of distribution, awareness and liquidity. As such, if capital is patient, investing in a small-cap stock may result in a higher return on investment in the long run compared to a large-cap stock.

In the case of Lode Gold, the intrinsic value, verified with a third-party NI 43-101 technical report, has an NPV USD $370M, yet the market cap trades at a fraction of the real value. Notwithstanding, a planned spin-out transaction valued at an additional $7.65M (pre-money value to current Lode Gold shareholders) has already obtained conditional approval.

This is a value proposition, validated by smart money: strategic investors and institutional shareholders; a total of four own approximately 60%. Intrigued by the potential of this undervalued play, I accepted the challenge of leading its turnaround and growth.

Near-Term: Gold Orogen spin out to unlock value for shareholders

The company has three key orogenic assets, with proven gold endowment.

To unlock value for shareholders; immediately we are spinning out the Canadian assets into a new company, Gold Orogen. Each Lode Gold shareholder will get shares of Gold Orogen; via a tax-efficient spin-out.

Additionally, a $3M raise has been completed at Gold Orogen, based on a $7.65M pre-money valuation. The current valuation for Lode Gold, the parent company, is at $7M. We are topping up with an additional $1.5M to ensure a $4.5M investment program for 2025 at Gold Orogen; as such both the assets in Yukon and NB will be drilled in the upcoming exploration season in the new year. Post-money, Gold Orogen will be at $12M+.

A gold asset on the Mother Lode Belt with MRE: 1 (M&I) + 2 (Inferred) Moz Au and a 2023 PEA: USD $370M (NPV 5%) will remain in the parent co, Lode Gold. Lode Gold intends to pursue a high grade underground mine opportunity. This project sits on 100% privately owned patented land where the mining license was suspended in 1942 due to the war effort.

Spin Out Unlocks Shareholder Value: Confirmed gold endowment and RIRGS on Tombstone Belt

The spin-out will result in the formation of two pure-play companies, each focused on specific areas of exploration in Canada and the US.

Company 1: Spin Co - Gold Orogen

Asset 1:

27 km strike, 99.5 km²in Yukon, prolific Tombstone Belt (Snowline, 3 Aces, Sitka Gold)
Total of four Reduced Intrusive Targets (RIRGS)

Asset 2:

New Brunswick: Created one of the largest land packages (420 km²)
Geological analogue to New Found Gold, Galway, Calibre Mining and Puma-Kinross
Confirmed gold endowment

Company 2: Parent - Lode Gold

Lode Gold is the first company to evaluate this project from an underground perspective.

Brownfield, previously mined at 8 g/t in the 1940's.
4 km strike on the 190 km mineralized Mother Lode Belt: 50,000,000 oz produced
100% owned private and patented land: 3,351 acres, Mariposa County
California: 700 permitted mines; 14 gold
Mine suspended in 1942 due to gold prohibition in WWII
Target: 2 Moz underground 5 g/t Au
Typical Orogenic Deposit with Structural Controls
3 Step-Out Holes hit structure (up to 1,200 m)
2 nearby mines were up to 1,800 m deep at 13 g/t
43,000 m drilled with 23 km of underground workings
11% of the veins (2 of 7 deposits) exploited; mostly in the first 250 m
2023 MRE: 1 Moz (M&I) + 2 Moz (Inferred)
2023 PEA at USD $2,000/oz Au: After-tax NPV (5%) USD $370M, 31% IRR, 11 years LOM
Close to road, rail, power, water

Milestones Achieved in 2024:

1. Executed Spin Out Plan

Received conditional acceptance from the TSXV for the spinout transaction

2. Improved Capital Structure

Lode Gold added two additional key institutional and strategic shareholders
For $3M, a 19.9% strategic joint venture partner with strong technical expertise, was added to the new Spin Co
Tight share structure: 10:1 consolidation. About 40.000,000 shares outstanding for both companies

3. Cleaned Up Balance Sheet

Converted a secured debt holder to be the second-largest shareholder
Repaid shareholder working capital loan
Resolved a legacy lawsuit and eliminated a $1.6M liability

4. Enhanced Value of Assets in Yukon, New Brunswick and California

New Brunswick:
- Created one of the largest land packages in the province, potentially a district play
- Completed comprehensive geophysics and soil sampling to define drill targets
Yukon:
- Identified four RIRGS targets for exploration work in 2025
- Confirmed RIRGS at WIN; high bismuth : gold ratio, gold-bearing sheeted quartz veins, hosted in hornfels

California:
- The first to review the project from an underground perspective
- Completed Geological Model: 11% of the veins exploited, in 2 out of 7 deposits. Most extraction in the first 250 m. 3 step-out holes at depth, mineralized and hit structure, a typical orogenic deposit
- Commissioned NI 43-101 to update the 2023 MRE

