Connect with us

News

Northern Vertex Reports Record Quarterly Production, Revenue and Adjusted EBITDA

gbafNews28

VANCOUVER, BC, Nov. 27, 2020 /PRNewswire/ – Northern Vertex Mining Corp. (TSX: NEE) (“Northern Vertex” or the “Company”) is pleased to announce record production of 14,673 gold equivalent ounces, record revenue of $26.8 million and record adjusted EBITDA of $13.5 million for the quarter ended September 30 (“FY Q1 2021”) from the Company's 100% owned Moss Gold Mine in NW Arizona. All figures are expressed in U.S. dollars unless otherwise noted, non-IFRS metrics are described later in this press release and gold equivalent production is calculated at realized gold and silver prices for the quarter of $1,887 and $25.32, respectively.

Highlights for the Quarter ended September 30th

  • Record revenue of $26.8 million
  • Record adjusted EBITDA of $13.5 million
  • Record earnings from mine operations of $12.0 million before depreciation and depletion
  • Record gold equivalent production of 14,673 ounces
  • Record gold production of 13,083 ounces
  • Cash cost of $954/oz, including approximately $47/oz in one-time costs tied to the change of mining contractor
  • Moss Mine AISC of $1,317/oz which included $292/oz in capital expenditures tied to the construction of the powerline, exploration and a heap leach pad expansion.
  • Net loss of $18.5 million driven by non-cash derivative liabilities
  • Cash on hand of $12.1 million

Ken Berry, CEO of Northern Vertex stated: “Having financed and built the Moss Mine during a challenging market environment, it is a pleasure to share this quarter's record production and financial metrics as we fully participate in this strong gold market. Our record earnings from mine operations demonstrate the robust economics of the Moss Mine. The net loss this quarter is a result of the non-cash, $26.3 million mark-to-market accounting effect of our derivative liabilities, due to the strong performance of both our share price and the silver price this quarter. The Northern Vertex team continued to exceed expectations with numerous production records including the completion of key capital projects such as the powerline connection and west pit pioneering. Through an ambitious exploration program that is underway, we continue to see significant opportunity to expand the resource through the drill-bit, with the rapid advancement of the Phase I, 18,000-meter drill program.  With the success we have seen with Phase I exploration results, the Northern Vertex Board recently approved a 30,000 meter Phase II drill program, and Northern Vertex will be providing updates on the near-mine, infill and generative exploration results in the coming months.”

CONSOLIDATED THREE MONTHS ENDED SEPTEMBER 30, 2020
Financial Results US$'000 (except per share and per ounce amounts)

Three Months Ended
September 30, 2020

Three Months Ended
September 30, 2019

Revenue

26,829

14,550

Costs of sales (including depreciation and amortization)

(18,608)

(14,064)

Operating profit (loss)

7,427

(244)

Net loss(1)

(18,783)

(5,645)

Net loss per share (basic)

(0.07)

(0.03)

(1)

Includes a non-cash accounting derivative liability revaluation loss of 26.28 million – tied to the convertible debentures (9.25 million) due to an increase in the NEE share price, warrants (7.53 million) due to an increase in the NEE share price, and silver stream embedded derivative (9.50 million) due to an increase in silver price.

 

US$'000 (except per share and per ounce amounts)

Three Months Ended
September 30, 2020

Three Months Ended
September 30, 2019

Cash generated from operating activities

10,746

3,347

Capex: Mine development and Plant & Equipment

4,461

365

Average realized gold price ($/oz)

1,887

1,467

Total Cash Costs ($/oz)

954

1,052

Moss Mine AISC ($/oz) (2)

1,317

1,086

(2)

AISC for the three months ended September 30, 2020 included $292/oz in capital expenditures tied to the construction of the powerline, exploration and a heap leach pad expansion.

 

Operating results

Three Months Ended
September 30, 2020

Three Months Ended
September 30, 2019

Tonnes Mined (t)

706,629

482,418

Ore Stacked (t)

683,706

452,858

Grade (g/t Au)

0.69

0.67

Gold Ounces Produced

13,083

8,460

Gold Ounces Sold

12,284

9,122

Quarter ended September 30, 2020 – Operations
During the three months ended September 30, 2020 a total of 706,629 tonnes of ore was mined at a strip ratio of 2.15. The proportion of total ore being sourced from the east pit continues to increase as operations transition out of the center pit, while pioneering in the west pit is nearly completed.

During the three months ended September 30, 2020 a new processing record was established of 683,706 tonnes crushed at an average gold grade of 0.69g/t.  In addition, a record total of 13,083 Au ounces and 119,257 Ag ounces were produced.

