- Novo Resources (NVO) transitioned from an exploration company to a producer in 2021
- The company acquired the Gold Eagle processing facility in 2020, allowing Novo to advance the Beatons Creek gold project to production in early 2021
- In the coming year, Novo will continue to advance the Beatons Creek project with a focus on ESG initiatives
- The company will also begin exploring for nickel, copper, and lithium in addition to its gold exploration and production
- Novo Resources is engaged in evaluating, acquiring, and exploring natural resource properties in Australia, Canada, and the United States
- Shares in Novo Resources Corp. (NVO) are up 3.13 per cent, trading at $1.32 per share
Novo Resources (NVO) transitioned from an exploration company to a producer in 2021.
The company acquired the Gold Eagle processing facility in 2020, allowing Novo to advance the Beatons Creek gold project to production in early 2021.
Heading into 2022, the board has refreshed Novo’s corporate purpose, aiming to “embrac[e] innovation to responsibly transform minerals for the benefit of our stakeholders.”
The company plans to strengthen its ESG initiatives, focusing on the following goals:
- Continued focus on safety, with ongoing development of critical controls to manage operational risks
- Adopting the International Council on Mining and Metals Mining Principles
- Releasing an inaugural sustainability report
- Progressing studies on the transition away from diesel-fuelled power generation
- Progressing rehabilitation of operations and exploration areas as well as legacy mining areas
- Continuing with a focus on providing employment and business opportunities for traditional owners
- Engaging with the communities in which the company works to ensure they benefit from the work
In the coming year, Novo will continue to advance the Beatons Creek project. Mining at the property will continue through mid-2022, and the company expects gold production and profits to increase with changes to its mining approach.
The company is working with the Western Australian Government to gain approval for the mining of Beatons Creek Fresh material and expects to complete a feasibility study of this material in 2022.
In addition to gold mining, Novo will begin exploration activities for nickel, copper, and lithium, with a focus on targets such as the Southcourt prospect.
From a financial perspective, Novo is beginning 2022 with a strong cash position of $32 million and an investment portfolio of approximately $146 million.
The company will continue to focus on maximizing its business activities and increasing shareholder value throughout the upcoming year.
Novo Resources is engaged in evaluating, acquiring, and exploring natural resource properties with a focus on gold.
The company has business interests in properties in Australia, Canada, and the United States, with projects including the Beatons Creek Property, Millennium Property, Blue Spec, Paleo-Placer, Comet Well, and others.
Shares in Novo Resources Corp. (NVO) are up 3.13 per cent, trading at $1.32 per share as of 10:35 am EST.