5. Strengthening the Lode Gold Team

Enhanced bench strength by adding key personnel to the technical and marketing teams, visit our website to view their full bios (lode-gold.com)
Addition of Martin Stratte, Lode Gold's former Director of the Board, to our Advisory Team. He was previously on the permitting team at Castle Mountain, Equinox Gold (2018-2021). The project was acquired for $200 million in 2018, and it was permitted in 2021

Upcoming Catalysts in 2025

Spin Co: Shareholders get shares of a new company
Drilling to investigate 4 RIRGS reduced intrusive targets in Yukon Tombstone Belt, 200 km from Snowline
Drilling in New Brunswick assets upon systematic exploration: geophysics, soil sampling, mapping, geochemistry
California: Revised NI 43-101 Mineral Resource Estimate (updating 2023 MRE and investigating high grade underground potential)
California: Evaluate reactivating a previous mine, where the license was suspended during WWII

Invest in One Company, Get Shares of Two Companies: Optionality on three key assets

Investing in Lode Gold presents an exciting opportunity for shareholders to benefit from an advanced gold exploration project and a forthcoming spinoff with two high-value assets. This strategic move is aimed at unlocking maximum value for investors, who will gain exposure to three highly prospective gold assets through shares in two separate companies.

Wishing you a season filled with joy and prosperity.

Yours truly,

Wendy T. Chan. CEO & Director

About Lode Gold

Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.

In Canada, its Golden Culvert and WIN Projects in Yukon, covering 99.5 km²across a 27-km strike length, are situated in a district-scale, high grade gold mineralized trend within the southern portion of the Tombstone Gold Belt. A total of four RIRGS targets have been confirmed on the property. A NI 43-101 technical report has been completed in May 2024.

In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co; consisting of an area that spans 420 km² and a 42 km strike. McIntyre Brook covers 111 km²and a 17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project. Riley Brook is a 309 km²package covering a 25 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report has been completed in August 2024.

In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 8 g/t Au in the 1940's.

Mining was halted in 1942 due the gold prohibition in WWII just as it was ramping up production. Unlike typical brownfield projects that are mined out; only 11% of the veins - in 2 out of 7 deposits have been exploited. The Company is the first owner to investigate an underground high grade mine potential at Fremont.

The project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4 km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of gold and is instrumental in the creation of the towns, the businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail.

Previously, in March 2023 the company completed an NI 43 101 Preliminary Economic Assessment ("PEA"). Project Valuation has an after-tax NPV (5%) of USD $370M at $2000 2 /oz gold, IRR 31% and an 11-year LOM, averaging 118,000 oz per year. At $1,750 /oz gold, NPV (5%) is $217M. The project hosts an NI 43-101 resource of 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike of Fremont property. Three step-out holes at depth (up to 1200 m) hit structure and were mineralized.

All NI 43-101 technical reports are available on the Company's profile on SEDAR+ (www.sedarplus.ca) and the Company's website (www.lode-gold.com).

QUALIFIED PERSON STATEMENT

The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology - UCT), FAusIMM, and who is a "qualified person" as defined by NI-43-101.

ON BEHALF OF THE COMPANY

Wendy T. Chan, CEO & Director

Information Contact

Winfield Ding
CFO
info@lode-gold.com
+1-416-915-4257

Kevin Shum
Investor Relations
kevin@lode-gold.com
+1 (647) 725-3888 ext. 702

Cautionary Note Related to this News Release and Figures

This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.

Cautionary Statement Regarding Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the completion of the transaction and the timing thereof, the expected benefits of the transaction to shareholders of the Company, the structure, terms and conditions of the transaction and the execution of a definitive agreement, the timing of submission to the CSE and TSXV, Gold Orogen raising an additional $1,500,000 and the anticipated use of proceeds. Forward-Looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-Looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: that the Company and GRM will be able to negotiate the definitive agreement on the terms and within the time frame expected, that the Company and GRM will be able to make submissions to the CSE and TSXV within the time frame expected, that the Company and GRM will be able to obtain shareholder approval for the transaction, that the Company and GRM will be able to obtain necessary third party and regulatory approvals required for the transaction, if completed, that the transaction will provide the expected benefits to the Company and its shareholders.

There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include adverse market conditions, general economic, market or business risks, unanticipated costs, the failure of the Company and GRM to negotiate the definitive agreement on the terms and conditions and within the timeframe expected, the failure of the Company and GRM to make submissions to the CSE and TSXV within the timeframe expected, the failure of the Company and GRM to obtain shareholder approval for the transaction, the failure of the Company and GRM to obtain all necessary approvals for the transaction, and r other risks detailed from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

RETRANSMISSION: Grande Portage Completes Non-Brokered Private Placement

Not for distribution to United States newswire services or for dissemination in the United States.

Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") announces that after consultation with its registered finders, the Company has now concluded its non-brokered private placement under Part 5A of National Instrument 45-106 - Prospectus Exemptions - Listed Issuer Financing Exemption. As previously announced on November 13, 2024, the Company sold 3,470,000 units (each, a "Unit") at a price of C$0.30 per Unit for aggregate gross proceeds of C$1,041,000 (the "Offering"). The Company had filed an offering document related to the Offering that can be accessed under Grande Portage's profile at www.sedarplus.ca and on the Company's website at https:grandeportage.com

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Grande Portage Completes Non-Brokered Private Placement

Not for distribution to United States newswire services or for dissemination in the United States.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Table 1. Total Mineral Resources: optimized open pit oxide and fresh.
	Cut-off Grade	Tonnes	Grade	Troy Ounces Au
Classification	(g/t Au)	(t)	(g/t Au)
Indicated	0.5	3,050,000	2.4	234,000
Inferred	0.5	830,000	1.6	42,000
Table 2. Optimized open pit oxide Mineral Resources.
	Cut-off Grade	Tonnes	Grade	Troy Ounces Au
Classification	(g/t Au)	(t)	(g/t Au)
Indicated	0.5	815,000	1.3	33,000
Inferred	0.5	445,000	1.3	18,000
Table 3. Optimized open pit fresh Mineral Resources.
	Cut-off Grade	Tonnes	Grade	Troy Ounces Au
Classification	(g/t Au)	(t)	(g/t Au)
Indicated	0.5	2,240,000	2.8	201,000
Inferred	0.5	385,000	1.9	24,000

Mineral Resource Classification	2019 MRE			2022 MRE
Mineral Resource Classification	Tonnes (t)	Grade (g/t Au)	Troy ounces (oz Au)	Tonnes (t)	Grade (g/t Au)	Troy ounces (oz Au)
Indicated (OP)	6,645,000	2.1	457,000	3,050,000	2.4	234,000
Inferred (OP)	3,410,000	2.7	294,000	830,000	1.6	42,000
Inferred (UG)	885,000	5.3	152,000	-	-	-

1.	At the Meeting, shareholders will be asked to vote on the following matters, all as more particularly described in the Information Circular:
	(i)	to fix the number of directors of the Company at seven;
	(ii)	to elect the seven directors of the Company for the ensuing year;
	(iii)	to re-appoint the Company's auditor for the ensuing year and to authorize the directors of the Company to fix the remuneration to be paid to the auditor;
	(iv)	to re-approve the Company's stock option plan; and
	(v)	to transact such other business as may properly be transacted at the Meeting.

2.	The Company has satisfied all of the conditions to rely, and is relying, on the exemption provided by the Blanket Order from the requirement to send proxy-related materials to its shareholders.

3.	Electronic versions of the Notice of Meeting, Information Circular, the form of Proxy (for registered shareholders), and Voting Instruction Form (for non-objecting beneficial owners) and all other proxy-related materials (collectively, the "Proxy Related Materials"), as applicable
	(i)	have been filed and are available on the SEDAR+ website at www.sedarplus.ca under the Company's profile; and
	(ii)	are posted in a prominent location on the Company's website at https://prospectridgeresources.com/investors/ .

4.	The Company will also provide copies of the applicable Proxy-Related Materials by email to each shareholder who requests same while the strike is ongoing, at no charge. To do so, Shareholders may contact Meredith Eades at meredith.eades@prospectridgeresources.com or by phone at 604-670-7818 to request that a copy of the Proxy-Related Materials be emailed to you.

5.	As the electronic versions of the form of Proxy (for registered shareholders) and Voting Instruction Form (for non-objecting beneficial owners) do not contain control numbers, they cannot be voted online or by phone. These electronic forms must be physically completed, signed, and returned to the Company's transfer agent, Odyssey Trust Company, by:
	(i)	Physical delivery or facsimile (details in the Information Circular);
	(ii)	Email to proxy@odysseytrust.com .

5.	In the alternative:
	(i)	If you are a registered shareholder, you may also contact the Company's Transfer Agent, Odyssey Trust Company, at Direct Dial (all regions): 1-587-885-0960; US & Canada (toll-free): 1-888-290-1175 to verify your identity and obtain instructions and assistance in voting your shares;
	(ii)	If you are a beneficial shareholder, who holds their investment through a brokerage house, depository company or other intermediary, you may also attempt to contact such brokerage house, depository company or other intermediary for instructions and assistance in voting your shares.