Finally, the Moss team advanced numerous important capital projects during the quarter:

  1. Construction of a 6.9 mile power line, resulting in the mine being switched over to grid power from generator power with power costs moving from 31 cents per kilowatt hour to 8 cents per kilowatt hour,
  2. Construction and commissioned an Intermediate Leach System, which accelerates gold recoveries from the heap leach pad,
  3. 80% complete test work on increasing grind size, which could increase throughput rates and/or reduce costs,
  4. Pioneering the new west pit, which was more than 80% complete at September 30,
  5. Completed 35,000 feet of infill and exploration drilling, which is expected to lead to a resource update and revised mine plan.

Qualified Person
The foregoing technical information contained in this news release has also been reviewed and verified by Mr. Joseph Bardswich, P.Eng., a director of the Company and a Qualified Person (“QP”) for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects).

Full Condensed Interim Consolidated Financial Statements and the Management Discussion & Analysis can be found at www.sedar.com and the Company's website at northernvertex.com.

Non-IFRS Performance Measures

The following tables represent the calculation of certain Non-IFRS Financial Measures as referenced in this news release.

Reconciliation to Cash Costs

Three Months Ended
September 30, 2020

Three Months Ended
September 30, 2019

Cash costs reconciliation

Cost of sales

$

18,608

$

14,064

Less: Depreciation and depletion

(3,734)

(3,300)

Add: Refining and transportation

204

81

Less: Silver revenue

(2,839)

(1,261)

Cash costs

12,239

9,584

Cash costs per ounce of gold sold

$

954

$

1,052

 

Reconciliation to All-In Sustaining Costs

Three Months Ended
September 30, 2020

Three Months Ended
September 30, 2019

Gold ounces sold

12,824

9,112

AISC reconciliation

Cash costs

$

12,239

$

9,584

Sustaining capital expenditures

4,536

241

Accretion

116

73

16,891

9,899

Moss Mine AISC per ounce sold

$

1,317

$

1,086

 

Reconciliation to Adjusted EBITDA

Three Months Ended
September 30, 2020

Three Months Ended
September 30, 2019

Net profit (loss)

(18,451)

(5,645)

Depreciation and depletion

3,734

3,300

Finance costs (income)

27,331

5,471

Share-based compensation

722

261

Foreign exchange (gain) loss

135

(70)

Adjusted EBITDA

13,471

3,317

About Northern Vertex Mining Corp.
Northern Vertex Mining Corp. owns and operates the Moss Mine, currently the largest primary gold and silver mine in Arizona. Focused on low cost gold and silver production, the Company has experience across all areas of operations, mine development, exploration, acquisitions and financing of mining projects. With operations at the flagship Moss Mine achieving commercial production the Company intends to consolidate additional producing or near-term production gold assets within the Western US. Through mergers and acquisitions Northern Vertex's corporate goal is to become a mid-tier gold producer.

ON BEHALF OF THE BOARD OF NORTHERN VERTEX
“Kenneth Berry”
President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements:
This news release contains statements about our future business and planned activities. These are “forward-looking” because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as scheduled, may, intend, plan, expect, anticipate, believe or other similar words. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations. US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/northern-vertex-reports-record-quarterly-production-revenue-and-adjusted-ebitda-301181081.html

SOURCE Northern Vertex Mining Corp.

News

KBRA Preliminary Ratings to BANK 2021-BNK31

gbafNews28

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 36 classes of BANK 2021-BNK31, a $905.2 million CMBS conduit transaction collateralized by 61 commercial mortgage loans secured by 126 properties.

The collateral properties are located throughout 30 MSAs, the largest three of which are New York (20.3%), Sacramento (9.9%), and Miami (8.8%). The pool has exposure to all of the major property types, except for lodging, with four types representing more than 10.0% of the pool balance: office (33.9%), retail (25.6%), self-storage (16.4%), and mixed-use (11.6%). The loans have principal balances ranging from $1.0 million to $90.0 million for the largest loan in the pool, McClellan Park (9.9%), which is secured by a 6.9 million sf mixed-use business park located in McClellan, California. The five largest loans also include Miami Design District (2nd largest, 8.8%), 605 Third Avenue (3rd largest, 8.8%), ExchangeRight Net Leased Portfolio #42 (4th largest, 4.5%, 14 properties) and 250 West 57th Street (5th largest, 4.2%), and represent 36.3% of the initial pool balance, while the top 10 loans represent 55.4%.

