Novo Resources – De Grey Mining JV Update With Sale To Northern Star, A$11.5 Cash Generated Through Sale Of Marketable Securities, Exploration Update
Mike Spreadborough, Executive Co-Chairman of Novo Resources (TSX: NVO – OTCQX: NSRPF – ASX:NVO) joins me to discuss the impact of Northern Star’s A$5 billion acquisition of De Grey Mining on Novo’s joint venture with De Grey, the Egina JV, the sale of securities to generate A$11.5million, and a broad exploration update.
To start Mike explains how the De Grey transaction, expected to close by May next year, could positively influence the JV. I also ask about any changes or potential delays in exploration plans at the Egina JV.
We then discuss the sale of a portion of Novo’s holdings in San Cristobal Mining (private company), generating A$11.5 million. This sale increases the company’s cash reserves to over A$16 million. Mike outlines how the funds will be allocated.
Looking ahead, Mike outlines exploration strategies for the upcoming year, emphasizing aggressive drilling and data analysis to identify major priorities.
Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is Fleck@kereport.com.
I’m glad you brought this failed and disastrous company back on. It was hyped as one of the great companies of the future with huge land holdings only to turn out as a way to pay a bunch of salaries to folks and to fleece investors of their capital. The early proponents of the company have moved on and now are nowhere to be found. Novo Resources is a textbook example of why regular individuals should never invest in the mining sector. So now they churning through management and selling off their assets to keep the payroll going and investors know they have no hope of ever recovering their capital. They have no idea what to do with this company or if and what kind of future it has. Sadly, hope is not a real business plan.