Hole ID	Depth From	Depth To	Au (g/t)	Width (m)
A0001	8	12	0.17	4
A0001	20	24	0.2	4
A0002	16	20	0.21	4
A0002	44	52	0.14	8
A0003	64	68	0.39	4
A0004	20	28	0.13	8
A0004	40	44	0.14	4
A0027	8	12	0.1	4
A0027	24	28	0.13	4
A0028	24	30	0.15	6
A0029	12	24	0.16	12
A0033	4	12	0.22	8
A0034	0	20	0.67	20
A0035	0	12	0.24	12
A0037	4	8	0.13	4
A0037	12	16	0.13	4
A0037	24	28	0.13	4
A0038	24	30	0.21	6
A0067	28	32	0.12	4
F0123	32	36	0.19	4
F0137	4	8	0.13	4
F0146	28	30	0.1	2

HOLE ID	COORDSYS	EASTING	NORTHING	RL	AZI GRID	DIP	TYPE	DEPTH	LEASE
A0001	MGA94_50	620751.5	7683677.2	60.27	147	-60	AC	88	E47/3673
A0002	MGA94_50	620737.8	7683698.1	60.24	147	-60	AC	76	E47/3673
A0003	MGA94_50	620724.1	7683719	60.12	147	-60	AC	70	E47/3673
A0004	MGA94_50	620710.4	7683739.9	60.11	147	-60	AC	66	E47/3673
A0005	MGA94_50	620696.7	7683760.8	60.06	147	-60	AC	55	E47/3673
A0006	MGA94_50	620683	7683781.7	60.11	147	-60	AC	48	E47/3673
A0007	MGA94_50	620669.3	7683802.6	60.15	147	-60	AC	44	E47/3673
A0008	MGA94_50	620655.6	7683823.5	60.11	147	-60	AC	49	E47/3673
A0009	MGA94_50	620641.9	7683844.5	60.11	147	-60	AC	37	E47/3673
A0010	MGA94_50	620628.2	7683865.4	60.16	147	-60	AC	32	E47/3673
A0011	MGA94_50	620614.5	7683886.3	60.32	147	-60	AC	29	E47/3673
A0012	MGA94_50	620600.8	7683907.2	60.54	147	-60	AC	19	E47/3673
A0013	MGA94_50	620587.1	7683928.1	60.70	147	-60	AC	6	E47/3673
A0014	MGA94_50	620573.4	7683949	61.01	147	-60	AC	10	E47/3673
A0015	MGA94_50	620559.7	7683969.9	61.47	147	-60	AC	10	E47/3673
A0016	MGA94_50	621355.3	7683923.4	65.27	147	-60	AC	79	E47/3673
A0017	MGA94_50	621341.6	7683944.3	64.59	147	-60	AC	36	E47/3673
A0018	MGA94_50	621327.9	7683965.2	64.01	147	-60	AC	39	E47/3673
A0019	MGA94_50	621314.2	7683986.1	63.69	147	-60	AC	36	E47/3673
A0020	MGA94_50	621300.5	7684007	63.53	147	-60	AC	36	E47/3673
A0021	MGA94_50	621286.8	7684028	63.58	147	-60	AC	36	E47/3673
A0022	MGA94_50	621273.1	7684048.9	63.67	147	-60	AC	36	E47/3673
A0023	MGA94_50	621259.4	7684069.8	63.69	147	-60	AC	36	E47/3673
A0024	MGA94_50	621245.7	7684090.7	63.80	147	-60	AC	51	E47/3673
A0025	MGA94_50	621232	7684111.6	63.94	147	-60	AC	45	E47/3673
A0026	MGA94_50	621218.3	7684132.5	64.06	147	-60	AC	36	E47/3673
A0027	MGA94_50	621177.2	7684195.2	64.51	147	-60	AC	42	E47/3673
A0028	MGA94_50	621163.5	7684216.1	64.30	147	-60	AC	33	E47/3673
A0029	MGA94_50	621149.8	7684237.1	64.04	147	-60	AC	31	E47/3673
A0030	MGA94_50	621136.1	7684258	64.18	147	-60	AC	36	E47/3673
A0031	MGA94_50	621122.4	7684278.9	64.49	147	-60	AC	36	E47/3673
A0032	MGA94_50	621108.7	7684299.8	65.37	147	-60	AC	30	E47/3673
A0033	MGA94_50	621095	7684320.7	66.57	147	-60	AC	14	E47/3673
A0034	MGA94_50	621081.3	7684341.6	67.98	147	-60	AC	21	E47/3673
A0035	MGA94_50	621067.6	7684362.5	68.98	147	-60	AC	16	E47/3673
A0036	MGA94_50	620971.7	7684508.9	64.50	147	-60	AC	30	E47/3673
A0037	MGA94_50	620958	7684529.8	63.31	147	-60	AC	30	E47/3673
A0038	MGA94_50	620944.3	7684550.7	62.75	147	-60	AC	30	E47/3673
A0039	MGA94_50	620930.6	7684571.6	62.43	147	-60	AC	30	E47/3673

Novo Reports Q3 2022 Financial Results

Latest News

Latest Press Releases

Related News

TOP STOCKS