KBRAs analysis of the transaction incorporated our multi-borrower rating process that begins with our analysts’ evaluation of the underlying collateral properties’ financial and operating performance, which determine KBRAs estimate of sustainable net cash flow (KNCF) and KBRA value using our U.S. CMBS Property Evaluation Methodology. On an aggregate basis, KNCF was 9.5% less than the issuer cash flow. KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 44.1% less than third party appraisal values. The pool has an in-trust KLTV of 94.6% and an all-in KLTV of 103.5%. The model deploys rent and occupancy stresses, probability of default regressions, and loss given default calculations to determine losses for each collateral loan that are then used to assign our credit ratings.

Click here to view the report. To access ratings and relevant documents, click here.

Related Publications

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Analytical Contacts

Caitlin Parrella, CFA, Associate Director (Lead Analyst)

+1 (646) 731-3310

[email protected]

James Wang, Senior Director

+1 (646) 731-2450

[email protected]

Dayna Carley, Senior Director

+1 (646) 731-2391

[email protected]

Nitin Bhasin, CFA, Senior Managing Director (Rating Committee Chair)

+1 (646) 731-23334

[email protected]

Business Development Contact

Michele Patterson, Managing Director

+1 (646) 731-2397

[email protected]

Continue Reading

News

Domain Timber Advisors Achieves Record Year in Land Sales

gbafNews28

Domain Capital Group, LLC, a comprehensive private investment management services firm, today announced its subsidiary, Domain Timber Advisors, closed 78 land sales last year, surpassing its 50 total transactions in 2019.

The sales ranged from two to 10,700 acres, with an average of 470 acres. Of the more than 36,000 acres sold in 2020, most occurred in the Southeast while many others were completed in the Northeast, Pacific Northwest and other U.S. timberland regions. Domain Timber has an additional 35 transactions, totaling 16,500 acres of timberland and environmental assets, under agreement for sale.

Our record setting year was partly driven by individuals who wanted to purchase small, rural tracts outside of large cities for varying pandemic-related reasons, said Joe Sanderson, managing director of natural resources at Domain Timber Advisors, LLC, an SEC-registered investment advisor. Due to COVID, there was a considerable increase in outdoor recreational activities, which helped further boost sales. Purchasing interest remains strong for these types of properties and we expect the trend to continue through the first half of this year.

In 2020, buyers also included adjacent landowners, those interested in longer-term timber management and others looking to build homes or subdivisions. In many instances, purchasers sought a mixture of property uses, including recreation and timber management. These properties are historically well-managed forestlands that have been thoughtfully maintained to accommodate multiple uses.

About Domain Capital Group:

Atlanta-based Domain Capital Group, LLC provides comprehensive private investment management services, through its registered investment advisor subsidiaries, to institutions, public and private pensions, corporations, foundations, endowments and high-net-worth individuals. Domain Capital Groups investment professionals are experienced across a diverse range of asset classes and investment strategies, including real estate, natural resources, media, entertainment, technology and credit and other financial services. As of September 30, 2020, Domain managed approximately $6.1 billion in total assets through its two registered subsidiaries, Domain Capital Advisors, LLC and Domain Timber Advisors, LLC. The assets are comprised of approximately $5.5 billion in real estate, debt, alternative and other assets constituting Regulatory Assets Under Management (RAUM) and another $664 million in non-RAUM real properties. Please refer to each registered investment advisors most recent Form ADV for additional details. For further information about Domain Capital Group, visit domaincapitalgroup.com.

Mike Rieman

Cookerly Public Relations

404-419-9230

[email protected]

Continue Reading

News

Immunicom Makes StartUpCity’s Global “Ten Most Promising 2020 Biotech Startups”

gbafNews28

Immunicom, Inc., a pioneering global biotechnology company, has been recognized as a Top Ten Most Promising 2020 Biotech Startups by StartUpCity Magazine, Immunicom announced today.

Immunicom, featured on the cover of StartUpCitys December 2020 edition, beat out global competition in the broadly defined biotech category to earn this unique recognition.

StartUpCity considered the technology, market, business model, and leadership of each company in order to select the most promising in the sector.

StartUpCity hailed the potential efficacy and affordability of Immunicoms immuno-oncology therapy, noting the company could transcend healthcare barriers” with its novel technology designed to safely manipulate key immune system components without classic side effects typically associated with other treatments. The magazine took special note of Immunicoms apheresis-based medical device as a platform, recognizing the potential to create a multitude of products” for a variety of diseases with a streamlined path to market compared to drugs and conventional therapies.

StartUpCity contrasted the expected affordability of Immunicoms therapy with the increasing cost of many other emerging therapies.

