The company said gold and silver sales of US$8.58 million for the period coupled with $2.67 million proceeds of a non-brokered private placement of 14.6 million shares at C24c enabled it to generate $2.4 million of "mine" earnings, before depreciation and depletion. After debt and interest payments it booked a US$1.33 million loss for the quarter.
Production of 2,135oz gold and 9,702oz silver 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", Northern Vertex said this week.
"This was evident in April's production results at the Moss Mine as the number of gold and silver ounces increased to 2,247 and 12,885, respectively."
Gold and silver sales of 6,457oz and 16,678oz, respectively, in the March quarter realised average prices of $1,293/oz for gold and $15.44/oz for silver.
Northern Vertex had US$6.3 million cash at hand at the end of March.
The company's shares (TSXV: NEE) closed at C16c Thursday, capitalising it at $39 million. The shares are down about 40% since the start of 2019.
