TSXV: NOVR
OTCQB: NOVRF
Q2 2022 highlights:
- Quarterly Revenue: The Company recognized royalty revenue of
$0.5 million , primarily related to the Aranzazu Royalty. - Secured Right to Acquire
Josemaria Royalty : InMay 2022 , Nova entered into a purchase agreement with arms' length private parties (the "Sellers") pursuant to which Nova has secured the right to acquire a portion of an existing royalty on the Josemaria copper-gold-silver project inSan Juan, Argentina , owned by Lundin Mining Corporation ("Lundin Mining"). Nova was also granted a Right of First Refusal in respect to an additional portion of the Josemaria Royalty.
Subsequent to quarter end:
- Added
Guy Elliott to Board of Directors: InJuly 2022 , Nova addedGuy Elliott to the Company's Board of Directors as Audit Committee Chair.Mr. Elliott brings a wealth of valuable experience in financial reporting, internal controls, financing and related securities filings and compliance inCanada andthe United States .
Financial Summary
Nova recognized
Asset update
First Quantum continued pre-development and feasibility activities at Taca Taca during Q2 2022. During the second quarter of 2021, First Quantum submitted two environmental permits regarding key infrastructure at Taca Taca. The primary Environmental and Social Impact Assessment ("ESIA") for
As of
Aranzazu
Aura Minerals disclosed that Aranzazu sold 11.7 Mlbs copper equivalent ("CuEq") at cash costs of
Aura Minerals also revised its production guidance for Aranzazu, moving from 108,000 – 120,000 gold equivalent ounces to 115,000 – 120,000 gold equivalent ounces. On a gold equivalent basis, Aura reported Q1 2022 production of 30,393 oz and Q2 2022 production of 26,352 oz(3).
As of
Hudbay released the results of the
Hudbay reported that phase I reflects a stand-alone operation on private land and patented mining claims over a 16-year mine life with average annual copper production of approximately 86,000 tonnes from mined resources at cash costs and sustaining cash costs of
Subsequent to quarter end, in
Hudbay also announced that it would be advancing a pre-feasibility study ("PFS") for
Josemaria
In
Lundin Mining also reported that it is completing basic engineering, which is approximately 23% complete, and study work for an updated technical report, which will include updated cost estimates and evaluation of potential scope changes compared to plans envisaged in a feasibility study completed by Josemaria Resources in
Lundin Mining has stated that it expects to publish an updated technical report in Q4 2022 and intends to spend up to
As of
Vizcachitas
In
Second quarter 2022 conference call and webcast:
Nova will hold a conference call and webcast with management for investors and analysts on
Participant Number (Local): 416-764-8609
Participant Number (Toll-Free): 888-390-0605
Conference ID: 03117806
Audience URL: https://app.webinar.net/W64Yj3XLgqa
A replay of the conference call will be available until
Encore (Local): 416-764-8677
Encore (Toll-Free): 1-888-390-0541
Encore ID: 117806#
About Nova
ON BEHALF OF NOVA ROYALTY CORP.,
(signed) "Alex Tsukernik"
President and Chief Executive Officer
Neither the
Notes | |
(1) | Refer to First Quantum Minerals 2021 Annual Report, Capital Markets Day Presentation dated |
(2) | Refer to First Quantum Minerals' NI 43-101 Technical Report Titled " |
(3) | Refer to Aura Minerals' Management's Discussion and Analysis for the three and six months ended |
(4) | Refer to Aura Minerals' NI 43-101 Technical Report Titled "Feasibility Study of the Re-Opening of the |
(5) | Refer to Hudbay's Management's Discussion and Analysis for the three and six months ended |
(6) | Refer to Lundin Mining's Management's Discussion and Analysis for the three and six months ended |
(7) | Refer to Lundin Mining's NI 43-101 Technical Report Titled "Josemaria Technical Report" prepared by Mr. |
(8) | Refer to the press release titled "Los Andes Copper Announces Plan to Temporarily Suspend Drilling" published by Los Andes Copper Ltd. on |
(9) | Refer to the press release titled "Los Andes Copper Corporate Update" published by Los Andes Copper Ltd. on |
(10) | Refer to the press release titled "Los Andes Copper Announces Decision by the Environmental Court Reinstating Drilling Permit" published by Los Andes Copper Ltd. on |
Technical and Third-Party Information
Nova has limited, if any, access to the properties on which Nova holds a royalty, stream or other interest. Nova is dependent on (i) the operators of the mines or properties and their qualified persons to provide technical or other information to Nova, or (ii) publicly available information to prepare disclosure pertaining to properties and operations on the mines or properties on which Nova holds a royalty, stream or other interest, and generally has limited or no ability to independently verify such information. Although Nova does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Nova's royalty, stream or other interests. Nova's royalty, stream or other interests can cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, resources and production of a property.
Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this press re-lease, including any references to mineral resources or mineral reserves, was prepared in accordance with Canadian National Instrument 43-101 ("NI 43-101"), which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "
"Inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Historical results or feasibility models presented herein are not guarantees or expectations of future performance.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information include, but are not limited to, the existence of future business opportunities; the continuation of permitting work at Taca Taca throughout 2022; the development of the Aranzazu mine to access higher grade areas for productions later in 2022; Hudbay advancing a pre-feasibility study for
Such forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Nova to control or predict, that may cause Nova's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, risks associated with the impact of general business and economic conditions; the absence of control over mining operations from which Nova will purchase precious metals or from which it will receive stream or royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine development, construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are refined; problems related to the ability to market precious metals or other metals; industry conditions, including commodity price fluctuations, interest and exchange rate fluctuations; interpretation by government entities of tax laws or the implementation of new tax laws; regulatory, political or economic developments in any of the countries where properties in which Nova holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Nova holds a royalty or stream or other interest, including changes in the ownership and control of such operators; risks related to global pandemics, including the novel coronavirus (COVID19) global health pandemic, and the spread of other viruses or pathogens; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Nova; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Nova holds a royalty, stream or other interest; the volatility of the stock market; competition; future sales or issuances of debt or equity securities; use of proceeds; dividend policy and future payment of dividends; liquidity; market for securities; enforcement of civil judgments; and the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated
SOURCE
© Canada Newswire, source