The increased efficacy of emerging treatments for deadly diseases is truly exciting, Immunicoms Founder and CEO, Amir Jafri, said. Immunicom is on the crest of this exciting wave of increasingly effective treatments for these deadly diseases. I believe StartUpCity chose Immunicom as a one of the most promising˜ biotechs with this in mind.

Jafri also commented on the thoroughness of StartUpCitys coverage, which reflected an understanding of the biochemistry as well as the business model.

Immunicoms StartUpCity recognition follows notable progress in the U.S. with recognition as an FDA Breakthrough technology and clinical advancement in Europe. The article can be found at: https://www.startupcity.com/vendor/immunicom-a-single-immunotherapy-solution-to-potentially-treat-all-solidtumor-cancers-without-compromises-cid-579-mid-59.html.

About Immunicom

Immunicom, Inc. creates novel immunotherapies designed to treat a variety of diseases using its breakthrough Immunopheresis„¢ technology platform to improve patient access and affordability. The privately held medical technology company develops innovative, non-pharmaceutical approaches for treating cancer, autoimmune disorders, and inflammatory and renal diseases. Immunicoms revolutionary blood-filtering Immunopheresis technology has the potential to effectively treat a wide variety of cancer types, including those that have not responded to other treatment strategies, with possibly fewer side effects. Immunicoms lead product, the LW-02 column, has received U.S. FDA Breakthrough Device designation for stage IV metastatic cancer and European regulatory clearance (CE Mark certification) for use in adults with advanced, refractory, triple negative breast cancer (TNBC). Immunopheresis is currently being evaluated in several global oncology trials for multiple cancers. Immunicom is headquartered in San Diego, CA with operations in Philadelphia, PA, Houston, TX, and Krakow, Poland.

Stephen Prince

[email protected]

657-202-6040

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call for Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Posts

gbafNews28 gbafNews28
News19 mins ago

KBRA Preliminary Ratings to BANK 2021-BNK31

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 36 classes of BANK 2021-BNK31,...

gbafNews28 gbafNews28
News21 mins ago

ROSEN, GLOBALLY RESPECTED INVESTOR COUNSEL, Reminds Penumbra, Inc. Investors of Important Deadline in Securities Class Action – PEN

Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Penumbra, Inc. (NYSE: PEN) between...

gbafNews28 gbafNews28
News21 mins ago

CloudLinux Expands Its Extended Lifecycle Support Services to Cover More End-of-Life Linux Distributions

CloudLinux announces the expansion of its affordable Extended Lifecycle Support (ELS) services for Linux distributions, by providing its own updates...

gbafNews28 gbafNews28
News21 mins ago

Immunicom Makes StartUpCity’s Global “Ten Most Promising 2020 Biotech Startups”

Immunicom, Inc., a pioneering global biotechnology company, has been recognized as a Top Ten Most Promising 2020 Biotech Startups by...

gbafNews28 gbafNews28
News21 mins ago

Domain Timber Advisors Achieves Record Year in Land Sales

Domain Capital Group, LLC, a comprehensive private investment management services firm, today announced its subsidiary, Domain Timber Advisors, closed 78...

gbafNews28 gbafNews28
News25 mins ago

Northeast Alternatives Withdraws from Massachusetts Commonwealth Dispensary Association Over Lawsuit

Northeast Alternatives (NEA) leadership team released this statement Sunday, January 24, in regards to their decision to withdraw from the...

gbafNews28 gbafNews28
News26 mins ago

National Nonprofits WGU and Per Scholas Announce Education Articulation Partnership

Building on its mission to change lives for the better by creating pathways to opportunity, nonprofit Western Governors Universitys (WGU)...

gbafNews28 gbafNews28
News30 mins ago

Teresa Ostapower, Former SVP Technology Transformation at AT&T joins mce Advisory Board

mce systems Ltd. (mce or the Company) announces that Ms. Teresa L. Ostapower, a former senior executive in AT&T has...

gbafNews28 gbafNews28
News31 mins ago

Onyx and AMA Innovations Partner to Rethink Ways FHIR-based Technology Can Improve Links Between Health Care and Community-based Organizations

Onyx Technology LLC and AMA Innovations Inc., a technology development subsidiary of the American Medical Association, today announced a collaboration...

gbafNews28 gbafNews28
News32 mins ago

Balfour Beatty Joint Venture Partners with Healthcare Foundation of Wilson and Wilson Family YMCA to Provide Construction After School Program and New YMCA Facility

Balfour Beatty, in joint venture with Holt Brothers, is partnering with Healthcare Foundation of Wilson and the Wilson Family YMCA...