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Northern Vertex reports its financial results for third fiscal quarter 2019

Published by
Global Mining Review,


Northern Vertex Mining Corp (Northern Vertex) announces that the company's interim consolidated financial results for the third fiscal quarter 2019 ended 31 March 2019 have been filed on SEDAR. The full version of the Condensed Interim Consolidated Financial Statements and Management's Discussion & Analysis can be viewed on the company's website at www.northernvertex.com or under the company's profile on SEDAR at www.sedar.com.

Ken Berry, President and CEO of Northern Vertex Mining, stated, "During the quarter, earnings from operations, excluding depreciation and depletion of US$2.4 million represents a significant improvement from the previous quarter. The production of 2135 gold ounces and 9702 silver ounces in March set a new monthly record and new gold production highs are expected to continue during the months ahead as operational improvements are implemented and take hold. This was evident in April's production results at the Moss Mine as the number of gold and silver ounces increased to 2247 and 12 885, respectively."

Highlights: financial results for the three months ended 31 March 2019

  • Earnings from mine operations, excluding depreciation and depletion, was US$2.40 million for the quarter ended 31 March 2019.
  • Gold and silver sales for the quarter were US$8.58 million through the sale of 6457 gold ounces and 16 678 silver ounces with average realised prices per ounce of US$1293 and US$15.44 respectively.
  • Cash was US$6.30 million at 31 March 2019, compared to US$5.72 million at 30 June 2018. The increase was primarily due to cash received from financings and operating income, offset by repayment of debt and interest payments. 
  • Loss for the quarter was US$1.33 million (US$0.01 per share) compared to a loss of US$1.38 million (US$0.01 per share) for the same period last year. 

The company closed a non-brokered private placement, issuing an aggregate of 14 624 074 units (each a unit) at a purchase price of CAN$0.24 per unit for gross proceeds of US$2.67 million.  Each Unit consists of one common share and one transferable common share purchase warrant.  Each warrant entitles the holder to acquire one common share at an exercise price of CAN$0.40 per share for a period of two years from the date of issuance of the warrant.

New General Manager

Subsequent to the end of the quarter, Joel Murphy was appointed as the company's new General Manager at Moss. Murphy is a proven leader, who cultivates a collaborative team approach while implementing measurable goals.

The company also announces that under the terms of the convertible debentures issued under the convertible debenture indenture dated 14 July 2016 (the Indenture) between the company and Computershare Trust Company of Canada, it has elected to satisfy its obligation to pay an aggregate of US$167 500 in interest accrued on the convertible debentures by issuing to such debenture holders on the interest payment date of 30 May 2019 an aggregate of 985 291 common shares. The company will pay to each such debenture holder approximately 9.26 common shares per US$100 principal amount of debentures held as at the applicable interest payment record date. Under the terms of the Indenture, no fractional common shares will be delivered upon payment of the interest obligation and the company is not required to pay the cash equivalent of any amount less than US$5.00. The issuance of common shares in payment of interest remains subject to Exchange approval.

The company reports stock options have been granted to employees, officers, directors and consultants of the company to purchase up to an aggregate of 1.2 million shares at a price of CAN$0.24 per share for a period of five years. These options have been issued to new employees of the company who have replaced employees who have recently departed.

Read the article online at: https://www.globalminingreview.com/finance-business/03062019/northern-vertex-reports-its-financial-results-for-third-fiscal-quarter-2019/

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